CBN Raises Interest Rate to 14% as Inflation Hits 18.6% The Monetary Policy Committee of the Central Bank of Nigeria has increase the benchmark interest rate (monetary policy rate) from 13% to 14%. This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading...

EFCC, NASS, MDAs Fail To Remit Taxes - Oyedele The Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, has revealed that Ministries, Departments and Agencies (MDAs) of government do not remit withholding tax to government. Oyedele disclosed this at the Nairametrics Economic Outlook webinar,...

PenCom Says Under-40 Workers In Contributory Pensions Now At 86%   Workers below 40 years under the Contributory Pension Scheme rose from 73 per cent at the end of 2021 to 86.4 per cent by end of the first quarter of 2022. The National Pension Commission disclosed...

Audit Query: Senate Orders NIMASA DG’s Arrest Over $9.305bn Loss   The Senate through its Panel on Public Accounts has ordered the arrest of the Director-General of the Nigerian Maritime and Safety Agency, Dr Bashir Jamoh, for allegedly paying $5mn to a legal firm as a...

CBN’s MPC Begins Two-day Economic Meeting Today   The Central Bank of Nigeria’s Monetary Policy Committee will begin its two-day bi-monthly meeting on Monday (today). This came as analysts at Cordros Securities predicted that the MPC would retain the lending rates in the market after its July...

Nigeria’s Inflation Exceeds World Bank Projection By 20%   Despite raising its Monetary Policy Rate (interest rate), Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent. In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business...