Ghana’s National Daily Minimum Wage (NDMW) has been increased by 10%, rising from GH₵18.15 to GH₵19.97. The announcement was made by the National Tripartite Committee (NTC) in compliance with Section 113 (1) (a) of the Labour Act, 2003 (Act 651). This increment is part of ongoing efforts to mitigate the rising cost of living and…
The Economic and Financial Crimes Commission (EFCC), Nigeria’s leading anti-graft agency, is embroiled in yet another controversy after an officer from its Kaduna Zonal Office allegedly absconded with over $30,000 and other valuable exhibits. This incident adds to the agency’s growing list of internal scandals, raising concerns about its credibility and operational integrity. The officer,…
The Nigerian government has approved the construction of a 10,000-barrel refinery in Delta State, marking a significant step toward increasing the country’s domestic refining capacity. The license for this project has been granted to MRO Energy Limited, an energy company, to establish the refinery at Imode in Ughelli, Delta State. This decision aligns with Nigeria’s…
The Federal Government of Nigeria has accused the Central Bank of Nigeria (CBN) of misappropriating N2.73 trillion in interest payments from the controversial Ways and Means advances. This revelation, detailed in the consolidated financial statement for the year ending December 31, 2021, raises significant concerns about the management of public funds. The Allegations According to…
Nigeria’s economic stability could face significant hurdles if the government fails to meet its fiscal deficit reduction targets, according to a recent warning from Fitch Ratings. The global credit rating agency emphasized that missing these targets could lead to further naira depreciation, higher inflation, and increased borrowing costs, undermining the government’s reform agenda. Fiscal Deficit…
The exchange rate between the Nigerian naira and the U.S. dollar slid back to around N1,745/$1 on the parallel market as of Wednesday, December 11. This marks a sharp reversal from the sub-N1,600 levels recorded late last week, fueling concerns over the currency’s stability. An earlier report had quoted the exchange rate at approximately N1,685/$1,…
A proposed amendment to Nigeria’s tax laws has sparked debates nationwide, especially concerning the sharing formula for value-added tax (VAT) revenue. The reform is part of a broader tax reform package introduced by President Bola Tinubu’s administration to overhaul Nigeria’s tax system. The Four Proposed Tax Reform Bills The Senate has advanced four tax reform…
Hackers have infiltrated the systems of the Bank of Uganda, stealing a staggering 62 billion Ugandan shillings (approximately $17 million), according to a report by Bloomberg. The breach, reportedly executed by a cybercriminal group called “Waste” based in Southeast Asia, has raised serious concerns about cybersecurity in the country. According to the report, the Bank…
As the 2024 presidential election approaches, President Joe Biden is shaping up to become the most sanctions-heavy president in U.S. history, with his administration’s actions far exceeding those of his predecessors. According to recent data, Biden’s sanction policies, particularly targeting Russia since the 2022 Ukraine war, have pushed the U.S. sanctions list to unprecedented levels,…
As of November 2, 2024, the exchange rate for the US dollar (USD) against the Nigerian naira (NGN) in the black market, also known as the parallel market, stands at ₦1,710 for 1 USD. This rate highlights the ongoing volatility of the naira, which has faced steady depreciation amid Nigeria’s complex economic landscape. The black…