President Muhammadu Buhari, on Friday, presented the “2023 Budget of Fiscal Consolidation and Transition” to the joint session of the National Assembly. Mr Buhari proposed N20.51 trillion for the year with an oil benchmark fixed at $70 per barrel. The lawmakers had fixed [...]
The Federal Government’s total debts and contingent liabilities have hit N60.9 trillion even as the figure could balloon to near N65 trillion before the end of the year, as President Muhammadu Buhari-led administration scrambles for any available funds to survive [...]
The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, rose to N42.84 trillion (103.31 billion dollars) by June. According to a statement obtained from DMO’s website on Tuesday, the total debt represents [...]
The House of Representatives Committee on Finance has flagged the salary structure of the National Pension Commission (PenCom) and demanded its thorough scrutiny. The committee, during the interactive session on the Medium Term Expenditure Framework and Fiscal Strategy Paper, on Thursday, said [...]
The Senate Committee on Finance has expressed dissatisfaction with the projected N12.41 trillion budget deficit contained in the 2023-2025 MTEF/FSP. The Chairman of the Committee, Solomon Adeola (APC, Lagos), stated the position of the committee on Tuesday during the interactive [...]
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed [...]
Nigerian stocks fell 2.3 per cent or N614.4 billion on Tuesday as sell pressure on the shares of Dangote Cement and MTN Nigeria weighed on the benchmark index, plunging it to its weakest level since 28 April. Transaction volume fell by 33 [...]
Nigeria’s Minister of the Communications and Digital Economy, Isa Pantami, has opposed the government’s plan to impose an additional five per cent excise duty on telecommunications services in Nigeria. He argued that the ministry, which oversees the industry, was not [...]
Hard times are already here for the Federal Government, hard, as its debt servicing exceeded retained revenue by as much as N310 billion in the first four months of 2022. This is the first time the country’s debt service to [...]
Nigeria’s fiscal position worsened in the first four months of the year as the cost of repaying debt surpassed the government’s revenue in the first quarter of 2022. According to details of the 2022 fiscal performance report for January through [...]
Net foreign exchange (forex) inflow into the economy fell by 56 per cent to $3.2 million in February 2022 from $7.2 billion in February 2020. Vanguard analysis of data from the Central Bank of Nigeria, CBN, monthly Economic Report for the [...]
For the third year on the bounce, there will be no summer travel overseas for average holidaymakers in the country. No thanks to the prevailing foreign exchange liquidity crisis that has further raised airfares by at least 200 per cent [...]
Naira clinched a meagre gain against the U.S. dollar at the official market on Friday, after it fell for two days. The currency, which opened trading at N418.35 on Friday, closed at N419.02 to a dollar, data published by FMDQ, where [...]
Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming [...]
Naira plunged against the U.S. dollar on Monday with a 0.60 per cent depreciation at the official market. According to FMDQ, where forex is officially traded, the naira which opened trading at N417.30 closed at N421.50 to a dollar at [...]
Nigerian stocks advanced for the thirty-first day on Monday as the benchmark index jumped by 1.9 per cent, strengthening the positive sentiment that has seen a great deal of investors’ cash chase equities for a number of weeks. Consumer goods shares [...]
Rule of Law and Accountability Advocacy Centre (RULAAC) has appealed to the Inspector-General of Police (IGP), Usman Baba, to intervene in the case of N9.5 million fraud on a Lagos-based businesswoman. According to the petition signed by the Executive Director [...]
The Central African Republic has adopted Bitcoin as an official currency, the presidency said on Wednesday, making it the first country in Africa and only the second in the world to do so. Despite rich reserves of gold and diamonds, [...]
Players in the financial and oil sector were yesterday, divided over-indebtedness of oil companies operating in Nigeria to the government, amidst the country’s borrowing spree. No less than 55 oil firms operating in Nigeria failed to pay N1.32 trillion to [...]
Despite last week’s launch of Nigerian Exchange Limited (NGX) Exchange Traded Derivatives (ETDs) Market, with the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures, poor participation of the Pension Funds Administrators (PFAs) [...]
Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it. The world’s richest man will pay $54.20 per share in cash, representing a 54% premium over [...]
A high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block Aiteo Eastern E&P Company Limited from taking legal action when a suit initiated by them against the oil firm [...]
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says the discontinuation of FX allocation to Bureau De Change operators had helped the Naira to remain stable at the Investors and Exporters Window (I&E) window. Emefiele said this at the [...]
Nigeria has raised $1.25 billion through the issuance of a seven-year Eurobonds. The director-general of the Debt Management Office (DMO), Patience Oniha, made this known in a statement on Thursday. Mrs Oniha said that with this feat, Nigeria has become the [...]
The Central Bank of Nigeria (CBN) has commenced a grand plan to wean deposit money banks (DMBs) off the historical risk and cost of cash management, a new document issued by the regulator has revealed. The apex bank, experts and [...]
As the debate over whether the state or Federal Government should collect Value Added Tax (TAX) is yet to settle, inability to invest at home, rising insecurity, high migration rate and exportation among others have been identified as possible reasons [...]
Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday, extending its appreciation at the spot market segment to a second day. The local unit closed at N416.00 on the dot per $1 on Tuesday, [...]
Seven agencies of the United Nations (UN) were on Wednesday indicted for tax evasion by the Borno State Internal Revenue Service (BO-IRS). The seven agencies, according to the state’s revenue service, are the United Nations Office for the Coordination of [...]
A Federal High Court, Abuja has declared as unconstitutional the Federal Government’s deduction of funds directly from the Federation Account to fund the Nigeria Police Force (NPF) in line with Section 4(1)(a) and (b) of the Nigeria Police Trust Fund [...]
The Senate has approved N215.8 billion as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year. The budget was approved in plenary on Wednesday. It was sequel consideration of a report by the Senate Committee on Finance, presented [...]
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