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Browsing the "Finance" Category

FG to leave behind N60.9tr debt, other liabilities in 2023

FG to leave behind N60.9tr debt, other liabilities in 2023

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 [...]

September 22, 2022 Finance
Nigeria’s public debt rises 2.98% to N42 trillion

Nigeria’s public debt rises 2.98% to N42 trillion

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 [...]

September 21, 2022 Economy, Finance
Reps panel queries PenCom’s “N2.4m monthly salary” per staffer

Reps panel queries PenCom’s “N2.4m monthly salary” per staffer

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 [...]

September 16, 2022 Finance
2023 Budget: Senate panel frowns at N12.42 trn deficit

2023 Budget: Senate panel frowns at N12.42 trn deficit

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 [...]

September 14, 2022 Finance
FG Borrows N2.45 Trillion From CBN Amid Fiscal Risks

FG Borrows N2.45 Trillion From CBN Amid Fiscal Risks

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 [...]

August 12, 2022 Finance
Nigeria stocks at four-month low, shed N614 billion

Nigeria stocks at four-month low, shed N614 billion

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 [...]

August 10, 2022 Finance
Why I oppose new 5% tax on phone calls, data — Pantami

Why I oppose new 5% tax on phone calls, data — Pantami

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 [...]

August 4, 2022 Business, Finance
Nigeria on fiscal cliff as debt service trounces revenue

Nigeria on fiscal cliff as debt service trounces revenue

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 [...]

July 23, 2022 Finance
Nigeria broke as debt payment exceeds revenue

Nigeria broke as debt payment exceeds revenue

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 [...]

July 22, 2022 Finance
Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs

Net Foreign Exchange Inflow Falls 56% To $3.2bn In 3yrs

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 [...]

July 16, 2022 Finance
Travellers groan as summer fares spike 200%

Travellers groan as summer fares spike 200%, N1m per economy seat

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 [...]

July 14, 2022 Finance
Naira gains but black market decline continues

Naira gains but black market decline continues

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 [...]

May 21, 2022 Finance
Dollar breaks N600/$ ceiling ahead of party primaries

Dollar breaks N600/$ ceiling ahead of party primaries

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 [...]

May 19, 2022 Finance
Naira sees big fall against dollar

Naira sees big fall against dollar

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 [...]

May 17, 2022 Finance
Nigerian stocks rise higher amid rush for consumer goods shares

Stocks rise higher amid rush for consumer goods shares

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 [...]

May 10, 2022 Finance
RULAAC petitions IGP over alleged N9.5m fraud

RULAAC petitions IGP over alleged N9.5m fraud

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 [...]

May 7, 2022 Finance
Bitcoin is now official currency in Central African Republic

Bitcoin is now official currency in Central African Republic

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, [...]

April 28, 2022 Africa, Finance
Stakeholders canvass stronger recovery plans for IOC debts

Stakeholders canvass stronger recovery plans for IOC debts

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 [...]

April 21, 2022 Finance
Investors want more slice of ₦13.76tr pension assets in stocks

Investors want more slice of ₦13.76tr pension assets in stocks

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) [...]

April 20, 2022 Economy, Finance
Elon Musk Offers To Buy Twitter For $43 Bn

Elon Musk Offers To Buy Twitter For $43 Bn

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 [...]

April 14, 2022 Finance
Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

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 [...]

April 6, 2022 Business, Finance
Emefiele explains Naira stability at I&E window

Emefiele explains Naira stability at I&E window

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 [...]

March 25, 2022 Finance
Nigeria has raised $1.25 billion through the issuance of a seven-year Eurobonds.

Nigeria raises $1.25 billion via Eurobond

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 [...]

March 19, 2022 Finance
CBN in fresh plan to wean banks off cash handling risks, costs

CBN in fresh plan to wean banks off cash handling risks, costs

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 [...]

March 16, 2022 Finance
Why southeast ranks low in VAT collection

Why southeast ranks low in VAT collection

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 [...]

March 12, 2022 Finance
Naira extends gain at official market

Naira extends gain at official market

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, [...]

February 23, 2022 Business, Finance
Seven UN agencies accused of tax evasion in Borno

Seven UN agencies accused of tax evasion in Borno

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 [...]

January 29, 2022 Finance
Rivers floors FG over police trust fund deductions

Rivers floors FG over police trust fund deductions

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 [...]

January 28, 2022 Finance
2022 Budget: Senate approves N215.8bn for FIRS

2022 Budget: Senate approves N215.8bn for FIRS

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 [...]

January 27, 2022 Finance
Oyetola: Osun, FG Spent ₦5 Billion On Social Interventions

Osun, FG Spent ₦5 Billion On Social Interventions

The Osun State Governor, Adegboyega Oyetola, has said his administration, in collaboration with the Federal Government, has facilitated and disbursed social intervention funds of about N5bn to residents of the state. Oyetola disclosed this at a rural community engagement organised [...]

January 25, 2022 Finance