Business Archives - Page 39 of 46

Dec

21

2022

NASS to pass new revenue-sharing formula, budget Thursday

Business, Economy, Lifestyle, Metro, News, Opinion, PoliticsBudget, Economy, National Assembly, Representatives, Senate

The President, Major General Muhammadu Buhari (retd.), has transmitted the Finance Bill 2022 to the National Assembly as the federal parliament is billed to pass the 2022 Appropriation Bill by Thursday. Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Tuesday, read out the cover letter of the President on the bill, which was titled ‘Transmission of the Finance Bill 2022 to the National Assembly for Consideration and Passage into Law in Support of the 2023 Budget.’ In the bill, the Federal Government proposed expanding the tax net and more equitable revenue-sharing formula and allocation to state…

Dec

20

2022

By Amos Oge Kalu

Withdrawal Limit: I am not available to brief you – Emefiele writes Reps

Business, Economy, News, OpinionBusiness, CBN, Economy, Emefiele, National Assembly, Nigeria, Representatives

The Central Bank Governor, Godwin Emefiele has once again failed to appear before the House of Representatives over the cash withdrawal limit policy of the CBN. The CBN Governor, in a letter written by the Deputy Governor, of Corporate Services, Edward Adamu, said he is currently outside the country for an official assignment. He stated that he will communicate with the House on an appropriate date. “Regrettably, the governor is unavailable to brief the House of Representatives at this time, because he has other scheduled official engagements he is currently addressing abroad. ”Accordingly, he has requested that we respectively convey…

Dec

20

2022

By Amos Oge Kalu

World Bank warns CBN on negative impact of Naira redesign on economy, poor households

Business, Economy, Lifestyle, NewsBusiness, Economy, Lifestyle, Opinion

The World Bank has warned that the time and short transition period to the redesigned naira notes will have a negative impact on economic activities and in particular the poorest households. The redesigned N200, N500, and N1000 naira notes came into circulation on Thursday, December 15th while the old ones will cease to be legal tenders from January 31st of next year. The World in its latest Nigeria Development Update, December 2022, agreed with the Central Bank of Nigeria, CBN, that the need to redesign the nation’s currency is overdue noting the naira has not been redesigned for two decades.…

Dec

18

2022

By Amos Oge Kalu

CAN President says cash withdrawal limits will stop politicians from manipulating voters

Business, Economy, Metro, Opinion, Politics2023, Business, CAN, Economy, Metro, Next Level, Nigeria, Opinion, Politics

The President of the Christian Association of Nigeria, CAN, Most Reverend Daniel Okoh, has disclosed that the Central Bank of Nigeria cash withdrawal limit Policy would stop politicians from manipulating voters in the forthcoming presidential election. Also, the religious leader predicted that the price of the Dollar might go up because some politicians would turn to it for their nefarious acts. Okoh made this known at the thanksgiving service of the new President of the Organisation of African Instituted Churches, Nigeria Region, OAIC. The CAN President, represented by the immediate President of OAIC, Napo Emuchay, said the policy is targeted…

Dec

12

2022

By Amos Oge Kalu

Debt servicing to gulp 123% of 2023 revenue

Business, Economy, LifestyleBusiness, Economy, Nigeria, Politics

The World Bank has projected that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. This was according to a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, which was obtained by our correspondent. The document was entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’ The document projected that debt servicing would gulp 100.2 per cent of Federal Government revenue by the end of 2022. This was a decline from the earlier projection in its October Africa’s Pulse report, which is a…