Business

FAAC: FG, States, LG Share N635.8bn (See Breakdown)

FAAC: FG, States, LG Share N635.8bn (See Breakdown)

Business, News
The ministry of Finance, Budget and National Planning gives the full breakdown of N635.8 billion in November.  The Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse, said on Wednesday in Abuja that the Federal, States and Local Governments had shared the sum of N635.8 billion for the month of November. Alhaji Isa Dutse disclosed this while addressing newsmen after the Federation Account Allocation Committee (FAAC), meeting. He explained that the amount shared included Value Added Tax (VAT), exchange gain and Forex Equalisation. ALSO READ: Buhari Approves Deployment Of New Permanent Secretaries According to him, the gross statutory revenue generated for the month was N491.8 billion, which was lower than N596.04 billion received in the previous m
CBN Threatens To Suspend Personal Accounts

CBN Threatens To Suspend Personal Accounts

Business, News
Nigerian palm oil industry was at a crossroad and the economy continued to be threatened by inadequate local production On Tuesday, The Central Bank of Nigeria (CBN) threatened to suspend the account of any person hiding under the ECOWAS Trade Liberalisation Scheme to sabotage the federal government’s investment in reviving the palm oil sector. The Governor of the Bank, Mr Godwin Emefiele, made this known during the inauguration of the Edo oil palm programme in Benin. Mr Godwin Emefiele also threatened that accounts of corporate entities including their cronies and supply chain enablers involved in smuggling palm oil and its products into the country would also be suspended. ALSO READ: What Buhari Told Lawan, NASS After Signing 2020 Budget (Full Details) He said the Nigerian palm oi
Hajia Zainab Ahmed: Nigeria’s GDP Recorded Significant Growth By 2.38 Percent

Hajia Zainab Ahmed: Nigeria’s GDP Recorded Significant Growth By 2.38 Percent

News, Business
On Wednesday after the Federal Executive Council (FEC) meeting at the Presidential Villa the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, said that the Nigeria’s GDP recorded significant growth. She said that report released by the National Bureau of Statistics the previous week, indicated that Nigeria’s GDP, in the first quarter of 2019, grew by 2.38 per cent in comparison 1.18 per cent for 2018. “And also the growth in 2019 has shown to be much stronger every quarter leading to cumulative growth of 2.17 per cent by the end of the third quarter. “This is significantly higher than the growth in the third quarter of 2018 which was 1.73 per cent; clearly, our economy is on track to a much better performance in 2019 than it was in 2018. “And to further emphasis o
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