FG Suspends $950m Eurobond Borrowing Over Pricing   The Federal Government has shelved plans to raise about $950m selling overseas bonds, owing to unfavourable market conditions during the time frame approved for the fundraising, The Minister of Finance, Zainab Ahmed, has said. Ahmed had said in April...

NPA MD Says Tin-Can Island Port Repairs To Gulp N360bn   Indication has emerged that the reconstruction of Nigeria’s second largest seaport, the Tin-Can Island Port in Lagos, will gulp about 600 million US dollars (N360 billion). Recall that the Nigeria Ports Authority (NPA) hinted at rehabilitating...

Free Trade Zones Contributes N29bn Tax In 2 Years - NEZA   The Nigeria Economic Zones Association (NEZA) has said the special economic zones in the country are not used for tax evasion but a source of gaining more revenue through custom duties and VAT than...

SEC Initiates Measures To Tackle Fraud, Unclaimed Dividends   The Securities and Exchange Commission (SEC) is planning to provide capital market participants with unique identifiers in order to reduce fraud and the quantum of unclaimed dividends, a statement by the commission on Sunday said. The Director-General, SEC,...

Nigeria’s Foreign Reserves Drop To $39.5bn   Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021, according to the calculations of reserves movements on the Central Bank of Nigeria’s website. On the other...

Tax -  FIRS To Deduct Govts’ Unpaid VAT, WHT From FAAC Account  The Federal Inland Revenue Service (FIRS) has announced that it will begin deducting unremitted Value-Added Tax (VAT) and Withholding Tax (WHT) by states and local governments from the allocations shared monthly by the...