Category: Business

Over N200bn official transactions tracked close to 2019 elections – NFIU

The Nigerian Financial Intelligence Unit (NFIU) has mentioned that close to the 2019 common election, the company was ready to observe official transactions to the tune of N200 billion. The Director and Chief Executive Officer of NFIU, Modibbo Tukur, disclosed this Thursday in Abuja on the Anti-Corruption Situation Room (ACSR) Program organised by HEDA Resource Centre. Tukur, who was represented by Mr. Badaru Abubakar, mentioned…

Increment of excise duty will cause more inflation, scarcity – NBCC warns FG

The Nigeria-British Chamber of Commerce (NBCC) has warned that the proposed increment within the excise duty by the federal authorities will result in more inflation within the nation. DAILY POST gathered that the federal authorities by way of the Federal Ministry of Finance, Budget and Financial Planning has concluded plans to impact a hike within the particular excise element of some merchandise akin to alcoholic…

Expert gives reason for devaluation of Naira

A Financial professional, Mr Idakolo Gbolade, mentioned the elevated Money Supply, in any other case referred to as M2, is the reason for the continued fall of the Naira. In perspective, the cash provide refers to all of the foreign money and different liquid devices in a rustic’s economic system on the date measured. According to knowledge from the Central Bank of Nigeria, CBN, the…

Minister disowns N206bn project fund inserted in 2023 budget

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Mrs. Sadiya Umar Farouq, has disowned the N206 billion inserted into the ministry’s 2023 budget by the Ministry of Fiance, Budget and National Planning. Farouq, who appeared earlier than the Senate Committee on Special Duties for 2023 budget defence, claimed that the ministry requested funding for some initiatives of the North East Development Commission, NEDC,…

Nigerian laws protect foreign investment – Malami

The Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami has clarified that Nigerian laws present probably the greatest authorized safety for foreign traders on the earth. Malami, SAN, made the assertion on Monday when he acquired the management of the Rice Farmers’ Association of Nigeria (RIFAN) along with the visiting delegation from Egypt National Service Project Authority (NSPA), Cairo, led by…

S’South foreign debt above $873m – FRC

The six South-South states in Nigeria are owing greater than N988 billion in home money owed in addition to $873.3 million as of December 2021. Chairman of Fiscal Responsibility Commission (FRC), Victor Muruako disclosed this in his handle in Calabar throughout a two-day sensitisation programme and workshop on transparency and accountability. “An analysis of fiscal fundamentals of states of the South-South geopolitical zone, as of…

Lack of economic productivity reason most Nigerians live in poverty – Expert

An economic skilled, Dr Boniface Chizea, has stated that lack of economic productivity is why most Nigerians live in poverty. Chizea made this disclosure to DAILY POST on Friday whereas reacting to the newest National Bureau of Statistics, NBS, Multidimensional Poverty Index, MPI, report. In perspective, the Report launched on Thursday revealed that 133 million, 65 % of Nigerians live in poverty. The Report’s findings…

Sokoto, Bayelsa record highest as 133 million Nigerians experience poverty – NBS

Sokoto, Bayelsa states have recorded the highest as 133 million, representing 65% of Nigerians are experiencing multidimensional poverty. DAILY POST learnt this on Thursday in keeping with the National Bureau of Statistics, NBS Multidimensional Poverty Index, MPI report. Also, the report acknowledged that Gombe and Kebbi states ranked third and fourth within the latest poverty information. Meanwhile, Ondo state recorded the bottom poverty index at…

Stop cattle grazing to meet milk production target in Nigeria – Denmark tells FG

Nigeria can meet its need to be self-sufficient in milk production by embracing ranching not cattle grazing, the Danish Embassy in Nigeria has suggested. Mr. Paul Jacob, Sector Councillor on Foods and Agriculture, whereas talking on behalf of the Danish Embassy in Kaduna on Thursday, opined that Nigeria has no drawback importing milk product into the nation with 21 million cattle if ranching is totally…

Nigeria Air won’t benefit Nigerians – Former NAMA DG

The former Director General of Nigerian Airspace Management Agency, NAMA, Captain Roland Iyayi stated the proposed Nigeria Air wouldn’t benefit the Nigerian public. Also, he alleged that the award of a majority stake in Nigeria Air to Ethiopian Airlines was not clear and would result in unfair competitors within the nation’s airspace business. Captain Roland Iyayi made this disclosure in an AriseTV interview monitored by…

Inflation: Grant concessionary import duty to food processors, industrialists – CPPE urges FG

