Economy
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External reserves drop to $35.78bn amid dwindling global oil price
Nigeria’s external reserves depleted to $35.78billion as of March 23, 2023, reaching its lowest since September 2021. The new low figure has been attributed to the Central Bank of Nigeria (CBN) intervention in the foreign exchange market and drop in global oil price. In March, the external reserves dropped to $35billion despite opening in the month under review at $36.68billion.…
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NCC-CSIRT warns of pirated YouTube software-related malware
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has warned those looking to acquire pirated software and resources that they risk becoming victims of cybercriminal gangs that are using AI-generated YouTube videos to distribute malware. NCC-CSIRT further warned in its advisory that the consequences of falling victim can be significant for individuals and organizations, resulting in critical damage…
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CBN confirms evacuation of naira notes, directs banks to open Saturday, Sunday
The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The apex bank has also directed all commercial banks to open for operation on Saturdays and Sundays. Acting Director, Corporate Communications Department, Dr. Isa…
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FG removes excise duty for telecoms services
The Federal Government has announced the removal of excise duty for telecom sub-sector of the Nigeria’s Digital Economy Industry. The move is in line with the recommendations of the committee it constituted to review the applicability of the Duty to the telecom sector which is considered already overburdened with taxation and sundry levies. Minister of Communications and Digital Economy, Prof.…
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EXCLUSIVE: FG to end petrol subsidy before May 29 handover
By Tosin Oluwalowo The outgoing Nigerian government will likely end petrol subsidy payments by May this year, the WesternPost can authoritatively report. Subsidy payments have been projected to cost a struggling Nigerian economy about $8bn by the first half of the year. Nigeria had earlier kept the costly petrol subsidy until mid-2023 and had budgeted N3.36tn ($7.5bn) to finance it,…
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NCC unveils consumer TELCARE centre at Abuja Airport
The public concourse at the Terminal C of the Nnamdi Azikwe International Airport, Abuja is the first beneficiary of a Telecom Consumer Assistance, Resolution and Enquires (TELCARE) Centre unveiled by the Nigerian Communications Commission (NCC) as part of the series of events to mark the 2023 International Consumers Rights Day celebrated by the Commission in Abuja last week Wednesday. The Chairman,…
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Tax administrators must match pace of global technological advancements-CATA President
Tax administrators must keep up with the dynamics occasioned by disruptive new technologies of the 21st century, and arm themselves with the necessary skills, capacity and character for effective and efficient tax administration in the fourth industrial revolution age. This was the position expressed by the President of the Commonwealth Association of Tax Administrators (CATA), and Executive Chairman, Federal Inland…
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Retail price paid by consumers for petrol increases to N263.76 in February, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of February 2023 was N263.76, indicating a 54.76per cent increase when compared to the N170.42 per litre recorded in January 2022. The bureau in its “Premium Motor Spirit (Petrol) Price Watch” noted that the average…
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Morgan Stanley adjusts Nigeria’s outlook after Tinubu’s election, sees ‘potential triggers’
Morgan Stanley said it had turned “bullish” on Nigeria’s government bonds on Thursday on hopes the declared victor in the country’s presidential elections, Bola Tinubu, will soon press on with key fiscal and financial market improvements. “In the short-to-medium term we think that there are potential positive triggers,” the Wall Street bank’s main analyst for the country, Neville Mandimika, wrote…
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FIRS signs MoU with UK’s HM Revenue and Customs for capacity building
A Memorandum of Understanding (MoU) between Nigeria’s Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Royal Majesty’s Revenue and Customs (HMRC) was signed on Friday with the aim of fostering improved collaboration on capacity building between the two tax authorities. The two agencies signed the agreement in London, United Kingdom, and was attended by the Executive Chairman, FIRS,…
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