Category: Finance - Page 4 - African News Today

<strong>Nigeria To Spend 60% of Revenue On Debt Servicing In 2023 – Finance Minister</strong>

19Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Nigeria To Spend 60% of Revenue On Debt Servicing In 2023 – Finance Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the country intends to reduce its debt service-to-revenue ratio to 60 percent this year. Ahmed stated this during an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos on Wednesday. Recall that Nigeria recorded a debt service-to-revenue ratio of 80.6 percent in 2022 -a figure much higher than World Bank’s suggested 22.5 percent for low-income countries such as Nigeria. The International Monetary Fund, IMF, had predicted that Nigeria may spend almost 100 percent of its revenue on debt servicing by 2026. Commenting on the development, Ahmed while agreeing that the current ratio isn’t sustainable, said that the country is making effort to reduce its revenue spendi...

<strong>Gov Soludo Suspends Taxes on Heavy-duty Loading in Anambra</strong>

19Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Gov Soludo Suspends Taxes on Heavy-duty Loading in Anambra

Governor Charles Soludo of Anambra State has announced the suspension of tax payment for heavy-duty loading and off-loading in the transport sector. The governor also reduced the expected weekly payments of tricycles (Keke), shuttle buses, and other transport operators. Soludo disclosed this on Wednesday when he met transport operators and other key holders at the Prof. Dora Akunyili Women’s Development Centre in Awka, to deliberate and agree on the new modalities. Prior to the meeting, there had been a public outcry against heavy taxation by his administration, especially among transport workers. However, Soludo on Wednesday approved a 30 percent reduction in the weekly taxes payable by commercial Keke and shuttle bus operators in the state. The reviewed rate will see ...

Three Men In Nigeria Richer Than 83m Citizens – Oxfam

18Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Three Men In Nigeria Richer Than 83m Citizens – Oxfam

The latest report released by an international confederation against poverty, Oxfam, has shown that the three most rich men in Nigeria have more wealth than 83 million citizens. The global inequality report was released at the start of the annual World Economic Forum, WEF, meeting in Davos, Switzerland, on Monday. According to the report titled, ‘survival of the richest’, Oxfam said the wealth of billionaires in Nigeria has grown by a third since the start of COVID-19 pandemic without a corresponding increase in health budgets. It also stated that the richest 0.003 percent of Nigerians (6,355 individuals worth $5 million and above) have 1.4 times more wealth than 107 million of the country’s citizens. Oxfam said a wealth tax of 2 percent on the millionaires, 3 perce...

<strong>How ‘Yahoo Boy’ Lured Me Into Nigeria – US Victim</strong>

14Jan

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria

How ‘Yahoo Boy’ Lured Me Into Nigeria – US Victim

Vonapolouis Moss, a United States citizen has narrated to the Kwara State Police Command how she was lured into Nigeria by a 23-year-old suspected internet scammer otherwise known as “yahoo boy”. Moss who lives at 2962, W 64th Court, Merrillville, Indiana 46410, USA stated that she was tricked into the country on January 9, 2023, by the suspect, said to be a yahoo boy who defrauded her of thousands of dollars since her arrival. She added that she met him on TikTok, a social media platform and he claimed to be an American by the name of Howard Adams and is currently working in Nigeria, claiming to need 1,000 USD which she was first ripped off. The state police command while giving an insight into the incident said the suspected fraudster identified as Joshua Awoleye, a Higher ...

<strong>Why Lagos-Ibadan Expressway Construction Has Delayed – Fashola</strong>

13Jan

By Mary UgwuanyiNo Comments

Finance, Infrastructure, News, Nigeria

Why Lagos-Ibadan Expressway Construction Has Delayed – Fashola

Babatunde Fashola, the Minister of Works and Housing has said that the challenge of insufficient funds and the hike in the price of construction materials were behind the delay in completion of the Lagos-Ibadan Expressway. The Minister blamed the past administration for neglecting critical infrastructure. He stated this when he featured on the Television Continental programme, Your View, where he said crash barriers returned to the site because of the volume of vehicles plying the road, as he asked for patience and cooperation with the contractors. Fashola assured that the last mile of the project would be completed in the first quarter of 2023. He said, “Let me first appreciate commuters who use that road, a major transport artery in Nigeria for their understanding. Thi...

