FG records N3.7tn fiscal deficit in five months – CBN report
The Federal Government’s fiscal deficit hit N3.68tn in the first five months of 2023, a new report has revealed. A report released by the Central Bank of Nigeria on the personal notes of the Monetary Policy Committee showed the committee was worried about rising low revenue amid high fiscal deficit. The report quoted a members […]
BREAKING: CBN directs banks to stop spending FX revaluation gains
The Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented […]
Presidential panel plans 83% cut in taxes, levies
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has said Nigeria has over 60 different forms of taxes and levies. Many of the taxes, he added, made life unbearable for the poor in society. Oyedele spoke, while featuring as a guest on the Channels Television programme ‘Sunrise Daily’, […]
FG delists 37 illegal loan apps
The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report. The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday. The number of loan apps with conditional approval […]
Goldman: Oil Prices Could Hit $107 on OPEC Cuts
If Russia and Saudi Arabia maintain their production cuts, oil prices could hit $107 next year, Goldman Sachs, has said, but noted that the Organisation of Petroleum Exporting Countries (OPEC) may not pursue prices above $100. While Brent crude, Nigeria’s benchmark currently hovers around the $90 mark, Saudi Arabia recently extended its 1 million barrels […]
NNPCL Ramps Up Oil Production as FTSE Downgrades Nigeria over FX Woes
As part of efforts to ramp up oil production in the country, the Group Chief Executive Officer (GCOE) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has held widespread consultations with oil majors and partners, THISDAY learnt yesterday night. The GCEO has been asking the oil majors and partners what needed to […]