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WALE EDUN
Nigeria's external reserves have dipped by approximately $342.97 million over a period of nine days.
Murtala Sabo Sagagi, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has expressed concerns that the proposed increase in the Federal Government of Nigeria's Ways and Means limit from 5% to 10% could lead to a significant surge in excess liquidity within the Nigerian economy.
The Minister of Finance, Wale Edun, has reassured Nigerians that the economy is thriving under President Bola Tinubu’s leadership, noting that the country achieved an impressive $55 billion in non-oil exports last year.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has stated that the federal government is looking at granting outright tax breaks to companies employing more staff.
The Minister of Finance, Wale Edun, has announced that approximately 1 million households have benefited from the federal government’s cash transfer programme since its relaunch.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that government revenue obtained from the oil sector increased from 11% in 2023 to 30% in the first half of 2024.
The Minister of Finance, Wale Edun, has said Nigeria’s revenue to debt service ratio has declined from 97% in 2023 to 68% in 2024, indicating a reduction in the debt burden of the government.
The federal government has announced plans to issue $500 million in domestic foreign currency-denominated bonds in three to four weeks’ time.
The federal government is currently looking into a temporary suspension of the N10 tax on Sweetened Sugar Beverages (SSBs) as part of an economic stabilisation plan.
The Federal Ministry of Finance has introduced new regulations that include significant tax exemptions for games, reality show winnings aimed at promoting entrepreneurship, academics, technology, and scientific innovation.
The Federal Government has categorized all electricity companies including the generation and distribution companies (GenCos and DisCos) as part of those exempted from payment of withholding tax in the country.
Wale Edun has stated that Standard Chartered Bank has indicated interest to fund key infrastructure projects in the country including the Lagos to Calabar superhighway project