ABUJA — The Central Bank of Nigeria (CBN) has launched an official website for the operations of eNaira, the country’s first digital currency. According to a report by TheCable, the website, www.enaira.com, started running on Monday, despite been at still at the development stage. Godwin Emefiele, governor of the CBN, had said the pilot scheme of eNaira would commence on the 1st of October 2021. “We have all the approvals and mandates to launch on...
ABUJA — The federal government is considering filing a suit at the supreme court to resolve the ongoing dispute about value-added tax (VAT) collection. Abubakar Malami, attorney-general of the federation (AGF), disclosed this to the News Agency of Nigeria on Wednesday in New York. According to the AGF, the federal government would like the matter to be determined once and for all. He maintained that the FIRS would continue to collect VAT following the directive...
LAGOS — A power expert, Mr. Kola Balogun, says the first phase (Phase zero) of the National Mass Metering Programme (NMMP) can create 500,000 jobs for Nigerians. Balogun, who is the Chairman, Momas Electricity Meter Manufacturing Company (MEMMCOL), made the assertion on Tuesday in an interview with the News Agency of Nigeria in Lagos. NAN reports that the Federal Government launched the First Phase of the NMMP in respect of which the Central Bank of...
ABUJA — The Central Bank of Nigeria (CBN), will own a majority stake in Bitt Inc., its technical partner for digital currency eNaira, according to the apex bank governor, Godwin Emefiele. Emefiele announced this at the end of the CBN monetary policy committee (MPC) meeting on Friday. According to the governor, Bitts as a partner will establish their company in the country and the apex bank will own a majority stake in the company. “We...
ABUJA — The CBN’s monetary policy committee has decided to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The committee unanimously voted to retain the key lending rate of 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR. Godwin Emefiele, the apex bank governor confirmed this to journalists on Friday following the committee’s two-day meeting at the CBN headquarters in Abuja. The governor stated...
ABUJA — President Muhammadu Buhari is seeking for the approval of the National Assembly to borrow fresh sums of $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan. The president is also seeking the national assembly’s approval for a grant component of $125 million. The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday. “I write on the above subject...
LAGOS — Analysis has revealed that in the last five years, Lagos and Rivers states have contributed about N3.9tn of the N5.6tn of Value Added Tax (VAT) realized by the Federal Inland Revenue Service (FIRS), a Federal Government agency responsible for the collection of VAT on behalf of states and the Federal Capital Territory. From the data available on the website of the FIRS, it was gathered that the agency generated N5.6tr VAT in the...
LAGOS — This week, a bill sought to empower the Lagos State Government to collect Value Added Tax (VAT) was proposed, it passed the first and second reading in the State House of Assembly. 24 Hours after the bill was passed by the Legislature, the Lagos state Governor, Babajide Sanwo-Olu, signed the bill into law on Friday. In a statement by the State Commissioner for Information and Strategy, Gbenga Omotoso, “The governor signed the ‘bill...
MOSCOW — The current inflation spike is expected to be largely temporary, as price pressures are building up only slowly, European Central Bank (ECB) President Cristine Lagarde said on Thursday. In August, inflation rate in the Eurozone jumped to a 10-year-high of 3 per cent according to Eurostat estimates. “The current increase in inflation is expected to be largely temporary and underline price pressures are building up only slowly. “The inflation outlook in our new...
PORT HARCOURT — The Governor of Rivers State, Nyesom Wike, has, on Wednesday, said no going back on the move to stop the Federal Government from collecting Value Added Tax (VAT) from the oil-rich State. The Rivers Governor said he does not care if heaven falls, insisting that the state money is not meant for “Abuja people” but for the development of the state. Wike spoke at a stakeholders’ meeting in Port Harcourt, the state...
