Category: Finance

African Leaders Unite: Urgent Call to End Abject Poverty in Africa

Tolu Adebayo

African Leaders Unite: Urgent Call to End Abject Poverty in Africa In a powerful display of unity and resolve, former Nigerian President Olusegun Obasanjo, Osun State Governor Ademola Adeleke, and the Ooni of Ife, Adeyeye Enitan Ogunwusi, have joined forces to demand an immediate end to abject poverty across the African continent. Their impassioned pleas, delivered during a leadership lecture hosted by media mogul Dele Momodu in Ibadan, Oyo State, highlight the urgent need for strategic action, drawing inspiration from global success stories and emphasizing the roles of education, leadership,…

Read More

2025 Retreat in Adamawa Highlights Need for Smarter Public Spending

Shidali Khadijat Ajechi

Governor Ahmadu Umaru Fintiri of Adamawa State has called for more innovative and strategic public spending practices that reflect Nigeria’s current fiscal challenges. Speaking through his Deputy, Professor Kaletapwa George Farauta, he made the call during the 2025 Ministerial Performance Management Retreat organized by the Federal Ministry of Finance. Held at the Banquet Hall of the Government House in Yola, the retreat was themed “Strengthening Performance Management for Fiscal Stability.” It brought together senior officials and stakeholders from the Ministry of Finance to review previous achievements, align policies, and develop…

Read More

ICPC Urges Tech-Driven, Tactical Shift in Anti-Corruption Fight as Financial Crimes Evolve

Onwuama Arinze Godswill

ICPC Urges Tech-Driven, Tactical Shift in Anti-Corruption Fight as Financial Crimes Evolve ICPC has called for more tactical and technology-driven approaches to combat corruption as financial crimes become increasingly sophisticated. This appeal was made on Monday during a high-level engagement with the International Monetary Fund (IMF) Article IV Consultation Team in Abuja. The IMF delegation, in Nigeria at the invitation of the Federal Government, met with ICPC officials to assess progress on anti-corruption reforms and governance measures as part of its annual economic review. Representing the Commission, ICPC Secretary Mr.…

Read More

Moniepoint Resumes Onboarding; Set to Enrich Millions of Nigerians with new Personal Banking Referral Programme

oluwatobi enitan

Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has relaunched its personal banking referral program to enrich its customers as they enjoy the Moniepoint experience with family and friends. The referral program is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link. Through this, millions of people will earn well over N100,000 from referrals alone.  Moniepoint’s technology has powered over 3 million businesses across Nigeria, and with its reliable infrastructure now in the hands of personal…

Read More

Federal Government Commences Disbursement of N200 Billion Palliative Loans

oluwatobi enitan

The Federal Government has initiated the distribution of the N200 billion Presidential Conditional Grant Scheme to verified applicants, aimed at supporting manufacturers and businesses nationwide. The Bank of Industry, tasked with disbursing the funds, announced its plan to allocate the money across three categories to bolster various sectors of the economy. Minister of Industry, Trade, and Investment, Doris Anite, provided a progress report on X (formerly Twitter) on Tuesday, revealing that some beneficiaries have already received their grants. Anite assured that another substantial disbursement would occur by Friday, April 19,…

Read More

Naira Appreciates In Parallel Market

oluwatobi enitan

Yesterday, the Nigerian naira saw an uptick in value, appreciating to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar. Data sourced from FMDQ revealed a decline in the indicative exchange rate for NAFEM to N1,382.95 per dollar from N1,408.04 per dollar the previous Monday, marking a N25.09 appreciation for the naira. Consequently, the disparity between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar…

Read More

Senate Criticizes N17 Trillion Loss to Tax Waivers, Urges FIRS to Adopt Rebating System

oluwatobi enitan

In a session focused on the 2024 budget presentation of the Federal Inland Revenue Service (FIRS), the Senate Committee on Finance, led by Senator Sani Musa, expressed dissatisfaction with the reported N17 trillion loss incurred by the country due to tax waivers over the last five years. The committee raised concerns about the allegedly abused tax waivers and urged the FIRS to suspend their implementation, recommending the adoption of a rebating system as an alternative. The Chairman of FIRS, Zacch Adedeji, presented a targeted total tax collection of N19.4 trillion…

Read More

Tinubu Unveils New Year Plans: Promises New Minimum Wage for Nigerian Workers in 2024

oluwatobi enitan

President Bola Ahmed Tinubu has delivered his New Year message to the nation, outlining key plans for the year ahead, with a focus on addressing economic challenges and prioritizing the welfare of Nigerian workers. In his New Year broadcast on Monday, Tinubu announced his administration’s commitment to implementing a new minimum wage for Nigerian workers in 2024. Addressing the prevailing economic challenges stemming from fuel subsidy removal and exchange rate reforms, President Tinubu assured Nigerians that these difficulties would soon become a thing of the past. He emphasized that every…

Read More

President Tinubu Signs N28.78 Trillion 2024 Budget into Law, Emphasizing Strategic Priorities

oluwatobi enitan

Abuja, January 2, 2024 — In adherence to his commitment to a timely, predictable, and efficient budget cycle, President Bola Tinubu signed the 2024 Appropriation Bill into law on Monday. The ceremony took place at the Presidential Villa State House in Abuja, shortly after the President’s return from Lagos. President Tinubu, while addressing the audience at the signing, expressed gratitude for the expeditious review and adjustment of the budget by the National Assembly, resulting in an increased budget of N28.7 trillion, up by N1.2 trillion from the initial proposal of…

Read More

Reps Customs Move to Boost 2024 Revenue Target to N6 Trillion: Unveiling Strategic Measures for Fiscal Success

oluwatobi enitan

The House of Representatives Committee on Appropriation, in collaboration with the Nigeria Customs Service (NCS), has decided to revise the revenue target for 2024, elevating it from the initial N5 trillion proposed by the NCS to a new goal of N6 trillion. During a session in Abuja on Monday, Rep. Abubakar Bitchi, the committee’s chairman, urged Mr. Adewale Adeniyi, the Comptroller General of NCS, to contemplate an increase in the targeted revenue. Bitchi expressed the committee’s satisfaction if the NCS could aim for N6 trillion in revenue for the fiscal…

Read More

2024 Budget: President Tinubu Assures Nigerians of Economic Recovery

oluwatobi enitan

President Bola Tinubu has assured Nigerians that the nation’s path to recovery from economic challenges is imminent. Presenting the 2024 appropriation bill before a joint session of the National Assembly in Abuja on Wednesday,, Tinubu expressed confidence that the budget would pave the way for transformative economic growth and development. “I have no doubt that this will be in the interest of Nigerians. As a government, we are committed to improving the lives of our people and delivering on our promises to them,” affirmed President Tinubu. He emphasized the potential…

Read More

Tinubu Directs Acting CBN Governor to Enhance Foreign Exchange Market Liquidity

oluwatobi enitan

President Bola Ahmed Tinubu has issued a clear directive to the Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, to devise strategies aimed at bolstering liquidity within the foreign exchange market and streamlining the activities of speculators. Following a pivotal meeting with the President, the acting CBN governor conveyed that President Tinubu expressed concerns about the prevailing trends in both the FOREX and parallel markets. As a result, he instructed that every effort must be made to ensure a more conducive financial environment for the average Nigerian citizen.…

Read More