At 15.92%, Nigeria’s inflation rises to six months high
Nigeria’s inflation rate has hit six months high, as the consumer price index, which measures the rate of increase in the price of goods and services, reached 15.92 per cent in March 2022, amid rising food prices. The figure is the highest rate recorded since October 2021. It is 0.22 per cent points higher than […]
NASS approves Buhari’s demand, increases petrol subsidy from N442bn to N4tn
The Nigerian Senate and House of Representatives have approved an increase of petrol subsidy from N442 billion to N4 trillion for 2022 as requested by President Muhammadu Buhari. The approval of the request came after the two chambers considered reports from their committees on finance. Buhari has requested the lawmakers to approve an increase in […]
Dangote remains Africa’s richest man as Adenuga continues gathering more money
Chairman of Dangote Group, Aliko Dangote is the richest man in Africa for the 11th consecutive time with a net worth of $14 billion from $12.1 billion last year and $10.1 billion in 2020. This is according to Forbes’ 36th annual ranking of the planet’s richest people titled “War, pandemic and sluggish markets hit the […]
CBN fines three commercial banks N800m for facilitating cryptocurrency transactions
The Central Bank of Nigeria, CBN, has slammed a fine of N800 million on three commercial banks over their alleged failure to comply with regulations barring consumers from transacting in cryptocurrencies. Bloomberg report said the sanctions were part of the CBN’s efforts to tighten down on cryptocurrency and to make sure that commercial restrictions on […]
FG grants three-year tax relief to 33 companies, denies 10 firms
In 2021, the Federal Government approved 33 enterprises’ applications for pioneer status under the Industrial Development Income Tax Act. This was revealed in the Nigeria Investment Promotion Commission’s quarterly PSI reports. The 33 corporations made N543.88 billion in investments over the year, according to the reports. During the assessment phase, the government rejected the petitions […]
Tweeps express dissatisfaction over multiple debit alerts by GTB
Twitter users expressed their dissatisfaction with Guaranty Trust Bank’s unusual deductions in several tweets that have gone viral. On Saturday, users claimed that the costs, which included anything from Short Message Service to Stamp Duty and maintenance fees, went unaddressed by the bank, and they tagged the bank’s official handles for answers. “Why did @gtbank […]
Nigeria borrows N1.48tn via bonds in Q1 2022
The Nigerian government borrowed N1.48tn from bond investors through Federal Government bonds between January and March 2022, an analysis of the FGN Bond Auction results available on the website of the Debt Management Office, showed. Within the period under review, bond oversubscriptions hit N1.03tn, indicating the investors’ increasing appetite for FGN bonds. A look at […]
Buhari appreciates Microsoft over $200m African Development Centre in Nigeria
President Muhammadu Buhari Friday in Abuja said Nigeria stands poised to welcome more initiatives and investments in digital technology while appreciating Microsoft for an engineering hub, African Development Centre, worth $200 million. Receiving the President of Microsoft Corporation, Brad Smith, at the State House, accompanied by the Minister of Communication and Digital Economy, Professor Isa […]
Nigerian economy frustrating businesses, youths, women – Obasanjo laments
Former President Olusegun Obasanjo has described the Nigerian economy as frustrating for Small and Medium Scale Enterprises operators as well as women. He said this on Wednesday at the Youth Development Centre of the Olusegun Obasanjo Presidential Library Credit Scheme held on the premises. Obasanjo during the programme presented over N1million cheques to the beneficiaries […]
N1.2tr unclaimed funds: Reps panel discovers N300bn in commercial banks, MDAs
Since the start of its inquiry, the House of Representatives Ad-Hoc Committee on the Recovery of N1.2 trillion in Unclaimed Funds in Commercial Banks, Ministries, Departments and Agencies (MDAs), and the Central Bank of Nigeria (CBN) has identified about N300 billion. Unyime Idem (PDP, Akwa Ibom), the Committee’s Chairman, revealed this following a meeting with […]