ATM usage plunges to 40% amid naira scarcity – KPMG
Post AMUGEJanuary 9, 2024
Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs). According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]
Emefiele says Naira 4 dollar policy will give Nigerians in the diaspora cheaper and convenient means to sending remittances home
Online EditorMarch 9, 2021
Policy to exist for just 60 days in a bid to check round-tripping Charles Abuede Nigeria’s apex bank Governor, Godwin Emefiele has said that the introduction of the “CBN Naira 4 Dollar Scheme” which comes into effect on Monday, March 8, 2021, is aimed at reducing the cost of remittance inflow, check the […]
Absence of Audit Act Impedes audit institutions’ work – Auditors-General
Tola AkinmutimiOctober 31, 2019
ByTola Akinmutimi Delegates to the 49th conference of body of federal and state auditors-general in Nigeria have identified the absence of an audit act, which will guarantee administrative and financial autonomy for the office of the Auditor-General for the Federation, and enhance its efficiency and effectiveness, as the most critical challenge currently facing audit institutions […]
Nigeria govt. turns sight on fizzy drinks in search of revenue, to impose tax on Coke, 7up, Bigi
Samson EchenimOctober 19, 2019
By Samson Echenim with agency report In its latest move among series of policies targeted at boosting revenue, the Nigerian government has disclosed plans to impose tax on soft drinks. Zainab Ahmed, minister of Finance, Budget and Planning, told journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund […]
Buhari reduces ministers’ foreign trips, cuts their estacodes
Businessam StaffOctober 16, 2019
President Muhammadu Buhari has reduced the number and duration of foreign trips for ministers and other categories of government officials in a move described as ‘cost-saving measure’ to achieve fiscal prudence. In a statement signed by Willie Bassey, the director of information at the office of the Secretary to the Government of the Federation, the President also removed […]
MMA Customs revenue generation for September rises by 25%
Samson EchenimOctober 10, 2019
By Samson Echenim Revenue generation by the Murtala Mohammed Airport area command of the Nigeria Customs Service for September 2019 hit N4.99 billion, up from N3.97 billion generated in the same month in 2018, showing an increase of 25 percent. The command, in a statement on Tuesday, said it exceeded its monthly revenue target with […]
FG initiates new measures to boost mining sector revenue
Tola AkinmutimiOctober 8, 2019
By Tola Akinmutimi The federal government on Tuesday hinted that it had initiated some policy measures to ensure that revenue leakages from the nation’s mining sector were plugged and also make the industry more investment-friendly. Olamilekan Adegbite, the minister for mines and steel development, gave this hint during a roundtable session at the ongoing […]
Fowler: FIRS targets 45m taxpayers by December
Businessam StaffOctober 3, 2019
Federal Inland Revenue Service (FIRS) says about 45 million Nigerians will be captured as taxpayers before December 2019. Babatunde Fowler, chairman, Joint Tax Board (JTB), said this on Thursday in Ilorin at the flag-off of the new Tax Identification Number (TIN) registration system and consolidated national taxpayers’ database for North Central zone. “Over the last […]
Trade War: World GDP growth to hit eight-year low in 2020
Omobayo AzeezOctober 2, 2019
By Omobayo Azeez The outlook for the global economy has deteriorated significantly due to the escalation in the US-China trade war, Fitch Ratings says in its new Global Economic Outlook (GEO). Consequently, the firm forecast world growth next year to fall to the lowest rate since 2012. “There can be few precedents since the 1930s […]
Pound falls as Johnson seeks parliament suspension before brexit
Businessam StaffAugust 28, 2019
The pound slid as prime minister Boris Johnson sought to suspend the U.K.’s Parliament, raising the risk of a no-deal Brexit. Sterling was the worst performer among major currencies as Johnson confirmed an earlier BBC report, while U.K. government bonds rallied on expectations of an earlier Bank of England interest-rate cut. With the U.K. set […]