Economy
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Banks’ total assets increase to N69.67trn in Oct 2022
The banking industry’s total assets increased by N12.37trillion or 21.58 per cent from N57.30 billion in October 2021 to N69.67 trillion in October 2022, driven largely by balances with Central Bank of Nigeria (CBN)/banks, investments, and credit expansion to the real sector. As a result, the total flow of credit to the economy, including oil and gas, manufacturing, general, governments…
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FIRS board celebrates management team members for global recognitions
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has joined members of the Board, management and staff in felicitating with two members of the management team for receiving global recognition awards in tax and technology respectively. While Mr. Mathew Olusanya Gbonjubola, the Group Lead Special Tax Operations Group at the FIRS is listed among the…
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BREAKING: CBN increases individual cash withdrawal limit to N500k per week
The Central Bank of Nigeria (CBN) has increased cash withdrawal limit for individuals and corporate organisations to N500,000 and N5 million per week respectively. This was contained in a letter to all Deposit Money Banks (DMBs) and other financial institutions by CBN Director of Banking Supervision, Haruna Mustafa. The new directive came after the initial one by CBN where cash…
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Average price of petrol increases by 29.81% in November, says NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that the average retail price paid by consumers for Premium Motor Spirit (PMS) or petrol for November 2022 was N202.48, indicating a 29.81per cent from N167.60 paid in November 2021. According to NBS, the average retail price paid by consumers in October 2022 increased by 3.68per cent Month-on-Month (MoM) from N195.29.…
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Again, Reps give Emefiele two days to appear over CBN’s withdrawal limit policy
The House of Representatives has again given two days ultimatum for the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to appear before it to explain the new policy of cash withdrawal limit. The House gave the ultimatum in Abuja on Tuesday while reading a letter by Mr Emefiele, explaining why he could not appear on Tuesday during…
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$547m generated from 5G auction
…Buhari applauds ICT sector for driving growth President Muhammadu Buhari on Tuesday eulogized the contributions of the digital economy in driving growth, creating employment and generating revenue for the country, saying auctioning of the 5G spectrum alone generated $547 million, further fueling options for funding development.President Buhari, accompanied by the Minister of Communications and Digital Economy, Prof. Isa Pantami, commissioned…
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Twitter sought negotiation with FG before ban was lifted – Lai Mohammed
Minister of Information and Culture, Lai Mohammed has revealed that Twitter negotiated with the Federal Government after the micro-blogging platform was suspended in the country. According to Mohammed who was speaking in Abuja on Monday, the negotiations were at the request of Twitter. The information minister was reacting to a claim by a former senior Twitter official that there was…
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Pantami meets with Space X, World Bank, Google in USA to strengthen Nigeria’s digital economy
Minister of Communications and Digital Economy, Isa Pantami, had meetings at Space Exploration Technologies Corporation (Space X) headquarters in Hawthorne, California, as well as a meeting at the World Bank Headquarters and another meeting with Google Corporation in a bid to strengthen partnerships for the development of Nigeria’s digital economy. The meetings with the World Bank and Google were held on…
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DMO raises N615.6bn Sukuk funds in 4 years
The Debt Management Office (DMO) has raised N615.6 billion through Sukuk for the rehabilitation and construction of new roads across the country in four years. The Director-General of DMO, Ms Patience Oniha, made this known in her presentation titled: “Nigeria Public Debt – Some Considerations,” at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2022 conference in Lagos. Oniha said…
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Nigeria has no plans to issue Eurobonds, says Minister of Finance
The Minister of Finance, Mrs. Zainab Ahmed, has confirmed that the government has no plans to issue Eurobonds in 2023. She disclosed this on Wednesday while responding to questions about Nigeria’s Eurobond borrowing plans. In exchange for Eurobonds, Zainab Ahmed insists, Nigeria will focus on concessionary loans from the likes of the World Bank, ADB, or Islamic Bank. According to…
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