Business

Federal Government has promised to further strengthen the 50-year old business relations between Nigeria and China. A statement by Special Adviser to the President, Ajuri Ngelale, on Thursday, said President Bola Tinubu gave the assurance on Thursday in Abuja, while receiving the Vice Minister of Foreign Affairs of the People’s Republic of China, Chen Xiaodong. According to the president, it is a new beginning, a relationship that has lasted over […]

The Central Bank of Nigeria (CBN) has sold one-year Treasury Bills (T-Bills) at a stop rate of 22.1% during its July auction. According to the auction result, the total amount offered by the CBN in this auction was N277.96 billion spread across the different tenors, representing an increase of 21.53% from N229.72 billion offered in the previous auction of June 26, 2024. The total subscription amount for these tenors combined […]

The Nigerian senate yesterday passed the amendment bill of the 2023 Finance Act and increased the windfall levy on banks’ foreign exchange revaluation gains from 50% as proposed by the President to 70%. The Chairman of the Senate Committee on Finance, Sani Musa read the report of the Committee on Finance before it was finally passed, stating that the levy shall be 70% of the realised profits of all exchange […]

Former Minister of Education Oby Ezekwesili's on Wednesday call for an independent audit of the dealings between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery highlights concerns over transparency and accountability. The revelation by Aliko Dangote that NNPC's equity in the refinery is only 7.2 percent, rather than the expected 20 percent, raises questions about the financial and contractual processes involved. Ezekwesili's on her X, emphasis on […]

The federal government says the proposed 50 percent windfall tax on banks’ foreign exchange gain in 2023 would be a recovery plan to balance the country’s economy. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji disclosed this on Monday at the Senate Committee on Finance, in the company of the Minister of Finance, Wale Edun. He noted that while the banking sector declared FX gains, the manufacturing sector […]

International Monetary Fund (IMF) has cut its forecast for Nigeria’s economic growth in 2024 to 3.1 per cent. The downgrade is contained in a newly released report ‘in the July 2024 World Economic Outlook’ published on Tuesday as the financial institution cited a weaker growth recorded in the first quarter of the year, Q1’24 as reason for the new forecast. The downgrade followed weaker-than-expected Gross Domestic Product, GDP, and growth […]

The naira appreciated on Tuesday for the first time in the week. Reported data showed that the naira gained slightly to N1,576.66 against the dollar at the forex market on Tuesday from N1,577.29 traded on Monday. Meanwhile, on the black market, the naira slumped further, losing N25. Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said the naira depreciated to N1,585 per dollar on Tuesday from N1,560 […]

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Ogbonnaya Orji, has disclosed that the country lost $1.84bn worth of petroleum products from refineries in nine years. Orji stated this at the opening ceremony of the 2024 NEITI board retreat/meeting in Lagos. According to him, 4.2 billion litres of petroleum products were lost from the refineries as a result of oil theft between 2009 and 2018, and this was […]