Inflation

Abuja chamber welcomes FCT tax harmonisation

Abuja Chamber of Commerce and Industry (ACCI) has welcomed the plan by the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello to harmonise tax policies within the territory in order end multiple taxations on by businesses in the territory. The President of ACCI, Alhaji Abubakar, in a statement yesterday, commended the minister for acknowledging the challenges faced by businesses within the territory due to series of levies, charges and taxes from Federal, FCTA and Area Councils. “Multiple taxations within the FCT and the larger national economy has imposed crippling consequences on businesses. “The fallout has been many failed businesses, the rising level of inflation, the non-thriving of existing ones and the lack of capacity to engage many unemployed youths. “We want ...

CBN: Naira to fall further in January

Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...

NAICOM: Don’t shun insurance despite inflation, harsh business environment

File Photo As businesses and individuals adopt cost reduction measures in response to rising inflation and the harsh business environment, the National Insurance Commission, NAICOM, has charged Nigerians to avoid the tendency to shun insurance of their assets. Commissioner for Insurance, Mr. Sunday Thomas, who gave the charge noted that despite the biting inflation in the country, even as people reduce the cost of expenses, this is not the best of time to reduce insurance consumption. Thomas stated this at a webinar organised by Coronation Insurance Plc in partnership with Access Bank Plc, with the theme: “Managing Business Risks at a Time of Uncertainty.” Thomas, who was represented by Mr. Taiwo Adeoye, Technical Adviser to the Commissioner for Insurance, noted that sometimes the gain in ...

U.S. sanctions Turkey over purchase of Russian defense system

The United States imposed long-anticipated sanctions on Turkey on Monday over Ankara’s acquisition of the Russian S-400 air defense systems, further complicating already strained ties between the two NATO allies. Turkey condemned the sanctions as a “grave mistake” and urged Washington to revise its “unjust decision.” Senior U.S. officials said in a call with reporters that Ankara’s purchase of the S-400s and its refusal to reverse its decision left the United States with no other choice. The sanctions, first reported by Reuters last week, target Turkey’s top defence procurement and development body Presidency of Defence Industries, its chairman Ismail Demir and three other employees. While limited to one company, they are still likely to weigh on the Turkish economy, analysts said, at a ti...

Air passengers decry upsurge in fares, seek urgent attention to roads, railway

Nigerians, who travel by air, have decried the “sudden” upsurge in air fares and urged the Federal Government to intervene to avoid poor patronage that could dwindle the fortunes of the aviation industry. Newsmen report that the air fares shot up by about 100 per cent in the last one week, with some airline operators even raising their fares by as much as 120 per cent or more. At Nnamdi Azikiwe International Airport, Abuja, the fare from Abuja to Lagos, which was N35,300 (Economy Class), rose to between N70,000 and N75,000. Newsmen found that Business Class travellers were charged between N100,000 and N120,000, depending on the airline. Our correspondents, who visited other airports across the country, found that the rise in airfares was the same, a situation that forced some passengers to...

Nigerian government seeks new Eurobond

The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...

Recession: The worse may be possibly over – Lagos chamber

The Lagos Chamber of Commerce and Industry (LCCI) says the nation’s economic contraction of 3.62 per cent of the third quarter against the 6.1 per cent of the second quarter of the year may indicate that the worst is over. The post Recession: The worse may be possibly over – Lagos chamber appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.

NLC rejects hike in petrol pump price

Nigeria Labour Congress, NLC, Monday, rejected the fresh hike in the pump price of Premium Motor Spirit, PMS, commonly known as petrol, which took effect last Friday, demanding for immediate reversal. The post NLC rejects hike in petrol pump price appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.

Lagos chamber advises central bank on tackling inflation

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices. The post Lagos chamber advises central bank on tackling inflation appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.

ActionAid urges Nigerian government to address issues causing agitations

Following the organisation’s 42nd meeting held virtually as a result of the COVID-19 pandemic, it said it has deemed it fit as citizens of the nation and as active agents of change to make comments, observations and recommendations on the state of the nation. The post ActionAid urges Nigerian government to address issues causing agitations appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.

NBS: Inflation rises to 12.34 percent in April

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation, increased by 12.34 per cent year-on-year in April 2020. The NBS made this known in its latest CPI and Inflation Report for the month of April released on Thursday. It stated that this figure showed 0.08 per cent points higher than the rate recorded in March 2020 which was 12.26 percent. It explained that month-on-month basis, the headline index increased by 1.02 per cent in April 2020 and this was 0.18 per cent rate higher than the rate recorded in March 2020 which was 0.84 per cent. According to the bureau, the composite food index rose by 15.03 per cent in April 2020 compared to 14.98 per cent in March. “This rise in the food index was caused by increases in prices of potatoes, yam and ...