Finance (9)

For the month of August, the three levels of government received an allocation of N1.1 trillion from the federation account thanks to the Federation Account Allocation Committee (FAAC). In a statement made public following its meeting in September 2023, FAAC announced the distribution of the money. The N1.1 trillion in income was made up of statutory revenue of N357.398 billion, VAT revenue of N321.94 billion, EMTL revenue of N14.1 billion, exchange difference revenue of N229.568 billion, and augmentation of N177.09 billion.

FG Logo

In August 2023, there was N1.48 trillion in total income available, while N58.755 trillion was deducted for collection costs, N254.046 trillion was transferred and refunded, and N71 trillion was saved, according to the communiqué. A total of N 891.934 billion in gross statutory income was reported for the month of August 2023, which is N258.49 billion less than the N1.15 trillion reported for the month of July 2023. The total amount of gross VAT income that was available was N345.727 billion, which was N46.938 billion more than the N298.789 billion that was available in July 2023.

 According to the communiqué, out of the N1.1 trillion in total income, the federal government collected N431.245 billion, the state governments N361.18 billion, and the local government councils N266.538 billion. VAT, Import and Excise Duties, and the Electronic Money Transfer Levy (EMTL) all had considerable increases in August, whilst the Petroleum Profit Tax (PPT), the Companies Income Tax (CIT), and Oil and Gas Royalties all saw notable declines. The Excess Crude Account (ECA) has a balance of $473,754.57.

According to the International Monetary Fund (IMF), with both nations owing $117.5 trillion, the United States and China are jointly responsible for half of the $235 trillion in total global debt. In its report on global debt, titled Global Debt Is Returning to its Rising Trend, released on September 13th, the International Monetary Fund stated that as of 2022, the total amount of global To $235 trillion, or 238% of the world's GDP, debt has climbed by $200 billion.



However, the IMF blamed rich countries, claiming that China and the United States contributed $47.5 trillion and $70 trillion, respectively, to the global debt burden. Asserting that debt in low-income developing nations has increased "significantly in the last two decades," it said, "The pace of their increases since the global financial crisis has created challenges and vulnerabilities." The IMF emphasized the need to strengthen a country's ability to collect extra tax revenues for low-income developing nations.


It urged those with unmanageable debt to take a holistic approach that includes both financial restraint and the option of debt restructuring. The IMF said, "Importantly, lowering debt loads will free up budgetary flexibility and permit fresh investments, supporting economic development in the years to come. That objective would be supported by changes to the labor and product markets that increase potential production at the national level. International tax cooperation, including the imposition of a carbon price, may help to further reduce the strain on public finances.

Wednesday, 30 August 2023 12:46


Written by

According to CBN statistics, the federal government of Nigeria spent $1.17 billion in the first half of 2023 servicing foreign debt. The period's largest spending was in the month of June, which totaled $543 million. The information also reveals that between January and June, direct remittances totaled $951.99 million. In the first half of 2023, the federal government spent $1.17 billion on obligations to service foreign debt. The Central Bank of Nigeria (CBN) has revealed data on exports and international payments.


During the first half of 2023, the Central Bank of Nigeria spent $951.99 million on direct remittances. According to reports, the Nigerian government spent more than 85% of its income on debt repayment in February 2023. Nigeria's president Bola Tinubu has committed to remove the country's excessive reliance on borrowing for government expenditures. He pledged to reduce the added strain of debt payment on the administration of Nigeria's constrained tax resources.

According to CBN statistics, the federal government paid $112.35 million in January 2023 to pay down its foreign debts. In February, the government spent $288.5 million, and in March, it spent $400.5 million. In April, a large $92.8 million expenditure was incurred. Additionally, as of May, $221 million had been spent on meeting these obligations. The month of June, which had an exceptionally high maintenance cost of $543 million, the highest sum in 13 months, was the most striking aspect of this data, though.

 Data from the Debt Management Office show that China, the World Bank, the African Development Bank, the Islamic Development Bank, Japan, France, and other institutions are among Nigeria's biggest lenders. Payment for the time period According to the analysis of the statistics, direct remittances totaled $951.99 million for the first half of 2023. The figures show that February's total was $83.76 million while January's total was $79.2 million. In March, a large $138.6 million was totaled, and in April, $159.04 million was moved.

A $202 million influx was recorded in May, while a significant rise of $297.4 million in direct remittances was recorded in June. The federal administration said on Monday, August 29, 2023, that it had no intention of borrowing money from any local or foreign organizations after abolishing the gasoline subsidy and harmonizing exchange rates. Chief Wale Edun, Minister of Finance and Coordinating Minister for the Economy, made this statement on Monday in Abuja at the end of the first Federal Executive Council meeting.


Edun claims that a variety of palliatives have been made available as a result of the increased funds from subsidy withdrawal to decrease the effect over the short, medium, and long term. He reiterated the intention of President Bola Tinubu's administration to extricate the economy from the bind it has found itself in over time. Amid the CBN's depreciation of the currency, Nigeria's debt stock reached N82 trillion. Before the Central Bank of Nigeria (CBN) exchange rate unification, which was announced on Wednesday, June 14, 2023, the public debt of Nigeria increased from N77 trillion to N82 trillion, according to a previous article by Legit. ng.


In accordance with a news announcement from the CBN, all exchange rate windows have been merged into the Importers and Exporters (I&E) window to demonstrate this. The Debt Management Office (DMO) estimated Nigeria's debt portfolio at N448 billion before the naira's floating.

