Economy
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Nigeria re-elected as ITU council member
In clear recognition of the critical role Nigeria is playing on the global telecom stage, the country was re-elected earlier on Monday as a Council member of the International Telecommunication Union (ITU), the United Nations specialised agency that oversees global telecommunication operations. Nigeria will serve on the Council again from 2023-2026. The election of Nigeria and other countries, on Monday,…
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NDIC to host regional deposit insurance leaders to strengthen operational resilience
The Nigeria Deposit Insurance Corporation (NDIC) said it is scheduled to host a regional workshop in Abuja, Nigeria bringing together leaders of African Deposit Insurance Agencies to share knowledge and expertise to strengthen the implementation of deposit insurance systems on the Continent. The event which is scheduled to take place between the 4th and 7th of October 2022, is a…
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NCC-CSIRT proffers countermeasures against tech support website scams on Microsoft Edge browser
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has issued an advisory for users to install trusted, up-to-date anti-virus software with an Internet security component and to customize News Feed in Microsoft Edge Browser. This is part of the countermeasures to lessen the chances of falling for a malicious attack that has been discovered in the browser. The…
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CBN increases interest rate to 15.5%, highest in 20 years
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 15.5per cent from 14per cent, being the third hawkish move by the apex bank in 2022 following the rising rate of inflation. The latest move by the MPC is the highest in 20 years. This…
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Businesses groan as Lagos, others experience blackout
Many business owners in Lagos, Abuja and other cities on Monday experienced power outage as the National Grid collapsed for the umpteenth time in 2022. Checks revealed that electricity distribution companies informed their customers of the development in notices. Ikeja Electric said the national grid collapsed at 10:50am on Monday. “This has affected Transmission Stations within our network and resulted…
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Good use of tax revenues will enhance tax morale, compliance – FIRS
When governments deploy tax revenues for the common good of the citizens, there is a concomitant increase in tax compliance by citizens who see the direct benefit of the taxes they pay. Mr. Nami argued that the low compliance tax rate in most developing countries was as a result of the failure of the social contract between the taxpayers and…
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NNPC denies operating secret account
The Nigerian National Petroleum Company Limited has denied operating any secret account. Group General Manager, Group Public Affairs Division, NNPC Ltd, Garba Deen Muhammad said this in a statement on Saturday while reacting to media reports that investigations revealed the company had operated a secret account since 1990. According to him all accounts run by the NNPC Ltd are all…
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Nigeria has revenue challenges not debt problem, says finance minister
Minister of Finance, Zainab Ahmed has denied report that Nigeria has a debt problem, stressing that the country only has a revenue generation challenges. Speaking at the Nigeria International Economic Partnership Forum in New York, Ahmed said Nigeria has set a Debt-to-Gross Domestic Product (GDP) ceiling at 40 per cent, which the country is yet to exceed. At the same…
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Ogun to spend N1.5trn in three years
…as lawmakers approve 2023-2025 MTEF By Kolawole Olayinka, Abeokuta Ogun State House of Assembly on Tuesday approved the state’s 2023-2025 Medium Term Expenditure Framework (MTEF), barely a week after acknowledging a request for legislative approval of the proposal from the state government. The approval will ensure a well-coordinated process of planning and budgeting for the upcoming fiscal year(s). The process…
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We collect taxes, not granting waivers to taxpayers – FIRS
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has disclosed that the mandate of the Service is to collect taxes that are due to the federation and the Federal Government not to grant tax waivers to any taxpayer in the country. Nami stated this in a swift reaction to the news making the rounds that some…
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