Nigerian govt. Dumps China Pursues $14.4 billion Rail Loan From Standard Chartered
The Nigerian government is dependent on Standard Chartered Plc for funding as it moves on with the purpose of developing two key rail lines in the country’s south, a divergence from its original resolve to source the loan from a syndicate of lenders based in China. It is now in the midst of negotiation with […]
Nigeria’s Total Debt Increases By N191bn In The First Quarter Hit N33.tn
Nigeria’s total debt stock rose by N191bn in the first quarter of this year, according to the figures released by the Debt Management Office on Wednesday. The DMIO said the debt stock rose to N33.107tn as of the end of March 2021 from N32.916tn in December 2020. It said the country’s external debt however reduced […]
Increase In Import Duty From N381 To N404/$ – CBN
The Central Bank of Nigeria (CBN) has increased import duty on cargoes imported into the country by N23 after the apex bank hiked the exchange rate from N381 to N404.97 per dollar. Experts believe such an increase will lead to a hike in the prices of goods imported into the country. The CBN, yesterday, officially […]
Trump Calls Bitcoin ‘a Scam Against the Dollar’
Former US President Donald Trump has told Fox Business that he sees Bitcoin as a “scam” affecting the value of the US dollar. “Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.” He added that he wanted the dollar to be “the […]
Nigeria, Others Lost $1tn Oil Revenue In Two Years – OPEC
Nigeria and other members of the Organization of the Petroleum Exporting Countries lost about $1tn in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit in Abuja on Monday, said oil sector investments during the period crashed by […]
Bread Price Could Be Increased By 30%- AMBCN Abuja
The association of master bakers and caterers of Nigeria (AMBCN), Abuja chapter yesterday complained of the high cost of raw materials for bread production. Thereafter, the association said there may be a 30 percent increase in the price of bread to avoid the shutdown of bakeries. Mr. Ishaq Abdulkareem, chairman AMBCN, noted that the looming […]
FIRS Launches TaxPro-max
As part of its efforts at remodeling tax administration in the country, the Federal Inland Revenue Service (FIRS), has introduced a new tax administration solution (TaxPro-Max) for ease of tax compliance. In a statement, FIRS chairman, Mr. Muhammad Nami, said “TaxPro-Max enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as […]
Standard Chartered Ready To Introduce Cryptocurrency Exchange Services
Standard Chartered Plc has said it ready to introduce cryptocurrency exchange and brokerage service. The bank said its innovation arm, SC Ventures, would establish the platform. The move will be a combined investment between SC Ventures and BC Technology Group, a Hong Kong-based investment company specializing in digital assets, according to Bitcoin.com. BC Technology operates […]
Nigerian Industrialist Elumelu Unveils New Insurance Companies
The doors of Heirs Insurance Limited and Heirs Life Assurance Limited were on Tuesday officially opened for business in Lagos. The ceremony also saw the unveiling of the Heirs Towers, a new edifice by Heirs Holdings. The event had in attendance, the Governor of Lagos State, Mr. Babajide Sanwo-Olu; the Commissioner for Insurance, Mr. Sunday […]
The Surging Cost Of Servicing Debt Reflect On FG’s Revenue Profile – PwC
PricewaterhouseCoopers (PwC) has it that the rising cost of servicing debt continues to reflect on the Federal Government’s revenue profile. This report was titled ‘Nigeria Economic Alert: Assessing the 2021 FGN Budget.’ According to this report, the Federal Government keeps spending a huge amount of its revenue to service debt, and the debt-to-revenue ratio in […]
