There are 35 Federal Ministries in Nigeria as of August 20, 2023, showing an addition of 9 to the existing ones by President Bola Tinubu. There were 26 federal ministries during the regime of ex-President Muhammadu Buhari. Understanding How Federal Ministries in Nigeria Work The Federal Ministries in Nigeria are civil service departments that are saddled with the … Read more
What is Cash Crunch? A cash crunch in the context of business is a state of financial strain where a business or company faces a shortage of available cash or liquid assets, which can hinder its ability to meet its operational needs and financial obligations. Factors such as declining sales, mismanagement of cash flows, misappropriation of … Read more
After some discrepancies in his NYSC certificate, a ministerial nominee from Ondo State Hon. Olubunmi Tunji-Ojo was cleared on Monday, July 31, 2023, by Nigeria’s Senate. The former member of the House of Representatives was among the over 40 nominees for ministerial roles. And on August 16, 2023, Tunji-Ojo was assigned the portfolio of the … Read more
The Central Bank of Nigeria (CBN) has once again begun the sales of forex to Bureau De Change (BDC) operators in Nigeria, more than two years the apex bank stopped the sales of FX to BDCs. Recall that the CBN stopped the sales of forex to more than 4,000 BDCs operators on July 28, 2021, … Read more
Human rights lawyer Femi Falana has dragged the Central Bank of Nigeria (CBN) before a federal High Court over what he described as the violation of Section 16 of the Central Bank Act. In an interview on Channels Television Sunrise Daily, Mr Falana, a Senior Advocate of Nigeria (SAN) said, “There’s no provision for floating … Read more
The Investors and Exporters (I&E) window will be renamed the Nigerian Foreign Exchange Market (NFEM) in the coming days as the Central Bank of Nigeria (CBN) battles to return sanity to the FX market in Africa’s largest economy. While delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” to members of the Executive Intelligence Management Course … Read more
PVS: Definition, Launch Date, and How It Works Nigeria’s apex bank will launch Go- Live of the FX Price Verification System (PVS) on August 31, 2023, it said in a statement Thursday. What is Forex Price Verification System? The Forex Price Verification System is a foreign exchange price verification system designed for importers to have access to … Read more
The Broad Impact of Nigerian Footballers in Society Nigerian footballers have always been a source of pride, dominating pitches globally. Away from the stadiums, their contributions extend to social causes, business, and even entertainment. This article dives into their vast influence beyond the game. Charity and Philanthropy: Giving Back to the Community Many Nigerian footballers … Read more
President Bola Tinubu released the list of his ministers on Wednesday, August 16, 2023, with his long-time align Wale Edun as Minister of Finance and Coordinating Minister of the Economy. Cabinet be inauguration: Monday, August 21, 2023 Cabinet reshuffle: Wednesday, October 23, 2024. Five ministers were dismissed. Seven new ministers were appointed while 10 ministers were … Read more
What is passive income? Passive income refers to the earnings an individual derives from a rental property, limited partnership, or other enterprises in which they are not actively involved. Passive is one of the most strategic ways to financial stability, you earn while you sleep. Your money works for you, it generates income for you. … Read more
What are SG&A? Selling, General, and Administrative expenses also known as operating expenses includes all of the costs associated with a company’s daily operations that are not directly linked to the production of goods or services. In simple terms, SG&A are the costs of doing business which include marketing and advertising, rent and utilities, management and administrative salaries, … Read more
What is a rental property? A rental property is a residential or commercial real estate investment that the owner or landlord utilizes with the primary purpose of generating income. It also means the process of buying properties and renting them out to tenants to make recurring profits over a long period of time. This can … Read more
What is pocket money? This is an amount of money that is regularly given to children as an allowance by their parents for a specific purpose. Parents give this kind of money to their child for the child’s miscellaneous personal spending. It may seem like a small step, but in actuality, it’s the initial footing on a journey … Read more
What does interest mean? Interest on investment refers to the earnings that you (investor) receive from an investment over time. When you invest, you technically lend your money to a business, government, or financial institution, and in turn, you get interest. In the simplest term, you can think of interest as a reward for allowing your money to work for … Read more
What Are R&D Costs? Research and Development costs are the expenditures incurred by a company in its pursuit of new and improved products, services, or processes. For companies in various sectors, especially those in automobile, technology, pharmaceuticals, and manufacturing, R&D is the lifeblood that fosters innovation and long-term competitiveness. Think of Research and Development expenses as what … Read more