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The Minister, Industry, Trade and Investment, Dr Jumoke Oduwole, says implementation of African Continental Free Trade Area (AfCFTA) has opened up new areas for trade opportunities. Oduwole said this while receiving the Secretary-General of AfCFTA, Mr Wamkele Mene, who was on a courtesy visit to his office in Abuja on Thursday. She said that the ...
Fitch Ratings has allocated Cross River State ‘B-‘ rating, highlighting fiscal fragility and alarming N880 billion debt trajectory. Fitch Ratings has assigned Cross River State a ‘B-‘ Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and a ‘AA-(nga)’ National Long-Term Rating, underscoring the state’s fiscal fragility as its debt trajectory approaches an alarming N880 billion. ...
President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to achieving net-zero carbon emissions by 2060. He made this known while giving his speech at the 2025 Abu Dhabi Sustainability Week (ADSW) on Wednesday. In his speech titled “From Climate Imperatives to Economic Prosperity: Bringing Africa Into the Future of Global Energy,” Tinubu noted the nation’s ...
...Expresses assurance of passage of bill ...as Lawmakers set N25trn 2025 revenue target for FIRS By Seun Ibiyemi The Executive chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji has stated that the passage of the tax reform bills into law by the National Assembly will position Nigeria to reap more benefits from the digital ...
Nigeria’s headline inflation experienced a slight increase, reaching 34.80 percent in December 2024 according to the latest statistics released by the National Bureau of Statistics (NBS). The increase marks a marginal rise of 0.20 percent from November 2024’s rate of 34.60 percent, primarily driven by the increased demand for goods and services during the festive ...
By Seun Ibiyemi The Minister of Marine and Blue Economy, Adegboyega Oyetola, has charged agencies under the Ministry to align and prioritise their 2025 budget proposals. The Minister stated that the agencies should ensure massive and impactful development in line with the pillars of the National Policy on Marine and Blue Economy and the 2021-2025 ...
By: Austine Emmanuel, Kaduna The National Bureau of Statistics (NBS) has disclosed that Nigeria's inflation rate climbed to 34.80% in December 2024, a slight increase from November's 34.60%. In its latest Consumer Price Index (CPI) report released on Wednesday, the bureau attributed the 0.20% rise to increased demand for goods and services during the holiday ...
The US Trade and Development Agency has awarded Zenith Bank Plc a training grant to support the bank’s adoption of Microsoft Azure, a hyperscale cloud platform. The USTDA’s announcement on its website during the week emphasised the grant’s role in strengthening the bank’s institutional capabilities. However, the agency did not disclose the specific amount of ...
The Nigerian Senate and Julius Berger Nigeria Plc have resolved their differences and agreed to work together for the infrastructural development of the country. This followed the apology tendered by Nigeria’s construction giant over its inability to honour past invitations by the lawmakers and their decision to accept the apology. Speaking when the Managing Director, ...
FIRS boss Zacch Adedeji has said stakeholder consultations on tax reforms are addressing grey areas, boosting confidence in the bills’ passage. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has expressed delight that the ongoing consultations with critical stakeholders on the tax reform bills were yielding positive results. Adedeji said the consultations ...
The Federal Government is optimistic about meeting its N36.35 trillion revenue target for 2025, citing ongoing economic reforms under President Bola Tinubu’s administration. This was disclosed by the Minister of Budget and Economic Planning, Abubakar Bagudu, during a hearing at the National Assembly Joint Committees on Finance, where the 2025 Appropriation Bill was discussed, according ...
Providus Bank and De-Haryor Global Services Ltd have urged the Federal High Court in Abuja to dismiss Ziklagsis Network Limited’s application seeking to stop the federal government from tempering with a disputed N39,171,985,233.95 fund for the supply of prepaid electricity meters in Nigeria. In their responses, the defendants opposed Ziklagsis’ lawsuit( FHC/ABJ/CS/576/2024), which seeks a ...
...Threatens to cut funding of JAMB over N1.1b spent on meals, N850m to kill mosquitoes By Seun Ibiyemi On Monday, the National Assembly Joint Committee on Finance established a special panel to investigate a shortfall of N4 trillion in revenue, attributed to indiscriminate waivers granted by government agencies. This comes as the committee has threatened ...
The Group CEO of Nigerian Exchange Group Plc (NGX Group), Temi Popoola, reaffirmed Africa’s untapped potential in capital markets during the highly anticipated launch of the Ethiopian Securities Exchange (ESX). As Ethiopia marked a historic milestone with its first-ever stock exchange, Popoola underscored the significance of regional collaboration, government-private sector synergy, and innovative solutions in ...
President Bola Ahmed Tinubu has tasked the Federal Ministry of Finance with spearheading efforts to create a robust capital market that drives economic growth and supports national development. This directive was disclosed by the Minister of State for Finance, Dr. Doris Uzoka-Anite, during a weekend meeting with the board of the Securities and Exchange Commission ...
By Seun Ibiyemi Nigeria has attracted $7.6 billion in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from 4 to 6 December 2024. The announcement was made by Dr Akinwumi Adesina, President of the African Development Bank, in a post on his X (formerly Twitter) account over the weekend. Adesina expressed ...
The Nigeria Labour Congress (NLC), has called for constructive dialogue with the Federal Government regarding the Tax Reform Bill, particularly its implications for the workforce across the nation. During the unveiling of CNG buses for the Southwest chapters of the Union in Ibadan at the weekend, NLC President, Joe Ajaero emphasised the urgency of addressing ...
The Lagos State Internal Revenue Service has announced January 31, 2025, as the deadline for filing 2024 annual tax returns. This was disclosed in a statement on Sunday by LIRS Deputy Director, Corporate Communication, Monsurat Amasa-Oyelude. In the statement, the Executive Chairman of LIRS, Dr Ayodele Subair, emphasised that meeting this deadline is a legal ...
Amid the ongoing controversy surrounding the proposed tax reform bills by the current administration, the Federal Government and 21 out of the 36 states in the federation have projected a combined Value Added Tax revenue of N2.5 trillion for 2025 in their respective budget estimates. This projection excludes additional funds that may accrue from the ...
By Matthew Denis The United Nations Deputy Secretary-General (DSG), Amina Mohammed and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun have taken significant step towards strengthening bilateral cooperation and accelerating Nigeria's economic development agenda. Mohammed who visited the Minister in Abuja on Friday said the meeting was part of the ...
The Nigeria Deposit Insurance Corporation in collaboration with the Bureau for Public Procurement is holding a three-day retreat in Kano to enhance its procurement and financial management processes. The retreat, themed “Developing Innovative Strategies for Effective Procurement and Financial Management,” is taking place at the Bristol Palace Hotel and is aimed at ensuring efficiency, transparency, ...
The NESG-Stanbic IBTC Business Confidence Monitor (BCM) report has projected that Nigeria’s inflation rate will decline to 27.1% by December 2025, providing a glimmer of hope for businesses and consumers grappling with persistent economic challenges. This forecast reflects a cautious optimism about the gradual stabilisation of Nigeria’s economy as structural reforms begin to take effect, ...
…As Airtel, others spend over N2bn monthly on diesel …Operators want Govt to make example of vandals, decry increased losses despite Executive Order By Seun Ibiyemi In the face of increase in operational costs and a growing need for enhanced telecom infrastructure, Nigeria’s telecommunications currently faces a risk of underinvestment and stagnated growth. Statistics by ...
