Nigeria’s inflation drops to 21.34% in December

January 16, 2023

Nigeria’s inflation drops to 21.34% in December

By Onome Amuge Nigeria’s inflation rate fell for the first time in 11 months to 21.34 per cent , a significant decrease of 0.13 per cent compared to 21.47  per cent recorded in the previous month of November 2022, according to the latest  Consumer Price Index (CPI) report released by the National Bureau of Statistics […]

Analysts weigh in on economic, political outlook, see GDP deceleration

January 3, 2023

Analysts weigh in on economic, political outlook, see GDP deceleration

BY BEN EGUZOZIE  Election Year 2023 EIU, AfDB in number crunching As Nigeria enters into national elections this year, beginning with presidential poll in quarter one, international analysts group, the Economist Intelligence Unit (EIU), and the pan-African development finance institution,  the African Development Bank (AfDB) have predicted an economic and political outlook of instability, with […]

LPLEL affirms Lekki Port readiness for operation

December 27, 2022

LPLEL affirms Lekki Port readiness for operation

By Innocent Obasi Lekki Port LFTZ Enterprise Limited (LPLEL) has said the first phase of the Lekki Deep Sea Port is ready for official commissioning and commercial operations. Du Ruogang, the managing director of LPLEL made this disclosure recently at an end-of-the-year media conference held in Lagos. This comes as the port’s promoters have started […]

Sweetened beverages production dips on Nigeria’s excise tax policy

December 27, 2022

Sweetened beverages production dips on Nigeria’s excise tax policy

BY ONOME AMUGE  Staggering from the blows of a dwindling revenue that has weakened its ability to meet its obligations, the Nigerian government has in recent times turned frantic and employed desperate measures to shore up revenue, including raising excise duties levied on the production of sugar-sweetened beverages and tobacco. The federal government raised specific […]

FGN grows VAT, CIT revenue by 25%, generates N3.5trn

December 20, 2022

FGN grows VAT, CIT revenue by 25%, generates N3.5trn

Onome Amuge   The federal government’s revenue from Value Added Tax (VAT) and Company Income Tax (CIT) grew 25 per cent, year-on-year, to N3.47 trillion  in the first three quarters of the year from N2.77 billion in the corresponding period of 2021.   The report, recently published by the National Bureau of Statistics (NBS), showed […]

CBN threatens to revoke banks’ forex licence over diaspora remittances in naira

December 20, 2022

CBN threatens to revoke banks’ forex licence over diaspora remittances in naira

By Onome Amuge   The Central Bank of Nigeria (CBN) threatened to withdraw foreign exchange dealership licences of banks that partner with International Money Transfer Operators (IMTOs), in violation of its directive that beneficiaries of diaspora remittances should be paid in their preferred currency. The warning, issued in a circular signed by Ozoemena Nnaji, the […]

Analysts call on CBN to tweak strategy as inflation defies MPC

December 19, 2022

Analysts call on CBN to tweak strategy as inflation defies MPC

BY ONOME AMUGE    Nigeria, Africa’s largest economy, has been bedevilled by a worrisome rate of consumer price index, a measure of the inflation that has consecutively held tight to the country’s economic jugular.   The National Bureau of Statistics (NBS) in releasing its November 2022 inflation report, reported that Nigeria’s headline inflation continued its […]