Economy

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…

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…

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.…

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…

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…

Abiodun Folarin   The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. The Apex bank disclosed this in a statment signed by its Ag. Director, Corporate Communications, Mrs. Sidi Ali Hakama, that the action became necessary due to the…

Jubilee Syringe Manufacturing, once regarded as the largest syringe manufacturing venture in Africa, has officially ceased operations in Awa in the Onna Local Government Area of Akwa Ibom. Inaugurated in 2017 by former Vice President Yemi Osinbajo, the firm cited “unforeseen circumstances affecting our business operations” as the major reason for…

The Central Bank of Nigeria (CBN) has reacted to reports about a recommendation for the Federal Government to take over some CBN-supervised financial institutions, saying, Nigerian banks remain safe and sound. In a statement by Mrs Sidi-Ali, Hakama, Ag. Director, Corporate Communications, CBN, the apex bank encouraged the public to continue…

The Central Bank of Nigeria (CBN) has again assured members of the public that it is addressing the reported cases of cash scarcity in some major cities across the country. The apex bank in a statement signed by its Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali…

Nigeria needs to review its fiscal policy and embark on tax reforms to earn enough revenue to run the economy. Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the declaration in Abuja on Monday while defending the ministry’s 2024 budget before the Senate committee on…