The Senate is set to reduce the import duties waivers proposed for the N19.76tn 2023 budget with attendant deficit of N12.4tn. The Chairman, Senate Committee on Finance, Sen. Solomon Adeola made this known in Abuja on Tuesday, at an interactive session. He said the senate would reduce the N6 trillion proposed as import waiver for […]Read More
The Senate, through its Committee on Finance, has disagreed with the Minister of Finance, Budget and National Planning, Zainab Ahmed, as well as heads of revenue generating agencies in the country on the proposed 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper. The finance minister at the interactive session held on Tuesday informed the […]Read More
The Federal Government has recorded N524.25bn fiscal deficit in May, from N643.09bn in April. This was contained in the Central Bank of Nigeria’s (CBN) monthly economic report on fiscal sector development. In the report, “The disproportionate reduction in expenditure and revenue outcomes resulted in a contraction in the overall fiscal deficit, during the period. “Following […]Read More
The Nigeria Deposit Insurance Corporation (NDIC), has issued warning against increase in fake fund managers calling for investment with excessive returns. According to the statement released by the body, NDIC noted that “With the recent increase in investment channels arising from innovative products, there has been an increase in illegal fund managers who have been […]Read More
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has announced a first-of-its-kind partnership with Bento Africa to offer more value to Nigerian businesses of all sizes. Chief Executive Officer of Stanbic IBTC Bank, Mr. Wole Adeniyi, disclosed this via a statement. Speaking on the motive behind the partnership, the CEO, Wole […]Read More
The Naira has failed to appreciate as the United States dollar sells for N500+ with traders and experts calling on the federal government to take urgent actions in saving the economy from total collapse. As the prices of crude oil keep rising in the international market, there were expectations that the naira will appreciate, but […]Read More
The International Finance Corporation (IFC) is supporting OCP, an international phosphate mining and leading global fertilizer group to improve food supply in Nigeria and others countries as part of efforts towards achieving sustainable food systems. IFC signed a milestone financing agreement with OCP. IFC — a member of the World Bank Group and the largest […]Read More
Banks credit to Nigeria’s private sector increased by N1.29 trillion in the first quarter of 2021 to stand at N31.44 trillion. This is according to data obtained from the Central Bank of Nigeria (CBN). This is in line with the CBN’s continued effort to compel Banks to boost their credit to the real sector of […]Read More
Securities and Exchange Commission (SEC) has stated that it recognizes the importance of digital platforms for democratizing access to capital market products and services for greater financial inclusion in the capital market. This was stated by Lamido Yuguda, director general, SEC, who was represented by Reginald Karawusa, executive commissioner, Legal and Enforcement, at a webinar […]Read More
The Managing Director of Polaris Bank, Mr. Innocent Ike, has said that the bank has refunded the $300 million lodged with the bank by the Nigerian National Petroleum Corporation (NNPC) in 2012.Ike said this while appearing before the House of Representaives ad hoc committee on assessment and status of all recovered loots from 2002-2020. He […]Read More
The Federal Accounts Allocation Committee (FAAC) on Wednesday said it shared a total of N605.958 billion as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies. Mr. Charles Nwodo, Director, Information, Ministry of Finance, Budget and National Planning, in a statement in Abuja, said the amount was shared […]Read More
Bitcoin plummeted below $30,000 for the first time in six months, only to rebound to the $34,000 trading zone. The decline in Bitcoin’s price came as a result of China’s intense crackdown on cryptocurrencies and cryptocurrency mining. The intense regulatory crackdown by Chinese authorities caused a lot of FUD (Fear Uncertainty and Doubt) in the […]Read More
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