The International Monetary Fund has urged El Salvador to reverse its decision to make Bitcoin legal tender. El Salvador had in September 2021 became the first country to allow consumers to use the cryptocurrency in all transactions with the US dollar. The decision led to large-scale protests over fears it would bring instability and inflation to the…
Forbes Magazine has named the Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote as the richest man in Africa for the 11th year in a row. Forbes in its latest report on the richest people in Africa, disclosed that Dangote is worth an estimated $13.9 billion, which is up from $12.1 billion last year after…
The Central Bank of Nigeria has retained the Monetary Policy Rate at eleven-point five percent, with other measurement indicators also remaining the same. The Monetary Policy Committee of the CBN also left the Cash Reserve Ratio at twenty-seven-point five percent, while the Liquidity Ratio is at thirty percent. CBN Governor, Godwin Emefiele made the announcement during a…
The Federal Government has proposed an extension of the plan to remove petrol subsidy by eighteen months. During the period, the government plans to send a proposal to the National Assembly for an amendment of the Petroleum Industry Act. The Minister of State for Petroleum Resources, Timipre Sylva, made the announcement during a media briefing at the…
The Federal Government has dropped its plan to remove petrol subsidy and increase the pump price by June this year. The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the decision was taken after another review the economic situation in the country. Zainab Ahmed made this known during a meeting with the President of the…
The Lagos State Internal Revenue Service has set a deadline of January 31 for all businesses and employers in the state to file their annual income tax returns. The Lirs said the move is in line with Section Eighty-One of the Personal Income Tax Act of 2004, as amended. The Executive Chairman of the LIRS, Ayodele Subair,…