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CBN Directs Niger State Banks to Continue Strike Amid Tax Crisis

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CBN Directs Niger State Banks to Continue Strike Amid Tax Crisis

The Central Bank of Nigeria (CBN) has directed commercial banks in Niger State to remain on strike until the state internal revenue service withdraws tax levied against them.

A message by one of the affected banks branch managers to his staff obtained by newsmen, cited the apex bank to have given the directive at a banker’s committee meeting with the CBN branch controller in Minna last week.

The Niger state internal revenue service had days ago shut down some commercial banks for alleged tax evasion. the CBN’s instruction came after intelligence that the state board of internal revenue will likely close the remaining banks on Monday.

The banker’s committee questioned Zenith Bank’s Minna branch, which had been hesitant to comply with the CBN’s order.

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Also, the board of internal revenue in an official statement on Sunday said it was not deterred by the collaboration between the CBN and commercial banks in the state to threatened the board. according to reports, eight banks and three other enterprises were shut down last week Monday for failing to pay a total tax liability of n460 million to the state government’s coffers.

It has also confirmed that all banks in Minna, the state capital are closed and that some ATMS may be shut down as well.

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Finance

Nigeria’s Inflation Rate Drops to 17.01% in August 2021, 5th Consecutive Decline

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Nigeria’s Inflation Rate Drops to 17.01% in August 2021, 5th Consecutive Decline

Nigeria’s inflation rate in the month of August 2021 dropped to 17.01% from 17.38% recorded in July 2021. This represents the fifth consecutive decline in the rate of inflation recorded in Nigeria. This is according to the National Bureau of Statistics (NBS).
The latest figure is 0.37% points lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02% in August 2021, this is 0.09% higher than the rate recorded in July 2021 (0.93%).
The urban inflation rate increased by 17.59% (year-on-year) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75% in July 2021.
On a month-on-month basis, the urban index rose by 1.06% in August 2021, up by 0.08% points compared to the rate recorded in July 2021 (0.98%), while the rural index also rose by 0.99% in August 2021, up by 0.12% points compared to the rate that was recorded in July 2021 (0.87%).

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The closely watched index, which measures the rate of change in the prices of food items in the country, dropped to 20.3% in August 2021, compared to 21.03% recorded in the previous month.
According to the report, the rise in the food index was caused by increases recorded in the price of
The Central Bank Governor Godwin Emefiele said on Tuesday at the 14th Annual Banking and Finance Conference that the declining inflationary trend has reflected several measures put in place by the fiscal and monetary authorities.
Recall that the Monetary Policy Committee had kept the country’s monetary benchmark rate constant at 11.5% in a bid to expand the economy from the recession recorded in the third quarter of 2020. He however stated during the last MOC meeting that the committee had hoped for a faster moderation in the inflation rate than is being recorded.

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Assets of Nigerian Banks hit N53.64trn – CBN

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Assets of Nigerian Banks hit N53.64trn – CBN

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Thursday, disclosed that total assets of the banking industry hit N53.64 trillion in June 2021, up from N47.82 trillion in June 2020. The apex bank also disclosed that total deposits rose from N28.42 trillion in June 2020 to N33.85 trillion year-on-year.

Recall that a member of the CBN’s Monetary Policy Committee (MPC), Professor of Economics, University of Ibadan, Festus Adenikinju in his personal statement during the July meeting said credit expansion to all the sectors of the economy, in particular manufacturing, oil and gas and general commerce is good for the economy.

He further noted that the CBN involvement funds are delivering on their mandate and improving credits to the MSMEs and households’ credits.

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He noted that despite the positive real Gross Domestic Product (GDP) growth and deceleration of inflation, key challenges remain. He expressed that economic recovery remains very weak and fragile.

Adding that both the monetary and financial authorities must explore ways to diversify and expand sources of foreign exchange to the economy, including through the diaspora bonds, support for non-oil exports sectors, reduce the constraints to exports, reorientation agencies link to the export sector to promote export affordability of the Nigerian products.

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UBA Records N7.6bn Profit In 2021 First-Half Results

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UBA Records N7.6bn Profit In 2021 First-Half Results

The United Bank for Africa (UBA) Plc has reported a profit before tax of N76.2 billion in the first half of the year. This represents a 33.4 percent appreciation compared to the N57.1bn recorded in the same period of 2020.

The profit was the highest in the first half of the year, according to the bank’s result filed with the Nigerian Exchange. The result also showed the bank’s gross earnings grew 5.0 percent to N316billion from N300.6billion, while total assets rose to N8.3 trillion from N7.7trillion.

Customer Deposits also crossed the N6trillion mark growing by 7.4 percent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.

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The Group’s Shareholders’ Funds remained healthy at N752.5billionn up from N724.1billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both temporary and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.

Continuing, the GMD pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally.

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