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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, revealed during a briefing at the ongoing Spring Meetings of the IMF and World Bank in Washington DC that the majority of Nigeria’s tax revenue, approximately 90%, comes from just nine tax categories out of the 80 in existence.
Tether, a stablecoin designed to match the value of the U.S. dollar, is experiencing significant growth in emerging markets where access to traditional currency is limited. CEO Paolo Ardoino notes a shift from pure cryptocurrency trading to Tether becoming the preferred digital dollar, particularly in countries like Argentina, Turkey, and Vietnam.
Experts met in Washington DC to talk about how Nigeria can get more money from people abroad. They want to make it cheaper for them to send money home and change some rules. Nigeria gets about $20.5 billion each year from these transfers. The new rules aim to make it easier and encourage more money to come in.
The Naira-Dollar exchange rate surged by 7.7% to close at N1,142/$1, marking a 10-week high. Central Bank policies are credited for the boost, aiming to achieve a sub-N1,000 rate. Market activities intensified with a $281.3 million turnover, reflecting growing confidence in the Naira’s strength.
The Nigerian mining sector has been rocked by revelations of massive unpaid royalties, with Minister of Solid Minerals Development, Dele Alake, stating that legally operating companies owe the federal government “trillions of naira.” Speaking during a visit from Mohammed Bello, Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alake expressed his dismay at … Read more
Hackers of cryptocurrency platforms and exchanges stole around $1.7 billion in 2023, around 54.3% lower than the year before, a Chainalysis report showed on Wednesday. Cyber attacks have been a persistent challenge for the crypto industry, and widespread hacking is one of the reasons why most regulators around the world frown upon crypto. Though stolen … Read more
World Bank has approved a $300 million Development Policy Operation to Ghana, marking a significant step towards the country’s economic recovery. This funding comes at a critical moment, following Ghana’s recent deal to restructure $5.4 billion of external debt, signaling the government’s commitment to fiscal stability and sustainable growth. “The Government of Ghana remains firmly … Read more
The News: Nigeria has received a $933 million grant from the Global Fund to combat malaria, HIV/AIDS, and strengthen health systems. The grant will target specific interventions in malaria-prone states, expand HIV/AIDS services, and provide universal access to TB control programs. Investing in health is crucial for Nigeria’s development, and this grant has the potential … Read more
Russia’s FAS antitrust agency said on Monday U.S. tech giant, Apple, has paid a 1.2 billion ruble (approximately $13.7 million) fine levied by the Russian Federal Antitrust Service (FAS) in response to allegations of abusing its dominant market position in the app store payments landscape. The FAS investigation focused on Apple’s mandatory requirement for developers … Read more
Nigerian business mogul Mike Adenuga has shifted his position among the nation’s wealthiest individuals, rocketing to the coveted spot of second richest in Nigeria with a net worth estimated to $7.4 billion. This significant wealth surge dethrones Abdul Samad Rabiu from the runner-up position, pushing him down to third place. The sudden surge in wealth … Read more