BUSINESS
Nigeria’s Debt May Hit N77tn, Says DMO As FG Spends N5.2tn On Debt Serving In 2022
Nigeria’s public debt burden may hit N77tn if the National Assembly approves the request by the President, Major General Muhammadu Buhari (retd.), to restructure the Ways and Means Advances. Thee Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the shortfalls in the government’s budget. This is as the Federal Government spent N5.24tn servicing...
Dubai Moves To Attract Tourists, Suspends 30% Tax On Alcohol
The government of Dubai has cancelled its 30 per cent alcohol tax in order to boost tourism in the emirate. Dubai will also suspend the personal liquor licence fees, to make acquisition of the permit free for alcohol consumers in the United Arab Emirates region. According to Arabian News, Dubai is one of the most tourist cities in the UAE and...
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...
Africa IP SME Helpdesk: Promoting Economic Growth In Europe, Africa
The Africa IP SME Helpdesk is established to advance mutual cooperation between EU SMEs and African countries in matters of trade. The Helpdesk’s main objective is to contribute to sustainable development and economic growth in Africa while fostering new economic frontiers for EU businesses. Inaugurated in Rome on October 21, 2021 during the EU-Africa SME Summit, the Helpdesk works with...
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...
FAAC Shares N902billion To FG, States And LGs
The Federation Account Allocation Committee (FAAC) has shared a total sum of N902.053 billion in November 2022 Federation Account Revenue to the Federal Government, States, and Local Government Councils. This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting, in Abuja, last night, The N902.053 billion total distributable revenue comprised distributable statutory...
Banks Reconfigure ATMs As New Naira Notes Circulation Commences Today
The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa. The President unveiled the redesigned notes across the N200, N500, and N1,000...
Government Agencies Agree To End Fuel Scarcity
Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours...
No Going Back On Cashless Policy – CBN Governor, Emefiele
Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN has ruled the possibility of reversing the ongoing implementation of the cashless policy. The House of Representatives at Thursday plenary asked the CBN Governor to suspend implementation of the policy pending the outcome of the expected engagement on the compliance with the relevant sections of the CBN act and the 1999 constitution on the...
