The Nigerian economy officially slipped into recession in the third quarter of 2016 and the output gap has been widening. The economy has been experiencing severe strains and macroeconomic instability being aggravated by its exposure as a commodity exporting country.
Given the swings in the Federation Account Allocation Committee payouts over the past few months, the need for states to bolster their internally generated revenue (IGR) cannot be overemphasized. Lagos State sits as the poster child with an estimated IGR of N271.4bn in 2014; this represented 67% of its total revenue.
I was born into a poor family in Malaysia, but aged just 18 I migrated to Singapore, where I started working for a construction firm. It was going well, I was even on course for a promotion, but within six months I knew I wanted to be my own boss.
Trading activities in the Nigerian Stock market closed the month of August 2016 positive as NSEASI recorded +2.67% gain as against -1.47% loss recorded in the month of August 2016 while market YTD performance remains in the red zone to stand at -1.07%.
Members of the two national task forces convened by the Federal Reserve to make payments faster and more secure have begun to review and discuss 19 specific proposals submitted by interested task force members across the payments industry that outline potential approaches for a faster payment system in the United States.