President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has disclosed that Africa accounts for just three percent of the total $25.3 trillion global trade with most of the economies highly vulnerable to commodity price volatility. Adesina, who made remark while speaking on sustainable trade and energy mix at the Sustainable Trade Africa Conference […]
The Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS) have agreed to reinvigorate their existing collaboration towards fulfilling their statutory roles. The two agencies indicated this laudable plan on Wednesday during a visit by the CAC Registrar General/CEO, Hussaini Ishaq Magaji, to the FIRS Executive Chairman, Mr. Zacch Adedeji, at Revenue House in […]
The Central Bank of Nigeria (CBN) has disclosed that the nation’s deposit money banks (DMBs’) capital adequacy ratio remains low in its second economic quarter report on the financial soundness indicator this year. The apex bank’s report indicated that “the banking industry remained resilient in the review quarter as key financial soundness indicators were within […]
The Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, has announced its signing of a US$350 million long-term line of credit with the African Development Bank (AfDB) to urgently provide the needed financing for infrastructure projects to underpin sustainable development and economic growth in the continent. The agreement, which was signed […]
President Bola Tinubu on Wednesday presented an Appropriation Bill of N27.5 trillion for fiscal 2024 to the National Assembly for passage. Presenting the proposed budget tagged “Budget of Renewed Hope” to the joint session of the National Assembly, the President explained that the key thrusts of the fiscal proposal were national defence, internal security, job […]
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 […]
The Socio-Economic Rights and Accountability Project (SERAP), a leading civil advocacy group in Nigeria, has urged the World Bank to suspend further loans to Nigeria’s 36 states until previous ones are accounted for. The group hinged its stance on what it termed recurring allegations of mismanagement of public funds by state governors, including loans which […]
Nigeria, Ghana, South Africa, and other countries at the United Nations (UN) on Wednesday voted for greater roles in international tax matters in a move that may change the Organization for Economic Cooperation and Development’s (OECD’s), domineering position on the discussions for decades. Over the past years, developing nations have been pushing for a greater […]
The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, has reported that Nigeria’s real GDP at basic prices for the first and second quarters of this year decreased when compared to the growth rates recorded in the nation’s economy in the corresponding quarters of 2022. The Bureau, in the ‘Nigerian Gross […]
The Senate on Wednesday approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented by President Bola Tinubu to it for consideration. The approval of the fiscal documents followed the adoption of the report of its Joint Committee on Finance, Appropriation, National Planning, Local and Foreign Debts at plenary. During the […]