Category: Business
Ecobank Nigeria, an affiliate of the leading Pan-African banking Group, Ecobank Group, has extended its innovative remittance services to its business account holders. Under the new plan, business customers will be able to instantly receive funds sent through Ecobank Rapidtransfer or any of the bank’s remittance partners from other businesses anywhere in the world directly into […]
Nigerians will soon start paying 12.5 per cent tax on telecommunications services as the federal government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria. The Minister of Finance Budget and National Planning, Zainab Ahmed, said this at a stakeholders’ forum on implementation of excise duty on telecommunications services in […]
President Muhammadu Buhari Thursday received a delegation from the Open Government Partnership (OGP) Support Unit, led by the Chief Executive Officer, Sanjay Pradhan, during which he itemized the benefits Nigeria has derived from joining the transparency body in 2016. He said when he committed Nigeria to the membership of the Open Government Partnership at the […]
The living standard of Nigerians has continued to worsen as prices of essential goods maintain an upward trajectory over the last one year. The National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas Price Watch and selected Food Price Watch for the month of June 2022, released yesterday, showed that the average retail price […]
The Minister of Finance, budget and national planning, Zainab Ahmed, said President Muhammadu Buhari’s administration withdrew $35.6 million from the excess crude account for security. Ahmed disclosed that the significant amount was withdrawn despite the administration not adding any fund in the last four years into the excess crude account, which was created in 2004. Ripples […]
The Independent National Electoral Commission (INEC) has warned that it will not extend the ongoing Continuous Voter Registration (CVR) which is to end on the 31st of July. This was disclosed by Chief Ken Okeagu, the INEC National Commissioner in charge of Ebonyi, Enugu and Imo States, who said this at a news briefing in […]
The Federal Government has responded to reports that the Excess Crude Account has dropped from $35.7 million to $376,655. The government disclosed that the $35million disbursement from the Excess Crude Account (ECA) in June 2022, was an advance payment for the purchase of brand new Offshore Patrol Vessels (OPVs) for the Nigerian Navy. The ECA is a […]
The Senate, on Wednesday, resolved to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the free fall of the naira in recent weeks. Mr Emefiele was asked to appear before the Senate in plenary and address the lawmakers behind closed doors. The lawmakers, however, did not fix a date for the governor […]
The Nigerian government withdrew $1 billion from the Excess Crude Account (ECA) to fund security amid depleting oil revenue, an official said on Wednesday. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, made this revelation while briefing State House Correspondents at the end of the cabinet meeting presided over by President Muhammadu Buhari on […]
Nigeria’s naira rose slightly against the U.S. dollar at the official market on Wednesday, a day after the currency slumped to a record low at the spot market. The currency strengthened to N430.00 per dollar on Wednesday from N431.00 it traded at the Nafex window in the previous session on Tuesday, data posted on the FMDQ […]
The United States International Development Finance Corporation (DFC) and Access Bank Plc have signed an agreement on a $280 million support for Small and Medium Enterprises (SMEs). According to a statement issued by the US Embassy on Monday, the agreement will address the financing gap for the SMEs. The commitment letter was signed by DFC […]
States in Nigeria are in dire strait and desperately looking for means to pay salaries and cover budget expenses amid dwindling allocation from the federation account. Latest data from the Central bank of Nigeria showed that states debts have increased to N1.24 trillion from just over N14 billion in April 2016. The yearly breakdown of […]
Nigerians will pay more for bread in the coming days as bakers in some states have announced price hikes to cover the high cost of ingredients. Kogi Master Bakers said on Sunday they were resuming production after weeks of strike, but will increase prices of their products. The association had on Wednesday joined the nationwide […]
Abdul Samad Rabiu, BUA Cement posted a 41.4 per cent improvement in its net profit for the first half of the year following a steep growth in revenue, according to the company’s earnings report for the period issued on Monday. Turnover stood at N188.6 billion, 51.7 per cent higher when compared to the same period […]
Stakeholders yesterday at the Africa International Housing Show (AIHS), yesterday in Abuja, commended Dangote Cement Plc for complementing the Federal Government’s efforts at making housing affordable to Nigerians. The housing fair, which was declared opened by the Vice-President, Yemi Osinbajo, attracted stakeholders and other professionals from the built industrial sub-sector of Nigeria’s economy and allied […]