<strong>Redesigned Notes Stain Plain White Surfaces – NSPM</strong>

7Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Redesigned Notes Stain Plain White Surfaces – NSPM

The Nigerian Security Printing and Minting Plc, NSPM, has enlightened Nigerians on some features of the newly redesigned naira notes in order to clarify concerns about the quality of the notes. The Managing Director of NSPM, Ahmed Halilu, in a statement released on Friday, stressed the need to educate citizens on the features of the new notes. The statement partly read, “The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns, and comments on various platforms regarding the quality of the redesigned banknotes that were recently unveiled and issued by the Central Bank of Nigeria. “As the nation’s foremost security printing and minting company saddled with the responsibility of producing the country’s currency (naira), we...

<strong>EFCC Uncovers N13bn Illegal Fuel Subsidy Payments</strong>

4Jan

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria

EFCC Uncovers N13bn Illegal Fuel Subsidy Payments

The Economic and Financial Crimes Commission, EFCC, has recovered an estimated N13bn as proceeds of illegal payments made under the subsidy regime between 2017 and 2021. This was contained in the National inherent risk assessment of money laundering and terrorist financing in the Nigerian extractive sector document obtained by Punch from the website of the Nigeria Financial Intelligence Unit. The report partly read, “The Economic and Financial Crimes Commission, the agency responsible for the investigation and prosecution of fraudulent subsidies in the oil and gas in Nigeria recovered N12,998,963,178.29 as proceeds of illegal payment made under the subsidy regime between 2017 and 2021.” A breakdown of the figures shows that approximately N4.67bn was recovered in 2017, N4.29bn...

<strong>BREAKING: Buhari Signs N21.83 Trillion 2023 Budget</strong>

3Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

BREAKING: Buhari Signs N21.83 Trillion 2023 Budget

President Muhammadu Buhari has signed the 2023 Appropriation Bill into law. The President signed the 2023 transition budget in the early hours of Tuesday at the Council Chambers of the Presidential Villa, Abuja. The budget was signed in the presence of the Vice President, Yemi Osinbajo, Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council. President Buhari in his speech at the event said his administration would expedite important infrastructure projects across the country as he approaches the end of his tenure on May 29, 2023. He said that the budget is N21.83 trillion aggregate expenditure, marking an increase of N1.32 trillion over the previous executive proposal of N20.51 trillion. ...

<strong>Buhari Set To Sign 2023 Budget On Tuesday – Lawan</strong>

31Dec

By Mary UgwuanyiNo Comments

Finance, Legislature, News, Nigeria

Buhari Set To Sign 2023 Budget On Tuesday – Lawan

The 2023 appropriation bill will on Tuesday, January 3, 2023, be signed into law by President Muhammadu Buhari. This was disclosed by the Senate President, Ahmad Lawan, to state house correspondents after meeting with Buhari on Friday. This follows the passage of a 21.83 trillion budget for the 2023 fiscal year by the house of representatives and senate. Both chambers of the national assembly increased the budget spending by N1.33 trillion from the proposed N20.51 trillion to N2.83 trillion. President Buhari had proposed a $70 per barrel oil benchmark but the legislators while passing the medium-term expenditure framework (MTEF), raised it to $73 per barrel. Other parameters included daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,...

<strong>CBN Reviews Cash Withdrawal Limit After Criticism</strong>

22Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

CBN Reviews Cash Withdrawal Limit After Criticism

The Central Bank of Nigeria, CBN, has reviewed the maximum weekly cash withdrawal limit across all channels by individuals and corporate oganisations to N500,000 and N5 million, respectively. This is contained in a statement issued by the bank’s Director of banking supervision department, Haruna Mustafa, on Wednesday. This comes two weeks after the apex bank reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000. Recall that the CBN also reduced withdrawals at automated teller machines, ATMs, and point-of-sale terminals to N20,000 per day. The policy elicited criticism from Nigerians from different walks of life. While some believe it portends negative impact on small businesses, others praise i...