Author: majorwavesen

IMF Explains Rationale Behind Insistence on Fuel Subsidy Removal in Nigeria The International Monetary Fund (IMF) has provided insights into why it strongly advocated for the removal of fuel subsidies in Nigeria, a move that has sparked significant debate and controversy within the country. During the ongoing Spring Meetings of the IMF and World Bank…

FAAC Allocates N1.123 Trillion for March 2024 The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the Federal, State, and Local Government Councils for the month of March 2024. This allocation was disclosed in a communique issued at the conclusion of FAAC’s April 2024 meeting. The distributed revenue of N1.123…

Nigeria Customs Slashes Exchange Rate for Import Duty The Nigeria Customs Service (NCS) has announced a reduction in the exchange rate for import duty collection, setting it at N1,147 per dollar compared to the previous rate of N1,238 per dollar. This latest adjustment reflects a decrease of N91.1 since the last revision made on April…

CNL Warns Against False Recruitment Information Chevron Nigeria Limited (CNL), the operator of the Nigerian National Petroleum Company Limited (NNPCL) and CNL Joint Venture, has issued a cautionary statement regarding the circulation of false recruitment information purportedly originating from CNL and Chevron Corporation. Reports have emerged of misleading job advertisements and fraudulent job offers being…

Federation Account Sees Significant Increase in Revenue, Over N7 Trillion Collected in Six Months The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has announced a substantial increase in revenue collection for the Federation Account. A total of N7.31 trillion was accrued between July and December 2023, reflecting a positive trend compared to the N5.244 trillion…