Friday 9 February 2024

Cashless transactions rise by 54.55% to ₦611.06 trillion - NIBSS

Cashless transactions increased by 54.55% over 12 months from ₦395.38 trillion in 2022 to ₦611.06 trillion in 2023.

Fresh data from the Nigeria Inter-Bank Settlement System (NIBSS) has shown that the value of cashless transactions increased by 54.55% over 12 months from ₦395.38 trillion in 2022 to ₦611.06 trillion in 2023.

The NIBSS data revealed that the ₦611.06 trillion processed in 2023 included the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals.


By Solomon Ekanem.

Full story at Pulse NG.

Tuesday 6 February 2024

10 most corrupt African countries heading into 2024

The dangers of corruption in Africa are manifold, affecting every facet of society. Tackling corruption requires a comprehensive and concerted effort from the government and civil society. Implementing robust anti-corruption measures, strengthening institutions, and promoting transparency are crucial steps toward building a more just, equitable, and prosperous future for the people of Africa.

Transparency International, a global movement working in over 100 countries to end the injustice of corruption, whose data this list is based on, stated that “where corruption is the norm, vulnerable people have restricted access to justice while the rich and powerful capture whole justice systems, at the expense of the common good.”

According to Transparency International’s Corruption Perceptions Index (CPI), two-thirds of countries in the world have some form of corruption issue.



By Chinedu Okafor.

Full story at Pulse NG.

Tuesday 12 December 2023

Nigeria records ₦948.07 billion VAT in Q3 2023 - NBS

Photo source: Supreme Magazine
The report shows a growth rate of 21.34% on a quarter-on-quarter basis from ₦781.35 billion in Q2 2023.

The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at ₦948.07 billion in Q3 2023.

This is according to the VAT Q3 2023 Report released in Abuja on Monday. The report shows a growth rate of 21.34% on a quarter-on-quarter basis from ₦781.35 billion in Q2 2023.

It said local payments recorded were ₦522.08 billion, while foreign VAT payments contributed ₦204.58 billion, and import VAT contributed ₦221.41 billion in Q3 2023. The report said on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%.

“This was followed by activities of extraterritorial organisations and bodies with 80.25%.”


Full story at Pulse NG.

By News Agency of NG.


Tuesday 5 December 2023

Author's Update: Google Play Books Store.

Buying my books on Google Play Book Store is now easier:


1. Load any airtime equivalent to the amount my book is sold for.


2. Go to Google Play Book Store and search (Olagunju Success Taiwo).


3. Pay for the book via airtime.


4. Download the book to your phone and start reading.



All the best for your support guys:



Google Play Books Link:  https://play.google.com/store/books/details/Olagunju_Success_Taiwo_Making_the_CHANGE_Evident?id=J4AwDwAAQBAJ&hl=en&gl=US&pli=1

Wednesday 8 November 2023

Inflation: What is it and what does it mean for you?

Inflation: Supply problems caused by Russia's invasion of
 Ukraine sent prices through the roof.
Photo: Neil Hall/Reuters (Neil Hall / reuters)
Inflation has dominated the news for the past two years, but while it has played a key role in all our financial lives, a lot of people aren’t entirely sure what it is, why it soared so high, or what it means for them.

At its heart, inflation is a way of expressing how much less of a bang you’re getting for your buck over time.

The Office for National Statistics (ONS) tracks the price of a huge range of goods – from yoga pants to fishing rods. It looks back to how prices have changed over the previous year and expresses this as a percentage.

So 6.7% inflation really means prices have risen 6.7% in a year – or something that cost £100 this time last year costs £106.70 today.



By Sarah Coles.

Full story at Yahoo News.

Monday 6 November 2023

Fitch: Nigeria’s Credit Rating Stable, Predicts Inflation at Below 21%

Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default outlook at ‘B-‘ with a stable outlook, listing the country’s major strengths as large economy, developed and liquid domestic debt market, and large oil and gas reserves.

The affirmation by the global rating agency came as Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, reiterated his determination to change the story of the apex bank and make its policies more impactful on Nigerians. Cardoso gave the assurance while playing host to former CBN governor, Mr. Muhammadu Sanusi II.

Sanusi emphasised the critical role of the central bank and its enormous impact on the lives of citizens.

However, Fitch stated that the rating was constrained by weak governance, structurally very low non-oil revenue, high hydrocarbon dependence, security challenges, high inflation, low net foreign exchange (FX) reserves, and ongoing weakness in the exchange-rate framework.


Full story at Thisday Live,

By Emmanuel Addeh and James Emejo.

Friday 27 October 2023

Joe Biden is taking a victory lap after the latest blowout GDP report and says the much-feared recession is canceled, but Wall Street is dubious

John Moore—Getty Images
Americans continued their revenge spending in the third quarter despite persistent inflation and rising interest rates, helping the U.S. economy grow at its fastest pace since late 2021.

Real gross domestic product (GDP) grew at a 4.9% annual rate last quarter, according to the so-called advance estimate that the Bureau of Labor Statistics (BLS) reported Thursday. That’s up from just 2.1% in the second quarter. The latest figure was buoyed by rising federal and state government spending, increased exports, and inventory investments from businesses, the BLS explained.

The Biden administration was quick to celebrate the surge in U.S. economic growth after years of consistent recession predictions from Wall Street. Ever since inflation surged to a four-decade high of over 9% in June 2022, a chorus of experts has repeatedly warned that the Federal Reserve may need to hike interest rates until the economy slips into recession if it truly wants to restore price stability for consumers. But President Biden rebuked that thinking on Thursday.



By Will Daniel.

Full story at Yahoo News