The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed its support for the fuel subsidy removal by President Bola Ahmed Tinubu during his inaugural address, describing the fiscal regime as a major challenge to the nation’s economic growth and development over the years. The commission’s Chairman, Mr. Mohammed Bello Shehu, in a statement on […]
….seek stakeholders’ support for successful exercise The Federal Inland Revenue Service (FIRS) and Lagos Internal Revenue Service (LIRS) have issued a public notice on the Memorandum of Understanding (MoU) signed by them to establish a Joint FIRS and LIRS Audit and Investigation Team aimed at encouraging the exchange of information between both agencies. Based on […]
President Bola Tinubu on Thursday restated his administration’s total commitment to eliminating all forms of abuses in the petroleum industry’s downstream sub-sector as a strategic step towards ensuring regular supply of products at competitive prices in the country. The President expressed this during his meeting on Wednesday with representatives of major oil marketers’ associations on […]
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 World Bank has raised its 2023 global growth forecast to 2.1% as many economies, especially the U.S economy continue to exhibit stronger resilience, warning, however, that higher interest rates will cause a larger-than-expected slowdown of global economies next year. The bank, in its latest ‘Global Economic Prospects’ report released on Tuesday, projected that real […]
The Organization of Petroleum Exporting Countries OPEC+ members agreed to maintain their current crude oil supply through the end of 2024, following a weekend of intense oil diplomacy in Vienna, Austria Similarly, quotas for 2024 were lowered for production under-performers, including Nigeria, Angola, Azerbaijan, Malaysia, Congo and a few more countries. Under the arrangement Nigeria’s […]
Nigeria’s total merchandise trade grew to N12,046.92 billion in the first quarter (Q1) this year, with the total exports peaking at N6,487.04 billion while the total imports amounted to N5,559.88 billion. The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q1 2023)’ published on Monday indicated that the country’s merchandise trade […]
The World Bank Group has stated that the current multiple exchange rates being operated by the Central Bank of Nigeria (CBN) is slowing the nation’s economic growth based on the inflationary impact and discouragement of foreign direct investment (FDI) into the economy. The World Bank Group President, David Malpass, made this remark in a blog […]
…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 […]