Absence of Audit Act Impedes audit institutions’  work – Auditors-General

October 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 […]

Buhari reduces ministers’ foreign trips, cuts their estacodes

October 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%

October 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

October 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

October 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

October 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

British Pound

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 […]

Naira closes at N359.3 to dollar at parallel market

Businessam StaffAugust 9, 2019

The Naira on Thursday was sold at N359.3 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N450 and N396, respectively. At the bureau de change (BDC) segment, the naira traded at N359.3 to the dollar, while the Pound Sterling and the Euro closed at N450 and […]

Sterling hits lowest level since April 2017 as disorderly Brexit fears grow

Adesola AfolabiJuly 16, 2019

British Pound

The pound plunged to new lows Tuesday after lackluster U.K. data compounded growing fears of a haphazard Brexit outcome at the end of October. Sterling versus the U.S. dollar weakened 0.7% Tuesday, reaching $1.2418 by late-morning London trade. It hit a 27-month low against the greenback and a new six-month low versus the euro. Against […]