FG to introduce new tax law, overhaul revenue administration
Executive Chairman of the Federal Inland Revenue Service (FIRS) Mr Zacch Adedeji, has revealed plans to introduce a law that would overhaul the process of revenue administration in Nigeria next…
Forex: NAFEM records 30% rise in turnover to $4.34bn, as Naira depreciates 6%
The volume of dollar traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, increased month-on-month (MoM) by 30 percent to $4.34 billion in July from $3.33 billion in June. Analysis…
FG spends $600m on fuel importation monthly – Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly. He stated that the high import…
Import duty waiver on rice, beans, others start next week – FG
The guidelines for the suspension of customs duty and taxes on imported food items are to commence next week, the Federal Government announced on Tuesday. In July the Federal Government…
CBN to commence FX Dutch auction system wednesday following rise in dollar demand
The Central Bank of Nigeria (CBN) says it will commence a Retail Dutch Auction System to address foreign exchange fluctuations in the country’s forex market. The apex bank disclosed this…
₦6.2tn Supplementary Budget: FG’s infrastructure investment not enough — Minister
Minister of Budget and National Planning, Atiku Bagudu on Friday said the country has not invested enough in infrastructural development. According to him, several problems being encountered recently by Nigerians…
Tinubu inaugurates Dangote, Okigbo, Agbaje as PECC members | Rolls out economic stabilisation programme
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare,…
Tinubu exempts SMEs, farmers, manufacturers from paying withholding tax
The Federal Government has approved the exemption of small businesses, manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses. It also introduced…
Report: CBN reforms boost diaspora remittances by $172m in a month
The Central Bank of Nigeria (CBN) has reported a $172m increase in direct remittances in one month. The latest CBN data showed that the remittances totalled $138.56m in January, $39.14m…
National debt up by ₦24.33trn in three months, now ₦121.67trn
Nigeria’s total public debt is now ₦121.67 trillion ($91.46 billion), the Debt Management Office (DMO) said Thursday. The DMO said as of March 31, 2024, the country’s domestic and external…