The Federal Inland Revenue Service (FIRS) is projecting N1.8 trillion Value Added Tax (VAT) collection for the 2017 fiscal year. FIRS Executive Chairman Tunde Fowler announced this yesterday in his 2017 budget presentation… before the Senate Committee on Finance. The FIRS boss told the committee that the budget focused on capacity to

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The Central Bank of Nigeria (CBN) yesterday supplied $195 million to stabilise the inter-bank Foreign Exchange Market. CBN spokesman Isaac Okorafor said $100 million was offered through the wholesale segment. Small and Medium Enterprises (SMEs) segment received $50 million. Tuition fees, medical payments and Basic Travel Allowance (BTA),

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The Federal Executive Council (FEC) yesterday approved promissory notes for offsetting the debts owed contractors and state governments. Minister of Finance Mrs Kemi Adeosun broke the news to reporters at the end of the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja. With her were Federal Capital Territory

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Telecoms giant Etisalat International has withdrawn from Nigeria, its Chief Executive Officer (CEO) Hatem Dowidar said yesterday. The withdrawal may not be unconnected with Etisalat Nigeria’s indebtedness to a consortium of banks. The firm has terminated its management agreement with its Nigerian subsidiary, Dowidar said. Etisalat Nigeria has three

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Banks can now directly sell foreign exchange (forex) to one another, without prior Central Bank of Nigeria (CBN) approval, The Nation has learnt. The policy shift became exigent following the improvement in forex supply to key segments of the market, a development that has shored up market confidence. A top manager in one of the Tier-1 lenders,

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There is something to cheer for bank customers travelling abroad. Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday. The policy shift is expected to help travellers pay their hotel bills, make reservations and other transactions

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Standards Organisation of Nigeria (SON) Director-General Osita Aboloma has said the agency has shut seven steel companies “in the last few months”. Aboloma noted that the use of substandard steel and other building materials had led to loss of many lives and property. He stated this at a seminar organised by the Building Collapse Prevention Guild

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