The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate (MPR) by 25 basis points to 18.75% from its initial 18.5%, representing the highest interest rate in 22 years. The announcement was made by the acting CBN governor, Folashodun Shonubi during a press briefing, after the […]
Lecturers under the aegis of the Colleges of Education Academic Staff Union on Wednesday announced that its members would only go to their respective campuses twice weekly till the government addresses the issues caused by the removal of subsidy which according to the union has caused untold hardship to its members. The union in […]
The three tiers of government are set to share N1.959 trillion in July 2023 — probably a record, TheCable can report. This is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May. Allocations are usually shared from the preceding month’s revenue — meaning June will be […]
The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.79 percent in June 2023, up from 22.41 percent in the previous month. The latest figure is the sixth consecutive rise in the country’s inflation rate this year. The National Bureau of Statistics (NBS) made […]
The Executive Director of Beacon Security Consulting Agency, Kabiru Adamu, says that the declaration of a state of emergency on food security by President Bola Tinubu is a demonstration that he listens to the people. Also, an economist, Johnson Chukwu, said that the order will mean that the President now has powers to intervene […]
The Senate, on Thursday, approved President Bola Tinubu’s request for the sum of $800 million loan as additional fund for the financing of the National Social Safety Net Programme set up by the National Assembly. The Senate also amended the 2022 Supplementary Budget. This followed Tinubu’s request for the approval. The President’s request was […]
Foreign investors overlooked 28 states as the value of capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS). The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022. According to the NBS report, the […]
President Bola Tinubu has appointed Taiwo Oyedele, the chairman of presidential committee on fiscal policy and tax reforms. President Bola Tinubu approved the establishment of the committee on Friday. Dele Alake, special adviser to the president on special duties, communications and strategy, announced the development in a statement on Friday. Mr. Oyedele is a […]
As the prices of essential food items continue to skyrocket, Nigerians face an uphill battle in their fight against poverty. The soaring food inflation has exacerbated the poverty situation in the country, leaving many struggling to meet their basic needs. According to data released by the National Bureau of Statistics (NBS), Nigerians faced higher […]
The Federal Government, through the Federal Inland Revenue Service (FIRS), has announced plans to collect Value Added Taxes from the informal sector through the VAT Direct Initiative. The FIRS announced its collaboration with the Market Traders Association of Nigeria (MATAN) to collect and remit VAT from their members, particularly those operating in the informal […]
