By Sodiq Adelakun Nigeria’s pension assets managed by Pension Fund Administrators (PFA’s) have reached N17.67 trillion at the end of July 2023, according to data from the National Pension Commission (PenCom). This marks an increase from N16.11 trillion in May.…
By Matthew Denis The Nigeria Deposit Insurance Commission (NDIC) is set to pay liquidation dividends to depositors and ex-staff of defunct merchant bank. This was contained in a statement signed by the Director, Communication & Public Affairs, Mr. Bashir Nuhu…
By Sodiq Adelakun In a concerning development for Nigeria’s economy, the naira, the country’s currency, weakened to an all-time low of N960 against the dollar on Monday. This represents a 0.52 per cent loss compared to the N955 per dollar…
By Sodiq Adelakun Despite the persistent fall of the naira, twenty-three Nigerian states have seen a significant increase in bilateral loans, growing by 64.26 per cent to reach $462.81 million as of June 2023. These loans, primarily sourced from countries…
…Urges implementation of cost reduction strategies The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over the rising inflation rate in Nigeria and the impact it will have on businesses. In a statement released on Monday, the LCCI…
By Sodiq Adelakun In a financial twist, Nigeria has reportedly spent a whopping N2.34 trillion on debt servicing within just six months. This eye-popping figure comes courtesy of a new report by the Debt Management Office (DMO), which has shed…
The Federal Government has announced the development of software aimed at improving transparency in revenue generation and sharing among the three tiers of government in Nigeria. The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Shehu,…
In a bid to enhance government revenue and enhance the quality of public services, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called upon Nigerians to conscientiously fulfill their tax obligations. The Chairman of RMAFC, Muhammad Shehu, emphasised the…
…Names four deputies In a bold move to tackle the challenges facing Nigeria’s Central Bank, a formidable team has been assembled. Led by the newly appointed Governor, Olayemi Cardoso, this group of financial wizards is ready to take on the…
By Sodiq Adelakun The Nigerian Naira witnessed a 0.53 per cent decline against the US dollar on Thursday, mainly driven by increased demand for the greenback in the parallel market. In the morning trading session, the exchange rate rose to…
