Tag: Finance - Page 14 - African News Today

Fuel Subsidy: Why Buhari Should Be Impeached – Sanusi Lamido

27Oct

By Obiajulu Joel NwoluNo Comments

Finance, Judiciary, News, Nigeria

Fuel Subsidy: Why Buhari Should Be Impeached – Sanusi Lamido

The dethroned emir of Kano and former Central Bank of Nigeria’s Governor, Muhammadu Sanusi, has stated that the constitution allows President Muhammadu Buhari to be impeached for paying millions of dollars on fuel subsidies without appropriation. Sanusi stated this while speaking virtually as a panelist on Sustainable Development Goals (SDGs) at the just concluded Nigerian Economic Summit held in Abuja. “Every year, the government spends millions upon millions of dollars on fuel subsidies without appropriation. Under the constitution, this is enough ground to impeach the President. “But nobody is holding them to account. The National Assembly is not holding them to account,” he said. The former CBN governor said the federal government’s populist approach was hurting the nation....

Buhari Unveils Enaira, MDAs May Collect Revenues, Pay In E-Currency

26Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Buhari Unveils Enaira, MDAs May Collect Revenues, Pay In E-Currency

President Muhammadu Buhari, on Monday, unveiled the Central Bank of Nigeria’s digital currency, also known eNaira, in a keynote event attended by top government functionaries at the State House, Abuja. He said Nigeria’s Central Bank Digital Currency and its underlying blockchain technology could increase the nation’s Gross Domestic Product by $29bn over the next 10 years. In his address, the President said the e-currency would help increase remittances, foster cross-border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes. Read Also: Rivers Not Fighting FG on VAT –Wike According to him, the digital currency will help move many more people and businesses ...

EFCC Detains Anyim Over N780m Aviation Ministry Fund

25Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

EFCC Detains Anyim Over N780m Aviation Ministry Fund

The Economic and Financial Crimes Commission has detained a former Secretary to the Government of the Federation, Anyim Pius Anyim, in connection with the ongoing probe of a former Minister of Aviation, Senator Stella Oduah. Anyim, it was learnt, was grilled on Sunday for several hours in connection with the fund which was traced to a company in which he was a director. He reportedly arrived at the EFCC office in the afternoon on Sunday and was quizzed for over six hours. Sources said Anyim, who is still in custody late on Sunday night, may be detained till Monday. Read Also: Pandora Papers: EFCC Opens Probe Of Obi, Oduah, NPA Boss, Others The detention of the former SGF is coming days after Oduah was named in the Pandora Papers as one of 10 Nigerians hiding their wealth in ...

25Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Rivers Not Fighting FG on VAT –Wike

Against the backdrop of the legal tussle over Value Added Tax collection, the Governor of Rivers State, Nyesom Wike, has said the state has no intention to fight the Federal Government. Wike said this during a public lecture on ‘Taxing powers in a federal system’, held on Saturday to mark the 60th birthday of a lawyer, Ahmed Raji (SAN). The governor, who was represented by Rivers State Attorney-General and Commissioner for Justice, Prof. Zacchaeus Adangor (SAN), said, “I have heard a lot of comments been made that we are fighting Federal Government; there is no desire or any intention of the Rivers state government to fight the Federal Government. But you must remember that in a federal system, the states are not house boys of the Federal Government. Read Also: FG Considers Taking...

CBN Introduces N500m Grant For Undergraduates, Graduates

21Oct

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

CBN Introduces N500m Grant For Undergraduates, Graduates

The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment. The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said. It added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well ...

Pandora Papers: EFCC Opens Probe Of Obi, Oduah, NPA Boss, Others

18Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Pandora Papers: EFCC Opens Probe Of Obi, Oduah, NPA Boss, Others

There are indications that the Economic and Crimes Commission has commenced investigations into the alleged tax evasion by some Nigerians named in the Pandora Papers. It was gathered that a former governor of Anambra State, Peter Obi, has already been summoned for questioning by the commission over his secret assets and financial deals exposed in the Pandora Papers. Apart from Obi, the acting Managing Director, Nigerian Ports Authority, Mohammed Bello-Koko; and a former minister and serving senator, Stella Oduah, mentioned in the report are also being probed. Others include Governor Abubakar Bagudu of Kebbi State, Governor Gboyega Oyetola of Osun State as well as his associates including former Lagos State Governor, Bola Tinubu, and Ogun State Governor Dapo Abiodun. Read Aso: 1...

FIRS To Spend N2.8bn On Uniforms, N550m On Meals

17Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FIRS To Spend N2.8bn On Uniforms, N550m On Meals

The tax body has also budgeted about N550m for refreshments and N200m for sporting activities. The FIRS, which is one of the highest revenue-generating government bodies, set aside N262.5m for security votes while N17.8bn would be spent on “miscellaneous” expenses. The details are included in the 2022 budget proposal the agency submitted separately to the National Assembly. Already, there are concerns over the cost of governance and the percentage of the annual budget that goes into recurrent expenditure. Read Also: Naira Dips To Record Low At Official Market In the 2022 budget proposal the President, Major General Muhammadu Buhari (retd.), presented to the joint section of the National Assembly on October 7, a whopping N4.69tn out of the total N16.39tn budget was appropriated ...

Naira Dips To Record Low At Official Market

15Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Dips To Record Low At Official Market

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday. At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1. Read Also: Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday. At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market. The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website. In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitima...

Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo

12Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo

Vice-President Yemi Osinbajo says that Nigeria cannot get new dollars into the system when the exchange rate is “artificially low.” Osinbajo said this on Monday in Abuja at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organised to assess progress made towards the achievement of the nine key priorities of the Buhari administration. Osinbajo, who said the artificially low exchange rate was a deterrence to investors from bringing foreign exchange into the country, noted that, “As for the exchange rate, I think we need to move our rates to be as reflective of the market as possible. This, in my own respective view, is the only way to improve supply. “We can’t get new dollars into the system where the exchange rate is artificially low. And everyone knows by ...

Budget Deficit Rises to N20.64tn Under Buhari

11Oct

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Budget Deficit Rises to N20.64tn Under Buhari

The budget deficit has risen to N20.64tn under the president, Muhammadu Buhari, according to analysed data from the budget office. The data covered periods from 2016 to 2020. According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits. According to Investopedia, a budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. The budget office said the Federal Government generated a revenue of N3.42tn to fund the budget in 2020. It said total government spending for the year was N10.02tn, 0.43 per cent above the N9.97tn budgeted. Hence, the budget deficit for the year was N6.59tn (14.17 per cent of the 2020 GDP), and this was partly financed through domestic borrowing of N2.06t...