ECONOMY

  The Nigeria Customs Service (NCS) has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles. Abdullahi Maiwada, spokesperson of the NCS, said in a statement on Friday that the directive is from the Honourable...

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has oppsedthe lifting of the foreign exchange restrictions placed on the importation of milk and dairy products by the Central Bank of Nigeria (CBN), warning that it could result in the decline of local production. Dele Oye, NACCIMA’s...

    The Minister of Information and National Orientation, Alhaji Mohammed Idris, has stated that President Bola Tinubu’s administration has attracted $30 billion in Foreign Direct Investment (FDI) commitments into the nation’s economy since inception office. He disclosed that the present administration, headed by President Tinubu, is determined to collaborate...

The headline inflation rate in Nigeria increased to 31.70 per cent in February 2024 relative to the January 2024 headline inflation rate, from 29.90 per cent it was the preceding month. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 per cent points when...

    The Nigeria’s economy received N2.88 tillion revenue through Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023 This is according to the latest figures released by the National Bureau of Statistics (NBS). The VAT collections for Q4 2023 was N1.20 trillion, marking...

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has assured that notwithstanding the pains of the harsh economic realities and the surging prices of food and other commodities, Nigerians will soon smile again. Edun said that the economy would continue to soar higher, noting that...

The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month. Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, disclosed in a press briefing in Abuja. The CBN also reported...

  The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, threw the country into the current...

Peter Obi, the presidential candidate of the Labour Party in the 2023 general election, has raised concerns regarding the recent decision by the Monetary Policy Committee (MPC) to increase the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%. Obi cautioned that this action could...

   “Exchange rate crisis is simply a symptom not the ailment itself” A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has said  that Nigeria’s economic crisis is way beyond the issue of the exchange rate crisis currently being confronted by the President Bola Tinubu led...