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The Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5%, maintaining all other policy parameters unchanged. CBN Governor, Olayemi Cardoso, disclosed this during the Monetary Policy Committee (MPC) briefing held on Tuesday in Abuja. He explained that the decision was driven by the need to sustain the
The Nigeria Civil Aviation Authority (NCAA) has issued a directive mandating all international airlines operating in the country to enforce the $10,000 currency declaration requirement for all inbound passengers. The directive, dated April 24, 2025, is aimed at addressing lapses in compliance with Nigeria’s financial disclosure laws. According to a statement issued on Tuesday by
The newly appointed Chairman of Bori Market, Government Tigidam, has pledged to transform the market into a thriving commercial hub, in line with the vision of the Administrator of Khana Local Government Area, Professor Barinedum Nwibere. In a statement, Tigidam said the market, which is currently in a dilapidated state, will be upgraded to attract
The Minister of Steel Development, Shuaibu Audu, has revealed that Nigeria loses approximately $4 billion annually in foreign exchange due to the importation of steel products. Audu made the disclosure on Thursday during a press conference in Abuja to announce the maiden edition of the National Steel Summit, scheduled to hold on July 15, 2025.
With the rainy season in full swing, business owners and traders in Port Harcourt are expressing deep concern over dwindling patronage and mounting losses. Many traders say the persistent rainfall has severely impacted sales, with customers staying away from markets due to poor weather conditions. Several shop owners reported that they have not recorded any
Segun Ajayi-Kadiri, the Director-General of the Manufacturers Association of Nigeria (MAN), has called on the Federal Government to proceed with the complete privatization of the country’s state-owned refineries. Ajayi-Kadiri emphasized that handing over the management of the Port Harcourt, Warri, and Kaduna refineries to private sector operators would enhance efficiency and boost productivity in the
The debate surrounding the farmers-herders conflict in Tai Local Government Area continues to intensify. During an appearance on Rhythm’s News and Current Affairs Programme, View Point, Nnaa Erekpana, a former youth president of Ueken community in Tai, described the situation as a form of colonization by Fulani herders. Erekpana accused that the crisis worsened after
President Bola Tinubu has signed four key tax reform bills into law, marking a significant step towards overhauling Nigeria’s tax administration. The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, all of which were passed by the National Assembly.
Kenneth Okara, a renowned business analyst, has expressed concerns regarding the transparency of the recently approved ₦1.48 trillion budget for Rivers State’s 2025 fiscal year. Okara stated that he expected a detailed breakdown of the budget, including specific allocations to various sectors, to ensure clarity and accountability. He emphasized that an ambitious budget lacking transparency
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has revealed that under the newly enacted tax laws, Nigerian households earning ₦250,000 or less per month are classified as poor and will be exempt from paying taxes. Oyedele, a former tax leader at PriceWaterhouseCoopers (PwC), made the announcement a few hours
