FG Earmarks N21bn To Modernise Railway Operations   The Federal Government has earmarked the sum of N21.09bn for railway modernisation, rehabilitation and maintenance of ongoing railway projects nationwide. An analysis of the 2023 Appropriation Act by our correspondent showed that the railway modernisation project under the line...

Just In: CBN Increases Interest Rate to 17.5% The Central Bank of Nigeria Monetary Policy Committee has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent. This was disclosed by the CBN Governor, Godwin Emefiele, on Tuesday while reading the communiqué...

Banks Lending Rate to Customers Rises to 29.13% The Central Bank of Nigeria has reported that as of December 20, 2022, the maximum lending rate in the banking sector hit 29.13 percent and the savings deposit rate was 4.13 percent. Figures obtained from the CBN on...

Report Reveals Companies Pay N11.5trn Tax Under Buhari   The Federal Government has raked in N11.5tn from taxes paid by business organisations under the administration of President Muhammadu Buhari. Data sourced from Company Income Tax reports published by the National Bureau of Statistics between 2015 and 2022...

PFAs Generate N266bn From Fixed Income Securities   The Pension Fund Administrators (PFAs) recorded N266.13bn gain from investment of pension funds in fixed-income securities in the third quarter of 2022. The commission revealed this in its 2022 third-quarter report on ‘Interest/coupons and dividends’. It stated, “The interest/coupons received...

Hike In Interest Rate Likely As MPC Meets Today   Ahead of the two-day Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) commencing on Monday (today), financial experts have expressed diverse views on possible outcomes of the rates. The CBN disclosed it would...