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Nigeria’s Inflation Rate Dips To 18.12% In April

The National Bureau of Statistics (NBS) has reported a slight decrease in Nigeria’s Consumer Price Index (CPI), which measures the general price level (inflation) in the economy, from 18.17 percent rate recorded year-on-year in March to 18.12 percent in April 2021. The NBS stated that the drop represented 0.05 per cent points lower than the […]

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Buhari Seeks N/Assembly’s Approval For New $6.8Bn Loan

President Muhammadu Buhari on Tuesday formally requested the Senate’s approval of a new $6,18 billion (about N2.3 trillion) foreign loan to part-fund the 2021 budget. The President’s request was conveyed in a letter read at the Red Chamber’s plenary by the President, Senator Ahmad Lawan. Buhari indicated that the new loan loan, if approved, would […]

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NAICOM Inaugurates Sub Working Groups On IFRS 17 Adoption

The National Insurance Commission (NAICOM) has inaugurated the Sub Working Group (SWGs) of the Insurance Industry Financial Reporting Working Group (IIFRWG) for the purposes of adopting the International Financial Reporting Standard (IFRS) 17 by insurers in the country. The commission’s CEO and Commissioner for Insurance, Mr. Sunday Thomas, while inaugurating the groups on Monday in […]

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Lagos Secures $629Mn Loan To Fund Lekki Deep Sea Project

Lagos State Government on Monday disclosed that it secured $629 million loan to part-fund the Lekki Deep Sea Port Enterprise Limited project. The Commissioner for Commerce, Industry, and Cooperatives, Dr. Lola Akande, gave this hint during the year 2021 ministerial press briefing to mark Gov. Babajide Sanwo-Olu’s second year in office. According to her, the […]

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Vertiv Introduces New Micro Data Centre System

Vertiv (VRT), a global provider of critical digital infrastructure and continuity solutions, on Tuesday introduced the Vertiv™ VRC-S, a fully factory-assembled micro data center designed for fast, easy installation at the edge of the network and other small Information Technology (IT) sites. A news report by African Press Organisation (AGO) Group on the latest technology […]

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Reps To Legalise Use Of Indian Hemp On Economic Benefits Grounds

Amid the increasingly worrisome insecurity rate in the country, the House of Representatives on Monday hinted about plans to legalize the use of Indian hemp based on what it termed its potential economic benefits to the country. The Green Chamber’s spokesperson, Hon. Benjamin Okezie Kalu, gave this hint during a press conference held in Akure, […]

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Nigeria’s Corporate Tax Collections Grew 32.84% In Q1,2021

Indications that the nation’s economy is gaining productive traction have emerged with the Company Income Tax (CIT) collections rising to N392.77billion in the first quarter this year, representing 32.84 percent year-on-year (YoY) increase over collections in the corresponding quarter of last year. The latest Company Income Tax By Sectors (Q1, 2021) just published by the […]

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EU, U.S. Reach Truce On Metal Tariffs Dispute

The European Union (EU) and the United States (U.S.) Government have agreed to a partial truce in a dispute over metal tariffs imposed by the immediate past president, Donald Trump and to open discussions on global over-capacity and China’s “trade-distorting” policies. A news report by Reuters quoted the European Commission, which oversees EU trade policy, […]

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We Handled N11.7Bn Claims’ Complaints By Depositors In 2020 – CIBN President

The Chartered Institute of Bankers of Nigeria (CIBN) reported that it handled 67 petitions lodged by depositors against banks with their claims amounting to N11.7 billion in the 2020 financial year. The professional body, which stated this in its 2020 Annual Report sourced by our correspondent at the weekend, indicated that out of the cases, […]