ECONOMY

Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa's biggest economy into its first recession in more than 20 years. The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde...

All the 36 state governors in the country have expressed their support for the Finance Minister, Mrs   Kemi Adeosun and Budget and National Planning Minister, Senator Udoma Udo Udoma as against the call for their removal as a result of the recession ravaging the country. The governors made their stance...

  Dangote says asset sales, borrowing would boost reserves The President of Dangote Group and Africa’s richest man,  Alhaji Aliko Dangote, says Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves. “Through sales of assets, through loans from Bank of China...

The Emir of Kano and immediate past Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi  Lamido Sanusi, has aligned himself with the decision of the Monetary Policy Committee (MPC) of the CBN to retain the Monetary Policy Rate (MPR) and other macroeconomic indicators unchanged. The Emir who was...

  Economies are resilient, growth seen accelerating: Adesina African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank. The continent’s growth rate may be around 3.5 percent...

The Senate on Wednesday gave 13 recommendations for the President Muhamamdu Buhari-led Federal Government on possible ways of reviving the ailing economy. The Senators made the recommendations at plenary when it commenced deliberation on the economic challenges facing the country. This is contained in a statement issued on Wednesday by...

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has advised the Federal Government against the sales of the Nigerian Liquefied Natural Gas (NLNG) and other federation assets to meet the country’s financial obligations. The commission’s Acting Chairman, Alhaji Shettima Abba-Gana, gave the advice on Tuesday while reacting to suggestion from...

Heritage Bank Limited has identified major commodities that can boost foreign exchange earnings for the country. This becomes necessary as the Federal Government intensifies efforts to boost non-oil export revenues. Managing Director/Chief Executive Officer of the bank, Ifie Sekibo named some of the export potential products such as cocoa, cashew,...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) kept its benchmark interest rate, Monetary Policy Rate (MPR) at 14 per cent and also maintained existing Cash Reserve Ratios (CRR) for commercial banks at 22.5 per cent. The CBN Governor, Godwin Emefiele told reporters on Tuesday in...

President Muhammadu Buhari on Monday in New York assured existing and potential investors in Nigeria of adequate protection of their lives, investments and property in the country. Buhari gave the assurance at a bilateral meeting with President Jacob Zuma of South Africa, on the sidelines of the 71st Session of...