The Federal Government has secured $800 million from the International Bank for Reconstruction and Development (well known as the World Bank) to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. After this week’s Federal Executive Council chaired by President Muhammadu Buhari at the Aso Rock Villa, Abuja on Wednesday, the Minister of Finance, Budget and …

President Muhammadu Buhari on Wednesday urged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion by 2033. President Buhari gave the charge at the launch of the new MOFI and inauguration of the governing council and board of directors of the body shortly before the …

The Central Bank of Nigeria (CBN) has said that it followed due process in the policy to redesign some Naira notes. This is in apparent response to Friday’s comment by the Minister of Finance, Budget and National Planning, Dr Zainab Ahmad that her ministry was not aware of the policy. The CBN said the policy is indeed 12 years due. CBN’s …

The Federal Government has reassured that the National Development Plan (2021-2025) and associated strategies were formulated to reflect emerging threats and opportunities while developing a clear path to achieve the United Nations (Sustainable Development Goals (SDGs) by 2030. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said at the 52nd national conference of the Institute of Chartered …

The Minister of Finance and National Planning, Dr Zainab Ahmed has said the Federal Government would borrow over N11 trillion and sell national assets to finance the budget deficit in 2023. She also said the government’s budget deficit is expected to exceed N12.42 trillion if it should keep petroleum subsidy for the entire 2023 fiscal cycle. While appearing before the …

Nigeria spends N18.397 billion per day on petrol subsidy payments, according to the Minister of Finance Minister, Budget and National Planning. Hajia Zainab Ahmed. The Minister told a House of Representatives’ ad-hoc committee investigating petroleum subsidy regime on Thursday that the figure is calculated from N283 per litre of Petroleum Motor Spirits (PMS) on 65 million litres per day. Subsidy …

Telecommunication subscribers, under the aegis of the National Association of Telecoms Subscribers (NATCOMS), have vowed  to challenge the legitimacy of the proposed five per cent excise duty on telecoms services in court. According to them, the excise duty on telecom services, which would translate to an extra five per cent consumption tax on calls, SMS, data, and other telecom services, …