Business
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The Central Bank of Nigeria on Thursday debunked rumours of naira scarcity in the country, amid reports that there is no sufficient cash circulation in some commercial banks nationwide. CBN in a statement by its spokesman, Isa AbdulMumin, blamed some customers for panic withdrawal using the Automated Teller Machines (ATMs). AbdulMumin, however, assured that the […]
The Federal Government, on Wednesday, met with operators of domestic refineries in a bid to address concerns about the unavailability of crude oil for indigenous refiners. It specifically stated that “it is going to be a matter of national shame if we cannot meet our domestic crude obligations to step up our refining capacity,” stressing […]
A group of freight forwarders known as Patriots Anti-Corruption Initiative, T-PACI, has indicated that current pressures on foreign exchange supply and the consequent sharp depreciation of the Naira will soon crash the volume of Nigeria’s imports. National President of T-PACI, Stephen Chigozie, who disclosed this at a news conference in Lagos, explained that situation will […]
Two separate bills demanding greater transparency in the operations of the Central Bank of Nigeria, CBN, passed second reading in the Senate on Wednesday. The first bill titled: Central Bank of Nigeria (Establishment Amendment) Bill 2023″ was sponsored by Senator Steve Karimi, is seeking to prevent a person occupying the office of Central Bank Governor […]
The Lagos state division of Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay the sum of $72, 551, 059, in tax default to the Federal Inland Revenue Services. The fine covers for 2007 to 2017. However, the Tribunal absolved the telecommunication firm from paying the sum of $21,039,807, as penalties and interest on […]
Lagos, Rivers, and the FCT led as the total Internally Generated Revenue of states in the country marginally rose to N1.93tn in 2022. Data from the National Bureau of Statistics on Monday, revealed that the states could only raise their IGR by 1.57 per cent from the N1.89tn they recorded in 2021. The IGRs by […]
The apparent high cost of borrowing internationally, following the massive fall in the value of the naira, may have forced the federal government to reverse its borrowing plan to fund the N9.05trillion deficit budget from the domestic financial market as indicated in the Medium Term Expenditure Framework, MTEF, 2024-2026, released at the weekend. The FG […]
The Federal Government is reviewing and expanding the National Social Register to accommodate pensioners and ex-servicemen under its Conditional Cash Transfer scheme. It is also removing beneficiaries who have excited the poverty line. On Saturday the newsmen gathered that the government was also taking out dead beneficiaries from the register and would disqualify those without […]
The federal government’s debt to the central bank of Nigeria through the ways and means advances fell to n4.36tn after most of it was restructured in June, 2023, Saturday NEWSMEN has learnt. The figure was according to the provisional data from the apex bank through its quarterly statistical bulletin for the second quarter of 2023. […]
The Secretary to the Government of the Federation, George Akume and a Don, Prof. Ezekiel Williams, said that a proper taxation system will end the borrowing of loans by the Federal Government to fund projects. They made this known on Thursday during the launching of Professor Williams’ book ‘The Taxation Pendula,’ at the Transcorp Hilton […]
