The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the incoming administration to increase the Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent, saying this would stimulate the country’s economic growth. The minister made the call during a courtesy visit to the headquarters of VON…
Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria will release the old notes in its custody. This came about 24 hours after the CBN Governor, Godwin Emefiele, announced that old N1,000, N500 and N200 notes remained…
An increase in failed payment transactions in February caused a 4.83 per cent decrease in the value of cashless transactions to N37.67tn from the N39.58tn that was recorded in January 2023. This came as the usage of epayment gateways recorded a 41.29 per cent month-on-month increase according to new data from Nigeria Inter-Bank Settlement System….
Nigeria’s economy is grinding to a halt and has lost about N20tn following the over 70 per cent mop-up of cash by the Federal Government through the Central Bank of Nigeria, a new report by an economic think tank, Centre for the Promotion of Private Enterprise said on Sunday. It said the protracted acute cash…
Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude…
The Federal Government recorded N7.34tn fiscal deficit between January 2022 and November 2022, according to figures obtained from the Central Bank of Nigeria. The CBN revealed this in the statement presented by a member of the Monetary Policy Committee, Mike Obadan, at the last MPC meeting in January Speaking on the fiscal operations of the…
As a reflection of increased activities in the information and communication technology (ICT) space, especially on the back of the outbreak of COVID-19, Company Income Tax (CIT) from ICT firms soared Year-on-Year (YoY) by a huge 147.30 percent in the third quarter ended September 30, 2022 (Q3’22). The National Bureau of Statistics (NBS) Company Income…
The total amount of currency-in-circulation in the country dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023 as a result of the naira redesign policy of the Central Bank of Nigeria. Figures obtained from the CBN showed this represents a drop of N1.91tn in the…
