Business

Saudi Arabia’s Finance Minister, Mohammed al-Jadaan, today said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a coronavirus-led economic slump. The measures, which could stir public resentment with the cost of living rising, come as the petro-state steps […]

The Nigeria Employers Consultative Association has urged the Federal Government to consider tax waivers and other fiscal incentives to save jobs as the COVID-19 pandemic takes its toll on livelihoods. Director-General of the association, Timothy Olawale, said the real sector is facing the risk of a total shut down, as there are no imports and […]

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, says the novel Coronavirus, which had led to a huge drop in crude oil prices worldwide, would put a severe strain on the Federal Government’s budget. Ahmed said these at a consultative roundtable with the Governor of the Central Bank of Nigeria, Godwin Emefiele. She […]

Trouble continues to loom for the  Federal Government’s budget 2020, over global crash in crude oil price, which saw the price of nation’s, Bonny light tumbling further from $46 per barrel,  to $37.22 a 19.66 percent decline. This was coming on the heels of a presidential committee action for review of the budget. It would […]

Twitter has told its employees to work from home to help stop the spread of the coronavirus. In a blog post, the social media giant said it was mandatory for staff in Hong Kong, Japan and South Korea to work remotely. The company also said it was “strongly encouraging” all of its 5,000 employees around […]

The House of Representative Committee on Insurance and Actuarial Matters and the National Insurance Commission have agreed on the need to speed up the process of amendment of existing insurance laws to enable the insurance sector make significant contribution to the economy. The parliamentarians, assessing the request of the Commission with respect to the laws […]

The Central Bank of Nigeria says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. Okorafor therefore urged stakeholders and other interested parties to always endeavour to […]

The Central Bank of Nigeria says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. Okorafor therefore urged stakeholders and other interested parties to always endeavour to […]

The International Monetary Fund has lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act. The commendation is contained in the IMF Article IV Consultation to Nigeria. According to the Fund, the Federal Government had recognized the vulnerabilities facing the economy and taken the steps […]

Data from the National Bureau of Statistics shows that increase in food prices has forced Nigeria’s inflation for the month of January 2020 to hit 12.13 percent, 0.15 percent points higher than the rate recorded in December 2019 (11.98 percent). The report from NBS released on Tuesday stated that the composite food index rose by […]


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