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The Federation Account Allocation Committee (FAAC) has shared a total of N903.4 billion in Federation Account Revenue for September 2023 to the Federal Government, States, and Local Government Councils. This information was relayed in a communiqué released at the conclusion of the FAAC meeting held in October 2023, by the Director of Information, Stephen Kilebi….
Recently, the Central Bank of Nigeria (CBN) announced the lifting of foreign exchange restrictions on 43 items, a step which has sparked debate among financial experts on what are its expected impact especially on rising food inflation in the country. The CBN imposed the restrictions in June 2015 to conserve foreign exchange reserves and promote…
Read More “Experts Predict How CBN’s Lifting Of Ban On 43 Items Will Affect Food Inflation” »
•Forex crisis hinders raw materials procurement, causes financial problem – NECA •SMEs decry impending shutdown, Reps probe airlines, schools demanding dollars The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers, who spoke to newsmen,…
Read More “Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom” »
Petroleum products marketers have warned that retail outlets are shutting down operations due to increasing cost of running the business. Speaking during the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, in Abuja, the marketers faulted the process followed by President Bola Tinubu in the removal of subsidies…
Read More “Distribution Outlets Are Shutting Down, Petrol Marketers Warn” »
The Minister of Finance, Olawale Edun has said relief and solution to the seeming intractable forex crisis in Nigeria is in sight, The Nation reports. The Minister also added that the Tinubu Administration will tackle foreign exchange (forex) problem with the cheapest available funds. Yesterday at a Business Lunch in his honour and three other…
Read More “World Bank May Help FG Tackle Forex Crisis – Reports” »
President Bola Tinubu has appointed Dr Olayemi Michael Cardoso as the new Governor of the Central Bank (CBN). Cardoso is to serve a term of five years in the first instance, pending his confirmation by the Nigerian Senate. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this in a statement on Friday….
Read More “Just In: Tinubu Appoints Cardoso Governor Of Central Bank” »
Implementation of the 2023 budget of N21.8 trillion is currently threatened as the nation has suffered a shortfall in crude oil output, amounting to 470,000 barrels per day, bpd in August 2023. This represents 29 per cent fall from the budget benchmark of 1.69 bpd. At the current global market price of $92 per barrel,…
Read More “Budget 2023 Runs Into Trouble As Crude Output Crashes By 470,000 bpd” »
The Vice President, Sen. Kashim Shettima has declared that those who ceased to rip off the nation as a result of the removal of subsidy are determined to frustrate government policies and programmes. He made the accusations in Abuja at the 16th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of…
Read More “Beneficiaries Of Fuel Subsidy Fighting Back – Shettima” »
The Federal Government has saved N1.83 trillion in just two months after it stopped the payment of subsidy on petrol, The Nation reports. These are savings which accrued into the federation account in June and July 2023 the report says. A source within the Federation Account Allocation Committee (FAAC) confirmed that the amount was saved…
Read More “FG Saves N1.83tr In 2 Months As Direct Consequence Of Subsidy Cut – Reports” »
In a landmark move on June 16th, 2023, the Central Bank of Nigeria unveiled sweeping reforms to its foreign exchange operations, consolidating multiple rate windows into a singular, unified system: the Investor and Exporter Window, commonly referred to as the I&E Window. This shift has ignited spirited debates, with analysts and experts deliberating over the…