ECONOMY

The Federal Government has called on Nigerians to patronise `Made-in-Nigeria products’ to strengthen the economy and aid national development. Minister of Budget and National Planning, Senator Udoma Udo Udoma, made the appeal at the inauguration of the Joint Planning Committee (JPC) for the 22nd Nigerian Economic Summit (NES22) in Abuja...

Annual inflation in the country accelerated to 16.5 percent in June from 15.6 per cent in May, data by the National Bureau of Statistics (NBS) showed on Monday. This is highest in almost a decade and the fifth monthly increase in a row, as the nation’s economic challenges deepen. According...

Nigeria and five other developing countries are losing as much as 67 per cent of their exports worth billions of dollars to trade misinvoicing in primary commodities, according to a fresh study by UNCTAD, which for the first time analyses this issue for specific commodities and countries. Other developing countries...

Olajide Fabamise The Acting Managing Director, Bank of Industry (BOI), Mr. Waheed Olagunju, has disclosed that Nigeria ranked fourth with 35 per cent on return investment in the world. Olagunju made the declaration over the weekend at a media parley organized by the bank in Lagos, with the theme: “Sustaining...

Niyi Olaoye Financial experts have expressed concerns over the current business dynamics been faced by Nigerians under the prevailing flexible exchange rate in the country. The experts who met at the breakfast session of the Chartered Institute of Banker of Nigerian (CIBN) over the weekend noted that though, the recent...

First quarter revenues in Nigeria reached only 55 percent of what the government had targeted, the Minister of Budget, Senator, Udoma Udo Udoma said on Thursday, blaming attacks on oil facilities in the southern Niger Delta region on the slide. According to Reuter’s report monitored by Business247 Online News, "Up...

The Minister of Finance, Mrs. Kemi Adeosun, has assured Nigerians that the Federal Government’s drive for enhanced revenue generation would not be a burden to Nigerians. The Minister, who spoke at the opening of the two-day National Revenue Retreat 2016 in Kano, on Thursday, said the administration of President Mohammadu...

An ex-while president of Chartered Institute of Taxation of Nigeria (CITN)  Mrs Adebimpe Balogun has disagreed  with  the move by the Federal Government to increase Value Added Tax (VAT) from five per cent to ten. Speaking at the eighth Wole Soyinka’s Centre Media Lecture Series, with the theme: “Tax Education,...

Federal ministries, departments and agencies (MDAs) are indebted to the Federal Government to the tune of N178.56 billion. The Debt Management Office (DMO) disclosed this in a report entitled: ‘Federal Government On-lent Loans to MDAs’, stressing that 11 MDAs benefitted from the money lent to them for infrastructure development projects....

The International Monetary Fund (IMF) has said on Monday that the Nigerian economy “will probably” shrink in 2016, performing below the IMF forecast for the country. Speaking in Abuja, IMF resident representative in Nigeria, Gene Leon, said in Abuja that energy shortages and delayed budget weigh on output in the...