Wednesday, January 29, 2020
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Controversy Over VAT proceeds, Rise In Goods’ Prices

In 1993, the Federal Government introduced Value Added Tax (VAT) to replace Sales Tax for the purpose of increasing the revenue base of government and make funds available for developmental purposes that will accelerate economic growth. The VAT was adopted in 1994 and prospective VAT payers, including manufacturers, wholesalers, importers, suppliers of taxable goods and...

Naira’s Performance Against Dollar In 2019 Weakest In 20 years

Nigeria’s Naira recorded its weakest performance against the United States dollar in two decades, closing the outgone 2019 on an average of N362.60, the worst run since the country returned to democratic rule in 1999. A PREMIUM TIMES analysis of Bloomberg financial data showed that in the twenty-year period, naira dipped against the greenback by about 265...

Banks Defying CBN’s Reviewed ATM Charges, Others – Customers Decry

Some bank customers have frowned at their banks for not complying with the new CBN guidelines for charges on Automated Teller Machine (ATM), released by the Central Bank of Nigeria (CBN). Some of the customers who spoke to the News Agency of Nigeria (NAN), in Abuja, regretted that banks had now devised a means of...

FG Puts Debt Stock At $83bn, Says Nigeria Not In Trouble

The Nigerian Government has put the total public debt stock of the nation at $83 billion. The Minister of Information and Culture, Mr Lai Mohammed, disclosed this while addressing a press conference on Monday in Ikeja, Lagos State. He decried that the country’s debt stock was being misrepresented by those he described as scaremongers. According to Mohammed,...

Emerging Economies’ Debts Climb to $55trn in 2018 – World Bank

The new World Bank Group study has urged policymakers to act promptly to strengthen their economic policies and make them less vulnerable to financial shocks. Nigeria’s public debt has surged by 129.5 percent or N14.5 trillion in the last five years, to N25.7 trillion as at the end of June 2019 from N11.2 trillion...

President Muhammadu Buhari plans to revive Agricultural sector.

President Muhammadu Buhari has said that he plans to curb smuggling activities through Nigeria’s borders in a bid to rekindle the agriculture sector. President Buhari told a delegation of Katsina State Elders Forum who paid him a visit at his country home in Daura, that the new directive will save the country billions of naira...

Border closure: IMF backs Nigeria

The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade. Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington. He was responding to...

Buhari, Inaugurates Economic Advisory Council, Calls For Focus On Data Collection

President Muhammadu Buhari has inaugurated the Economic Advisory Council, tasking them to focus on data collection. The eight-man advisory council, at a maiden meeting with President Buhari, was asked to set an agenda that is achievable in the short term. President Buhari last month replaced the Economic Management Team, headed by Vice President Yemi Osinbajo, with the Economic Advisory...

Nigeria@59: The Capital Market Has Fared

Ahead of the country’s independence anniversary on Oct. 1, Nigerian capital market operators have identified some highs and lows of the market as the nation turns 59. They spoke in separate interviews with the News Agency of Nigeria (NAN) on Saturday in Lagos, while reviewing Nigeria’s capital market performance over the years. Prof. Sheriffdeen Tella, Professor...

Google To Invest $1bn On Solar Cells Parks

The U.S. IT company Google on Friday said that it would invest over one billion dollars in European solar cell parks, five of which will be built in Denmark. Malou Aamund, Google’s Danish director, said this in a statement on Friday. “We have been working hard to find some projects in Denmark over the past year....

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