Nigeria targets N19.4 trillion in tax revenue for 2024
Post AMUGE
January 25, 2024
Business a.m The Federal Government of Nigeria has set a tax revenue target of N19.4 trillion naira for the year 2024, following the record N12.37 trillion naira in tax revenue by the The Federal Inland Revenue Service (FIRS) in 2023, which surpassed the original target of N10.7 trillion naira. In a speech at the Federal […]
Ondo governor,Aiyedatiwa sacks SSG, commissioners appointed by Akeredolu
Post AMUGEJanuary 24, 2024
Business a.m Lucky Aiyedatiwa, the Ondo State governor, has taken the decision to dissolve the State Executive Council (SEC) with immediate effect. A statement issued by Ebenezer Adeniyan, the governor’s chief press secretary, directed all members of the cabinet to hand over their duties to the permanent secretaries or the most senior administrative officers in […]
FAAC shares N1.1 trillion in December revenue among federal govt, subnationals
Post AMUGEJanuary 24, 2024
Business a.m The Federation Account Allocation Committee has disclosed that N1.13 trillion was disbursed to the federal government, states, and local government councils in December 2023. This represents an increase of N500 billion compared to the N1.08 trillion shared in November 2023. The FAAC provided details of the N1.13 trillion total distributable revenue in a […]
S&P forecasts further naira depreciation in 2024 amid economic headwinds
Post AMUGEJanuary 22, 2024
Onome Amuge As the New year dawns, Standard and Poor’s (S&P) Global Ratings have issued a bleak outlook for the naira, warning that a depreciation in the Nigerian currency is on the horizon. S&P, in its Nigerian Banking Outlook 2024, noted that the dismal forecast is driven by the country’s stagnant foreign exchange (FX) reserves, […]
Federal High Court nullifies N800bn Rivers budget signed by Governor Fubura
Post AMUGEJanuary 22, 2024
Business a.m The Federal High Court in Abuja has nullified the Rivers State House of Assembly approval of an N800 billion budget and its subsequent signing into law by Siminalayi Fubara, the state’s governor. Justice James Omotosho, in his ruling, found that the budget had not been properly presented before the state’s legislature, rendering it […]
Think tank urges FG to scrap domestic crude allocation to stabilise naira, shore up FX reserves
Post AMUGEJanuary 16, 2024
Onome Amuge In an effort to find workable solutions to pressing national challenges, Agora Policy, a Nigerian think tank committed to finding practical solutions to urgent national challenges, has urged the federal government to cancel the domestic crude allocation (DCA) policy, which it argues has been a drain on the economy and has done little […]
Nigeria’s inflation rises in 12th consecutive month to 28.92% in December
Post AMUGEJanuary 15, 2024
Business a.m Nigeria’s inflation rate rose for the twelfth consecutive month , with the headline inflation rate rising to 28.92 per cent in December 2023 from 28.20 per cent in November 2023,according to the latest consumer price index (CPI) report published by the Nigerian Bureau of Statistics (NBS). Looking at the movement, the December […]
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. […]
Nigeria shuts 18 foreign varsity campuses over fake degree scandal
Post AMUGEJanuary 3, 2024
The Federal Government of Nigeria has banned 18 foreign universities from operating in the country after allegations that they were being used by Nigerians to acquire fraudulent university certificates. The affected institutions include five from the United States, six from the United Kingdom, and three from Ghana. The National Universities Commission (NUC) explained that the […]
Nigeria suspends validation of degrees from Benin,Togo universities over fake results
Post AMUGEJanuary 2, 2024
Business a.m The federal government of Nigeria has suspended the evaluation and accreditation of degree certificates from the neighbouring countries of Benin and Togo,in light of recent concerns about the integrity of academic credentials issued by these countries. The statement highlighted the various ways in which individuals have been attempting to fraudulently obtain academic degrees […]