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FG deducts N256.5bn for gas projects in six months
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FG launches tax exemptions for games, reality shows

The Federal Ministry of Finance has unveiled new regulations aimed at promoting entrepreneurship, academics, technology, and scientific innovation by granting significant tax exemptions on winnings from games of chance and reality shows. Effective from October 1, 2024, these exemptions are designed to stimulate participation in activities that contribute to national development in critical sectors. According […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Fraud losses decline in Nigerian banks in Q1 2024 – Report

The Financial Institutions Training Centre has reported a substantial decrease in financial fraud losses among Nigerian banks for the first quarter of 2024. According to their latest “Report on Fraud and Forgeries in Nigerian Banks for Q1 2024,” the losses to financial fraud plummeted by 77.62% compared to the preceding quarter. In specific figures, Nigerian […]

Economy News

FG disbursed N1.2tn for capital projects in 2023

The Federal Government has released a total of N1.23 trillion to 17 ministries for the implementation of capital projects aimed at furthering development and infrastructure initiatives as of September 30, 2023, according to The Punch. The analysis of the Budget Implementation Report for the third quarter of 2023 released by the Budget Office has shown. […]

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Pension funds surpassed N20tn in May – PenCom

The value of Nigeria’s pension funds climbed by 2.23 percent month on month to N20.23 trillion in May 2024. According to the National Pension Commission’s unaudited report on the pension funds industry portfolio for the period ended May 31, 2024, Pension Funds Administrators’ investment in FG securities remained high and increased during the review period, […]

Economy News

CBN to cut down rate hikes soon – Cardoso

The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso has declared that it will soon be able to cut down increases in benchmark interest rates. This was disclosed by Cardoso on Saturday in Lagos at the launch of a book titled ‘The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks […]

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Afrexim Bank projects Nigeria’s GDP to reach $552bn by 2031

Afrexim Bank projects that Nigeria’s real GDP will reach $552 billion by 2031. This was disclosed in the 2024 Africa Trade Report published by Afrexim Bank. According to the World Bank, Nigeria’s predicted 2031 GDP is around the country’s 2014 GDP of $574 billion, reflecting the recent drop. The report’s GDP forecasts for African countries […]

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FG exempts GenCos, DisCos, from withholding tax payment 

The Federal Government has designated all electrical companies, including generation and distribution companies (GenCos and DisCos), as free from paying withholding taxes in the country. This was disclosed in the new withholding tax regulation document signed by the Minister of Finance, Wale Edun obtained on Sunday, according to Nairametrics. The tax and fiscal policy committee, […]

News

Africa secured $175bn greenfield projects in 2023 – Report 

African countries received $175 billion during greenfield project announcements in 2023. According to the United Nations Conference on Trade and Development’s 2024 World Investment Report, the number of greenfield projects launched in 2023 climbed by 7% to 830, up from 775 in 2022. However, the value of these projected projects fell to $175 billion from […]

Economy News

Demand deposits surges N29.67tn in May – CBN

Demand deposits have jumped by 206.83 per cent from N9.67tn in May 2019 to N29.67tn this year’s May, according to data from the Central Bank of Nigeria’s website. According to the CBN data, the country’s demand deposits increased by 9.31% between May 2019 and May 2020 to N10.57 trillion, amid global economic uncertainty induced by […]

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VFD Group appoints Ibraheem Abe as non-executive director 

VFD Group Plc has announced the appointment of Ibraheem Nahim Abe, current Chairman of Veritas Kapital Assurance, and Hubert Asamoah of VFD Ghana as Non-Executive Directors. This was disclosed in a notice filed by the company’s secretary, Gbeminiyi Shoda with the NGX on Friday. In the public notice, Morenike Ominike, the Chief Operating Officer of […]

News

Nationwide darkness looms, as national grid collapses again

A significant power outage has been reported in numerous states across the country as a result of the national power grid failure. According to The PUNCH, the Enugu Electricity Distribution Company confirmed the incident in a statement, adding that the grid failed around 3:09 p.m. on July 6. In a statement, DisCo said that all […]

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