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OPEC Extends Nigeria’s Exemption On Oil Production Cut

(AFRICAN EXAMINER) – The Joint Organization of Petroleum Exporting Countries OPEC and non-OPEC Ministerial Monitoring Committee, JMMC has extended the exemption granted Nigeria on the output cut which was imposed on member countries in January 2017. The meeting of the body which held Friday in Vienna, Austria, upheld Nigeria’s position that the exemption, which was […]

Ebonyi Tackles Federal Government Agencies Over Unremitted Funds

From   Ignatius   Okpara, Abakaliki The governor David Nweze Umahi, led administration  in Ebonyi state, South-east Nigeria, has threatened to drag some federal government owned establishments operating in the state to court over alleged tax evasion and failure to make remittances due to the state. The state Commissioner for Finance and Economic Development, Dennis Ekumankama, gave […]

Nigeria Loses More than 140 Billion Weekly to Apapa Gridlock -Dangote

President of Dangote Group, Aliko Dangote has lauded the decision of the Federal Government to reconstruct the failed Apapa Wharf road as its grim state serves as both an embarrassment to the country and a huge financial loss to the government on a weekly basis. Dangote who spoke on Tuesday said “The economy loses more […]

N2.5 Trillion Debts: AMCON Says Judiciary Frustrating Recovery Efforts

Photo caption: Managing Director/Chief Executive Officer (CEO) of AMCON, Mr. Ahmed Kuru From  Ignatius Okpara, Enugu (AFRICAN EXAMINER) – The Asset Management Corporation of Nigeria (AMCON), has accused the nation’s judiciary of constituting a stumbling block in its efforts towards recovering a whopping sum of 2.5 trillion being owed the federal government  by about 350 persons […]

Dangote Praises CBN, Emefiele’s Policies over Recovery of Nigeria’s Economy from Recession

(AFRICAN EXAMINER) – President of the Dangote Group, Alhaji Aliko Dangote, has commended the policies of the Central Bank of Nigeria, saying they contributed immensely to the recovery of the country’s economy from recession. He also commended the Governor of the apex bank, Godwin Emefiele, saying his resilience to keep going despite the challenges and […]

Elumelu, African Leaders Commend AFC on World Class Governance Standards

(AFRICAN EXAMINER) – Chairman, United Bank for Africa Plc,  Tony O. Elumelu, has hailed the African Finance Corporation on its various initiatives and contributions  targeted towards supporting African economies in the last few years noting that these initiatives have gone a long way in fostering growth and diversity on the continent. Elumelu , who gave […]

G20 Finance Ministers Back Out Of Anti-Protectionist Deal

BALTIMORE, MD (AFRICAN EXAMINER) – The G20 Finance Ministers have dropped an anti-protectionist commitment due to opposition from the US. In spite of the resolution, the world strongest economy Ministers left the two-day meeting without renewing their long-standing pledge to bolster free trade. It would be recalled that the group last year vowed to “resist […]

Regulatory Agencies Must Act as Agents Of Change —Osinbajo

(AFRICAN EXAMINER) – It is the role of government’s regulatory agencies to act as catalysts of beneficial change and to take responsibility for facilitating businesses in the country, according to Acting President Yemi Osinbajo   “We must see ourselves as agents of some catalytic change, we must take some responsibility to make profound changes possible,” […]

Ex-IMF Boss Rodrigo Rato Jailed over Embezzlement

BALTIMORE, MD (AFRICAN EXAMINER) – Former IMF boss Rodrigo Rato has been sentenced for four years and six months in prison over financial misconduct. Mr. Rato was found guilty Thursday for misusing funds when he was the boss of two Spanish banks. Spain’s National Court, which deals with corruption and financial crime cases, held that he […]

Overview and Strategic Implementation Plan of Nigeria 2016 Budget, By Budget Minister, Udo Udoma

An address by SENATOR UDOMA UDO UDOMA, Honourable Minister of Budget and National Planning, 12TH MAY 2016  PROTOCOLS It is my pleasure to welcome you all to this presentation on the 2016 Federal Government Budget – the first full year Budget of this administration which was recently signed into law by the President. My profound appreciation […]

IMF Global Economy Downward Forecast Confirms Nigeria As Worst Victim

Again, the International Monetary Fund (IMF) has reviewed its forecasts for the world economy, with Nigeria considered mostly affected. The agency’s latest World Economic outlook predicts global growth of 3.2 per cent this year and 3.5 per cent in 2017. While launching the report, IMF’s chief Economist, Maurice Obstfeld, described the pace of growth as […]

Adeosun: Nigeria Will Pump N350Bn into the Economy this Quarter

*Urges states to begin process of robust revenue generation The Minister of Finance, Mrs. Kemi Adeosun has disclosed that the Federal Government of Nigeria, as a sign of its commitment to stimulate the economy, will in the next one quarter pump N350 billion into the system in form of capital spending. Explaining that the Federal […]

DMO Facilitates Bailout for 23 States, Helps to Restructure N575 Billion Debts

BALTIMORE, MD (AFRICAN EXAMINER) – The Debt Management Office (DMO) has helped to facilitate bailout for 23 states of the federation by working out an arrangement under which their domestic debts were restructured for repayment over a much longer period. Director General of DMO, Dr. Abraham Nwankwo, disclosed this on Friday while speaking at a […]

18 States Get Bailout Fund As Excess Crude Account Hits  $2.3 Billion

By Ayodele Afolabi, Abuja BALTIMORE, MD (AFRICAN EXAMINER) – A total of 18 states of the federation have so far been able to draw from the bailout fund arranged by the federal government. The Central Bank Governor (CBN), Mr. Godwin Emefiele, disclosed this on Thursday while briefing the National Economic Council (NEC). He said that […]

FIRS To Begin Audit Of Companies For Tax Compliance

By Ganiyu Nasirudeen – The Federal Inland Revenue Service (FIRS) has indicated interest to begin a special audit of companies operating in Nigeria. In a statement by FIRS Director of Communications and Servicom, Emmanuel Obeta, the agency clarified that decision to carry out the exercise was reached after a meeting between its Acting Executive Chairman, […]

FIRS Partners With ICAN, Tax Consultants To Increase Revenue Collection

Ayodele Afolabi, Abuja – The newly appointed Acting Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has embarked on a landmark collaboration with Audit Firms, Institute of Chartered Accountants, Tax Consultants and other professional Service providers in order to ensure increase in revenue collection. In the meeting held in Abuja recently, Fowler pointed […]

Nigeria Loses N585billion To Waivers on Rice, Others –Senate

Ayodele Afolabi, Abuja – Senators revealed on Thursday that a whopping sum of N585 billion was lost by the federal government of Nigeria from 2011 to 2014 to indiscriminate waivers granted on importation of rice and other agricultural products. This shocking revelation was made on the floor of the senate when a motion on Indiscriminate […]

FG, States, LG Share N675.7 billion November Allocation

Muyiwa Bamidele, Abuja The Federation Accounts Allocation Committee has shared a total of N675.7 billion as statutory revenue allocation for the month of November. The minister of state for finance and Chairman of FAAC, Yerima Ngama said total revenue available for distribution among the three tiers of government, including the value added tax, VAT, collection of […]

Tax Evasion: Imo Govt Seals Up Banks In Owerri, As Customers Become Stranded

IGNATIUS OKPARA, Enugu For failing to pay their various forms of taxes and approved levies, the  Imo State government Thursday sealed up bank premises found wanting  in Owerri, the Imo State capital, leading to the total paralysing of commercial and social activities in the area.   However, the Governor Rochas Okorocha led government’s action compelled […]

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