ECONOMY

The Federal Government has been urged to  allow genuine  liberalization  of  the  foreign  exchange  market  with  the  intention  of  achieving  a  single  exchange rate. This is one of the issues the GTBank’s 2017 Economic Outlook emphasised should be addressed  to  return  the  country  on  the  path  of  economic  recovery  and...

The Federal Government has unveiled new measures to turn around the Nigerian economy which is currently in recession. The Minister of Budget and National Planning, Senator Udo Udoma who announced the measures at a government-private sector engagement forum on the Nigeria Economic Recovery and Growth Plan (ERGP) at the Presidential...

The Federal Government will soon increase Value Added Tax (VAT) on some luxury items in the country. The Minister of Finance, Mrs Kemi Adeosun, revealed this while briefing the State House Correspondents shortly after the Federal Executive Council (FEC) meeting presided over by the Acting President, Yemi Osinbajo, on Wednesday....

Businesses in Lagos have said that the unorthodox foreign exchange allocations system of the Central Bank of Nigeria’s (CBN) would continue to hamper economic growth. The Director-General, Lagos Chamber of Commerce and Industry (LCCI),  Muda Yusuf expressed the worry in an interview with the News Agency of Nigeria (NAN) in...

The National Bureau of Statistic (NBS) has said the Federation Account Allocation Committee (FAAC) disbursed the sum of N426.88 billion to the three tiers of government in December 2016 from the revenue generated in November. Breaking down the disbursement, the bureau in its December report disclosed that the amount disbursed...

The Central Bank of Nigeria (CBN) said it has issued queries to Deposit Money Banks (DMBs) in the country over inaccurate data on foreign exchange transactions. The acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor in a circular issued on Sunday, explained that DBMs of recent have forwarded inaccurate data,...

The Nigeria Customs Service (NCS) has set a revenue target of between N700 and N900 billion for the 2017 fiscal year. NCS’ Comptroller-General, Col. Hammed Ali (rtd), made the projection when he spoke in Abuja during this year’s World Customs Day (WCO) with the theme: ‘Data Analysis for Effective Border...

Central Bank of Nigeria (CBN) has said on that those who oppose its foreign exchange policy are unpatriotic, after it came under criticism for pegging the naira at an artificially strong rate to the dollar despite heavy inflationary pressure. The naira can sell for almost N500/Dollar at the parallel market,...

Takes MSMES Clinic to Aba Determined to ensure that Federal Government’s business oriented regulatory agencies become facilitators for Micro, Small, & Medium Scale Enterprises (MSMES), the Buhari presidency would do all within its ability to support them and ensure they become thriving businesses. This assurance was given on Thursday by...

Fitch Ratigs, an international rating agency, has downgraded the outlook on Nigeria’s long-term debt as the country experiences the most challenging economic situation in its history. Fitch said in a statement that it had revised the outlook on Nigeria’s long-term ratings “to negative from stable.” According to the organisation, “Tight...