Daily Business Headlines – JUNE 23 2023


Bulls Retain Bragging Rights On NGX, As Investors Gain N21bn

The stay of the bulls on the floor of the Nigerian Exchange (NGX) Limited extended for another trading session after a 0.06 per cent appreciation on Thursday. The market witnessed sustained buying pressure yesterday as investors spiced up their portfolios with energy and consumer goods stocks during the session. This consequently… Read More


Tinubu Assures Afreximbank, EBRD, Nigeria Ready For Business, Investors

President Bola Tinubu, Thursday in Paris – France, assured President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, that Nigeria was ready for business and prepared to welcome investors… Read More

FIRS, Traders Partner To End Multiple Taxation, Boost VAT Collection

A strategic alliance aimed at dismantling the scourge of multiple taxation in the informal sector, while enhancing the collection of the Value Added Tax (VAT) has been developed between the Federal Inland Revenue Service (FIRS) and the Market Traders Association of Nigeria (MATAN). FIRS hopes to leverage MATAN’s national spread… Read More


WTO, NACCIMA Explore Partnership To Promote Expansion Of Trade, Private Sector

The World Trade Organisation (WTO) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) are exploring areas of partnership to foster mutually beneficial trade opportunities and advance the growth of the private sector in Nigeria. The Director-General of the World Trade Organization (WTO)… Read More



Federal Government, States, Local Government Area’s Share N786.161bn FAAC Revenue

The Federation Account Allocation Committee (FAAC) has approved the sharing of a total sum of N786.161 billion to the three tiers of government as revenue accruals into the federation account from May, 2023. The amount includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levy and exchange rate… Read More


Nigeria’s Debt-To-GDP Ratio To Hit 37.1% In 2023 — DMO

The Debt Management Office (DMO) has projected that Nigeria’s total public debt could rise to 37.1% of its gross domestic product (GDP) this year, nearing the government’s self-imposed 40% limit. The government of the ex-president Mohammadu Buhari had raised the limit from 25 percent two years ago, ostensibly, to accommodate more… Read More


Norway earmarks $4.5m to solve food scarcity in Nigeria

The Government of Norway has provided additional $4.5 million to support Nigeria through the Food and Agriculture Organisation of the United Nations (FAO), to tackle humanitarian crisis in Borno, Adamawa, Yobe and Taraba States.  FAO Representative in Nigeria and Economic Community of West African States (ECOWAS), Fred Kafeero… Read More



Appeal Court Reinstates Dauda As NIA DG

The Appeal Court, Abuja Division has reinstated Ambassador Mohammed Dauda as the Director General of the National Intelligence Agency (NIA). The court also awarded the sum of N1 million to the dismissed DG against the NIA. The presiding Judge, Justice Peter Ige made the order in a judgement he delivered on Thursday, in an appeal… Read More


China’s Consul General Advocates Promotion Of China-Nigeria Cooperation

New Consul-General of the Peoples Republic of China in Lagos, Ms. Yan Yuqing,  has called for the promotion of  friendly and mutually beneficial cooperation between Nigeria and China. Yan Yuqing, who resumed as Consul-General in Lagos, last month, said it was the first time in her diplomatic career to take a mission to Africa, which makes… Read More



Telecom Sector Paid N119bn Tax In Three Months – Report Telecommunication consumers, firms, and other players in the information and communications sector paid N119.87bn as taxes in the first quarter of 2023. This was a 35.91 per cent year-on-year increase from the N88.19bn they paid in the corresponding period of 2022. The tax was made up of Company Income Tax and Value… Read More