Economy
Maritime workers oppose proposed 50% from NPA’s revenue, threaten to shut ports
Maritime workers have insisted on a 30 per cent deduction from Nigerian Ports Authority (NPA) revenue instead of the proposed 50 per cent automatic deduction, warning of a potential nationwide strike. They made the threat in a statement jointly issued by the Senior Staff Association of Statutory Corporations and Government-Owned…
Read More »CBN assures of stability in exchange rate sooner than later
The Central Bank of Nigeria (CBN), has assured of stability in naira/ dollar exchange rate. The CBN Governor Mr Olayemi Cardoso, said at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday that “In terms of volatility of the exchange rate, we are using…
Read More »NNPC, CBN to Strengthen Relationship to Guarantee Seamless Commercial Operation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services…
Read More »No Increase in PMS Prices, NNPC Ltd. Assures Nigerians
The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. NNPC Ltd, in a statement by Mr Olufemi Soneye, Chief Corporate Communications Officer, urges Nigerians to disregard unfounded rumours and assures them…
Read More »CBN dismisses speculation to convert domiciliary account holdings into Naira
The Central Bank of Nigeria (CBN) has been reacted to a story alleging that the Federal Government is considering converting $30 billion domiciliary deposits to Naira, saying the allegation is absolutely false. CBN is a statement signed by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications said the “aims of the…
Read More »Lagos extends deadline for filing of annual tax returns to February 7
In view of the recent downtime experienced on the e-tax portal, the Lagos State Internal Revenue Service (LIRS) has extended the filing of employers’ annual tax returns by 1 (one) week starting from February 1 to February 7, 2024. Mr. Ayodele Subair, the Executive Chairman of LIRS, conveyed this in…
Read More »Crown Takaful Insurance secures NAICOM’s approval to begin operations
Crown Takaful Insurance Ltd. has received operating licence from the National Insurance Commission (NAICOM) to begin business. The company’s Managing Director, Mr Abubakar Song, confirmed this in a statement on Monday in Abuja. Song said the licence was coming barely few weeks after the issuance of approval-in-principle by the NAICOM…
Read More »CBN confirms clearance of more verified Forex liabilities backlog, releases $500m to various sectors
The Central Bank of Nigeria (CBN) said it had released US$500 million to various sectors in its determination to address the backlog of verified foreign exchange transactions. This comes barely a week after the bank paid approximately US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.…
Read More »Nigeria: FG targets 77% increase in IGR
The Minister of Finance, Mr Wale Edun, says the Federal Government is targeting a 77 per cent increase in Internally Generated Revenue (IGR). Edun, who is also the Coordinating Minister of the Economy, said this on Wednesday in Abuja, at opening of the 2024 Strategic Management Retreat of the Federal…
Read More »CBN fixes February 26 – 27 for 1st MPC meeting under Cardoso
The Central Bank of Nigeria (CBN) has announced that first Monetary Policy Committee (MPC) meeting under the tenure of Mr. Olayemi Cardoso as Governor, scheduled for Monday, February 26 and Tuesday, February 27, 2024. A two-day strategic session for members of the MPC, preparatory to their first meeting was said to have…
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