Index to Nigerian Newspapers

The Central Bank of Nigeria (CBN) is working to integrate the final copy of the National Financial Literacy Curriculum into schools' academic calendars by October 2024. The curriculum, which is still being drafted, aims to teach students about money management, frauds, saving, and investing for their future. The CBN Deputy Governor, Financial System Stability, Philip Ikeazor, stressed the importance of instilling financial literacy early in students' lives, stating that having an income and making a substantial amount of money does not guarantee financial security. He also highlighted the importance of knowing the types of frauds and scams, how to respond to scammers, and various ways to protect money both online and offline. He also stressed the need to report to a bank if they encounter scammers or fraudsters. The CBN Head, Consumer Education and Evaluation Division, Consumer Protection Department (CPD), Gbadamosi Lawal Lanre, emphasized the importance of financial literacy in Nigeria's financial well-being. The CBN collaborates with the Bankers' Committee Sub-Committee on Financial Literacy and Public Enlightenment (FLPE) and various stakeholders to ensure the success of the Global Money Week (GMW) celebrations in Nigeria.

Nigeria's Comptroller-General of Customs, Adewale Adeniyi, has urged the deployment of the Authorised Economic Operators (AEO) programme to improve trade facilitation efficiency and predictability. AEO status is an internationally recognized standard indicating secure business roles in the international supply chain. The programme will foster collaboration between the service, Other Government Agencies (OGAs), and experts to boost AEO programmes. Adeniyi stressed the need to work together to improve the ease of doing business in and around Nigerian ports. The NCS launched a Time Release Study in February 2024 to optimize the trading experience. Adeniyi assured stakeholders that the customs service is prepared to run the AEO pilot programme, starting on April 15, 2024. He emphasized the importance of transparency, inclusivity, and collaboration while aligning with international standards.

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

The International Monetary Fund (IMF) has warned that climate change poses risks to price and financial stability in Nigeria and other regional economies unless addressed. The IMF Resident Advisor, Vimal Thakoor, highlighted the importance of understanding these risks to formulate policies that promote financial stability, reduce inflation, and withstand climate shocks. Thakoor highlighted the need for access to financing to accelerate climate policy implementation in Nigeria and the region. The IMF advisor also highlighted the role of both the Ministry of Finance and the central bank in integrating climate policies into economic frameworks. The African Regional Technical Assistance Centre in West Africa (AFRITAC West 2) emphasized the need for a collaborative approach among countries to address climate change, given the anticipated increase in temperatures exceeding 1.5 degrees by 2027.

.Nigeria's naira has declined to N995 to a dollar on the parallel market arm of the foreign exchange market, weaker than the previous day's N990 to a dollar. The naira gained N33 naira on the Investors and Exporters FX window, closing at N738 to a dollar. Nigeria's Finance Minister, Olawale Edun, has said up to $6.8 billion of overdue forward payments need to be addressed before the naira stabilizes.

The Federal Inland Revenue Service (FIRS) is planning to eliminate multiple taxation in Nigeria to boost investment and improve tax revenue for critical infrastructure. The aim is to streamline taxes and block leakages, generating more revenue for all government levels. The FIRS is investing in partnerships with trade unions to bring the informal sector into the tax net and avoid taxing services and goods exempt from taxation. The Presidential Fiscal Policy and Tax Reforms Committee chairman, Taiwo Oyedele, urged the government to focus on high-yielding taxes, technology, constitutional review, and fiscal federalism.

The federal government has notified professional bodies and councils that it would cease to fund them beginning from the 2024 budget in line with the decisions of the Presidential Committee on Salaries (PCS). The move, THISDAY gathered yesterday, was in line with the recommendation in the Orosanye committee report and the recent Presidential Committee on Salaries. The Director General, Budget Office of the Federation (BoF), Mr. Ben Akabueze, conveyed the message via memos sent to the professional bodies. Professional bodies in Nigeria are largely responsible for research and technology development in their fields, relying on government funding to conduct ethical reviews and propose and promote new professional standards. There are over 100 professional bodies in the country. However, the development has generated mixed reactions from analysts who spoke to THISDAY. While some hailed the decision of the PSC, others warned the discontinuation may imperil the nation’s healthcare system.

The governor of Nasarawa State, Speaking on Channels Television, who was Managing Director of African Petroleum about two decades ago, Mr. Mohammed Shehu, expressed support for the removal of fuel subsidy, citing lack of transparency in the scheme. Nigeria’s ailing refineries were built in the 60s, but have since gulped billions of dollars in Turnaround Maintenance, with the expected outcomes mostly disappointing. He recalled that as Managing Director of AP, he stated that the consumption moved to 50 million litres per day, was known by the Nigerian National Petroleum Company Limited. Sule argued that Nigeria had been subsidising petrol for surrounding countries; He stated that subsidy should have been removed in 2015, Sule stated, money was most times released to fix one part, monies released were shared among all the facilities, leading to what he described as “zero work”. “We have not really managed these things well, ” he added. Sule lamented the unavailability of reliable data on Nigeria’s fuel consumption, which he said strengthened the argument for subsidy removal. He statedt “As I am talking to you now, That is what the government is paying. I asked the officials of the NNPC,‘how are you determining this consumption? we are determining the consumption by lifting’. “You are not determining the consumption by actual usage within Nigeria. They have no way of confirming this. He assured that the Dangote refinery would reduce fuel prices, since smugglers will stop buying from the country, yesterday backed the removal of fuel subsidy, citing lack of transparency in the scheme. He disclosed that from January 2022 to date, as subsidy claims was yet to be reconciled by the RMAFC, He identified such projects to include provision of an affordable transport system, and resuscitation of domestic refineries to eliminate dependence on imported fuel, Shehu expressed optimism that when the refinery became operational, which is characterised by opaqueness and other ambiguities..