Business
Nigeria spends N6tn to fight terrorists, loses N5.4tn to tax evasion – EFCC
Nigeria has spent over N6tn to prosecute its war against terrorism since 2008, Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said.
He also said the country lost N5.4tn to tax evasion by multinationals between 2011 and 2021.
Bawa made the disclosure during a paper presentation, ‘combating of crime, corruption and implication for development and security’, at the 38th Cambridge international symposium on economic crime, organised on Friday by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom.
A statement by spokesman for the commission, Wilson Uwujaren, said Bawa was represented at the event by his Deputy Chief of Staff, Sambo Mayana.
He also stated that since he took over in March, the agency had recovered over N6tn and over $161m from people who committed economic crimes.
The agency also recovered £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 real estates, he added.
“We have arrested over 1,500 internet fraudsters, many of whom are being prosecuted,” he said.
He said till date the EFCC since its creation had secured over 3,400 convictions.
Bawa called on leaders across the world to rise to the challenge of fighting corruption to enhance global economic development and security.
According to the EFCC boss, economic and financial crimes including corruption, which manifest in various forms in different nations, are at the core of global development and security challenges.
Citing a report by the Organization for Economic Cooperation and Development OECD, he said, “Resources that could support a country’s development are lost through criminal acts like corruption, tax evasion, money laundering, and others.
“The ‘spoiler’ effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education.”
The EFCC chair said the absence of substantial improvement in the living condition of the people in Africa and the rest of the developing countries, in spite of their natural resources, could be blamed on pervasive economic crimes taking place in these countries.
He said, “The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals just to mention but a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.
“The revenue generated is embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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