FG Waives Three Years Tax for 33 Companies, Bans 10 Other Firms

EconomyNewsTaxationFG Waives Three Years Tax for 33 Companies, Bans 10 Other Firms

Bada Yusuf Amoo (Correspondent)April 4, 2022

ABUJA — The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021. This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission. The reports also revealed that investments made by the 33 companies during the year amounted to N543.88bn. It also noted that the government declined the applications submitted by 10 investing firms including the popular FinTech, Flutterwave, during...

CONTINUE READING
Obasanjo Says Economic Situation In Nigeria Is Frustrating

EconomyNigeriaObasanjo Says Economic Situation In Nigeria Is Frustrating

Bada Yusuf Amoo (Correspondent)March 31, 2022

ABEOKUTA — Former President Olusegun Obasanjo on Wednesday described the economic situation for many small businessmen and women in Nigeria as frustrating. Obasanjo said the situation had made his friend, a legal luminary, Afe Babalola, weep. The former President said this at the Youth Development Centre of the Olusegun Obasanjo Presidential Library Credit Scheme held in Abeokuta. Obasanjo, during the programme, presented over N1m cheques to beneficiaries of the centres for start-up businesses.  While sharing...

CONTINUE READING
Nigeria’s Debt Profile Hit N39.5 Trillion

EconomyNewsNigeriaNigeria’s Debt Profile Hit N39.5 Trillion

Hassan Umar Shallpella (Regional Correspondent)March 18, 2022

ABUJA — Nigeria’s Total Public Debt which as of December 31, 2021, was N39.5 Trillion represents the total External and Domestic Debt of the Federal Government of Nigeria, 36 State Governments, and the Federal Capital Territory (FCT). The Debt Management Office (DMO) in a statement indicates that the New Borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk, and FGN Bonds. These capital raisings were utilized to finance capital...

CONTINUE READING
FG Committed to Improving Economy – Clement Agba

EconomyFG Committed to Improving Economy – Clement Agba

Beloved John (Staff Writer)February 24, 2022

ABUJA — The minister of state for budget and national planning, Clement Agba, has disclosed that the federal government is devoted to improving the economy. He said this to the State House correspondent on Wednesday at the end of the federal executive council (FEC) meeting. According to him, the economy is making a lot of progress given its consistently good performance in recent times. “First, you say the figures that were given show that there...

CONTINUE READING
Invest Borrowed Funds Wisely, Peter Obi Urges FG

EconomyNewsInvest Borrowed Funds Wisely, Peter Obi Urges FG

Beloved John (Staff Writer)February 17, 2022

ABUJA — Former Anambra Governor, Peter Obi has highlighted borrowing for consumption as Nigeria’s major challenge. He indicated that the mismanagement of borrowed funds has worsened the country’s economic situation, noting that the government should enforce a law to regulate borrowing. Peter Obi aired his opinion in a tweet on Thursday. He urged the government to wisely invest borrowed funds in order to propel growth in the country. “There is nothing wrong with borrowing. But...

CONTINUE READING
CBN Says Bank Loans to Private Sector Rise By N5.1trn, Hit N36.7trn

EconomyMoneyCBN Says Bank Loans to Private Sector Rise By N5.1trn, Hit N36.7trn

Bada Yusuf Amoo (Correspondent)February 17, 2022

Between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn or 16.67 per cent, according to data obtained from the Central Bank of Nigeria. This was contained in the Money and Credit statistics released by the regulator. The report showed that credit to the private sector stood at N30.6tn during the first month of 2021. The data, however, put credit to the private sector at N35.7tn by December...

CONTINUE READING
Federal High Court Fix Date On $418 million Suit By State Governors

EconomyNewsPoliticsFederal High Court Fix Date On $418 million Suit By State Governors

Hassan Umar Shallpella (Regional Correspondent)February 16, 2022

ABUJA — An Abuja Federal High Court presided over by Justice Inyang Ekwo has fixed March 25, 2022, for judgment in the suit filed by the 36 state governments against the plan by the federal government to deduct $418 million from states’ funds to settle debts owed consultants engaged by the states and local governments in relation to the Paris Club refunds. The plaintiffs in the suit are seeking to restrain President Muhammadu Buhari and...

CONTINUE READING
DMO to Auction N150 Billion FG Bonds

EconomyMoneyNewsDMO to Auction N150 Billion FG Bonds

Beloved John (Staff Writer)February 14, 2022

ABUJA — The Debt Management Office (DMO) has disclosed it decision to auction N150 billion federal government bonds to investors. According to the agency, the action will be conducted on Wednesday, February 16, 2022. This was indicated in a circular recently published on its website. The bond issuance will be in two tranches valued at N75 billion each. The first tranche is the 10-year, 12.5 percent FGN Jan 2026 re-opening bond, and the other is...

CONTINUE READING
DMO Faults IMF Projection on Nigeria’s Debt

EconomyMoneyNewsDMO Faults IMF Projection on Nigeria’s Debt

Beloved John (Staff Writer)February 13, 2022

ABUJA — The Debt Management Office (DMO) says the International Monetary Fund (IMF) report did not acknowledge improvements through borrowing. This statement is a reaction to the IMF’s 2021 Article IV consultation report on Nigeria which was recently released. According to the report, Nigeria may spend 92.6 percent of its revenue on debt servicing in 2022. Agusto and Co, a credit rating agency, also forecasted that the figure will be around 90 percent. In a...

CONTINUE READING
CBN to Stop Dollar Sales to Banks

EconomyMoneyNewsCBN to Stop Dollar Sales to Banks

Beloved John (Staff Writer)February 13, 2022

ABUJA — The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced the decision to end the sale of foreign exchange to banks by the end of the year. He indicated this on Thursday at a press conference in Abuja after consultation with the Bankers’ Committee. According to him, the introduction of the bank’s RT200 FX programme boosts the country’s foreign exchange inflow through non-oil exports. “The era is coming to an...

CONTINUE READING

Newer Posts

Older Posts

WP2Social Auto Publish Powered By : XYZScripts.com