FG mulls TICC initiative to expand tax base, increase revenue
Post AMUGE
September 26, 2024
Business a.m. The Nigerian government has recently announced the implementation of a new initiative, the Tax Identification Consolidation and Collaboration (TICC), which aims to broaden the tax base, expand the tax net, and create a more equitable business environment. Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy Tax Reforms, disclosed the announcement recently […]
Inflationary pressure drives Nigeria’s unemployment rate to 5.3% in Q1’24
Post AMUGESeptember 25, 2024
Business a.m. The ongoing economic crisis in Nigeria has led to a rise in the country’s unemployment rate, which increased from 5 percent in Q3 2023 to 5.3 percent in the first quarter of 2024, as companies struggle with mounting operational costs that have resulted in some businesses folding and others drastically reducing their workforce […]
CBN raises interest rate to 27.25% in 50 basis points move
Post AMUGESeptember 24, 2024
Business a.m. The Central Bank of Nigeria (CBN) has raised its key interest rate, the Monetary Policy Rate (MPR), by 50 basis points to 27.25 percent, marking the fifth consecutive hike in the rate so far this year. In addition to the increase in the MPR, the CBN raised the Cash Reserve Ratio (CRR) by […]
Analysts gauge MPC’s next move as Nigeria’s monetary policy on knife edge
Post AMUGESeptember 24, 2024
ONOME AMUGE The Central Bank of Nigeria’s Monetary Policy Committee (MPC) will open its fifth meeting of the year today 23rd and for two days, including tomorrow 24th of September, it will weigh up many economic indicators to set a monetary policy rate for the country many analysts say has an economic future that currently […]
Private sector employers risk imprisonment for non-compliance with N70,000 minimum wage,FG warns
Post AMUGESeptember 19, 2024
Business a.m. The federal government has issued a strong warning to private employers, stating that failure to comply with the new N70,000 minimum wage could result in imprisonment. Kachollom Daju, permanent secretary of the ministry of labour and employment, affirmed that the minimum wage of N70,000 is now legally enforceable and that all employers must […]
Slowing inflation raises prospects of CBN interest rate halt
Post AMUGESeptember 17, 2024
Business a.m. Nigeria’s inflation rate dropped from 33.40 percent in July 2024 to 32.15 percent in August 2024, according to the latest figures from the National Bureau of Statistics (NBS). This downtrend, analysts believe, can be largely attributed to the moderation of food inflation brought about by the harvest season, and is expected to present […]
Petrol holds Nigerian economy hostage as crisis disarms officials
Post AMUGESeptember 10, 2024
Price hikes destabilise businesses, homes Scarcity drives managers, consumers nuts Economy disconfigured by petrol crisis Ricochet of President’s May 29, 2023 one-liner ONOME AMUGE IN LAGOS, NIGERIA The Nigerian economy is in a hostage situation and petrol, the product from fossil fuel that both government officials and a less discerning general public like to call […]
King’s College Old Boys’ association rallies for a secure Nigeria by 2030 at Kingsweek 2024
Post AMUGESeptember 10, 2024
Onome Amuge L-R: Femi Adegoke, member, board of trustees; Wole Eperokun, alternate chairman, 2024 Kingsweek Planning Committee; Ali A Agada, principal King’s College, Lagos; Tonye Cole, chairman, 2024 Kingsweek Planning Committee; Leke Oshunniyi, president, King’s College Old Boys’ Association; Jani Ibrahim, chairman of the School Based Management Committee; Busuyi Onabolu, member, board of trustees, during […]
Nigeria’s business activity index breaks 13-month losing streak- CBN
Post AMUGESeptember 5, 2024
Business a.m. After a prolonged period of contraction lasting 13 consecutive months, the Nigerian economy finally experienced a turning point in August 2024, with businesses registering an expansion in economic activities, according to the Central Bank of Nigeria’s (CBN) recent Purchasing Managers’ Index (PMI) report. The PMI data for August 2024 indicated an upturn in […]
Nigeria private sector expansion slows to a halt in August-PMI
Post AMUGESeptember 3, 2024
Business a.m. Business conditions in Nigeria’s private sector remained broadly stagnant in August, despite some signs of improvement, according to the Stanbic IBTC Bank Purchasing Managers’ Index (PMI). The PMI inched up to 49.9 in August from 49.2 in July, staying just below the 50.0 neutral mark, indicating that overall operating conditions remained stagnant for […]