Nigeria Loses $8.8trn To Capital Flight       The House of Representatives has urged the Federal Government to develop an effective mechanism and strategy to prevent the persistent occurrence and address the menace of capital flight in Nigeria. The House said it was aware of the Central Bank...

Modular Refineries: Revoke, Re-issue Licences, Reps Urge NNPC       The House of Representatives has urged the Nigerian National Petroleum Corporation to review the status of the licences issued to indigenous companies to run modular refineries. It asked the corporation to revoke and re-issue them to competent and...

MFBs Join Reps’ Call To CBN To Halt Recapitalisation       The National Association of Microfinance Banks (NAMB) has joined the House of Representatives’ recent call on the Central Bank of Nigeria (CBN) to suspend the April 2021 deadline for the recapitalisation of microfinance banks (MFBs). It came...

Reps Increase Customs’ Revenue Target To N1.6trn         The House of Representatives yesterday increased the revenue target of the Nigeria Customs Service (NCS) from N1.4 trillion to N1.6 trillion as expected revenue for the 2021 fiscal year. The House also approved about N257, 183, 671, 694. 71...

Nigeria’s Debt Stock To Hit N34trn With New Loans       The total debt stock for Nigeria could rise from N33 trillion to N34tr soon as the National Assembly approves another N1.1tr external loan request for the federal government. The House of Representatives yesterday approved the external loan...

Reps Urge CBN To Suspend Recapitalisation Of Microfinance Banks       The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the planned recapitalisation for microfinance banks until the economy stabilises and considered safe. The House mandated the Committee on Banking and Currency to...