A pan-African payment platform was inaugurated on Thursday by the trio of the African Union, African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) secretariat. Known as the Pan-African Payment and Settlement System (PAPSS), it is a cross-border, financial market platform that enables payment transactions across Africa. It is hoped that it Read More…
As the global economy enters a pronounced slowdown amid fresh threats from COVID-19 variants and others, Nigeria’s growth is projected to strengthen to 2.5 per cent in 2022 and 2.8 per cent in 2023. The World Bank said this in Washington at the presentation of its January 2022 Global Economic Prospects report. According to it, Read More…
It is still double-digit inflation but in November, Nigeria experienced its lowest inflation climb in more than five years. In November, eased by 0.59 percentage points to 15.40% in November. According to Simon Harry of the Nigerian Bureau of Statistics (NBS), “Inflation has continued its declining trend.” Last month, Finance Minister Zainab Ahmed said the Read More…
Open-grazing Act not intended as punishment Opponents of States’ collection of Value Added Tax, VAT, have got a reply. It will not impoverish other States and make collection cumbersome, Commissioner for Information and Strategy, Mr. Gbenga Omotoso has said. He gave this assurance while speaking today on “Your View”, a TVC current affairs programme. His Read More…
The ruling has been reserved by the Abuja Division of the Court of Appeal on the application filed by Lagos State Government seeking to join an appeal by the Federal Inland Revenue Service, (FIRS) challenging the judgement of a Port Harcourt Federal High Court. On 9th August 2021, the Federal High Court had declared that Read More…
Fitch Ratings, an Internationally renowned rating agency, in its recent publication outlining the standing of the State has upgraded Lagos State ratings from AA+ (nga) to AAA(nga) for its good standing in terms of its debt sustainability, and resilience. Communicating the development to the Honourable Commissioner for Finance, Dr. Rabiu Olowo, FitchRatings said the feat Read More…
In what can be termed a peculiar legal case, an Abuja-based businessman, Sesugh Akume, has filed a suit at the Federal High Court, Abuja, asking the court to determine whether the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele and the apex bank itself, have not been grossly incompetent by failing to provide price Read More…
In picture above: Belgium Ambassador to Nigeria, Mr. Daniel Bertrand, Lagos State Commissioner for Economic Planning and Budget, Mr. Sam Egube and Deputy Head of Mission, Embassy of Belgium in Nigeria, Mr. Stef Commers during the Ambassador’s courtesy visit to the Ministry of Economic Planning and Budget on Tuesday. The Lagos State Government, on Tuesday, Read More…
It appears the Nigerian economy has become the cynosure of all global economic eyes, as the International Monetary Fund may revise upwards its growth forecast for the country. Jesmin Rahman, the IMF mission chief to Nigeria, cited the country’s surprise exit from recession in the fourth quarter as a reason why its future projections of Read More…
IMF Boss speaks of strategic use of $650 billion SDR In the picture above: African Development Bank President Akinwumi A. Adesina, alongside IMF, Managing Director, Kristilina Georgieva, and WTO, Director General, Ngozi Okonji-Iweala, at the dialogue with international institutions and G20 #CompactwithAfrica meeting hosted by German Chancellor Angela Merkel. All is set for the rollout Read More…