Nigerian banks have collectively paid N205.49 billion ($132 million) in windfall taxes to the Federal Government, a move proposed by President Bola Tinubu to strengthen the nation’s financial reserves. Last year, Nigerian lawmakers approved a 70% tax on foreign-exchange gains earned by banks. This tax was set to take effect from the start of the […]

The Nigeria Economic Summit Group (NESG) has cautioned that the Federal Government could face significant revenue shortfalls if it does not proceed with increasing the Value Added Tax (VAT) rate as part of the ongoing tax reform process. Dr. Tayo Aduloju, the Chief Executive Officer of NESG, made this statement during an interactive media session

In March, the naira (NGN) experienced a notable decline against the US dollar (USD) across both official and parallel foreign exchange markets, despite significant interventions from the Central Bank of Nigeria (CBN). The naira depreciated by 3%, even as the CBN injected more than $1 billion into the official market to stabilize forex inflows. The

In the ever-evolving world of finance, what worked in the past may not necessarily work in the present or future. It’s important to regularly reassess your financial strategies and make adjustments as needed, either independently or with the help of a professional financial planner. The start of a new financial year is the perfect time