FG To Restructure FIRS, Mulls New Name
The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, has disclosed plans to restructure the Federal Inland Revenue Service (FIRS). The minister while appearing before the Senate Committee on Finance said the restructuring would see the name of the service changed to the Nigeria Revenue Service. The change, which is part of the 2022 Finance Act that was passed by...
National Assembly Passes N21.83trn 2023 Appropriation Bill Into Law
The National Assembly has passed the 2023 appropriation bill at N21.83 trillion. This shows an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari. A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure. Meanwhile, the Senate...
Politicians More Affected By CBN’s Cash Withdrawal Limit, Says CAN President
The President of the Christian Association of Nigeria, Most Reverend Daniel Okoh, has said the new cash withdrawal limit of the Central Bank of Nigeria will have more impact on politicians. Speaking at the thanksgiving service of the new president of the Organisation of African Instituted Churches, Nigeria Region, Okoh who was represented by the immediate president of OAIC, Napo...
N206bn Inserted In My Ministry’s Budget For Equipment Procurement, Says Umar-Farouq
Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, yesterday, told senators that the N206 billion inserted in the ministry’s budget was for purchase of military equipment. The minister had disowned the money, last week, saying it was allegedly ‘inserted’ by the Ministry of Finance. Lawmakers had requested the two ministers to appear and clear the air on...
Buhari Approves Naira Notes Redesign
President Muhammadu Buhari on Sunday voiced his support for the decision of the Central Bank of Nigeria, CBN to launch new designs and replace high-value Naira notes. This was as he noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies. According to a statement signed by his Senior Special Assistant on Media...
$1 Now ₦788, We Are Not Aware Of Naira Redesigning – Finance Minister
Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira. The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on...
CBN To Redesign N200, N500 And N1,000 Notes To Control Circulation
The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500, and N1,000 notes. CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja. The new design and issues will be effective from December 15, 2022. The action was taken in order to take control of the currency in circulation, according to the CBN...
2023 Budget: Buhari’s And Osinbajo’s Local, International Trips To Cost N3.34bn
The Presidency has proposed the sum N3.34 billion for the local and foreign travels of President Muhammadu Buhari and Vice President Yemi Osinbajo in the 2023 appropriation bill submitted to a joint session of the National Assembly on Friday. The breakdown of N2.49bn set aside for the president’s trips has N862,076,448 for local travel and transport, while international travel and...
Travellers Stranded As Dollar Shortage Hits Banks – Report
Nigerians are finding it increasingly difficult to access the United States dollar at the Central Bank of Nigeria’s official rate for eligible transactions. Worse affected are those travelling abroad who are experiencing delays in accessing Busines...
Naira Value Drop: EFCC Storms Abuja Bureau De Change Hub
Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, A source said the raid was a covert operation to dislodge currency specu...