The Centre for the Promotion of Private Enterprise, CPPE, has suggested the federal authorities to grant food processors and industrialists concessionary import duty as an answer to tackling rising inflation in Nigeria. In an announcement launched to DAILY POST on Wednesday by CPPE’s CEO, Dr Muda Yusuf, he acknowledged that stakeholders are severely anxious about Nigeria’s macroeconomic issues. The nation’s inflation hiked to 21.09 per…

Prices of maize, paddy rice, other food commodities to rise in Q4 2022 – Survey

A survey has disclosed that the costs of maize, paddy rice and soybeans are anticipated to rise in the fourth Quarter(Q4) of 2022. DAILY POST learnt this on Wednesday on the presentation of AFEX 2022 Wet Season Crop Production Report in Abuja. Specifically, the report acknowledged that maize would bounce to 214,890/MT and 220,000/MT by the top of Q2 2022, in contrast to a median…

Expert reveals solution to Nigeria’s rising inflation

A Financial Inclusion/Wealth Management skilled, Mr Idakolo Gbolade, has revealed the solution to ending Nigeria’s rising inflation. Less than 24hrs in the past, the National Bureau of Statistics, NBS, launched its October inflation determine, standing at 21.09% from 20.77% within the prior month. Also, meals inflation skyrocketed from 23.34% to 23.72% within the interval beneath evaluation. Speaking on recurring Nigeria’s inflation fee in a chat…

Rising inflation will plunge average Nigerians into more poverty trap – Experts

On Tuesday, the National Bureau of Statistics, NBS, disclosed that Nigeria’s headline inflation fee elevated to 21.09 % on a year-on-year foundation in October 2022 from 20.77% final month. The growth, consultants mentioned, would plunge the peculiar Nigerians and the average revenue earners into a poverty trap and financial distress. In the report, Nigeria’s housing, water, electrical energy, gasoline, and different fuels (power) inflation fee…

(*63*) at stake as Reps seeks to probe 63 agencies over unauthorised budget

The complain by President Muhammadu Buhari that agencies of the Federal Government have robbed the federal government with undue expenditure over unauthorised budget has begun to take investigative dimension. This is as the National Assembly has commenced what would appear as its oversight perform, probing into agencies discovered wanting of operating unauthorised budget amounting to N2 trillion. Moves by the House of Representatives have discovered…

Naira Redesign: We’re committed to protecting Nigerians in unbanked, rural areas – CBN

The banking public in rural and underserved areas can entry Central Bank of Nigeria branches in the 36 States throughout the federation. This is to allow them enquire about choices for depositing their present N200, N500 and N1,000 notes and account opening processes, monetary entry factors, and different monetary companies. A press release by the Director Corporate Communications of the CBN, Osita Nwanisobi indicated that…

Buhari weak in managing Nigeria’s economic system, governance – Report

Nigeria beneath President Muhammadu Buhari has carried out poorly in governance, financial and political transformation, in response to the BTI 2022 Country Report. The Bertelsmann Transformation Index (BTI) measures the event standing and governance of political and financial transformation processes in creating and transition nations. Founded in 1977, the report is printed biennially by Bertelsmann Stiftung, an impartial institution primarily based in Gütersloh, Germany. More…

South Korean Ambassador pays courtesy call on BUA Group

…seeks larger enterprise and financial cooperation between Nigeria and South Korea BUA Group, certainly one of Africa’s largest meals, mining, manufacturing, and infrastructure corporations, performed host to the Ambassador of South Korea to Nigeria, Kim Young-Chae on the BUA Group HQ in Lagos the place he was acquired by the Group Executive Director, Kabiru Rabiu, and different members of the BUA administration. This go to…

Apartment conversions jumped 25% over the past two years, meaning that swanky place you’re renting likely used to be an...

Developers transformed 1,565 residences in Washington, D.C. final 12 months. Brian Keith Lorraine Developers transformed extra outdated buildings into leases than ever earlier than between 2020 and 2021. Developers are focusing on a variety of constructing sorts, from office buildings to church buildings. Increased work-from-home and hybrid alternatives is driving the pattern. Developers are changing outdated buildings into new residences at an all-time excessive price…

Pressure mounts for regulators to investigate TikTok over potential ‘Big Brother-type surveillance’ after reports of plans to track Americans’ locations

Rafael Henrique/SOPA Images/LightRocket through Getty Images Forbes reported TikTok’s mother or father firm, ByteDance, deliberate to use the app to surveil Americans. Public Citizen on Thursday urged lawmakers and the FTC to investigate TikTok and ByteDance. The client rights group joins a rising refrain of bipartisan calls to investigate the Beijing-based firm. Public Citizen in a letter on Thursday urged lawmakers and the Federal Trade…