Just another News Updates
The Minister of Solid Minerals Development, Dr. Dele Alake, has emphasized the importance of collaboration between the Federal Government and Zamfara State to responsibly harness the state’s vast solid mineral resources. This aligns with the Tinubu administration’s focus on boosting the non-oil sector to diversify the economy. Alake made this statement on Friday during a […]
The Federal Government of Nigeria generated ₦103.7bn in revenue from the Electronic Money Transfer Levies (EMTL) during the first half of 2024, reflecting a 7.55% increase compared to the ₦96.44bn collected in the same period in 2023. This data, published by the Central Bank of Nigeria (CBN), underscores the growing adoption of digital payment platforms […]
Foreign investors bypassed 26 Nigerian states as the country recorded $2.60 billion in capital importation during the second quarter of 2024. This figure represents a significant 152.81% increase compared to the $1.03 billion reported in Q2 2023. The latest capital importation report, released by the National Bureau of Statistics (NBS) on Tuesday, revealed that the […]
The Katsina State government has announced that it generated ₦2.024 billion in Internal Generated Revenue (IGR) for the month of September. This was disclosed in a statement on Friday by Sada Shu’aibu, Director of Corporate Communications for the State Internal Revenue Board. Shu’aibu quoted the board’s Executive Chairman, Muhammad Isiyaku, who described the revenue achievement […]
President Bola Tinubu is considering barring revenue-generating agencies from collecting government revenues directly, proposing the creation of a single agency, the Nigeria Revenue Service, to handle this responsibility. This move comes as part of a broader tax reform initiative aimed at improving revenue collection efficiency. These reforms will remove revenue collection duties from agencies like […]
The Naira continued its decline on Friday, falling to ₦1,700 per dollar in the parallel market, down from ₦1,675 per dollar the previous day. Conversely, the Naira gained ground in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to ₦1,540.78 per dollar. Data from the FMDQ Exchange indicated that the official NAFEM exchange rate improved […]
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the current economic challenges to the poor management of the economy between 2015 and 2023, a period that spans the administration of former President Muhammadu Buhari. Cardoso emphasized that the current administration inherited a heavily distorted economy. Speaking at a media briefing […]
The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of ₦1.2 trillion in revenue for August 2024, distributed among the Federal Government, States, and Local Government Councils. This was disclosed at FAAC’s September 2024 meeting held in Abuja, as per a statement released by Bawa Mokwa, Director of Press and Public Relations. The August […]
Nigerian commercial banks experienced a staggering loss of ₦42.6 billion to fraud and forgeries between April and June 2024, according to a recent report. This amount, lost in the second quarter of 2024 alone, surpasses the total losses from fraud in all of 2023, when banks reported ₦9.4 billion in losses. The data was revealed […]
Disbursements from the Federation Account Allocations Committee (FAAC) to the Federal Government, 36 states, and 774 local governments surged by 149.4% year-on-year (YoY) to ₦13.72 trillion in the first seven months of 2024, compared to ₦5.5 trillion during the same period in 2023. According to data from the National Bureau of Statistics (NBS), the FAAC […]