Fed Govt Projects N120trn As Three-year Consumption Expenditure   The Federal Government has projected an average of N120tn as consumption expenditure by Nigerians on which value-added tax will be charged between 2023 and 2025. This is according to the Medium Term Expenditure Framework and Fiscal strategy paper...

CBN Slashes e-Naira Transaction Cost by 50% The Central Bank of Nigeria of Nigeria says it is slashing transaction costs for its e-Naira platform by 50%, a move the bank claims will increase the volume of transactions on the central bank's digital currency platform (CBDC). Additionally,...

Contributory Pension Assets Now N14.36trn   Assets under the Contributory Pension Scheme rose to N14.36tn in July 2022, from N14.27tn reported in the previous month. This is according to the data obtained from the National Pension Commission (PenCom) on its unaudited report for the period ended July...

Nigeria’s Diaspora Remittances Rise To $5.16bn In Q1, 2022 - CBN   Nigeria’s diaspora remittances continued its upward trend in the first quarter of the year, Q1’22, rising by 20.3 per cent, Year-on-Year, YoY, to $5.16 billion from $4.29 billion in the same period of last...

Fed Govt Generates N1.09trn From Indirect Taxes   The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics. This represents a 10.29 per cent increase from N984.33bn obtained in the first two quarters...

Report: Nigeria’s Foreign Missions Spending Funds Illegally – Auditor-General   The House of Representatives’ Committee on Public Accounts has commenced investigation of extra-budgetary spending by Nigeria’s foreign missions and their refusal to remit Internally Generated Revenue despite cries of paucity of funds by the embassies and...