Category: Finance
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Why MPC Voted To Retain Interest Rate At 11.5% -Emefiele
The Central Bank of Nigeria (CBN)’s Governor, Mr. Godwin Emefiele has hinted why the members of the Monetary Policy Committee (MPC) of the apex bank voted to retain interest rate at 11.5 percent. Mr. Emefiele gave the hint today why briefing newsmen shortly after the committee’s meeting at the CBN’s Headquarters in Abuja. He said,…
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Covid-19: ITFC Announces Launch Of Aid For Arab States
The International Islamic Trade Finance Corporation (ITFC) on behalf of The Islamic Development Bank Group (IsDB), and in coordination with the League of Arab States hosted a high-level webinar themed “The role of the second phase of the Aid for Trade Initiative for Arab States (AfTIAS 2.0) in mitigating the negative effects of COVID-19 on…
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Afreximbank: Mauritania Signs Pact For FEDA
The Islamic Republic of Mauritania has signed the Agreement for the Establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of Afreximbank. The agreement was signed on 6th January 2021 by the Minister for Foreign Affairs and International Cooperation, Mr. Ismail Ould Cheikh Ahmed, on behalf of the Islamic Republic of…
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Experts, Stakeholders Canvass Tax Automation At FIRS’ Dialogue
The Federal Government has been advised to explore data and intelligence in order to ease tax collection and improve its revenue base. Tax experts, speakers, panelists and government functionaries gave the advice at the recently held First Annual National Tax Dialogue,in Abuja, organized by the Federal Inland Revenue Service (FIRS), with the theme “Taxation in…
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FG, States, LGCs Share N619.343bn For Month Of December, 2020
The Federation Accounts Allocation Committee (FAAC), yesterday at its meeting through Virtual Conference shared to the three tiers of government, a total sum of N619.343 billion as federation allocation for the month of December, 2020. From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N218.297 billion, the States…
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FIRS Generates N4.9 Trillion, Meets 98% Tax Target In 2020
The Federal Inland Revenue Service (FIRS) collected N4,952,243,711,728.37 in total tax revenue in the year 2020. This landmark achievement represents approximately 98% of the national tax target of N5.076 trillion set for the FIRS by the Federal Government. This was disclosed by the Executive Chairman of the Federal Inland Revenue Service, Mr. Muhammad Nami during…
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FCI, Afreximbank Appoint Nassourou Aminou As Regional Manager For Africa
FCI along with Afreximbank announce the appointment of Mr. Nassourou Aminou as the new Regional Manager for Africa. The recruitment of the Africa Chapter Regional Manager is a joint effort of FCI and Afreximbank. Mr. Nassourou Aminou is a Cameroonian and joins FCI with tremendous experience in factoring, credit insurance and IT support solutions for…
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Nigeria’s Public Debt Hits N32.223trn In Q3, 2020 -DMO
The Q3, 2020 Total Public Debt Stock released by the Debt Management Office (DMO), revealed that the Total Public Debt Stock stood at N32.223 Trillion or USD84.574 Billion. The Debt Stock is made up of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal…
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Afreximbank Announces Closure Of $1bn Facility For BOI
African Export-Import Bank (Afreximbank) announces the closing of a US$1 billion facility for the Bank of Industry, Nigeria’s state-owned development bank. The Facility provides much needed support to Nigerian businesses across key sectors and is the largest international syndicated loan to a Nigerian financial institution since the onset of the pandemic-induced economic difficulties. The transaction…
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NDIC Begins Verification Of Depositors Of 42 Failed MFBs
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 Microfinance Banks (MFBs) which operating licences were recently revoked by the Central Bank of Nigeria (CBN) with verification of their respective depositors. This was disclosed in a release signed by the Director, Claims Resolution Department of the Corporation, Mrs. Nurat Ajigbewu. According to…
