BREAKING: Inflation Rate Surpasses 14% — Highest Jump In 4 Years
The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 per cent in October. The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points. Inflation measures the rate at which the prices of goods and services increase over a period of...
FG May Increase VAT Rate By 2.5% In 2021
Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation. Minister of Finance, Budget and National Planning, Dr Zainab Ahmed...
Reps Summon NNPC Boss, Emefiele, Over Unremitted N3.2tn
The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014. Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on...
Petrol To Sell At N168 As PPMC Increases Depot Rate
The Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol. In a November 11 internal memo signed by Ali Tijjani, the PPMC proposed that the November depot price of petrol be increased to N155.17 from N147.67 per litre. According to the memo, the...
FG On Course To Pass Budget Before 2021 – Budget Office
The Federal Government is on course to ensure that the 2021 Appropriation Bill currently before the National Assembly is passed before the end of the year. Mr Ben Akabueze, the Director-General of the Budget Office, stated this during his appearance on Channels Television’s Sunrise Daily on Thursday. He noted that the budget defence by various Ministries, Departments, and Agencies (MDAs) before the lawmakers...
#ENDSARS Protest Disruption Cost Economy N1.5 Trillion – FDC
The economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget, Financial Derivatives Company Limited has said. “This suggests that the economic recovery path could be longer than anticipated. Massive investment in job-elastic sectors with minimal control on the pricing mechanism will serve as catalysts and...
FG Approves $124.2 Million Loans For Water Projects
The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria. According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund. A spokesperson for the ministry, Kenechukwu Offie, who disclosed this...
Nigeria Reaching Maximum Capacity To Borrow, Says El- Rufai
Governor Nasir El-Rufai of Kaduna State has revealed that the country is about reaching its maximum capacity to borrow, hence the need to improve on other channels of revenue generation in the country. He made these remarks during his keynotes address at the 22nd Annual Tax Conference, themed “Taxation and Competitiveness: Imperatives for National Development” on Thursday in Lagos. Governor El-Rufai,...
Nigeria’s Debt To Hit N38 Trillion Next Year – Finance Minister
Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the Senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, the...
FG Seeks Fresh $1.2 Billion Loan From Brazil
The Federal Government is seeking a $ 1 .2 bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assembly. The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend...
