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Action id Nigeria, a non governmental organisation committed to poverty reduction in Nigeria, has urged the President Mohammadu Buhari administration to shelve  the planned increase in the value added tax from five percent to 10 percent. Instead, the body recommended that other revenue avenues should be explored as such the removal of petroleum subsidy which […]

The 2019 budget, on Tuesday, encountered a major setback as heads of federal government’s ministries, departments and agencies (MDAs) shunned an invitation by the Joint House Committee on Appropriation, Finance, Aids, Debts and Management, among others. The affected heads of MDAs included Minister of National Planning, Udo Udoma; Minister of Finance, Aisha Ahmad; Group Managing […]

Central bankers in Africa’s largest economies will consider very different conditions when deciding on interest rates over the next seven days than they did two months ago, and will mostly come to the same conclusions. Since the Monetary Policy Committees last met, Ghana’s currency slumped, Nigeria concluded its election, South Africa announced higher-than-expected power-price increases […]

The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate by 50 basis points. This means that the MPR, which is put at 14%, was eased to 13.5%. Announcing the decision of the committee on Tuesday at the apex bank’s headquarters, Godwin Emefiele, the CBN governor, said there […]

Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club, OPEC, and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further. Brent crude oil futures were at 67.48 dollars per barrel at 0747 GMT, up 27 cents, or 0.4 per cent, from their […]

The Federal Government is scheduled to reopen the APR-2023, Mar-2025 and Feb-2028 bonds for subscription by offering investors N40bn each from the Apr-2023 and Mar-2025 bonds and N20bn from the FEB-2028 bond. The FGN bond auction is scheduled to hold this week. The Debt Management Office, on behalf of the federal government, is expected to […]

  Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 per cent, from their last close. U.S. West Texas Intermediate […]

With just one year to the Payment System Vision (PSV) 2020, the Central Bank of Nigeria (CBN) has disclosed that it has commenced a review of the project, just as it hinted of plan to set new targets under a refreshed version tagged PSV 2030. This was revealed by the Deputy Governor, Financial System Stability […]