National Assembly Adjusts 2024 Budget From ₦28.7tn To ₦35.5tn
The Senate has approved the ₦6.2 trillion amendment to the 2024 Appropriation Act, raising this year’s national budget from ₦28.7 trillion to ₦35.055 trillion. The amendment for capital and recurrent are for key infrastructure projects omitted in the 2024 appropriation and for the newly passed ₦70,000 national minimum wage. Meanwhile, the House of Representatives has also passed the amended 2024 budget...
Every Fund In Dormant Accounts Should Be Sent To Us, CBN Tells Banks
The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer funds in all dormant accounts to the apex bank. A circular by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja, last night indicated that accounts that have remained dormant for 10 years and above would be affected. It said, “The provisions of...
ECOWAS Nations Set To Launch Single Currency ECO
Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative, known as the ECO. This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement. The single currency is part of the features in the three-in-one Identity cards planned by...
Zamfara Moves Away From N7,000 Minimum Wage, Now Pays N30,000
The Zamfara State Government has commenced the payment of N30,000 minimum wage to workers in the North-Western state. This followed a meeting the state governor, Dauda Lawal, held with the leadership of labour unions where he pledged to commence the payment of the minimum wage in June. Disclosing this in a statement on Friday, the governor’s spokesperson, Sulaiman Bala Idris, said...
Court Declines Binance Executive’s Bail Application, Cites Flight Risk
Federal High Court sitting in Abuja has dismissed a bail application filed by the detained Executive of Binance Holdings Limited, Tigran Gambaryan, saying he could be a flight risk. The court presided over just Justice Emeka Nwite held that Gambaryan is likely to jump bail if bail is granted to him. Another executive, Nadeem Anjarwalla, a British-Kenyan who is a regional...
Otti Orders Withdrawal Tax Suit Against MOUAU
The Abia State government has promised to withdraw the suit it instituted against the Michael Okpara University of Agriculture, Umudike, MOUAU, over alleged non-remittance of Pay As You Earn, PAYE, tax, to the state. The state Board of Internal Revenue, BIR, had two years ago, filed a suit against the University over alleged unremitted PAYE tax. Governor Alex Otti, who pledged...
Bitcoin Sets New Record Above $71,000
Bitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates this year. The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year. The rally was helped by news that Britain’s Financial...
CBN Increases Customs Duty Rate To N1,605.82 Per Dollar Once More
Less than five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has again, for the umpteenth time, increased the rate to N1605.82 per dollar. The rate, which has already been reflected on the Customs portal today, February 21st, 2024, has further dampened the hope of the despondent...
Tinubu Sacks Tukur As NFIU Boss, Appoints Bakari
President Bola Tinubu has fired Moddibo Tukur as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), naming Ms Hafsat Abubakar Bakari as his replacement. According to Ajuri Ngelale, presidential spokesman, who announced the appointment, it is subject to confirmation by the Senate. “Ms. Bakari is a lawyer and financial intelligence expert with years of experience in anti-money laundering,...
Salary Delay In 90 MDAs Resolved, As FG Hails Workers For Their Patience
The federal government has said all affected federal workers in about 90 Ministries, Departments and Agencies (MDAs) have received their January salaries. Top officials at the Head of Civil Service of the Federation (OHoCSF) and selected MDAs told Daily Trust that they have interacted with colleagues and their subordinates, who all confirmed that they received their salaries. They pleaded not to...
