Economy

The Federal Government has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation. The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting…

The plan by the Corporate Affairs Commission (CAC) to delist registered companies that had been failing to file their tax returns was not designed to generate funds for the corporation, CAC’s Registrar-General/Chief Executive Officer, Alhaji Garba Abubakar said in Abuja on Monday. “About 100,000 business names and 10,000 incorporated trustees…

The Federal Government of Nigeria has denied any plan to increase taxes or add to the burdens of the country’s tax paying citizens. The Chairperson, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, said this on Tuesday while reacting to unconfirmed reports of government’s plans to increase…

The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023, a 1.29 per cent points higher compared to the 22.79 per cent recorded in June. NBS disclosed in its Consumer Price Index (CPI) and Inflation Report for July , which was…

The Central Bank of Nigeria (CBN) has promised to soon come up with stringent measures to stabilise multiple exchange rate in the country. The CBN Acting Governor, Mr Folashodun Shonubi who disclosed this to State House Correspondents after a meeting with President Bola Tinubu on Monday in Abuja said that…

President Bola Tinubu has reassured that no stone would be left unturned in his administration’s efforts to stimulate the economy and make it work for the good of all Nigerians. The President who stated this on Friday at a meeting with the Board of Trustees of the All Progressives’ Congress…

The Federal Inland Revenue Service (FIRS) has announced a tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. A statement issued in Abuja by Mr Johannes Wojuola, Special Assistant on Media and Communication to the Executive Chairman of FIRS, Mr Muhammad Nami said the…

Nigeria’s headline inflation increased for the sixth consecutive month by 38bps to 22.79% y/y in June (May: 22.41% y/y). A report by the National Bureau of Statistics showed that on month-on-month basis, headline inflation rose by 19bps to 2.13% (May: 1.94% m/m). Food inflation advanced by 43bps to 25.25% y/y…

The Senate has approved $800 million World Bank loan request by President Bola Tinubu. This followed the consideration of the loan by the Committee of the Whole during Thursday’s plenary. Former President Muhammadu Buhari had, towards the tail end of his administration, forwarded same request to the 9th Senate in…

The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has officially announced that the investment profile in the nation’s telecommunications sector, comprising foreign direct investment (FDI) and local investment, has reached $75.6 billion as of 2021.  Danbatta disclosed this at an interactive session with…