Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday appealed to Nigerians to show understanding on the proposal by the government to increase Value Added Tax (VAT) rate from 5% to 7.5% in view of the fiscal necessity to boost the nation’s non-oil revenue earnings to finance critical programmes of the […]
The President of the Senate, Senator Ahmad Lawan said on Friday that the National Assembly was eager to receive the 2020 budget proposals to enable the legislature provide adequate time to work on the bill and pass it for enactment Lawan was quoted by his Special Adviser on Media, Mr. Ola Awoniyi, as making the […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its two-day meeting in Abuja on Friday with a decision to retain all the key benchmark interest rates. Specifically, the committee retained the Monetary Policy Rate (MPR) at 13.5 percent and other lending rate indices, including the asymmetric corridor around the […]
Fiscally challenged by dwindling revenue earnings as the volatility of the international oil market continued to great toll on revenue collections nine months into the 2019 financial year, Nigeria is seeking the World Bank’s support through concessionary lending of about $2.5 billion. The Bank’s Vice President for Africa Hafez Ghanem, who gave this hint in […]
The Federal Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared the sum of N740.880 billion in August from revenue accruals to the Federation Account during the month. A breakdown of shared revenues to the tiers of government showed that Federal Government got N301.804 billion, representing 52.68 per cent, while […]
The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account. This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja. […]
Oil prices in the international oil market rose to near six-month highs on Tuesday as the United States tightened sanctions on Iran, thereby sending shares of energy companies higher and boosting currencies of several major crude producers. For instance, Brent crude oil futures rose 0.7 per cent to $74.57 per barrel by 0630 GMT, their highest since […]
The National Bureau of Statistics (NBS) has reported that a total sum of N1.92 trillion was disbursed by the Federation Account Allocation Committee (FAAC) to three tiers of government in first quarter of this year. The bureau, in its latest report on monthly disbursements to the tiers of government indicated in January, the Federal, State […]
The Federal Ministry of Transportation has said that revenue collection by state and local government agents along federal highways is illegal and called on the law enforcement agents to halt the practice. The position of the ministry on collection of revenues on federal highways, through erection of road blocks by the sub-national governments agents, was […]
The Lagos Chamber of Commerce and Industry (LCCI) has called on the government to consider immediate review of the nation’s Automotive Policy in view of its flaws that are not reflective of the current realities in the industry and attendant negative implications for the development of the local industry. The organized private sector (OPS) group […]