Beneficiaries To Get N50,000 As FG Reintroduces Tradermoni Next Month
The Federal Government will restart the Tradermoni scheme in November with each beneficiary getting N50,000 to support their business. While the interest-free loan scheme for traders – started in 2018 – has been on hold for some time, the Minister of Humanitarian Affairs and Poverty Alleviation Mrs Betta Edu said the government is set to relaunch it. Confirming that the scheme...
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...
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...
Court Voids Passage Of Rivers Budget By Pro-Fubara Lawmakers
Justice James of the Federal High Court Abuja has nullified the N800 billion budget passed by the Edison Ehie-led group of the Rivers State House of Assembly and signed into law by the Rivers State Governor, Siminalayi Fubara. The court also upheld the suit filed by the Assembly and Speaker Martin Amaewhule, against Fubara, which sought an order of injunction...
Fresh Facts Emerge On Why CBN Extended Deadline For Use Of Old Naira Notes
President Muhammadu Buhari on Sunday, in Daura, approved the Central Bank of Nigeria’s request to extend the deadline for swapping of old naira notes with the redesigned notes from January 31, 2023, to February 10 2023. Buhari also approved a seven-day grace period which runs from February 10 to February 17 2023, to allow Nigerians to deposit their old notes...
Tinubu Writes NASS, Seeks Approval For N1.77tn Fresh Loan
President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act. If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget. The president’s request was read by the speaker during plenary on Tuesday. The president has also forwarded the...
CBN Confirms Evacuation Of Banknotes To DMBs
The Central Bank of Nigeria, CBN, has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a concerted effort to ease the circulation of different denominations of banknotes. The CBN has also instructed that all commercial banks be open on Saturdays and Sundays. Dr. Isa AbdulMumin, Acting Director, Corporate Communications Department of the...
CBN Bars BVN Violators From Opening New Bank Accounts
The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule. The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular. According to the...
China Ready To Lend Us More Money, We’re Not Discussing Debt Forgiveness With Them — FG
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly...
Senate Carpets Minister For Proposing N1bn For Overseas Trips In 2024 Budget
The Senate has taken a swipe at the Minister of Trade, Industry and Investment, Doris Nkiruka-Anite for proposing to spend N1 billion on trip to Geneva in 2024, as contained in next year’s budget of the ministry, just as the minister said that the ministry has no record of the nation’s balance of trade. This was revealed, yesterday, when the...
