Business

AfCFTA: CBN seeks stronger economic policies

The Monetary Policy Committee of the Central Bank has called for more effective measures that will drive economic growth and enable the country benefit from the African Continental Free Trade Agreement, AfCFTA, trade policy.

The committee urged the federal government to put in place processes t [...]

Fri, 26 July 2019


IMF reverses forecast on Nigeria’s economy upward

The International Monetary Fund has for a second time reassessed its growth forecast of Nigeria’s economy for the 2019 financial year by 0.3percent.

The latest review sees the global financial institution forecasting an upward review of 2.3percent economic growth as against the 2percent g [...]

Fri, 26 July 2019


49.4mn bank accounts are inactive - NISS

In spite efforts by the Central Bank of Nigeria to achieve 80 percent financial inclusion by 2020, over 49.4million accounts in banks across the country are said to still be inactive.

Data from the Nigerian Interbank Settlement Scheme, NISS, shows that as at June 2019, the total number of bank [...]

Fri, 26 July 2019


AfCFTA: GenCos power sector improvement to maximize gains

Nigeria has been advised to address its infrastructure challenges if it must benefit from the African Continental Free Trade Agreement, AfCFTA, it recently entered into.

The Association of Power Generation Companies, APGC, in a congratulatory message to the President, warned that Nigeria may no [...]

Sat, 13 July 2019


Tax tribunal resolves 42 cases in 8months

Since its inauguration in November 2018, the Tax Appeal Tribunal, TAT, said it has successfully resolved 42 tax related cases worth N288.1billion in the eight months of its existence.

The Coordinating Secretary of TAT, Mr. Mohammed Abubakar, gave the figure in Abuja at a retreat on effective an [...]

Sat, 13 July 2019


Buy locally made fabrics, CBN tells military, police, others

The Central Bank of Nigeria, CBN, has charged all uniformed services in the country to patronise local manufacturers for their textiles and uniforms in compliance with the Executive Order 003.

Governor of the apex bank, Godwin Emefiele, regretted that most ministries, departments and agencies a [...]

Sat, 13 July 2019


TSA: FG mops N50bn from banks

The federal government said it has saved over N50billion revenue from funds mopped up form commercial banks since the full implementation of the Treasury Single Account in 2015.

The Director of ICT in the Office of Accountant -General of the Federation, Mr. Afolabi Ajayi, said with the TSA, the [...]

Sat, 13 July 2019


Nigeria’s debt stock rises by 2.3% in three months

Nigeria’s total debt stock rose by 2.30percent in three months, to hit N24.9trillion as at March 31 2019, compared to the N24.3trillion in December 31, 2018.

According to the Debt Management Office, DMO, the debt which rose by N560billion was accounted for mostly by domestic debt which ro [...]

Sat, 13 July 2019


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