On Monday, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, refuted claims that the Value-Added Tax (VAT) rate has been raised from 7.5% to 10%. In an official statement, Edun affirmed that the VAT rate remains at 7.5%, in accordance with existing tax regulations. “The current VAT rate is 7.5%,…
Dangote Petroleum Refinery has clarified why it cannot set the price of petrol. In a statement released on Thursday, Anthony Chiejina, the Group Chief Branding and Communications Officer, explained that the market for Premium Motor Spirit (PMS) is heavily regulated, a fact well-known to all oil marketers and industry stakeholders. This regulation is the reason…
The Nigeria Employers Consultative Association (NECA) has condemned the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL). NECA characterized this situation as Nigerians suffering due to the inefficiencies of NNPCL. In a statement released on Tuesday in Abuja, NECA’s Director…
Nigeria’s Letter of Credit (LC) payments for imported goods have seen a dramatic decline of 57.04%, plummeting to $391.91 million in the first seven months of 2024, compared to $912.35 million during the same period in 2023. This data is outlined in the Central Bank of Nigeria’s (CBN) weekly report on international payments, which can…
The Nigerian Exchange Limited experienced a downturn on Wednesday, with the market capitalization decreasing by N176 billion, or 0.32 percent, following three consecutive days of gains. The market capitalization, which started at N55.437 trillion, fell to N55.261 trillion by the end of the trading day. The All-Share Index also saw a decline of 0.32 percent,…
Nigeria’s oil production fell by 160,000 barrels per day in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS) in its recently released Gross Domestic Product report for Q2 2024. During this period, the country averaged daily production of 1.41 million barrels, a decrease from the 1.57 million barrels per…
The Central Bank of Nigeria (CBN) has raised its Standing Lending Facility (SLF) rate to 31.75% in a bid to enhance stability in the financial sector. This announcement was made in a circular released on Monday by Omolara Duke, the director of the Financial Market Department, which also lifted the suspension on the SLF. Additionally,…
Financial experts and economists have informed President Bola Ahmed Tinubu that Nigeria’s 3.19 percent growth in Gross Domestic Product (GDP) for the second quarter of 2024 does not accurately represent the living conditions of its citizens. This statement follows the National Bureau of Statistics’ announcement on Monday, which revealed that the services sector propelled Nigeria’s…
The revenue distributed by the Federation Accounts Allocation Committee (FAAC) to federal, state, and local governments has surged by over 344 percent, reaching approximately N8.5 trillion in the first seven months of 2024. This marks a significant increase from about N1.912 trillion allocated during the same period last year. This data reflects the revenue distribution…
Deficit spending by the Federal Government increased by 2.05 percent year-on-year (YoY), reaching N1.99 trillion in the first four months of 2024 (4M’24), compared to N1.95 trillion during the same period in 2023 (4M’23). An analysis of the Federal Government’s fiscal activities, based on data from the Central Bank of Nigeria (CBN) Economic reports, revealed…
