Category: Economy

In view of challenges facing the banking sector due to unfavourable economic situations, the Central Bank of Nigeria (CBN) said it is considering prescribing a higher level of minimum capital ratio for each bank under the Pillar 2 banking framework on the basis of their respective risk profiles and their risk management systems. This is […]

Oil prices reached a four-year high on Monday with global Benchmark Brent crude jumping more than 3 percent above $80 a barrel. An oil trader Trafigura even predicts that the price could hit $90 by December and $100 in 2019. The increases occurred after Saudi Arabia and Russia ruled out any immediate increase in production […]

The executive chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, said that 6,772 corporate bank accounts will be frozen for defaulting on tax payments. He told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month. Saying the law empowers FIRS to […]

– explains ‘why we changed Skye bank’s name’ – Apex bank reviewing MTN documents for amicable settlement – pegs interest rate at 14% The Central Bank of Nigeria (CBN) has raised the alarm that Nigeria risks sliding back to recession. Addressing journalists at the end of the September, 2018 Monetary Policy Meeting in Abuja on […]

The Central Bank of Nigeria, CBN, has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos. The lower denominations approved by the management of CBN for […]

The Federal Government on Tuesday provided some clarifications on the $2.689 billion Paris Club refund approved for the 36 States of the Federation. The statement by the Federal Ministry of Finance was however silent on the controversies surrounding its alleged recent additional but discriminatory release of over N16 billion to Osun State Government where governorship […]

• How non-passage of petroleum bill stalls sector’s outlook The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised. Nigeria is projected to witness a shortage of crude oil, as new refineries may have to […]

Finance Minister, Mrs Kemi Adeosun – says revenue highest in year’s 2nd quarter since 2014 third quarter The Federal, States and Local Government Areas shared N3.95 trillion from the Federation Account within the first half of this year, the Nigeria Extractive Industries Transparency Initiative (NEITI) announced this on Monday, in its latest edition of Quarterly […]

– say policies, reforms implementation needed urgently Market operators have stressed the need for the Federal Government to step up the implementation of various policies and reforms needed to boost economic growth and ultimately avert another round of recession in the country. The call came as South Africa- Africa’s second largest and most industrialised, this […]

Research highlights need for urgent policy measures Besides the shallow trend of Nigeria’s economic diversification, the trade war between the United States (U.S.) and China is increasing its susceptibility to shocks, given that domestic growth in oil and gas sector remains pressured in the last six months. The trade war, according to FXTM’s research analyst, […]