The Federation Account Allocation Committee (FAAC) has disbursed a total of N2.09 trillion to the Federal Government (FG), State Governments, and Local Government Councils (LGCs) as statutory allocation, Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL) shared for the month of October. This massive figure highlights the continued robust, albeit variable, performance of…
The Federal Government of Nigeria has launched a new Electronic Fiscal System (EFS) to modernize tax administration and combat tax evasion. The system, which includes an e-invoicing solution known as the Merchant-Buyer System (MBS), is designed to provide the Federal Inland Revenue Service (FIRS) with real-time visibility into business transactions. The rollout of the e-fiscal…
Nigerian states have been hit with a significant increase in the cost of servicing their foreign debts, with payments surging by 68% in the first half of 2025 compared to the same period in 2024. This alarming figure, based on data from the Debt Management Office (DMO) and the National Bureau of Statistics (NBS), highlights…
Abuja, Nigeria – In a significant boost to Nigeria’s economic outlook, the International Monetary Fund (IMF) has upgraded its projection for the country’s economic growth to 3.4% for 2025. This revised forecast, detailed in the IMF’s latest July 2025 World Economic Outlook (WEO) Update, reflects a 0.4 percentage point increase from its earlier April…
The Vice President Kashim Shettima on Monday, June 16, 2025, delivered a resounding message to the global investment community: Nigeria is unequivocally “open for business.” Speaking at the 2025 Public-Private Partnership (PPP) Summit hosted by the Infrastructure Concession Regulatory Commission (ICRC) at the State House, Abuja, Shettima, representing President Bola Tinubu, urged both local and…
The Nigeria Customs Service (NCS) has announced a significant revenue generation of ₦1.75 trillion for the first quarter of 2025. This impressive figure, revealed by Comptroller-General Adewale Adeniyi, represents a substantial 29.96% increase compared to the ₦1.35 trillion generated during the same period in 2024. This performance also exceeded the NCS’s own quarterly target of…
In a move aimed at further stabilizing the Nigerian Naira in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) has injected $197.71 million. This intervention is the latest effort by the apex bank to enhance liquidity and moderate volatility in the FX market, ensuring a more stable exchange rate. The CBN has…
The Central Bank of Nigeria has reinforced its regulatory oversight to bolster the resilience and transparency of the country’s financial system, reaffirming its commitment to strict compliance and risk management across financial institutions. According to a statement from the apex bank on Sunday, the CBN reaffirmed its commitment at a Mandatory Compliance and Anti-Money Laundering…
