National leader of the All Progressives Congress (APC), Bola Tinubu, has kicked against reports of government's plan to increase the Value Added Tax (VAT). The VAT which is charged at 5% could be hiked to 50% considering statement attributed to Minister of Finance, Zainab Ahmed, that the Nigerian government has concluded plans to increase revenue by introducing new taxes. Officials…
Investigations have revealed that mobile telecommunication subscribers in Nigeria spent N767.23bn on airtime from November 2018 to January 2019. The figure is generated from the number of active subscribers in the months under review, which was obtained from the Nigerian Communications Commission (NCC) and the industry’s Average Revenue Per User (APRU) provided by network operators. NCC data shows that there…
Federal government bonds put out for subscription on March 27 was oversubscribed in excess of 140bn by investors. This was revealed by the Debt Management Office (DMO) in a statement released on Wednesday. The DMO statement read: “The FGN Bond auction for March 2019 conducted on Wednesday at which N100bn bonds were offered was oversubscribed just as in the auctions…
The Corporate Affairs Commission (CAC), the body responsible for incorporation of enterprises in Nigeria has revealed that it has registered 3,098,193 firms since inception. It said the figures are since the founding in 1990 to March 21, 2019. The number covers all categories of businesses in Part A, B and C. Acting Registrar of the Commission, Mrs Azinge Azuka disclosed…
The Nigeria Stock Exchange (NSE) reveals in its latest foreign portfolio investment report that foreign inflows to the economy increased by 91.24 percent between January and February. Foreign Inflow stood at N22.97bn in January and N43.93bn in February It also reported an increase in foreign outflows from N27.81bn in January to N55.01bn in February, marking a 97.8 per cent increase.…
Tony Elumelu, former Group Managing Director and CEO of United Bank for Africa (UBA) has urged president Muhammadu Buhari to improve electricity so entrepreneurship can thrive. He said this at the unveiling of 3, 050 successful applicants of the Tony Elumelu Foundation (TEF) on Friday, in Abuja. In the report by NAN, Elumelu said that entrepreneurship is the way to…
The Debt Management Office (DMO), announced on Tuesday that the Federal Government will be auctioning bonds of N100 billion come March 27. Bonds are categorised into three based on their maturation period. The five-year re-opening bonds of N40 billion with maturation period in April 2023 is offered at 12.75 per cent. Seven-year re-opening bonds also of N40 billion, maturing in…
Following the passage of the National Minimum Wage Bill by members of the Senate, the upper chamber approved the wage of 30, 000 for civil servants at Federal and State levels, on Tuesday. Senator Francis Alimikhena, the Ad-hoc Committee on National Minimum Wage Chairman, earlier presented the National Minimum Wage Act CAP N61 LFN (repeal and re-enactment) Bill, 2019 (SB.…
Nigeria will receive seventeen ship imports before the end, out of which, 15 of them are carrying fuel. This information was revealed by the Nigerian Ports Authority, NPA, in its daily publications 'Shipping Position'. The report, according to NAN, further discloses that the ships are expected to arrive between March 17 and March 29 at the Lagos Apapa/Tin Can Island…
Patience Jonathan loses over 5bn to the Nigerian government in two separate cases of illegal financial activities.
Nigeria will lose an estimated $6 billion in revenue to international oil companies, Shell and Eni, over the deal on the controversial oil block, widely known as Oil Prospecting License (OPL) 245. icirnigeria.org reported the new findings quoting a report by Global Witness called Take The Future. According to icir.org, leaked emails and confidential documents also showed that the oil…
NNPC Boss, Dr Baru said that the Corporation would continue to live up to its responsibility by intervening in the supply of deregulated petroleum products to ensure supply sufficiency.
The Department of Petroleum Resources (DPR) has sealed four petrol stations in Abuja for hoarding, under dispensing and other sharp practices in selling Premium Motor Spirit (PMS)
Foremost industrialist and richest man in Africa, Alhaji Aliko Dangote, has restated his commitment to assist the Federal Government in turning around and diversifying the country’s economy.
The Group CEO of Oando Plc, Adewale Tinubu, has blamed the company’s record loss on falling crude oil prices and the weakness on the naira.