The Federation Account Allocation Committee (FAAC) has disbursed a total of N903.480 billion as Federation Account Revenue for the month of September 2023 to the Federal Government, states, and Local Government Councils (LGCs). This allocation was disclosed in a communique released at the conclusion of FAAC’s October meeting held in Abuja on Tuesday. The communique Read More…
Nigeria is embarking on a comprehensive tax reform initiative aimed at streamlining its complex tax landscape. The objective is to reduce the number of taxes imposed by federal and state governments from over 60 to fewer than 10, in a bid to facilitate business operations and enhance revenue generation. Nigeria, Africa’s largest economy, currently grapples Read More…
Governor Babajide Sanwo-Olu of Lagos State has reaffirmed his administration’s dedication to transform the state into a renowned global tourism destination. He made this statement on Monday while hosting the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Mrs. Abike Dabiri-Erewa, and her delegation during a courtesy visit to Lagos House in Ikeja. During the Read More…
The National Bureau of Statistics (NBS) has reported that the 36 states and the Federal Capital Territory (FCT) witnessed a 1.6 per cent year-on-year growth in Internally Generated Revenue (IGR), amounting to N1.92 trillion in 2022, up from N1.89 trillion in 2021. These figures are outlined in the NBS report on Internally Generated Revenue at Read More…
Nigeria anticipates the inflow of $10 billion in foreign currency over the next few weeks to alleviate the liquidity constraints in the foreign exchange market, which have hampered growth in Africa’s largest economy, according to Finance Minister Wale Edun. The West African nation has grappled with persistent dollar shortages, a consequence of foreign investors exiting Read More…
Nigeria marked a historic victory on Monday as it successfully overturned an $11 billion damages ruling tied to a collapsed gas project, a case characterised by a London High Court judge as a stark example of greed and corruption. Previously, Africa’s most populous nation had been ordered to pay this substantial sum, equivalent to about Read More…
The Federal Government, on Monday, reiterated its unwavering dedication to the transformation of the insurance sector and the safety of Nigerian citizens. The Commissioner for Insurance (CFI) at the National Insurance Commission (NAICOM), Sunday Thomas, emphasised this commitment during the National Insurance Conference 2023 in Abuja, which was centred around the theme “Redefining Safety – Read More…
Lagos State is emerging as a strategic hub for economic growth, with Governor Babajide Sanwo-Olu reaffirming the state’s vital role in driving opportunities presented by the African Continental Free Trade Agreement (AFCFTA). Speaking at the 51st Annual General Meeting of the Manufacturers Association of Nigeria (MAN) held in Lekki, Governor Sanwo-Olu highlighted the significance of Read More…
Option #1 – A Partnership with Nigerian Diasporas Premise Ndubuisi Ekekwe was never a fan of the floating of the naira and I have explained my reason via many posts. You cannot float the naira when you cannot fix the supply side of the US dollar in Nigeria. Across all indicators, the demand and supply Read More…
The National Bureau of Statistics (NBS) has issued a concerning report, revealing that the average retail price of a litre of petrol in Nigeria skyrocketed from N191.65 in September 2022 to a staggering N626.21 in September 2023. This dramatic increase, amounting to a colossal 226.75 per cent surge, was brought to light in the NBS’s Read More…
