FAAC Shares N1.424trn For Three Tiers Of Government

FAAC Shares N1.424trn For Three Tiers Of Government

By Oluwakemi Kindness The Federation Account Allocation Committee FAAC as shared the total sum of N1.424 trillion, being December revenue to the Federal Government, States and the Local Government Councils. The sharing took place on Friday in Abuja at the January 2025 FAAC meeting. The N1.424 trillion comprises distributable statutory revenue of N386.124 billion, distributable Value Added Tax (VAT) revenue of N604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of […]

January 17, 2025 1

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Economy

CBN Launches DocFlow, MDA Naira Payment Solutions

….aims to improve turnaround time, reduce costs By Oluwakemi Kindness Central Bank of Nigeria (CBN), has launch two transformative initiatives, the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. The launched by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, at the CBN Head Office Abuja, is a continuation of the Bank’s digital revolution project tagged “Digital First” which was […]

January 16, 2025 7 5 2

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Economy

REA to Prioritise Solar Energy for Public Institutions in 2025

By Oluwakemi Kindness The Rural Electrification Agency says it will prioritise the provision of solar-powered energy to public institutions across the country in its agenda in the 2025 fiscal year. Managing Director of the agency, Abba Aliyu stated this on Wednesday shortly after presenting the REA’s 2024 budget performance and projections of the 2025 Appropriation Bill. Aliyu told the House of Representatives committee on Rural Electrification Agency, chaired by Representative […]

January 16, 2025 4 6 2

Economy

FCT MINISTER’S INSURANCE OF CERTIFICATES OF OCCUPANCY SEEN AS ECONOMIC EMPOWERMENT- MEDIA AIDE

By Zainab Bakare The Minister of the Federal Capital Territory (FCT), Barrister Ezenwo Nyesom Wike, has taken significant steps not only to enhance infrastructural development but also to economically empower Nigerians, according to his Senior Special Assistant on Public Communication and New Media, Mr. Lere Olayinka. Speaking during a news briefing in his office on Wednesday, January 15, 2025, Mr. Olayinka highlighted the issuance of over 5,000 Certificates of […]

January 16, 2025 2

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Economy

NNPCL Remits N10tn to Federation Account in 2024 – Kyari

By Oluwakemi Kindness The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday revealed that it remitted N10 trillion to the Federation Account as of September 2024. The Group Chief Executive Officer of NNPCL, Mele Kyari, who stated this, said this is alongside N3.5 trillion in dividends after taxes and revenue for the 2024 fiscal year. Kyari made the disclosure during a budget defense session before the Joint Finance Committee of […]

January 16, 2025 6 2

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Economy

Minister of Finance Advocates Smarter Investment at Islamic Development Bank Governor’s Retreat

By Oluwakemi Kindness The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has advocate for Bold Reforms and Smarter Investments at the Islamic Development Bank (IsDB) Governors' Retreat holding in the City of Al-Madinah, Saudi Arabia. The retreat aims to gather input and build consensus on the bank's upcoming 10-year strategy to achieve greater developmental impact. The Minister emphasize the need for the IsDB to rethink its […]

January 14, 2025 5 1

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Economy

NAICOM, Fire Service to integrate insurance into building safety checklists

By Oluwakemi Kindness In the bid to boost insurance penetration in Nigeria, the National Insurance Commission (NAICOM) and the Federal Fire Service has met to review and strengthen their partnership. A statement from NAICOM said the Federal Fire Service, as a key member of the committee on insurance of public buildings and buildings under construction, has agreed to integrate Fire Insurance Policy into their checklist. It stated that the partnership […]

January 10, 2025 5 1 2

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Economy

CBN Insists Resignation Of 1,000 Staff Was Voluntary

By Oluwakemi Kindness The Central Bank of Nigeria (CBN), has refuted reports of it Termination and Dismissal of 1,000 members of it Staff. Rather it said staff took opportunity of the Bank's Early Exit Programme with payment of full benefits. This is according to the Governor of the apex bank, Olayemi Cardoso, who noted that the 1,000 members of staff who were disengaged were not forced to quit. He stated […]

January 4, 2025 15 3 3

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Economy

FG Launches ₦250bn MOFI Real Estate Fund

By Oluwakemi Kindness The Federal Government has taken a significant step towards addressing Nigeria's Housing Finance Gap with the launch of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF). The fund, a two hundred and fifty billion naira initiative is designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors. Presiding over the signing ceremony in his office in Abuja, […]

December 31, 2024 10 3