central bank

Nigeria’s New Tax Act: Imposes Strict Penalties On Offenders

December 7, 2025 10:11 pm

Nigerian Tax Act introduces sweeping penalties, from multimillion-naira fines to jail terms, as the government works to strengthen compliance now.

Nigeria is preparing for one of its toughest tax enforcement eras yet, as the country’s new Tax Act—set to take effect on January 1, 2026—introduces sweeping penalties aimed at boosting compliance and modernizing the nation’s revenue system.

The legislation outlines a wide range of sanctions for individuals, companies, and virtual asset service providers, signaling the government’s determination to close loopholes, improve tax administration, and raise revenue in the face of growing economic demands.

One of the most stringent provisions targets

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German Central Bank Laments Over Signs Of Recession

September 19, 2022 7:23 pm

The German central bank has lameneted on Monday about the fact that it was increasingly likely that Europe’s largest economy would be shrinking for a “prolonged” period as Russia has completely throttled down energy supplies to the continent.

“The signs of a recession for the German economy are multiplying,” the Bundesbank said in its monthly report, warning of a “broad-based and prolonged decline in economic output”.

Read Also: Germany Moves To Make Legal Change Of Gender Easier

The likely slump was above all down to “supply-side constraints”, namely reduced deliveries of energy in the wake of the Russian invasion of …

China’s Central Bank Quarantines Banknotes

February 16, 2020 3:47 am

China’s central bank said it will disinfect banknotes with ultraviolet light or high temperatures and store them for up to 14 days before they are put back into circulation.

The move by The People’s Bank of China was one of the extreme measures being taken by China to slow the spread of coronavirus, now known as COVID-19.

At the initial outbreak of the disruptive and deadly virus, Chinese authorities placed some 56 million people in Hubei and its capital Wuhan under quarantine, virtually sealing off the province from the rest of the country in an unprecedented effort to contain the …