ECONOMY

The Central Bank of Nigeria (CBN) has said Purchasing Manufacturing Index (PMI) expands for fifth consecutive month to 53.6 index points in August, indicating expansion in the manufacturing sector. The PMI is an indicator of the economic health of the manufacturing sector, which is based on five major indicators —...

PricewaterhouseCoopers (PwC), one of the world leading consulting firms, has said that devaluation of the Nigerian currency, naira, will be a key risk to the sustainability of the country’s foreign debt. According to its recent report titled “Nigeria’s Refinancing Plan: Impact on Debt Sustainability is likely to be Modest,” PwC...

The National Bureau of Statistics (NBS) in its report on Monday said inflation rate in Nigeria dropped to 16.05 per cent in July from 16.10 per cent in June. The Inflation dropped by 0.05 per cent in July, making it the sixth consecutive decline in inflation rate since January 2017....

Finance Minister, Mrs Kemi Adeosun, said on Thursday that the ongoing economic reforms by the Federal Government will enhance fiscal discipline, improve revenue generation, and promote allocation and efficient use of resources by the three tiers of government. The minister who spoke through the Permanent Secretary, Federal Ministry of Finance,...

The National Bureau of Statistics (NBS) has said that the value of capital imported into Nigeria in the second quarter of 2017 rose by 95.02 per cent or $884.1 million to stand at $1.79 billion at the end of the review period. According to statistics released by NBS on Tuesday,...

The Federation Account Allocation Committee (FAAC), on Tuesday said it distributed N467.852 billion to federal, states and local governments for the month of July. The Federal Government took N193.048 billion, states collected N130.691 billion while local governments got N98.014 billion. Nine oil producing states shared N31.591 billion representing 13 per...

• Indicts BPE, 15 oil companies Nigeria Extractive Industries Transparency Initiative (NEITI) has singled out two government agencies: the Federal Inland Revenue Service (FIRS) and the Nigeria Content Development and Monitoring Board as both of them said to have recorded 100 per cent for audit compliance in the ranking, for...

The Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler says with the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS), no Nigerian can evade tax payment. Fowler said this at the 138th Quarterly Meeting of the Joint Tax Board (JTB) on Monday in Abuja. The theme of the...

Acting President, Prof. Yemi Osinbajo has said that the N7 trillion federal budget for 2017 is not sufficient to facilitate the desired economic development in the country, hence the government was making the investment climate profitable and easy for private sector involvement. According to him, Nigeria was opening up for...

Fitch Ratings has revised its 2017 and 2018 world GDP growth forecasts by increasing it to 3.0 per from 2.9 per cent in June and 3.2 per cent from 3.1 per cent, respectively. According to world leading rating agency, “The revisions are led by emerging markets and China in particular,...