Business

The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion in August 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils, the Office of the Accountant General of the Federation said Friday. The funds comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money ...

Liquefied Petroleum Gas marketers have appealed to the Federal Government to address what it described as the galloping hike in the price of gas, saying the price instability remains a huge challenge to their business survival. The marketers under the aegis of Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) said if nothing was done to the increasing prices, gas ...

The Senate on Tuesday confirmed Mr Olayemi Cardoso as Governor of the Central Bank of Nigeria, CBN. Other nominees who were confirmed as Deputies to Olayemi are: Emem Usoro, Muhammad Abdullahi-Dattijo Philip Ikeazor and Bala Bello. Their screening commenced after hours of closed-door meeting which was presided by the Senate President, Godswill Obot Akpabío, having resumed from a two month ...

Nigerians will soon know the scale of what transpired at the Central Bank Nigeria (CBN) during the tenure of Godwin Emefiele with the release of the special investigator’s probe, the Federal Government has said. “We have a new team at the CBN and a special investigator has been in the CBN for sometimes now and his result will soon be ...

Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria. Nnachi, the Managing Director of TTL group, disclosed this on Tuesday during a Channels Television. He blamed Nigeria’s high governance cost for Naira’s continued depreciation in the forex market. He noted that the demand for dollars increases in Nigeria at the end ...

The recently released report by the Nigerian Extractive Industries Transparency Initiative (NEITI) highlights critical gaps depriving the federation of significant value from its oil resources including withheld remittances, taxes, and poor governance practices. NEITI notes that the total unremitted revenues to the federation by some relevant government agencies and companies in the oil and gas sector in the year 2021 ...

President Bola Ahmed Tinubu on Wednesday rang the closing bell at the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) headquarters in New York City, USA. After ringing the bell, he and his delegation held a roundtable discussion with US and Nigerian counterparts from the public and private sectors. He downplayed the conflict problems in Nigeria by reiterating ...

Ten Ministries, Departments and Agencies (MDAs), companies and individuals are owing the federal government N5.2 trillion. Out this amount the federal government has been able to recover only N57 billion. Director, Special Projects Federal Ministry of Finance, Aisha Omar, made this disclosure yesterday in Gombe, Gombe State during a one-day sensitisation programme for the North-East Geopolitical Zone programme on Federal ...

The Pan-African Conglomerate, Dangote Industries Limited has inducted a new batch of Graduate Trainees in its Graduate Trainee programme, with the management declaring that continuous investments in critical sectors of the economy to create employment and promote decent jobs is irrevocable. Addressing the trainees recently President of Dangote Group, Aliko Dangote gave the trajectory of the Dangote businesses explaining it ...

Total assets of African Export-Import Bank (Afreximbank) increased by eight per cent to $30.1 billion in the first half of 2023. The consolidated financial statements of Afreximbank for the half year ended June 30,2023 indicated that the group’s total balance sheet size expanded by 8.0 per cent from $27.9 billion recorded by year ended December 31, 2022 to close approximately ...