The Central Bank of Nigeria (CBN) has reported that the currency in circulation surged to an all-year-high volume of N2.5 trillion in May 2023, representing 7.4% increase from the N2.3 trillion it reported was in circulation in January this year. The currency in circulation comprises currency outside the banking system and the vault cash of […]
A group of civil society organisations (CSOs) in the country committed to anti-corruption drive has flawed the Federal Government on the implementation of the Single Treasury Account (STA), the Open Treasury Portal (OTP) and many other fiscal efficiency initiatives in view of the abuses that characterized their implementation, such as the failure to remit funds […]
The Development Bank of Nigeria (DBN) has disclosed that it provided N631 billion as financing support to Primary Financial Institutions (PFIs) in the country over the past five years ended December 2022. The Managing Director of the development finance institution, Dr. Tony Okpanachi, who made this disclosure in Lagos while presenting the progress and achievements […]
…..grants approval to six firms for fuel importation in July The Federal Government on Monday gave ship owners operating on Nigeria’s waterways a three-month deadline to settle their accumulated taxes over the past decade, which run into billions of Naira in arrears. It threatened to bar the ship owners from operating in the country’s ports […]
Multichoice Group, Africa’s leading pay TV services provider, has reported that 44% of subscription revenue in the Rest of Africa (RoA) was generated from Nigeria in the financial year ended March 31, 2023. The pay TV entertainment services company’s just published full-year financial statement showed that the RoA’s business generated a trading profit of ZAR0.9bn, […]
BudgIT, a leading civic-tech organization advocating for transparency and accountability in Nigeria’s public finance, has asked the Budget Office of the Federation and the Office of the Minister for Finance to immediately make public how the third quarter 2022 budget was implemented in line with public finance extant legislation. The civil advocacy organization in a […]
President Bola Ahmed Tinubu has directed the National Economic Council (NEC) to begin the process of working on fiscal and other interventions to ameliorate the impact of the subsidy removal on Nigerians. This is even as some major oil marketers pledged to donate 100 buses to ease transportation cost problem being faced by average Nigerians […]
The Executive Secretary, of the Financial Reporting Council (FRC) Nigeria, Amb. Shuaibu Adamu has disclosed that Nigeria is the first African country to be selected by the International Sustainability Standards Board (ISSB), to launch the International Financial Reporting Standards IFRS S1 and IFRS S2. Adamu made this disclosure at the 3-day virtual workshop on IFRS […]
The Nigeria Deposit Insurance Corporation (NDIC) is seeking stakeholders’ input into its recently reviewed Differential Premium Assessment System (DPAS) Framework with a view to making the document more resourceful for the nation’s sustainable economic development The corporation’s Director, Communication and Public Affairs Department, Bashir Nuhu, on Sunday stated that the DPAS Framework was reviewed to […]
…says allocation higher than schools and PHCs’ combined budget Tracka, BudgIT’s service delivery promotion platform, has disclosed that a total of N81.7 billion was allocated to the construction of solar street lights in the 2023 FG Capital and Constituency projects. The civil advocacy group reported that the budgetary allocation was higher than the total […]