Economy
CBN Clears all Valid FX backlog, as external reserves increase by $993 million
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs.…
Read More »Nigeria: Company Income tax drops 35.4% to N1.13trn, VAT up 26.61% in Q4 2023
Nigeria’s aggregate Company Income Tax (CIT) for Q4 2023 dropped by 35.40 per cent to N1.13 trillion from N1.75 trillion recorded in Q3 2023, the National Bureau of Statistics (NBS) said. This is as the aggregate Value Added Tax (VAT) rose 26.61 per cent to N1.20 trillion from N948.07 billion…
Read More »NNPC Ltd Solicits EFCC’s Support in Fight against Crude Oil Theft
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has appealed to the Economic and Financial Crimes Commission (EFCC) to help tackle the menace of crude oil theft in the country. The Group Chief Executive Officer of the company, Mr. Mele Kyari, made the appeal at an interactive session with the…
Read More »CBN Reports Upsurge In Dollar Inflow as Remittances Quadruple, Foreign Investors’ Return
The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja, the Bank’s Acting Director of Corporate Communications,…
Read More »CBN axes 4,173 Bureaux De Changes
The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on…
Read More »Reps summon CBN Governor over alleged revenue leakages
Nigeria’s House of Representatives Public Account Committee (PAC) has summoned the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso to appear before it on or before Tuesday, March 5, or face arrest warrant. Rep. Bamidele Salam, the chairman of the committee said this in Abuja on Tuesday at the…
Read More »CBN’s MPC raises interest rate by 400 basis points to 22.75%
Story by: Abiodun Folarin The Monetary Policy committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday increased interest rate- the Monetary Policy Rate (MPR) by 400 basis points from 18.75 per cent to 22.75% saying that the hike in policy rate will help tame inflation pressure. The…
Read More »Nigeria: Bill to establish state police passes 2nd reading at Reps
A Bill for an act to establish State Police and other Related Matters thereto, has passed second reading in the House of Representatives. The bill which will alter provisions of the 1999 Constitution to provide for the establishment, was sponsored by Rep. Benjamin Kalu and 12 others. Leading the debate…
Read More »Nigeria: ONSA, CBN declare war on forex speculators
The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability. This is contained in a statement by the Head, Strategic Communication at ONSA, Mr Zakari Mijinyawa, on Tuesday in Abuja. Mijinyawa said the recent…
Read More »NNPC Chief Mele Kyari Highlights Energy Security’s Role in Wealth Creation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Mele Kyari, says no public wealth creation endeavour can achieve any meaningful success without energy security. The GCEO stated this in a presentation at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference which…
Read More »
