Amidst the cost of living crisis exacerbated by rising inflation, the cybersecurity levy is mistimed The post NESG speaks on cybersecurity levy amid cost of living crisis appeared first on Premium Times Nigeria. Powered by WPeMatico
Inefficiency, repetitive efforts reason for Nigeria power sector challenges – Expert, Barnier
An international energy expert and Chief Executive of ENACCESS, Vivien Barnier, has blamed inefficiency and repetitive efforts for Nigeria’s power sector woes. The energy access advocate, Barnier, disclosed this in an interview with DAILY POST on Thursday during an Open Source In Energy Access Symposium in Abuja. He noted that the Nigerian government must invest […]
Naira crisis: American Express announces Nigeria’s first business card
American Express Co. has launched its inaugural business credit card in Nigeria amid the foreign exchange crisis. The international firm is partnering with a Nigerian firm, neobank O3 Capital Nigeria Limited, potentially enhancing access to dollar transactions in the West African country. The unveiling happened in Lagos on Thursday. The business card comes with a […]
Nigeria’s foreign debt servicing gulps $1.12bn in Q1 2024
The Nigerian government has spent around $1.12 billion on foreign debt service payments in the first quarter of 2024. Data from the Central Bank of Nigeria, CBN, showed that debt service payments had risen in the past few years. In Q1 2023, debt servicing stood at $801.36 million, but in Q1 2024, it increased by […]
Naira depreciation continues as dollar supply falls to all-time low at forex market
Naira depreciation continued as US dollar transactions at the official foreign exchange market dropped to an all-time low of $84.38 million. This is according to FMDQ data at the close of work on Thursday. The day-to-day FX supply turnover dropped from $160.77 million on Tuesday to $84.38 million on Thursday. Consequently, the Naira further dipped […]
FirstBank Chairman, Hassan-Odukale bows out as Olufowose takes over
FBN Holdings has announced that Mr Tunde Hassan-Odukale has officially stepped down as Chairman of First Bank of Nigeria Limited following the expiration of his tenure. This was contained in an official company filing published on the Nigerian Stock Exchange Limited website. His departure marks the end of a 12-year tenure on the board, adhering […]
Court dismisses suit seeking to stop FG from securitising N23tn Ways and Means loan
The Federal High Court, Abuja, on Thursday, dismissed a suit seeking to stop the Federal Government from securitising the sum of N22.7 trillion Ways and Means loan support it got from the Central Bank of Nigeria. Justice James Kolawole Omotosho, in a judgement, held that the plaintiffs lacked the legal right to institute the case. […]
‘Africa needs business, not aid’ – LBS Alumni members chart course for economic growth
Alumni members of the Lagos Business School, LBS, have highlighted the crucial role of national corporations in driving business and investment for the economic development of African economies. Members discussed the topic extensively at the recent edition of the LBS Alumni Day conference, an annual knowledge-sharing conference themed, ‘African Economic Development: Cross-National Corporations as Enablers’. […]
Nigeria’s foreign reserves surge by $262m after weeks of decline
Nigeria’s foreign exchange reserves have recently surged by $262 million after weeks of decline. The Central Bank of Nigeria’s latest figures showed an upward movement of the country’s foreign reserves. Specifically, Nigeria’s reserves rose to $32.369 billion as of May 6, 2024, an improvement from a one-month dip of $32.107 billion. According to CBN’s data, […]
More hardship looms as Nigerian govt propose upward review of VAT
More hardship looms as the Presidential Committee on Fiscal Policy and Tax Reforms has recommended an upward review of the Value Added Tax, VAT from the present 7.5 per cent. Taiwo Oyedele, the Chairman of the Committee, disclosed this in a recent statement. He said the Committee is proposing to review the VAT revenue-sharing formula. […]