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2022: FIRS Sets 100% Automation Of Tax Administration Processes Target

The Federal Inland Revenue Service (FIRS) has stated that it will achieve 100% automation of all its tax administration processes with the aim of blocking revenue leakages thereby revolutionizing revenue generation in Nigeria. Calling for the cooperation of Nigerians to achieve this, the Executive Chairman of the FIRS, Muhammad Nami, while speaking as the Special […]

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Philippines Govt Alerts W/Bank On Plan To Access $500Mn CAT Facility

The Philippines Government may have alerted the World Bank on plans to draw from a $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. The Philippines government had in November signed up to the $500 million catastrophe contingent line-of-credit. The financing facility is designed to provide […]

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U.S’ SEC Charges 5 Russians In $80Mn Hacking, Trading Scheme Scams

The United States’ (U.S’) Securities and Exchange Commission on Monday announced fraud charges against five Russian nationals for engaging in a multi-year scheme to profit from stolen corporate earnings announcements obtained by hacking into the systems of two U.S.-based filing agent companies before the announcements were made public. A statement by the commission relating to […]

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TAJBank Receives Three ISO Certifications For Service Excellence, Others

TAJBank Nigeria Limited, Nigeria’s leading non-interest banking services provider, has received three International Standards Organisation (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience prioritization since it commenced operations about two years ago. The global recognition of the interest-free banking services provider by the Certification Partner Global (CPG) is […]

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COVID-19 Response: World Bank Announces $93Bn Support For Poorer Nations

The World Bank has announced a $93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future. The financial support brings together $23.5 billion of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions. The financing package, agreed over a two-day meeting hosted virtually […]

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W/Bank Approves $700Mn For Nigeria’s Agro-Climatic Resilience Project

The World Bank Group Board has approved a $700 million credit from the International Development Association (IDA) for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project. The Breton Woods institution in a statement indicated that the project would increase the implementation of sustainable landscape management practices in northern Nigeria and strengthen the country’s long-term enabling […]

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U.S SEC Proposes Amendments To Money Market Fund Rules

The United States’ (U.S’) Securities and Exchange Commission (SEC) on Wednesday voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. The commission noted that in March 2020, growing economic concerns about the impact of the COVID-19 pandemic led investors to reallocate their assets into cash […]

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CBN Earmarks N41Bn Through Heritage Bank For Wheat Project Farming

The Central Bank of Nigeria (CBN) has earmarked N41 billion, which is being disbursed by Heritage Bank Plc to farmers across some states, for the expansion of wheat production in a bid to meet high demand amid poor production capacity of wheat farmers nationwide. The disbursed fund is to consummate the expansion of Wheat Seed […]

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Nigeria’s Total Public Debt Hits N38.005Trn In Q3 2021

In line with its practice, the Debt Management Office (DMO) has published Nigeria’s total public debt as at September 30, 2021, totaling N38.005 trillion (about USD92.626 billion.. The figures comprised the total external and domestic debts of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT) The DMO attributed […]

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COVID-19 Loans: NIRSAL MFB Disburses Over N503Bn To Nigerians, Firms

NIRSAL Microfinance Bank (NIRSAL MFB), has disbursed over N503 billion to over  1million Nigerians and businesses largely through the Federal Government’s COVID-19 intervention fund to cushion the impact of the COVID-19 pandemic on households and small businesses. Figures from the NIRSAL MFB showed that the bank disbursed N503,273,000,000 as loans to 1,053,215,837 beneficiaries, including individuals […]