MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says
The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget. The Acting Chairman of FRC, Victor Muruako, said...
No Plan To Introduce New Taxes In 2021- FG
The federal government says it has no plan to introduce new taxes or increase current taxes in 2021. Zainab Ahmed, minister of finance, budget and national planning, disclosed this on Friday, at a public hearing organised by the house of representatives committee on finance in Abuja. The minister said rather than increase taxes, it is making efforts to reduce tax burden...
Nigeria Inflation Rate Drops to 15.99% in October as Food Prices Ease
Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week. Consumer prices increased 15.99% from a year earlier, compared with 16.63% in September, Statistician-General Simon Harry told reporters Monday in Abuja, the capital. The median estimate in a Bloomberg survey of seven economists was 16.2%. While inflation has exceeded...
Nigerian Stock Exchange Suspends 6 Firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital...
Sanwo-Olu Presents N2.2trn 2024 Budget To Lagos Assembly
The Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday, presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the state House of Assembly. The budget, entitled “Budget of Renewal”, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja. The proposed budget comprises N1.02 trillion recurrent expenditure, which is 45 per...
We’ll Pursue Expansion Policies To Fight Recession – CBN
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the bank will pursue expansionary monetary policies to fight recession because the fiscal policy was already constrained. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held...
I’ll Do My Best To Support The Survival Of Enyimba Automated Shoe Company, SP Ahmed Lawan Assures (PHOTOS, VIDEO)
The Senate President, Senator Ahmed Lawan has said as the number three citizen of the country, he will do all within his capacity to ensure that the Enyimba Automated Shoe Company (ENASCO) survives and achieve the aims of its establishment. The Senate President assured that the Senate will henceforth, will begin move to stop Federal Government Agencies from importing boots...
Agricultural Development: FG Pledges Readiness To Carry Abia Along
The Federal Government has expressed its commitment to carry Abians along in its agricultural policies to further guarantee food security in the state. ABN TV reports that the Managing Director Nigeria Film Corporation, Dr Chidia Maduekwe made this known on Tuesday during the flagging off of the Central Bank of Nigeria's anchor borrowers programme. He said the agricultural programme is one...
FG Promises To Deal With Economic Destabilizers
The Federal Government has vowed to go after individuals sabotaging the nation’s economy. The Minister of Information and National Orientation, Mohammed Idris, made this known in a statement he personally signed on Friday. Idris stated that one of the decisions of President Bola Tinubu when he was sworn-in was the removal of petrol subsidy which all the “three major candidates” agreed...
Nigeria to export rice in two years – Minister of Agriculture
The closure of Nigeria’s land borders has caused an increase in domestic production of rice and the country is set to export the commodity, the Minister of Agriculture and Rural Development, Sabo Nanono, announced on Tuesday. Nanono said the closure of the land borders had resulted in increased output by many rice milling plants which were operating below capacities before...
