BUSINESS

The Central Bank of Nigeria in recent data has indicated that debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago. It was earlier reported in July 2020 that the core investors in the distribution companies were looking to restructure the […]

Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria. The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, 2022, returned to a downward path. The external reserves fell by $313m in March, after […]

 The Federal Government on Wednesday said it was set to roll out the Government Enterprise and Empowerment Programme 2.0 in all the 36 states and the Federal Capital Territory. It stated that under the programme, 98,000 Nigerian farmers and small business owners would get between N50,000 and N300,000 interest-free loans. This implies that the government will give out over N5bn as loans under the scheme. The Minister of Humanitarian Affairs, […]

The Nigerian National Petroleum Company Limited has so far paid a total of $3.68bn out of the $4.689bn cash call debt to five international oil companies that are its joint venture partners. The latest data obtained from the oil firm on Wednesday on the cash call arrears repayment showed that while the NNPC had completed the repayments to Mobil Producing Nigeria and Chevron Nigeria Limited, it was still owing three […]

The Nigeria Customs Service has said that there are no plans for duty reduction on imported vehicles. There are speculations that the service has reviewed the tariff on imported used vehicles from 35 to 20 per cent. According to the news, the duty rate is applicable on the Common External Tariff trade portal under HS Code 8703. However, clearing agents have insisted that the Customs must make an official statement […]

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement […]

The Senate has invited the heads of 62 revenue agencies over the low remittances and the need to boost government revenue. This is according to an advertorial published by the Senate Committee on Finance. Some of the agencies include: The Federal Airports Authority of Nigeria, Nigerian Ports Authority, Federal Inland Revenue Service, Nigeria Deposit Insurance Corporation, Nigerian Meteorological Agency, National Agency for Food and Drug Administration and Control, Federal Road […]

Aviation industry regulator-the Nigerian Civil Aviation Authority-is considering a major review of domestic airlines’ operating licence fees and other charges, in order to ensure its bills are in tandem with current realities and what is obtainable in other countries. The Director-General, NCAA, Captain Nuhu Musa, made the disclosure during an interview in Lagos. He said the regulator was subsidising the industry considering how low its charges had remained over the […]