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IMF endorses VAT increase, says it will cushion declining oil revenue
Amine Mati, a senior resident representative with the International Monetary Fund (IMF) and mission chief for Nigeria, says an increase in value-added tax is a step in the…
Tax evasion: Ex-Super Eagles captain, Okocha settles case with LlRS
A former Super Eagles’ Captain, Augustine “Jay-Jay” Okocha has finally settled his 2017 tax evasion case with the Lagos Internal Revenue Service (LIRS). Lagos State Prosecutor, Mrs.…
Softly, softly, Hameed Ali
Emerging signals make it clear that our nation’s economy is severely imperilled. President Buhari himself decried the inability of the Federal Inland Revenue, the NNPC, and the Nigerian Customs Service to meet…
FG may revoke Abuja, Ikeja, six Discos’ licences
The Federal Government may cancel the licences of eight power distribution companies as the Discos breached some provisions of the Electric Power Sector Reform Act in July 2019.According to the Nigerian Electricity…
Buhari exempts firms with N25m turnover from VAT
Firms making a turnover of N25 million and below will be exempted from payment of the Value Added Tax (VAT), President Muhammadu Buhari said on Tuesday. He stated this while…
No harm in introducing communication tax, Nigerians talk a lot on phone – Fowler
Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says there is no harm in introducing a communication tax. Fowler made this known on Monday while…
Consumption of locally produced food items on the rise as borders remain shut
As good as the enforcement of import substitution and backward integration policy being implemented by the Federal Government appears to be, Nigerians have said the timing is wrong because the prices of foodstuffs,…
HSBC set to axe 10,000 jobs
HSBC is planning to sack up to 10,000 staff, a report by Financial Times said Monday. The planned downsizing comes just weeks after announcing the resignation of its chief…
Nigeria’s border closure hits hard on rice-exporting countries
The closure of Nigeria’s border with Republic of Benin, aimed at curbing smuggling activities, especially of rice, has taken a toll on rice-exporting countries as price dipped…
Cashless policy: Regulators, business community set for nationwide rollout
Baring any last minute disruptions in the implementation guidelines, Nigeria’s cashless Policy piloted by the Central Bank of Nigeria (CBN) would go live nationwide…
CBN says N500bn debit to banks not fine, but refundable
The Central Bank of Nigeria (CBN) has clarified that the N499.1 billion which it debited some banks for failing to meet its 60 percent minimum Loan to Deposit Ratio (LDR) is not a fine but would be refunded…
CBN defends naira with $8.28b forex sales
THE Central Bank of Nigeria (CBN) defended the naira with $8.28 billion through its direct intervention within the first six months of this year, according to its half year report.…
GSM tax: MTN, Glo, Airtel, 9mobile subscribers, others to pay extra N261bn
Telecom subscribers in the country are likely to pay an additional N261.18bn on voice calls, short message service and data in one year if the Senate passes the proposed…
No one deserves to be a billionaire – Mark Zuckerberg
Mark Zuckerberg, US tech entrepreneur and CEO of Facebook, says he doesn’t think billionaires should exist, adding that in reality, “no-one deserves to have that much money”. The…
Nigeria to hold oil licensing rounds in 2020 — 13 years after the last
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday disclosed that the federal government plans to conduct oil blocks bid rounds in 2020.This comes amid growing concerns about…
Rise of backyard farming
Along with fresh fruits and vegetables, mini livestock, backyard farms are providing jobs, start-up programmes, knowledge and social connections, DANIEL ESSIET…
‘Our farmers should make money from their sweat’ — Oshiomhole backs closure of borders
Adams Oshiomhole, national chairman of the All Progressives Congress (APC), says the Nigeria Customs Service (NCS) made a good decision in closing the country’s borders. Speaking in…
Investment in mutual funds grows to N817bn
Total investment in mutual funds has grown to N817.25bn as of September 20, 2019.Data obtained from the Securities and Exchange Commission on Thursday showed the value of mutual funds increased by 31.48 per…
Wife replaces TY Danjuma as May & Baker chairman
Daisy Danjuma, a former senator, has been announced as the new chairman of May & Baker Plc. According to a notice sent to the Nigerian Stock Exchange (NSE), the 67-year-old…
Customs raking in N5.8bn daily since border closure – Hameed Ali
Hameed Ali, comptroller general of the Nigeria Customs Service, says the agency has been generating an average revenue between N4.7bn and N5.8bn daily since the borders were closed.…
FG hands over National Theatre to CBN, banks for establishment of creative industry park
The Federal Government has handed over the National Theatre to the Central Bank of Nigeria (CBN) and the Bankers Committee for the development of creative industry Park. Godwin Emefiele,…
Non-Performing loans hit 4-year low as Banks recover N496 billion
Non-Performing loans in Nigerian banks dropped to a record N1.44 trillion in the second quarter of 2019. This is reflected in the banking sector report released by the National…
Is NPA Boss, Hadiza Bala Waging A Personal Vendetta Against BUA Boss, Abdul Samad Rabiu?
If the Nigeria Port Authority is a woodland of commerce, then Hadiza Bala Usman is the Queen of the jungle. This is because she runs the federal agency like a forest of unequal…
Dangote eyes $30b revenue
ALIKO Dangote, the richest man in Africa, who is building one of the world’s biggest refineries in Lagos, in addition to investments in gas and petrochemical plants, said he expects…