The African Reinsurance Corporation has announced its financial results for the first nine months of this year, which reflected a strong growth in Net Nrofit to $75.4 million and a “remarkable improvement” compared to the loss recorded at the end of the same period of 2022. A news report from Reinsurance News, an online medium […]
A new report published by the Institute of International Finance (IIF) indicated that global debt stock reached a historic high of $307.4 trillion in the third quarter of 2023, with the debt-to-output ratio in emerging markets reaching an unprecedented level during the quarter In the latest report published on Thursday, the financial services trade group […]
Apparently worried about the current backlash from universities’ administrators and analysts on the announced fiscal measure to deduct 40% from internally generated revenue (IGR) of the tertiary institutions, President Bola Tinubu on Friday shelved the implementation of the directive. Specifically, the President attributed the decision to halt the implementation to its inappropriate timing given the […]
The Federal Government on Friday arraigned the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over alleged N6.5 billion procurement fraud at Federal High Court, Abuja Emefiele, who is facing a six-count charge before Justice Hamza Muazu of a Federal High Court, Abuja, reportedly pleaded not guilty to the charges. The […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that some oil companies and ministries, departments and agencies (MDAs) failed to remit over $8.3 billion into the Federation Account as required by extant financial regulations. The Executive Secretary of organization, Dr. Ogbonnaya Orji, made this disclosure in a detailed report on Nigeria’s extractive industry operations […]
….Sends Bill To Appropriation Committee For Action In line with President Bola Tinubu’s plea in a letter on the 2023 Supplementary Budget sent to the Senate on Wednesday, the lawmakers in the Red Chamber swiftly passed the N2.18 trillion supplementary budget for the 2023 fiscal year through . The supplementary budget bill, which was […]
Leading telecom services provider, Airtel Africa has reported impressive performance in its financial and other operational indices for the half year ended September 30 this year, with the subscriber base growing to 147.7 million across 14 countries in the continent, representing 23.0% increase in data users to 59.8 million and a 23.1% rise in mobile […]
The Federal Government may soon impose excise tax penalties on foreign exchange FX transactions in the black market as part of its current measures to discourage multiple foreign exchange (FX) rates in the country. The fiscal measure is one of the recommendations of the Presidential Fiscal Policy and Tax Reform Committee, established in July this […]
…..As World Bank Expresses Support For Initiative The Federal Government has launched the conditional cash transfer programme targeted at 15 million households nationwide, which are to receive N75,000 each within three months. The Secretary to the Government of the Federation, Sen. George Akume, who represented President Bola Tinubu during the launching of the programme on […]
The International Monetary Fund (IMF) has predicted that South Africa’s Gross Domestic Product (GDP) will briefly surpass Nigeria’s in 2024, thereby pushing Nigeria down from its current position as Africa’s largest economy. The Bretton Woods institution, in its World Economic Outlook, projected that South Africa’s GDP would reach $401 billion by 2024 at current prices […]