CBN/Commercial Banking

FG Imposes 7.5% VAT On Cryptocurrency Transactions The Federal Government has imposed a 7.5 percent Value Added Tax(VAT) on cryptocurrency transactions. This development was made known after KuCoin; a cryptocurrency exchange, says it will commence collection of the transaction fees for users in Nigeria. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would commence from July 8 and that for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount. According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1…

FG Announces Date To Commence Payment Of N150bn SMEs, Manufacturers Loan The Nigerian Federal Government says the disbursement of N150 billion in loans to micro, small and medium enterprises and manufacturers would commence by the end of July 2024. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a statement through her official X handle on Thursday. Uzoka-Anite said that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country. She said, “To all applicants…

Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja. According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households. Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country. He added that a key component of the programme is the approval of the…