FG Targets Tax Raise In 2022 To Reduce Borrowing       Taxes may go up next year as a result of the government’s plans to shore up revenue and drastically cut borrowings. Leakages are to be blocked and revenue-generating agencies are to be thoroughly supervised. Senate President Ahmad Lawan,...

Reps, Customs Disagree Over N1.3trn Revenue Projection       The House of Representatives’ Committee on Finance has dismissed a revenue of N1.3tn projected by the Nigeria Customs Service for 2022, vowing to raise the target. The Comptroller-General of NCS, Col. Hameed Ali (retd.), had in his presentation at...

Nigeria Entitled To $3.35bn In Fresh IMF Rights Allocation       The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation begun allocating Special Drawing Rights of about $650bn on Monday. This was contained in a press statement on the IMF website...

FDC Forecasts 2.6% GDP Growth For Nigeria In Q2       Financial Derivatives Company Limited has said the Nigerian economy is expected to grow by 2.6 per cent in the second quarter of this year, up from 0.51 per cent in Q1. Analysts at Lagos-based FDC, led by...

External Reserves Fail To Sustain Momentum After July Rally     Nigeria’s external reserves could be heading toward the mid-July trough as it fail to sustain the momentum it started four weeks ago. The figures have been on a downtrend since August 11 after what appeared like a...

FIRS Insists On VAT Collection, Warns Taxpayers Against Default       The Federal Inland Revenue Service (FIRS) has directed taxpayers in the country to continue to pay their Value Added Tax (VAT) to it or risk penalties for failing to do so. The FIRS said it decided to...