Finance

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By Janet Bassey (Governance Correspondent)

President Bola Ahmed Tinubu explained on Sunday in Abuja that his administration removed the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) to expedite development and enhance resident participation in governance. . The President, who received FCT residents at the Presidential Villa for Sallah homage, said the bureaucracy associated with the TSA was hampering infrastructure growth in the capital city and had to be reviewed for impact and progress.

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By Bamidele Ojo (Capital Market Reporter)

The Nigerian equities market achieved a historic milestone in 2024, with the Nigerian Exchange Group All Share Index (NGXASI) advancing by 37.56% year-on-year (y/y) to close at 102,926.40 points.

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* Four Other Fintech Start-ups Also Penalised

In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined a combined N2 billion (N1 billion each) in the second quarter of 2024, according to sources with direct knowledge of the matter. While several other fintech companies were also penalized, the two firms were the hardest hit.

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Financial Times, a UK based Newspaper, wrote in it's Tuesday (July 17, 2024) edition, that Nigeria's President, Bola Ahmed Tinubu, has forced bitter pills down the throats of his fellow countrymen through thoughtless fuel subsidy removal, one of the benefits receive from the state; allowed the country’s currency, the naira, to enter a freefall, fuelling imported inflation and triggering the worst cost of living crisis in a generation. The newspaper posits that shock therapy alone will not cure Nigeria's economic ills. It counsels that Tinubu's reforms need to be bolstered by a national strategy for growth.

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By Agency Reporter

The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise banks to achieve economic resilience in the country.

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Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has assured Nigerians and corporate organisations that the FIRS will not further increase taxes despite its resolve to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 per cent.

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