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Saturday, July 4, 2020

Role of Debt in Nigeria’s economic development

Debt has earned a bad reputation in recent times. Private debt spiralled out of control in the 2000s and fuelled the 2008 financial crisis. Public debt continues to cause jitters. What is often over-looked is the vital role that debt plays in global and domestic...

Nigeria’s expected $6.4 billion inflow raises optimism about Naira’s appreciation

The anticipated $6.4 billion inflow to Nigeria from different sources in the next few weeks is expected to boost Dollar liquidity and help strengthen the Naira against the United States currency. The $6.4 billion inflow is expected to come from three sources, THISDAY findings have...

AMCON moves to blacklist Big businesses, Individuals over N5 trillion debts

Institutions and individuals on Asset Management Corporation of Nigeria’s (AMCON’s) debtors’ list are to be blacklisted. They will no longer be allowed to do business with the government henceforth, it was learnt at the weekend. According to a plan by the Federal Government, an inter-agency...

Nigeria seeks ‘colossal’ fine from oil majors backdating to when crude was $20 a barrel

Shell, Chevron, Exxon Mobil, Eni, Total and Equinor each asked to pay up to $5 billion, sources say LONDON — Nigeria is claiming “colossal” sums of money from oil majors, its attorney general said on Monday, under regulations that allow the government to revisit revenue...

Nigeria loses $300m annually to offshore vessel berthing

Mr Temisan Omatseye, former Director- General, Nigerian Maritime Administration and Safety Agency (NIMASA), says Nigeria is losing about 300 million dollars yearly for berthing five degrees East on Nigerian waters. Omotseye said this at the 3rd Annual Conference tagged: “A Day with Nigeria Maritime Students...

Tax evasion costs Nigeria $15bn annually, says Fowler

Dr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service (FIRS) says that Nigeria loses about 15 billion dollars to tax evasion annually. He said this on Wednesday in Abuja while declaring open a seminar by the West Africa Tax Administration Forum (WATAF) on “Exchange...

‘Trump Repeal of Obama SEC Regulation will Curb Corruption in Nigeria’

Backers of the SEC regulation say forcing companies to disclose foreign payments would curb corruption in resource-rich countries, such as Nigeria. The oil industry says the rule would put U.S. companies at a competitive disadvantage compared to state-run enterprises, such as Saudi Aramco, which are...

Nigeria Spends $187.7million On Foreign Debt Servicing In 6 Months

The Central Bank of Nigeria (CBN) has disclosed that a sum of N57.35 billion ($187.7million) was spent by the federal government on debt services/payments between January and June of 2017. The data by CBN however, did not specifically mention if the debt services/payment were used...

Lagos state generated 70% of Nigeria’s N5.2tr tax revenue

•Association queries increased borrowing amid revenue potential The Society of Women in Taxation (SWIT), yesterday, raised concern that 70 per cent of the N5.2 trillion taxes collected in 2018, came from Lagos State alone. The development, which shows a lopsided tax base, is also an indication...

Monthly allocations to FG, states, LGs drop by N52bn

The allocations from the Federation Account to the three tiers of government declined by N52.07bn from the N467.8bn shared in March to N415.73bn in April this year, according to figures released by the Federation Account Allocation Committee. The FAAC meeting for the month of April,...
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