Tag Archives Finance

Nigeria Lost N10.72trillion To Twitter B...

Nigeria Lost N10.72trillion To Twitter Ban — LCCI

The Nigerian economy lost N10.72trillion to the suspension of microblogging platform, Twitter, the Lagos Chamber of Commerce and Industry said. The figures were disclosed in a statement issued on Friday by Chinyere Almona, Director-General, LCCI. “In business terms, the cost of the seven-month... read more »

Standard Chartered Bank To Shut Down Hal...

Standard Chartered Bank To Shut Down Half Of Nigeria Branches

Standard Chartered Plc says it is closing about half of its Nigerian branches in a pivot to digital banking. The decision was reached following the finance industry coming under pressure from mobile money providers. The London-listed lender’s local unit has already started to shut some offices in... read more »

Nigerian Senate
Senate Probes N14.7bn PHCN Privatisation...

Senate Probes N14.7bn PHCN Privatisation Fund In Secret Accounts

The Senate Committee on Public Accounts has begun an investigation of N14.7bn proceeds of privatisation of the defunct Power Holding Company of Nigeria allegedly hidden in commercial banks by the Bureau of Public Enterprise. The committee is acting on an audit query in the ‘Auditor-General for... read more »

Debt Servicing Gulps 76% Of Revenue

Debt Servicing Gulps 76% Of Revenue

The Federal Government on Wednesday disclosed that it spent N4.2tn on debt servicing between January and November 2021. This sum represents 76.2 per cent of the N5.51tn revenue generated during the period under review. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed... read more »

Nigerian Manufacturers’ Association Kick...

Nigerian Manufacturers’ Association Kicks Against Imposition Of Taxes On Ca...

The Manufacturers Association of Nigeria (MAN) has kicked against the imposition of taxes on soft drinks. The association warned that excise duty would lead to 0.43 per cent contraction in output and 40 per cent drop on industry revenues in the next five years. The Minister of Finance and Budget... read more »

Ahmed-Kuru

AMCON Lists 7,912 Names Owing N4.4tn As Deadline Expires Today

The Asset Management Corporation of Nigeria is set to publish the names of 7,912 debtors owing it a total of N4.4tn, it has been learnt. The move follows the expiration of the 30-day... read more »

Buhari Signs Budget

Budget: National Assembly Faults Buhari, Insists On 6,576 Extra Projects

Members of the National Assembly have insisted on the amendments made to the 2022 Appropriation Bill, including the reduction of allocation to 10,733 projects and insertion of 6,576 new... read more »

Buhari Signs 2021 Budget

BREAKING: Buhari Signs N17.126trn 2022 Budget Into Law, Laments ‘Worrisome Changes’

President Muhammadu Buhari, Friday in Abuja signed into law the 2022 Appropriation Bill and the 2021 Finance Bill. The President signed the documents in the Presidential Villa in the... read more »

Adolphus Aghughu

Auditor General Queries Ministry’s N3.8bn Spending From Suspended RUGA Fund

The Office of the Auditor-General of the Federation has queried the Federal Ministry of Agriculture for spending a total sum of N3.809bn on the suspended Rural Grazing Area scheme without a... read more »

BREAKING: National Assembly Transmits 2022 Budget To Buhari For A...

The National Assembly has transmitted the 2022 Appropriation Bill to President Muhammadu Buhari, for assent. The House of Representatives and the Senate passed the Federal Government’s budget on... read more »