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Economy

Naira value not decided by parallel market, says Emefiele

Written by on 25 November 2020

The Central Bank of Nigeria (CBN) has labeled the foreign exchange parallel market as tainted and a channel for bribery and corruption. CBN Governor Godwin Emefiele took a swipe at analysts who use parallel market figures as the country’s official exchange rate. Emefiele stated this after the Monetary Policy Committee (MPC) meeting in Abuja on […]

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Petrol subsidy not completely gone, says minister

Written by on 24 November 2020

Contrary to widespread belief that the removal of subsidy on petrol by the Federal Government is responsible for its soaring prices, the subsidy has not been completely removed, Minister of State for Petroleum Resources, Timipre Sylva, said on Monday. Speaking on Channels’ Politics Today, the minister said: “We are still trying to manage this bumpy […]

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Lagos-Ibadan rail to begin service December – NRC MD

Written by on 24 November 2020

Managing Director of Nigerian Railway Corporation (NRC), Mr. Fidet Okhiria, has said the Lagos-Ibadan standard gauge rail track will be test-run in the first week of December ahead of its inauguration. Okhiria explained that inauguration of the rail track was different from inauguration of train service. He said train service from Lagos to Ibadan would […]

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Minimum wage earners to be exempted from tax payment – Buhari

Written by on 24 November 2020

President Muhammadu Buhari on Monday announced that minimum wage earners in the country will be exempted from Personal Income Tax payment. Buhari said the plan is one of the proposals in the 2020 Finance Bill pending before the National Assembly. Buhari, in a speech delivered virtually on his behalf by Vice President Yemi Osinbajo, at […]

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Nigeria enters into second recession in five years

Written by on 21 November 2020

Official Figures published on Saturday by the National Bureau of Statistics indicates that Nigeria has entered its second recession in five years. The figures further reveal that the economy shrank again in the third quarter of this year. It was gathered that this year’s recession, occasioned by the economic fallout of the COVID-19 pandemic, is […]

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Nigeria to resume fuel imports from Niger Republic

Written by on 20 November 2020

Nigeria, Africa’s biggest oil producer, is set to resume the importation of petroleum products from a neighbouring country, Niger Republic. The Ministry of Petroleum Resources announced on Thursday in a statement that the two countries signed a Memorandum of Understanding on Thursday for petroleum products transportation and storage. According to the statement, Niger Republic’s Soraz […]

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Naira sinks to 620 against pound, euro rises

Written by on 20 November 2020

The naira tumbled to 620 against the British pound sterling at the parallel market on Thursday, even as the euro rose to N565. The naira fell by 2.1 per cent against the pound from 607 on Wednesday, and by 1.4 per cent against the euro from 560. The local currency was, however, stable against the […]

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There Will Be No Increase In Tax, Minister Says As FEC Approves Finance Bill 2020

Written by on 19 November 2020

The Minister of Finance, Zainab Ahmed, has assured Nigerians that the incremental changes to Nigeria’s tax laws do not mean that there will be an increase in taxes. She gave the assurance on Wednesday, while addressing State House correspondents after the council approved the Finance Bill 2020. The minister explained that the bill will ensure […]

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