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 […]
The chair of the United States’ Securities and Exchange Commission (SEC), Gary Gensler, on Monday urged financial regulators toquickly find a way to manage potential risks posed by the concentration of power in artificial intelligence (AI) platforms to global financial system stability. Gensler warned that without swift intervention, it would become “nearly unavoidable” that AI […]
The Federal Government spent N2.34 trillion on debt servicing within six months of this fiscal year even as revenue generation continues to be a big challenge for the fiscal authorities. A new report form the Debt Management Office (DMO), indicated that Nigeria’s debt servicing costs dropped to N849.58 billion in the second quarter of 2023, […]
……Develops Revenue Computation, Allocation Software The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) at the weekend said it recovered N319 billion unremitted revenues from Ministries, Departments, and Agencies (MDAs) over the last two years. The Chairman of the commission, Mohammed Shehu, who gave this hint during a media chat in a media on Saturday, explained […]
The African Export-Import Bank (Afreximbank) has released its consolidated financial statements and its subsidiaries’ for the half year ended 30 June this year, which reflected that the Group’s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December 2022 (FY-2022) to approximately US$30.1 billion. A news report on the financial statements […]
A leading global financial services firm, JP Morgan, has estimated Nigeria’s net FX reserve to be around $3.7 billion much lower than the $14 billion reported at the end of 2021. The bank, which disclosed this in its latest report on Nigeria titled “Nigeria: Reform Pause Rather Than Fatigue”, noted that the lower-than-reported FX reserve […]
…..to sanction erring firms The Federal Inland Revenue Service (FIRS) has ordered all shipping companies operating in Nigeria’s territorial waters to regularize their outstanding tax returns obligation before 31st December 2023 or face sanctions. The Service, in a public Notice signed by its Executive Chairman, Muhammad Nami, indicated that the directive was sequel to […]