The Nigeria Employers’ Consultative Association has stated that the country has been losing about $2.5bn monthly for failing to meet the 1.8m barrel per day crude oil production allocation by the Organisation of Petroleum Exporting Countries. In a statement, the Director-General of NECA, Adewale-Smatt Oyerinde, claimed that though the country’s crude oil production grew by…
The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (1000, 500, 200) available for them via Automated Teller Machines (ATMs). The Branch Controller, CBN, Lagos State, Mr Koyor Baribokola, gave the assurance when the apex bank took its sensitisation tour on the new naira notes…
The Central Bank of Nigeria’s cash withdrawal limit policy for individuals and corporate entities will take effect today. Recall that the apex bank took a new decision on its cash withdrawal policy. Under the reviewed Policy, individuals can only withdraw a maximum of N500, 000, while corporate organisations can draw N5 million cash weekly. Also,…
The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which take effect from January 9, 2023. According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from…
The Federal Inland Revenue Service (FIRS) Group Lead, Digital and Innovation Support Group, Mrs Chiaka Ben-Obi was recently recognised in Boston, United States, where she emerged winner of the 2023 ISACA Technology for Humanity Award. The ISACA community proud of her progress, congratulated her on her selection as the recipient. The letter reads in part,…
The Federal Inland Revenue Service (FIRS) has remitted over N309 billion from education taxation to the Tertiary Education Trust Fund (TETFund). The revenue generated by FIRS from across tertiary education institutions in the country between January and September 2022 exceeded the N305 billion budgeted for the full year. Chairman of FIRS, Muhammad Nami, disclosed this,…
Nigeria’s fiscal position worsened in the first four months of the year as the cost of repaying debt surpassed the government’s revenue in the first quarter of 2022.According to details of the 2022 fiscal performance report for January through April, Nigeria’s total revenue stood at N1.63 trillion while debt servicing stood at N1.94 trillion, showing…
The Federal Inland Revenue Service (FIRS) has responded to queries by the Special Adhoc Committee on Petroleum Subsidy Regime tasked to investigate petroleum products subsidy in Nigeria, that its role is purely the collection of revenue for government and not keeping records of how the monies are expended. Speaking at the Committee sitting, the Executive…
