By Peter Egwuatu The Nigerian Stock Exchange, NSE, yesterday disclosed that a market-wide circuit breaker kicked in at exactly 12:55 PM, when the NSE’s All-Share Index (ASI) rose beyond the set threshold of five percent, thus making it largest daily gain in more than five years. NSE disclosed this on its website, stating that the […]

The Edo House of Assembly on Tuesday passed the sum of N139.8 billion 2020 revised supplementary budget. The house had in July revised and passed the year 2020 budget of N179 billion to N128.8 billion representing 30 per cent reduction. Governor Godwin Obaseki had on Nov. 9, sent the proposed revised supplementary law to the […]

By Marie-Therese Nanlong – Jos The Plateau State Internal Revenue Service, PSIRS has surpassed its revenue target by over N500m and promised that despite scourge of the COVID-19 pandemic, the Service would evolve strategies to ensure that revenues are harnessed and collected from the few economic activities that are ongoing in the State. Chairman of […]

The House of Representatives Committee on Power, Wednesday, dismissed as illegal, President Muhammadu Buhari’s directive that the Nigeria Bulk Electricity Trading Company, NBET should be an agency under the Ministry of Finance.

Nigeria has received $26.942 billion Development Assistance funds from International Donors between 2015 and 2020, making her unqualified for further budgetary support, the Ministry of Finance said yesterday.

…the budget passes first reading By Festus Ahon – Asaba DELTA State Governor, Dr Ifeanyi Okowa, Tuesday, presented a proposed budget of N378, 184,397,889 for 2021 fiscal year to the State House of Assembly. The budget according to the Governor was made up of N207.52 billion for Capital Expenditure and N171.32 billion for Recurrent Expenditure. […]

This is contained in a warning circular by Dr Ozoemena Nnaji, CBN’s Director, Trade and Exchange Department made available to News Agency of Nigeria (NAN) on Wednesday. Nnaji advised that strict compliance with those regulations had become mandatory to improve the Nigerian export sector. “The CBN has observed with dismay, the noncompliance by shipping and […]

The Economic and Financial Crimes Commission (EFCC) says it recorded 646 convictions and recovered more than N11 billion in monetary assets this year, despite the restriction imposed by the Covid-19 pandemic. The Acting Chairman of the EFCC, Mr Umar Abba, disclosed this while addressing the Senate Committee on Anti-Corruption and Financial Crimes in Abuja on […]

…Says exchange rate benchmark unrealistic By Michael Eboh Professor of Finance and Capital Market of the Nasarawa State University, Keffi, Uche Uwaleke, has faulted the Federal Government’s allocation of about N2 trillion for capital expenditure in the 2021 budget, describing it as worrisome. In his reaction to Federal Executive Council’s, FEC, approval of the budget […]

The Federal Government has sworn-in Mr Azi Isaac as Chairman and Mr Nosa Osemwengie as member of the Investments and Securities Tribunal (IST). Mr Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning made this known in a statement on Thursday in Abuja. Isaac was appointed for the […]

An official in the Ministry of Finance has said any system that does not have natural capital accounting is failing even if GDP is growing.

Tesla shed about US$80-billion of its market value on Tuesday, an amount that overshadows the combined value of General Motors and Ford, after its surprise exclusion from the S&P 500 Index. Tesla’s shares recorded their worst single-day percentage drop ever and added to the broader sell-off in technology stocks, which have dominated Wall Street’s recovery […]

Trading on the Nigerian Stock Exchange (NSE) maintained negative mood on Tuesday with the All-Share Index losing 0.33 percent, amid sell pressure in banking equities. Specifically, the NSE All-Share which opened at 25,582.23 lost 84.91 points or 0.33 percent to close at 25,497.32. Similarly, the market capitalisation shed N44 billion or 0.33 percent to close […]

Tesla on Tuesday revealed plans to take advantage of its meteoric stock rise by raising up to $5 billion through a program to sell more shares of the popular electric vehicle company. Wall Street’s main brokerages, including Goldman Sachs, Bank of America and Morgan Stanley, will serve as sales agents for the stock selling program, […]

By Babajide Komolafe The Central Bank of Nigeria (CBN) has ordered banks to henceforth pay 10% of it’s Monetary Policy Rate (MPR) as the minimum interest rate on savings deposit. The MPR is the benchmark interest rate of the CBN and it is presently 12.5 per cent. This implies bank customers will now get 1.25 […]