Nigeria’s Debt Rises 8.4% in Three Months to N31trn

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

The odds of winning minor prizes in Powerball are about 1 in 25, and more often than not, many people smile their way to the bank after a successful trial. On the other hand, the odds of winning the Powerball jackpot are set at one in 292.2 million, making it nearly impossible to win. This is why Edwin Castro’s story is so intriguing. Edwin Castro entered the Guinness Book Of  World Records on November 7, 2022, for winning the largest jackpot in a national lottery. The California resident stunned the world when he won the $2.04 billion Powerball jackpot. Never

By Aduragbemi Omiyale To drive business growth in the country, Stanbic IBTC Bank Plc will be in different markets across the states of the federation to advertise its financial solutions to owners of small and medium enterprises (SMEs). The lender, a Stanbic IBTC Holdings Plc subsidiary, intends to inform entrepreneurs of the various products they can key into, including its flexible loans. The campaign will kick off in Ibadan, Oyo State. It will continue to four major states across the nation, including Rivers, Abuja and Anambra in the following markets – Agbeni market, Gbagi market, Oyigbo market, Mile Three market,

By Modupe Gbadeyanka While Nigeria is still battling to fully get out recession it went into last year, a new red flag has been raised by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The committee is warning that if the Federal Government fails to implement and sustain policies put in place to grow the economy, the country may slump into a long recession. Speaking yesterday at the end of the two-day MPC meeting in Abuja, Governor of the CBN, Mr Godwin Emefiele, noted that available forecasts of key macroeconomic indicators point to a fragile economic

By Modupe Gbadeyanka Chairman of the House of Representatives Committee on Diaspora, Ms Tolulope Akande-Sadipe, has tasked Nigerians to pray for the peace and prosperity of the nation. The lawmaker gave this charge in a statement issued by her Special Adviser on Media and Publicity, Mr Olamilekan Olusada, to celebrate this year’s Eid-el-Maulud. She urged the citizens of the Oluyole Federal Constituency, who she represents at the House of Representatives, and Nigerians home and in the diaspora to show love to one another regardless of political differences, ethnic, tribe, religious and cultural diversity and to promote peaceful coexistence as a

By Adedapo Adesanya  The Naira put up a weak performance against the three major foreign currencies traded at the parallel arm of the foreign exchange (forex) market in the country on Wednesday. Business Post reports that at the close of transactions, the value of the local currency against the United States Dollar, the British Pound Sterling and the Euro currency of the European Union (UN) member states depreciated at the black market. The domestic currency declined by N3 against the British legal tender yesterday to trade at N480/£1, in contrast to N477/€1 it was quoted at two previous sessions in

By Modupe Gbadeyanka Lagos State Governor, Mr Babajide Sanwo-Olu, has maintained that the AstraZeneca COVID-19 vaccine is safe and should be taken by residents of the metropolis. Mr Sanwo-Olu said this on Monday when he addressed newsmen at the Lagos House, Ikeja on Monday con the controversies trailing the use of the jabs. Earlier this month, Nigeria received nearly 4 million doses of the vaccine. Each person would have to have two doses to be able to develop immunity from COVID-19. Last Friday, the Governor had his first shot at the Infectious Disease Hospital (IDH) Yaba, alongside his deputy, Mr

While there has been headway toward greater workplace diversity in recent years, there is still much more work to be done. There is undeniably a gender divide in all businesses, and one of these historically male-dominated industries is technology. In fact, according to Deloitte Insight, large global technology firms are predicted on average to nearly reach 33% overall female representation in their workforces in 2022. This is slightly higher than 2 percentage points from 2019. Additionally in Nigeria, according to the National Bureau of Statistics (NBS), women make up on average just 22% of the total number of engineering and

By Adedapo Adesanya Nigeria’s earnings from the petroleum industry rose by 53.2 per cent to N401.9 billion from N262.4 billion recorded in the previous month, according to the latest data obtained from the Central Bank of Nigeria (CBN). The amount is, however, 17.1 per cent lower than the N484.8 billion gross oil revenue recorded in August 2019. The CBN, in its Economic Report for August 2020, further stated that oil revenue accounted for 52.4 per cent of total federation revenue compared to 35.1 per cent of total revenue in July 2020 and 52.9 per cent in August 2019. The country