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Nigeria’s CIT Accruals Decline By –35.40% In Q4 2023

Indications that Nigerian businesses are under-performing amid current fiscal and monetary whirlwinds triggered by the President Bola Tinubu’s administration  emerged on Friday with the aggregate, Company Income Tax (CIT) for Q4 2023 dipping to an all-time-low of N1.13 trillion. The CIT collections indicated a growth rate of –35.40% on a quarter-on-quarter basis  when compared with […]

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Nigeria’s VAT Collections Surge By 26.61% Q4 2023

The National Bureau of Statistics (NBS) reported on Friday that on the aggregate, Value Added Tax (VAT) collections in Nigeria increased to N1.20 trillion in the fourth quarter of 2023 (Q4 2023), showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion raked in from the revenue source in Q3 2023. In […]

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Nigeria’s Inflation Rate Rises To 31.70% In February

….Highest Rate In Over 30 Years Despite sustained policy measures by the Central Bank of Nigeria (CBN) to moderate the nation’s inflation rate, the general price level in the economy continues its upward trend, rising to 31.70% in February this year from the 29.90% recorded in the preceding month. The National Bureau of Statistics (NBS), […]

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ALTON Appeals To Telecom Stakeholders On Damaged Submarine Cables

The Association of Licensed Telecommunications Companies of Nigeria (ALTON), has issued an advisory to industry stakeholders  concerning the damage to multiple submarine fibre optic cables along the West Africa Coast, which have affected adversely data access and internet services in the sub-region. The association, in a statement signed by  its Chairman, Engr. Gbenga Adebayo and […]

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CBN Orders Banks, Authorized Dealers To Comply With Revised Guidelines

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), licensed Non-interest banks, and other authorized dealers utilizing its discount window to strictly adhere to new (revised) circulars and guidelines. The apex bank hinged its latest directive, which was conveyed to the affected operators in a circular signed by its Director Financial Market […]

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Undersea Cable Cuts Disrupt Data, Voice Services In African West Coast

A combination of cable cuts, resulting in equipment faults on the major undersea cables along the West African Coast, have negatively impacted data and fixed telecom services in several countries of West Africa, including Nigeria, Ghana, Senegal, Cote d’Ivoire, among others. The Nigerian Communications Commission (NCC) reported that the cuts occurred somewhere in Cote d’Ivoire […]

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Nigeria Tops Africa’s Refined Fuel Importers From Europe

Analysts at Standards and Poor (S&P) has in the latest Global Commodity Insights reported that Nigeria had become the largest importer of refined petrol in Africa from Europe as the shipments of the commodity to the continent continue increase. The analysts noted also that crude oil shipments from the Middle East to Europe had significantly […]

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Nigeria’s Pension Fund Assets Hit N19.531Trn In January

The National Pension Commission (PenCom) has reported that Nigeria’s pension assets’ net value increased to N19.531 trillion as of the end of January this year, representing 6.40% growth when compared to the N18.356 trillion net assets value reported as of December 31st 2023. The January 2024 pension net asset value implied that on a year-on-year basis, […]

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Food Security: CBN Donates Fertilizers Worth N100Bn To Farmers

The Central Bank of Nigeria (CBN) has announced its donation of over two million bags of fertilizers with a total value of N100 billion to farmers nationwide. The apex bank governor, Yemi Cardoso, delivered the bags of fertilizers to the Minister of Agriculture and Food Security, Abubakar Kyari, on Wednesday in Abuja. According to him, […]

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High Interest Rate On Loans Undesirable For SMEs’ Growth – NICA

The National Institute of Credit Administration (NICA) has expressed serious concern about the high-interest-rate on loans being offered by banks to Small and Medium Enterprises (SMEs) in the country, describing it as undesirable for the growth of the enterprises and the nation’s economy. The Registrar/Chief Executive Officer of the professional body, Prof Chris Onalo, in […]