The Federal Government, States, and Local Government Councils have received a total of N966.110 billion in July 2023 Federation Account Revenue from the Federation Account Allocation Committee (FAAC). This was said in a statement that was released following the FAAC meeting for the month of August. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance presided over the meeting. The N966.110 billion in total distributable revenue was made up of N397.419 billion in statutory income, N271.947 billion in value-added tax revenue, N12.840 billion in electronic money transfer levy revenue, and N283.904 billion in exchange difference revenue. The entire deductions for the cost of collection in July 2023 were N62.419 billion, whereas the total deductions for transfers, refunds, and cancellation of tax credits were N717.962 billion.


Wale Edun


The Excess Crude Account (ECA) balance was listed in the communiqué as $473,754.57. The Federal Government collected N374.485 billion, the State Governments N310.670 billion, and the Local Government Councils N229.409 billion from the total income of N966.11 billion. The relevant States received a total of N51.545 billion as a part of their 13% derivation revenue. For the month of July 2023, the gross statutory income of N1.15 trillion was received. This was N2.497 billion less than the total of N1.152 trillion that was received in June 2023. The communiqué states that while Value Added Tax (VAT) increased only a little in July 2023, Import and Excise Duties and the Electronic Money Transfer Levy (EMTL) both climbed significantly. Oil and Gas Royalties, Companies' Income Tax, and Petroleum Profit Tax (PPT)

Wednesday, 09 August 2023 12:50


Written by


Don't Write-Off," the CBN warns, as four banks approve loans totaling over N112 billion. Financial institutions should follow the recommendations the Central Bank of Nigeria provided about their senior directors who have debts. This is because directors of the Union Bank of Nigeria, Stanbic IBTC Holdings, Sterling Bank, and Access Holdings have received loans totaling more than N122 billion. Executive directors and staff members frequently receive loans with interest rates below the market.


The Central Bank of Nigeria (CBN) has introduced strict fines aimed at directors of financial institutions that obtain loans from the banks they are linked with in an effort to combat possible conflicts of interest within the banking industry. This action comes after N122.7 billion in loans and advances from four commercial banks were given to companies in 2022 that were under the control of senior management executives and connected parties.


The financial institution's directors, associates, and staff members received insider-related loans.

These financial institutions include Access Holdings, Sterling Bank, Stanbic IBTC Holdings, and Union Bank of Nigeria.

CBN insider loan guidelines The Central Bank of Nigeria's Circular BSD/1/2004, published February 18, 2004, on "Disclosure of Insider Related Credits in the Financial Statements of Banks," sets forth requirements for insider-related loans and advances. A bank is prohibited under the BOFIA Act 2020 from lending any of its directors or important shareholders more than 5% of its paid-up share capital.


Breakdown of banks' director's/employees' loans.


Holdings of Stanbic IBTC: N56.5 billion 53.4 billion Naira at Union Bank of Nigeria N2.4 billion, Sterling Bank N469.01 million Access Holdings Directors are strongly cautioned by CBN over non-performing loans. In another circular, the CBN emphasized that it would do away with directors who had defaulted on loans from bank boards and place them on a blacklist for employment at all other financial institutions. The following is taken from the document: "Any director whose credit facility or that of his/her related interests remains non-performing in the banking subsidiary of an FHC, for more than one year, shall cease to be on the Board of the Financial Holding Company (FHC), shall be blacklisted from sitting on the Board of such banking subsidiary, or that of any other financial institution under the purview of the CBN."

One of the biggest financial institutions in Nigeria, Zenith Bank, has instituted a company-wide compensation increase for all of its employees. The choice was made in reaction to the ongoing economic difficulties brought on by the elimination of gasoline subsidies. Nairametrics was informed by trustworthy sources within the bank that the compensation rise applies to both contract and permanent employees.


Some employees have been lucky enough to obtain large raises ranging from 25 to 50%, depending on their different grade levels. As praise and adulation for Zenith Bank's proactive effort to support its staff amid challenging economic times poured in from the financial industry, word of the pay increase spread like wildfire.


One of the biggest financial institutions in Nigeria, Zenith Bank, has instituted a company-wide compensation increase for all of its employees. The choice was made in reaction to the ongoing economic difficulties brought on by the elimination of gasoline subsidies. Nairametrics was informed by trustworthy sources within the bank that the compensation rise applies to both contract and permanent employees.


 Depending on their corresponding grade levels, some individuals have been lucky enough to get significant rises ranging from 25 to 50%. As praise and adulation for Zenith Bank's proactive effort to support its staff amid challenging economic times poured in, word of the wage increase spread like wildfire throughout the financial sector.

Thursday, 13 July 2023 00:33

$500m Eurobond Debt Repays by Nigeria

Written by

$500 million Eurobond that was issued by the federal government through the Debt Management Office (DMO)

Saturday, 10 June 2023 16:41


Written by

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been suspended by the Nigerian Federal Government, which is a surprising occurrence. The Department of State Services (DSS), which has now validated the information, reportedly detained Emefiele on June 10 in Lagos before flying him to Abuja for questioning.

According to reports, the suspension is related to a shocking $1 billion sc

Wednesday, 24 May 2023 14:21


Written by

The top bank's governor, Godwin Emefiele, canceled the banks' licenses on Monday, according to a federal government official gazette.

Following the authority granted to CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5, Emefiele withdrew the licenses.

The revocation list was published by Act No. 5 of the BOFIA 2020, according to the gazette.

BW Social Share

KayLinkz TV is a present-day Nigerian entertainment online TV, destination for the best broadcasting expiriences in politics. News, Events. Current Affairs, Entertainment, Lifestyle fashions Business etc.