The Federal Government, through the Office of the Accountant General of the Federation, said the payment of accrued rights of pensioners under the Contributory Pension Scheme is subject to the availability of funds from the government. The OAGF made this known in a memo signed by Musa Raheem, Director of Administration addressed to the National […]
Federal pensioners under the Contributory Pension Scheme have written to the coordinating Minister of Finance and National Economy, Wale Edun, on the need for the government to release the accrued gratuities owed pensioners from March 2023 to November 2024. The pensioners, who had earlier staged a peaceful rally at the Ministry of Finance on November […]
The Central Bank of Nigeria has reduced the cybersecurity levy on electronic transactions from 0.5 per cent to 0.005 per cent in its new fiscal guidelines for 2024-2025. This reduction follows the controversial introduction of the levy earlier in the year, which was met with opposition from both the Nigeria Labour Congress, Trade Union Congress, […]
The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, showed that the Naira gained N9.93. This represents a 0.61 per cent gain when compared to the previous trading date […]
Wall Street stocks deepened their losses Monday and Tokyo had its worst day in 13 years as panic spread across trading floors over fears of recession in the United States, just as the Nigerian stock market dipped by 0.2%. Specifically, the benchmark index of the stock market, Nigerian Exchange Limited, NGX All Share Index, ASI […]
Nigerians spent $38.17m on foreign education between January and March 2024, according to data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin. The amount spent crashed by 83 per cent from $218.87m recorded in the same period of last year. However, on a quarter-by-quarter basis, there was an increase of 54 per cent […]
Opposition to the imposition of a 70 per cent foreign exchange windfall tax on commercial banks rose yesterday with stakeholders asking the federal government to reconsider the tax. They asked President Bola Ahmed Tinubu not to assent the amended Financial Bill passed by both the Senate and House of Representatives. It was reported that the […]
The Federal Government recorded a 29 percent year-on-year (YoY) decline in deficit spending to N2.83 trillion deficit in the first quarter of 2024 (Q1’24) from N3.99 trillion recorded in same period of last year, Q1’23. The Central Bank of Nigeria’s, CBN, disclosed this in its Statistical Bulletin for Q1’24. Vanguard analysis showed that fall in deficit […]
The Central Bank of Nigeria, CBN yesterday intensified its efforts to curb rising inflation as it announced further hike in its benchmark interest rate, the Monetary Policy Rate, MPR to 26.75 per cent from 26.25 per cent, a decision faulted by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, Nigeria Employers’ Consultative […]
The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change, BDCs, a development that reversed the sharp depreciation of the Naira to N1,640 per dollar in the parallel market. The dollar sales to BDCs is coming two months after the last one in April. In a circular signed by the […]
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