Nigeria loses about $18b annually to tax evasion, money laundering and other related offenses especially outside the country, according to the Civil Society Legislative Advocacy Center( CISLAC), CISLAC Executive Director, Auwal Ibrahim Musa Rafsanjani stated this at a media workshop for investigative journalists on “Effective Reporting of the Asset... Read more
Nigeria’s External Reserves Lose $178m in March- CBN
Finance April 2, 2021
Nigeria’s foreign reserves lost $178m in March , according to statistics from the Central Bank of Nigeria . The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as of the end of March 31.It dropped by $1.1bn in February after falling from... Read more
Court Throws Out AMCON’s Ex-parte Order
Finance November 30, 2020
Ovie Edomi Ahmed Kuru, AMCON CEO An Abuja Federal High Court has vacated an ex-parte order against Peace Global Satellite Communication network and its Managing Director, Oreye Udo Livingstone which was earlier obtained in March this year. The earlier interim ex-parte order which granted Benson Ibezim, the 3rd... Read more
CBN Predicts Economic Recession ,Reduces Monetary Policy Rate
Finance September 23, 2020
The Monetary Policy Rate (MPR) has been reduced by the Central Bank of Nigeria (CBN) , from 12.5 per cent to 11.5 per cent as part of measures to sustain its economic recovery efforts and to arrest rising inflation. This is ,even as the Apex Bank has projected that... Read more
FG Gets N272.905 bn from ₦682.060bn FAAC Revenue
Finance September 17, 2020
The ₦682.060 billion August 2020 federation account revenue has been shared by the Federation Accounts Allocation Committee (FAAC) to the Federal, States and Local Government Councils and agencies even as N272.905 billion accrued to the Federal Government from the amount. A communiqué by the Federation Account Allocation Committee (FAAC)... Read more
… as It Says Economy Will Contract by 3.4 % Due to the adverse implications of the COVID-19 pandemic on the economy, Nigeria’s Budget plan is to be cut by the Federal Government , the second time running ,to assume a lower petroleum price of $20 per barrel ,even... Read more
Sequel to the decision of some banks to sack their workers due to the loss they are sustaining as a result of the outbreak of the COVID-19 Pandemic , the Central Bank of Nigeria (CBN) has however stopped them from implementing the plan. The apex bank said in a... Read more
CBN Scraps, Reduces Banks Charges
Finance December 23, 2019
The Central Bank of Nigeria(CBN) has scrapped the controversial Card Maintenance Fee(CAMF) as well as slashed the Automated Teller Machine(ATM) charge as part of the the Apex Bank’s new guidelines which takes effect from January 1, 2020. Banks that fail to comply with the guidelines are to be sanctioned,... Read more
Reason IMF Is Backing Nigeria on Border Closure
Finance October 21, 2019
Ahmed , Finance Minister The International Monetary Fund has expressed its support for Nigeria on the closure of its land borders because it understands that the action is not punitive. The Minister of Finance, Mrs. Zainab Ahmed, who said this in Washington on Sunday explained that the measure... Read more
Full Text of President Buhari’s 2020 Budget Speech
Finance October 8, 2019
PROTOCOLS I will start by asking you to pardon my voice. As you can hear, I have a cold as a result of working hard to meet your deadline! I am delighted to present the 2020 Federal Budget Proposals to this Joint Session of the National Assembly,... Read more