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FG proposes N19.76tn budget for 2023
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Herconomy Conversation
Over the years, a good number of Ponzi schemes i.e MMM and other similar options, offering high turnover in a short period of time, have proven to be quite risky.
This evening, we are partnering with Meristem to help you identify Ponzi schemes and suspicious investments to prevent you from losing your hard-earned savings.
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Tech Updates
Tesla Sues to Sell Cars Directly to Consumers in Louisiana
Tesla Inc. has filed suit to challenge a Louisiana law it says restricts its ability to sell electric vehicles directly to customers and violates its constitutional rights. Read more…
Microsoft cloud computing changes to allay EU antitrust concerns effective October 1
Amended licensing deals and other changes making it easier for cloud service providers to compete will take effect on October 1, Microsoft Corp a move triggered by complaints about the U.S. software company to EU antitrust regulators. Read more…
Business Matters
The aviation sector’s GDP crashes by 61% amid the crisis
The foreign exchange and fuel crises that have plagued the aviation sector seem to have led to a decline in the sector’s contribution to the Gross Domestic Product by 61.47 per cent. Read more…
Nigeria records N4.6 trillion worth of POS transactions in 7 months
POS transactions in Nigeria jumped to N4.6 trillion in the first seven months of 2022, a 29.3% increase compared to N3.56 trillion recorded in the corresponding 2021 and a staggering 90.3% increase when compared to the same period of 2020. Read more…
Forex supply falls further to $54 million as the exchange rate remains stable
Naira remained stable at the I&E window on Monday, closing at the same rate recorded in the previous trading session, despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022. Read more…
FG projects N19.76 trillion for the 2023 budget, a deficit of N11.3 trillion
The Nigerian Government says the 2023 budget proposal is N19.76 trillion, with a shortage of N11.3 trillion. Read more…
Seplat Energy shareholders lose N71 billion in 5 days of trading on negative sentiment
Investors of Seplat Energy Plc recorded a loss of about N70.56 billion from trading in the shares of the company in the last five days following sustained sell pressure witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange (NGX). Read more…
Aviation crisis: Airlines cut workforce, Dana mulls resumption
Domestic airlines have continued to cut down on their workforce as the crisis in Nigeria’s aviation industry lingers, it was learnt on Monday. Read more…
Nigerian economy shrinks by N63bn, 28 sectors struggle
Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter. Read more…
FG proposes a N19.76tn budget for 2023
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year. Read more…
FG rakes in N1.09tn from indirect taxes
The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics. Read more…
Quote of the Day
"Self-confidence is the memory of success."
—David Storey