Nigeria Records N8.9trn Trade Deficit In Nine Months     Nigeria recorded a negative trade balance of N8.9tn, between January and September, 2021, data from the National Bureau of Statistics have shown. Within this period, total foreign trade stood at N35.09tn, comprising N22tn imports and N13.1tn exports, leading...

Rising Food Prices Fuelling Inflation In Nigeria, Others – IMF     The International Monetary Fund says rising food prices is the major factor fuelling inflation in Nigeria and other Sub-Saharan African countries. According to the body, inflation is rising around the world, but because food accounts for...

FIRS To Capture MDAs Revenue, Waivers As Taxes     The Federal Inland Revenue Service (FIRS) has disclosed that henceforth government revenue, tax waivers, import duty waivers among others will be captured as tax revenues to the Federation. The FIRS said that this will improve Nigeria’s tax-to-GDP ratio...

Reps Summon NEPZA, OGFTZ , Allege Unremitted Taxes By Contractors       The House of Representatives’ Committee on Public Accounts has resolved to invite the Nigeria Export Processing Zones Authority and the Oil and Gas Free Zone on the tax status of Julius Berger Plc, CETRACO, Salini...

Five Banks’ Interest Income Drops To N376bn, Experts Blame CBN Cash Reserve Policy       The combined net interest income of five publicly-quoted commercial banks has declined by N48.69bn in the last one year, according to the financial statements of the lenders analysed by our correspondent. Specifically, the...

Importers To Pay N300bn Freight Rates On Foreign Rice To Nigeria, Others     Foreign rice importers will pay a total of N300 billion ($579. 75million) to shipping lines as freight rates by the end of this year. The rice importers, who are expecting their consignments from Thailand...