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Finance

Capital Importation Falls by N1.68tn

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Capital Importation Falls by N1.68tn

Latest statistics from National Bureau of Statistics have shown That capital importation THE Nigerian market dropped by $4.08bn in one year.

Data from the National Bureau of Statistics revealed That Between January and September 2020, total capital importation amounted to $8.55bn. However, according to the latest report, during the same period in 2021, foreign capital inflows into the country fell by $4.08bn to $4.47bn.

Further analysis showed that in first quarter of 2021, the total value of capital importation was $1.90bn which represented a decline of $3.95bn when compared to the same quarter in 2020.

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Capital importation, however, declined to $875.62m in the second quarter of 2021 representing a decrease of $415m compared to the $1.29bn recorded in 2020.

The report noted that in the third quarter of 2021, capital inflows rose by over 97 per cent to $1.73bn quarter-on-quarter, and 18.47 per cent, year-on-year.

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Nigeria Records N1.87tn Trade Deficit in Q2 -NBS

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Finance

FG Probes Online Banks Over Breach of Customers’ Data Privacy

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FG Probes Online Banks Over Breach of Customers’ Data Privacy

Author: Kehinde Ajewole, Abuja

The federal government has begun a probe of online banks over their alleged breaches of customers’ data privacy.

The director-general, national information technology development agency, Kashifu Inuwa, who made this disclosure in Abuja on Monday, said the agency was working with the Nigeria police force and other relevant agencies to investigate several lending platforms, popularly called loan shark platforms.

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He said this while addressing journalists ahead of the national privacy week 2022. amidst outcry of data invasion by Nigerians against lending platforms, NITDA had imposed a fine of n10m on Soko loan for data breach last August.

In November 2021, NITDA partnered with the federal competition and consumer protection commission to address the increasing rates of data privacy abuse by money lending organisations, particularly fintech firms.

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EU Regulators Fine Amazon $887 Million Over Privacy Violations

Russia Fines Google for Breaching Data Storage Law

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Finance

FG to Make Additional Provisions for Fuel Subsidy Beyond June – Finance Minister

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FG to Make Additional Provisions for Fuel Subsidy Beyond June – Finance Minister

The federal government has revealed plans to make additional provisions for fuel subsidy in the 2022 budget.

The minister of finance, budget, and national planning, Zainab Ahmed disclosed this on Monday at a meeting with the president of the senate, Ahmad Lawan, at the national assembly complex in Abuja.

In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the national assembly.

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She stated that fuel subsidy was provided for in the 2022 budget to run from January till June, but after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.

According to Ahmed, it has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation. she admitted that removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.

Read Also: FG Will Replace Fuel Subsidy with N5,000 Transport Grant for 40m Nigerians

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Naija News

NLC Backs Bill on Rent Regulation in FCT

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NLC Backs Bill on Rent Regulation in FCT

Author : Eunice Johnson, Abuja

The Nigeria Labour Congress has endorsed the planned bill on monthly house rent in the Federal Capital Territory introduced by the Senator representing Kogi West District, Smart Adeyemi.

The bill titled, ‘Advanced Rent (Residential Apartments, Office Spaces, etc.) Regulation Bill 2022,’ has gone through first reading at the Senate. It provides for a maximum of three months’ advance rent payment in the first instance and subsequent monthly payment for the rest of any tenancy lease in the FCT.

The NLC President, Ayuba Wabba, in a statement on Thursday, said the bill was in tandem with the rent regime in most parts of the world, including South Africa and Kenya.

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The statement was titled, ‘The Nigeria Labour Congress throws its full weight behind the bill on monthly house rent in the FCT.

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Senate Approves Nigerian Airspace Management Agency Bill

Inaugurated Rail Projects Generate N327 Million Monthly – NRC

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