Economy

Nigeria’s debt under Muhammadu Buhari’s administration hits N26. 2trillion– DMO

The nation’s public debt stood at N26.215 trillion as of the third quarter of 2019. The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, disclosed this at a press briefing in Abuja Friday. She told newsmen that the figure was about 2. 0 percent higher than the N25.701[Read More…]

Implementation of the new value-added tax rate will begin on February 1

Nigeria’s minister of finance, Zainab Ahmed has said the implementation of the new value-added tax rate will begin on February 1, 2020. The minister announced this at the ongoing inauguration of the Federal Inland Revenue Service (FIRS) board. President Muhammadu Buhari signed the finance bill, which increased VAT by 50%[Read More…]

Six English-speaking countries of ECOWAS reject Eco currency

Six English-speaking countries of the Economic Community of West African States (ECOWAS) has rejected the Eco currency adopted by eight francophone countries. The countries adopted the currency through their union, West African Economic and Monetary Union. The countries reached their decision at a council meeting of finance ministers and central[Read More…]

World Bank Projects a 2.1% economy growth in 2020 for Nigeria

The World Bank has predicted that Nigeria’s economy will grow by 2.1 percent in 2020, adding that growth in the West African Economic and Monetary Union is expected to stabilise at 6.4 percent. The bank made the prediction in its January 2020 Global Economic Prospects which was released on Wednesday.[Read More…]

Air France suspends flights through Iraq and Iranian airspace

Air France says it suspended its flights through Iranian and Iraqi airspace after missile attacks on US military bases in Iraq. The attack was in retaliation for the killing of Qasem Soleimani, Iranian general, at Baghdad international airport, last Friday. In a statement on Wednesday, the airline said the decision to suspend[Read More…]

Oil price hits $71 as Tension between Iran and the U.S continues

International Brent price surged more than 4 percent to $71.75 after Pentagon officials said that Iran launched more than a dozen ballistic missiles against multiple bases in Iraq housing United States troops. International benchmark Brent crude rose more than 4percent to a session high of $71.75 per barrel, its highest[Read More…]

Nigerians to pay more for electricity from April – NERC says

The Nigerian Electricity Regulatory Commission has said the electricity tariffs being paid by consumers will increase in April this year. NERC disclosed this in its ‘December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020,’ which was dated December 31, 2019. It said[Read More…]

Nigerians living abroad remitted about $25 billion in 2019

Nigerians living abroad remitted about $25 billion in 2019, the Nigeria in Diaspora Commission (NiDCOM) has said. The Chairman and Chief Executive Officer of the Commission, Abike Dabiri-Erewa, said this on Tuesday while briefing State House correspondents in Abuja on the activities of the commission since it was set up[Read More…]

Nigerian Government concerned about high ratio of debt servicing

The Federal Government says Nigeria’s debt servicing to revenue ratio has been higher than desirable. The Minister of Information and Culture, Lai Mohammed, said this while addressing  journalists in Lagos yesterday on the progress made by the present administration in the outgoing year 2019. He, however, said the government was[Read More…]

New FIRS Boss says Nigerian revenue dwindled under Babatunde Fowler

Muhammad Nami, the newly appointed executive chairman of the Federal Inland Revenue Service (FIRS), says revenue collection dwindled despite the engagement of consultants by Babatunde Folwer, his predecessor. In a yuletide letter to staff, Nami encouraged them to work towards achieving the revenue collection rate of 2012 when the staff[Read More…]