Multichoice owes Nigeria ₦1.8trillion and $342.5million in taxes, FIRS orders freezing of accounts

The Federal Inland Revenue Service (FIRS) has engaged some commercial banks as agents to freeze and recover N1.8 trillion from accounts of Messrs MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA).

This is contained in a statement issued by Mr Abdullahi Ahmad, Director, Communications and Liaison Department of FIRS in Abuja on Thursday.

The FIRS explained that the decision to appoint the banks as agents and to freeze the accounts was as a result of the groups’ continued refusal to grant FIRS access to their servers for audit.

The service said it discovered that the companies persistently breached all agreements and undertakings with the Service.

Full story at Pulse NG.

By News Agency Of Nigeria.

Nigeria’s rising poverty will worsen insecurity, economic instability – Experts

Economic experts have warned that the rising poverty level in Nigeria would have more adverse impacts on the economy and further worsen the security challenges in the country.

They said the Federal Government’s figure on people lifted out of poverty was not reliable.

An economist and former President of the National Accountants of Nigeria, Dr Sam Nzekwe,  in a telephone interview, warned that the increase in the level of poverty would be followed by increased frustration, higher unemployment and criminal activities which would further worsen the state of insecurity in the country.

Full story at Punch NG.

Nigeria: Economy Challenged By Stagflation - CBN

Photo credit: CBN

Despite the improved gross domestic product, GDP, report released by the National Bureau of Statistics, NBS, for the first quarter 2021, Q1'21, the governor, Central Bank of Nigeria, CBN, Godwin Emefiele, has said Nigeria's economy is in stagflation, describing the GDP growth numbers as weak.

In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may stagnate growth while exacerbating unemployment.

It was against this backdrop that the CBN's Monetary Policy Committee, MPC, yesterday decided to retain the Monetary Policy Rate (MPR) at 11.5 per cent, along with all other parameters with the Asymmetric Corridor at +100/-700 basis points around the MPR; Cash Reserve Ratio (CRR) at 27.5 percent; and the Liquidity Ratio at 30 percent.

Taking this position at the end of the MPC meeting in Abuja yesterday, Emefiele, however, said his team was determined to make a significant change through the various interventions of the apex bank.

By Emma Ujah.

Full story at Vanguard.

Pantami delighted as ICT contributes 6.47% to GDP in 2021 Q1

Pantami says the ICT sector continues to serve as a catalyst for the growth and diversification of Nigeria's economy.

The Minister of Communications and Digital Economy, Dr Isa Pantami, has expressed delight at the 6.47 per cent contribution by the ICT sector to the nation's Gross Domestic Product (GDP) in the first Quarter of 2021.

Pantami expressed this in a statement issued by Dr Femi Adeluyi, IT Technical Assistant to the Minister in Abuja.

According to Pantami, the National Bureau of Statistics (NBS) Q1 report said Nigeria's GDP grew by 0.51 per cent (year-on-year) in real terms in the first quarter of 2021,

Full story at Pulse NG.

By News Agency Of Nigeria.

Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), suggests that only a “massive funding” of bureau de change (BDC) operators by the central bank will protect the naira from speculators.

Speculators to Lose Over $200 Million

To achieve this objective, however, the Central Bank of Nigeria (CBN) will have to continue selling “dollars to BDC operators at 393 nairas to a dollar.” This is despite the CBN’s recent devaluation of the local currency to around 411 to a dollar. As one report notes, if the CBN proceeds with this sustained funding of over 5,000 BDCs nationwide, foreign exchange speculators “will lose over $200 million in the next one month.”

Meanwhile, the report quotes Gwadabe reiterating ABCON’s allegiance to the CBN and the association’s willingness to fight speculators alongside the central bank. Gwadabe is quoted warning members of his organization to avoid joining rumor mongers whom he blames for “creating confusion and fragility in the market.” Gwadabe explained:

By Terence Zimwara.

Full story at Bitcoin News.

Digital Economy: Nigeria Unveils Strategic Roadmap, Action Plan

The Nigerian Government has launched a Strategic Roadmap and Action Plan, (SRAP)to boost Nigeria’s Digital Economy.

The Strategic plan which was  Developed by the National Information Technology Development Agency (NITDA) under the Ministry of Communication and Digital Economy for the period of 2021-2024 was inspired by the vision of the National Digital Economy Policy and Strategy (NDEPS).

The road map was also  developed to reposition the Nigerian economy in order to take advantage of the many opportunities that digital technologies provide.

The document  which was presented to the public virtually  by the Minister of Communication and Digital Economy, Dr. Isa Pantami is based on 7-pillars for the acceleration of the National Digital Economy that align with the Economic Recovery and Growth Plan of the Federal Government as well as the priorities assigned to the Federal Ministry of Communications and Digital Economy.

Full story at VON.

By Na'ankwat Dariem.