Economy - Abia ThinkTank News

Oct

2024

FGN Names 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu(Full List)

63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (See Full List) The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024. The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the…

Oct

2024

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By Abia ThinkTank

CBN Introduces Electronic System To Boost Transparency In Forex Market

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Introduces Electronic System To Boost Transparency In Forex Market The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November. The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by enhancing transparency and promoting a market-driven exchange rate accessible to the public. According to a circular by the Director of the Financial Markets…

Oct

2024

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By Abia ThinkTank

ICPC Recovers N13 Billion Diverted Public Funds In September

Crime, Economy, News Flash

ICPC Recovers N13 Billion Diverted Public Funds In September The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, on Wednesday revealed that the anti-graft agency recovered diverted public funds to the tune of N13 billion in the month of September only. Aliyu made the revelation in his welcome address at the launch of the commission’s 2024-2028 Strategic Action Plan in Abuja, saying ICPC had make significant progress in the fight against corruption on Nigeria. Describing the recovery as a remarkable achievement, the chairman said it was a testament to ICPC’s relentless efforts aimed at combating…

Oct

2024

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By Abia ThinkTank

Minimum Wage: FGN Raises Retiree’s Pension By N32,000

Economy, FGN, Labour, News Flash

Minimum Wage: FG Raises Retirees’ Pension By N32,000 Following the consequential adjustment in salary structures by the committee set up by the government to review the new minimum wage, retirees will now receive an increment of N32,000 in their monthly pensions. This was revealed in a memo by the National Salaries, Wages, and Income Commission, sighted on Monday by The PUNCH. According to the memo, dated September 27, 2024 and signed by the Chairman of the NSIWC, Ekpo Nta, the affected retirees are those who retired under the salary schemes for doctors, health workers, lecturers, police, paramilitary, armed forces, and…

Sep

2024

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By Abia ThinkTank

World Bank Approves $1.57Billion Loan In Financing For Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

World Bank Approves $1.57 Billion Loan For Nigeria The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help build resilience to the effect of climate change such as floods and drought through improving dams safety and irrigation. The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria…

Sep

2024

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By Abia ThinkTank

FGN To Distribute 2,000 CNG-Powered Tricycles To Youths Across Nigeria From October 1st

Economy, FGN, News Flash

FG To Distribute 2,000 CNG-Powered Tricycles To Youths Across Nigeria From October 1st The Federal Government, through the Presidential Compressed Natural Gas Initiative (PCNGi), will begin the distribution of 2,000 CNG-powered tricycles to youths in the transportation sector across Nigeria starting October 1st, 2024. The initiative aims to distribute 2,000 CNG-powered tricycles to youths in the transportation sector across the country, as part of efforts to address rising transportation costs and promote more sustainable and affordable mobility options. In an X (formerly Twitter) post on Saturday, PCNGi highlighted that the program is part of the Tinubu administration’s broader strategy to…

Sep

2024

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By Abia ThinkTank

Binnance Founder, Zhao Released After Serving 4 Months

Crime, Economy, News Flash

Binance Founder, Zhao Released After 4 Months Changpeng Zhao, the founder of Binance and a key figure in the global cryptocurrency industry, has been released. He was released from a California correctional facility after serving a four-month sentence for failing to enforce anti-money laundering protocols on his exchange. The 47-year-old, widely known as “CZ,” returned to the US from Dubai earlier this year to face charges and serve time linked to regulatory breaches at Binance, the world’s largest crypto exchange by trading volume. His release came two days ahead of schedule due to standard practices when release dates fall on…

Sep

2024

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By Abia ThinkTank

Jonathan Tackles Sanusi As $49.8Billion Missing Allegations Gathers Momentum At Book Launch

Columns/Opinions/Letters, Economy, News Flash

Jonathan Tackles Sanusi As $49.8 Billion Missing Allegation Rears Head At Book Launch Former President Goodluck Jonathan tackled ex-Governor of Central Bank of Nigeria, CBN, Muhammad Sanusi Lamido Sanusi over claims that sum of $49.8 billion dollars got missing from the national coffers under his watch as president. Sanusi made the allegation when he served in the administration of Jonathan as the CBN governor. However, Sanusi who is now the Emir of Kano, Muhammad Sanusi 11 was suspended from office soon after he made the allegation. Jonathan suspended Sanusi on 20 February, 2014, few months to the end of his…

Sep

2024

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By Abia ThinkTank

President Tinubu Seeks Debt Forgiveness For Nigeria

Economy, FGN, News Flash

Tinubu Seeks Debt Forgiveness For Nigeria President Bola Tinubu has called on world leaders to prioritise debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions. The President also asked the United Nations to commit to multilateralism by deepening relations among member states, in line with the principles of inclusivity, equality etc Tinubu, who is the Chairman of the Authority of Heads of States and Government of the Economic Community of West African States, made the call while addressing world leaders during the General Debate of the ongoing 79th Session of the United Nations General Assembly,…

Sep

2024

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By Abia ThinkTank

FGN Explains Minimum Wage July 29 Backpay

Economy, Labour, News Flash

FG Explains Minimum Wage July 29 Backpay The Federal Government through the National Salaries, Incomes and Wages Commission has stated that the payment of the new minimum wage will commence from July 2024. The NSIWC Chairman, Ekpo Nta, said this during a press briefing on Tuesday in Abuja. The commission stated that this was because the date in question was when the President approved the bill after the National Assembly passed it. The development is contrary to an earlier statement by the Minister of State for Labour, Nkiruka Onyejeocha, that the payment would commence on May 1, 2024. It also…