House of Rep Increase the Cap on CBN Loans.
Despite opposition, the House of Representatives passed an amendment to the Central Bank of Nigeria Act, boosting the cap of Ways and Means Advances from the national bank from 5%…
The CBN cancels the licenses of 179 microfinance banks and others.
The Central Bank of Nigeria has cancelled the licenses of 179 microfinance banks, four primary mortgage banks, and three financing firms in the country. This was revealed in the Federal…
Breweries and the Tobacco Sector on the Verge of Disaster.
According to Dike Onwuamaeze, businesspeople and economists have expressed concern that the 2023 Fiscal Policy Measures may bring about the demise of the tobacco and brewery businesses. “Segun Kadir-Ajayi, the…
The CBN prohibits the mint corporation from printing checks.
According to a recent circular, the Central Bank of Nigeria has authorized four indigenous businesses to issue checks in the nation. The firms listed in the circular, which was signed…
The World Bank will increase FG’s access to a $750 million loan.
The Federal Government, on behalf of the 36 state governments and the Federal Capital Territory, is about to receive a one-year extension to access the $750 million concessional loan from…
Assets Surge by 39% for BoI.
The Bank of Industry said its asset base rose from N1.71tn to N2.38tn in 2022 financial year – The Chairman, Board of Directors, BOI, Mallam Aliyu Dikko. He added that…
The task before PenCom is to recover unpaid pension contributions.
PenCom, the National Pension Commission, ensures the recovery of unremitted pension contributions by fining businesses who fail to pay employee pension contributions as and when due. The fine sum shall…
Cane Integrated Investment Ltd Partners with NYSC on Investment Literacy and Financial Planning.
The investment and financial advisory firm, Cane Integrated Investment Limited on Wednesday, May 10, 2023 visited the NYSC Lagos State Chapter. It announced its partnership with the NYSC, Lagos State…
The weakened naira is increasing Nigeria’s governmental debt, according to the IMF.
According to the International Monetary Fund, weaker currencies in Nigeria and other Sub-Saharan African countries are increasing state indebtedness. Sub-Saharan African currencies have declined against the US dollar by an…
STOA Set to Buy a Minority Stake in Morocco’s Building Logistics.
STOA, a subsidiary of the French deposit and consignment fund CDC, announced a MAD330 million ($32.9 million) transaction on Tuesday (May 9) to buy a minority stake in the capital…
States paying outgoing government pensions owe N3 trillion in debt.
Despite increasing debts and unpaid wages for workers, no fewer than 18 departing state governors will retire into lives of luxury with significant pension benefits. On May 29, 2023, the…
Fashola Reports that 383,431 Jobs were Created in Six Years.
Fashola said that from 2016 to 2022, 383,431 jobs were created through the government’s infrastructure renewal, with jobs being generated through the installation of 254,690 road signs, the construction of…
CBN’s ‘RT200’ Strategy Increases Fund Repatriation by 40%, According to Emefiele.
Godwin Emefiele, the governor of the Central Bank of Nigeria, claimed that the bank’s ‘Race to USD200bn In FX Repatriation’ campaign has increased foreign exchange repatriation into the country by…
IMF Warns CBN as eNaira Transactions Hit N1.4m.
Kristalina Georgieva, Managing Director of the International Monetary Fund, has warned of the unpredictable “consequences” central bank digital currencies could have for retail customers. According to the IMF Executive Director,…
Nigeria to Become Top Middle Income Economy By 2050, Says Buhari.
The Nigeria Agenda 2050 was officially unveiled on Wednesday in Abuja, with the statement that its implementation will “ensure that Nigeria attains a per capita GDP of $33,328 per annum…
Foreign debt: FG Deducts N78 billion from State Allocations.
The Federal Government deducted over N78bn from allocations made to the states for external debt servicing, according to findings. This was according to data from the Federation Account Allocation Committee…
In One Week, Investors Lost N304 billion.
The market capitalization lost N304 billion to end the week at N27.963 trillion, and the All-Share Index decreased by 1.08 percent to close the week at 51,355.74. Investors’ year-to-date gains…
FAAC: Allocation Decreases as FG, States, and LGs Split N715 billion.
According to the Federal Account Allocation Committee, in March 2023, N714.63 billion was distributed across the three levels of government. The sum reflects a N8.05 billion drop from the N722.68…
The Nigerian Exchange Limited Recorded N2bn Gain for Investors.
The Nigerian Exchange Limited rebounded on Tuesday, recording N2bn gain for investors. The All-Share Index also appreciated by 11.54 base points to 51, 138.92, pushing the year-to-date returns marginally to…
External Reserves Slide Further to $35bn.
According to data received from the Central Bank of Nigeria, the nation’s foreign reserves decreased by $112.78 million in just two weeks to $35.42 billion. According to information received on…
FG: 40% Salary Increase for Workers in April.
By the end of this month (April), the Federal Government will start paying the anticipated wage raise for government personnel. The President, Major General Muhammadu Buhari, ret., is anticipated to…
Subsidy Removal: FG Seeks Legislative Approval before Distributing $800 million to Needy Nigerians.
Mrs. Zainab Ahmed, the minister of finance, budget, and national planning, has stated that legislative approval is pending and that other details regarding how to distribute $800 million to 50…
World Bank: 96% of Nigeria’s Revenue Utilized to Repay Debt in 2022.
Nigeria is in a more precarious position now than it was before the late 2021 global oil price boom. In 2022, the fiscal deficit was predicted to be 5.0% of…
NSIA Assets Reach $1 trillion and Draw $500 million in FDI.
The Nigeria Sovereign Investment Authority increased its net assets from N919.73 billion in 2021 to N1.02 trillion in 2022, a growth of 10.5%. The Sovereign Wealth Fund manager reported a…
CBN Moves to Invest Unclaimed Funds in Dormant Accounts in T-bills.
According to a proposal made by the Central Bank of Nigeria, banks should move money from accounts that have been inactive for up to ten years into a trust fund…
IMF Calls on Nigeria to Increase Tax, Decrease Borrowing.
The International Monetary Fund (IMF) has once again advised Nigeria to intensify efforts to expand the tax base, raise taxes, and lower the nation’s debt load. These ideas came up…
IMF Advises CBN to Maintain a Strict Monetary Policy to Control Inflation.
The Central Bank of Nigeria (CBN) was given a recommendation by the International Monetary Fund (IMF) to continue tightening monetary policy in order to contain inflation, which soared to 21.91…
In 2022, Debt Servicing Increased by 14.68%-DMO
According to DMO, N2.93 trillion was spent in 2021 on payments for servicing both domestic and foreign debt. Remember that the DMO had previously said that as of December 2022,…
According to analysts, U.S Banks are Offering Incentives to Lock in Consumer Deposits.
As the Federal Reserve increased interest rates, customers cried out for banks to pay more for deposits. Analysts now claim that lenders appear to be changing their incentives in an…
Nigerias’ Financial Crisis Lowers Productivity in the Private Sector.
In March 2023, the private sector of the Nigerian economy saw productivity steadily decline as a result of the country’s cash crisis, which rendered people and households unable to pay…