Banking and Finance

Nigeria Extends Deadline for Voluntary Assets, Income Declaration

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30.

The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.

However, no further extension of time will be approved after June 30.

The President added that a new date was also given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.

CBN to Invest ₦500b in Non-oil Export

The Central Bank of Nigeria (CBN) has finalised arrangement with Nigeria Export-Import Bank (NEXIM) to assist local manufacturers who are interested in non-oil exports, according to its governor, Mr Godwin Emefiele.

Emefiele announced this at a seminar for Finance Correspondents and Business Editors, held in Uyo, Akwa Ibom on Monday.

He was represented by the Deputy Governor and Head of Corporate Communication of the apex bank, Mr Edward Adamu.

Emefiele said the bank had repositioned itself to improve the economy after exiting recession.

Nigeria pays $5.08m UN dues for 2018

Nigeria has paid its regular UN dues for 2018, making it the 74th out of the 193 Member States of the global international organisation to fulfill its financial obligations.

Spokesperson for the UN Secretary-General Stephane Dujarric said in New York that Nigeria paid its annual dues in full.

Dujarric said: “Nigeria has paid its regular budget dues in full, bringing the Honour Roll to 74”.

Nigeria paid 5,080,178 dollars on April 5, making it the 10th country in Africa to pay its UN regular budgets in full.

Nigeria Launches Economic Diplomacy Initiative

Nigeria has launched an economic diplomacy initiative, aiming to take advantage of the country’s over 100 foreign missions to woo foreign businesses to invest in Nigeria and to create market access for Nigerian businesses in other countries.

Vice President Yemi Osinbajo launched the Nigerian Economic Development Initiative (NEDI) organised by the Ministry of Foreign Affairs, on Thursday at the Banquet Hall of the Presidential Villa, Abuja.

MPC Retains Lending Rate at 14%

The Monetary Policy Committee (MPC) has once again retained the Monetary Policy Rate at 14 per cent due to persistent uncertain economic conditions and high inflation.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, said this while briefing newsmen on outcome of the first MPC meeting for 2018 in Abuja yesterday.

He said the MPC members unanimously voted to retain the existing MPR and other monetary indices.

MPC Advised to Check High Lending Rates for Banks

The Lead Director, Centre for Social Justice, Mr Eze Onyepere, has called on the Monetary Policy Committee (MPC) to fix interest rates on bank loans to check the high rate by financial institutions.

Onyepere, who said this in an interview with reporters in Abuja, noted that this could be a solution to high lending rates by financial institutions, news agency Voice of Nigeria reports.

According to him, the CBN should ensure that commercial banks peg their lending rate not more than 400 basis points above the Monetary Policy Rate (MPR).

Nigeria Ratifies Agreements with Singapore and Switzerland

Following the approval of the Federal Executive Council (FEC), President Muhammadu Buhari has signed two instruments, ratifying agreements with Singapore and Switzerland.

The Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore covers the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

Afreximbank Opens $800m Credit Lines for 55 Banks

The African Export-Import Bank (Afreximbank) has opened credit lines amounting to $800 million in 55 banks across Africa to facilitate the confirmation of letters of credit to support intra-African trade.

Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, said that under the strategy launched in 2016, about $25 billion would be disbursed in support of intra-African trade during the five years ending in 2021.

Nigeria’s Economic Growth Outlook Positive after Recession

Minister of Finance, Mrs. Kemi Adeosun, has said that the country’s economic outlook for 2018 and beyond was positive.

Adeosun, disclosed this at the 4th Ogun State Investors Forum in Abeokuta, which had in attendance Vice President Yemi Osinbajo, Governor Ibikunle Amosun of Ogun State, former Mexican President, Mr. Felipe Calderone, and eminent persons and captains of industry, news agency Voice of Nigeria reports.