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Osinbajo inaugurates committee to recover N5trn AMCON debts
Vice President Yemi Osinbajo on Tuesday inaugurated an inter-agency committee to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON). A statement by…
VAT: What you need to know about ‘proposed increase’ from 5% – 7.5%
After 26 years, the Federal Government has made the proposal to increase the rate of Value Added Tax (VAT) from five per cent to seven point five per cent with effect from 2020. Here is…
Tax battle: Apple challenges $14 billion court case
Technology giant, Apple has challenged a $14 billion tax charge from the European Commission. The Commission had accused the company of paying taxes at a low rate to the Irish…
Pension asset increases to N9.33 trillion – PenCom
The National Pension Commission ( PenCom) has disclosed that the worth of pension assets has increased from N7.44 trillion in January 2019 to N9.33 trillion as at the end of…
MTN Nigeria to raise N100 billion through commercial paper
Telco giant, MTN Nigeria is seeking to raise a N100 billion through Commercial Paper (CP). The Head, Frontier Research at EFG Hermes, Kato Mukurudisclosed this during…
P&ID $9.6bn: Experts, others react as Addax Petroleum continues to flare gas in OML123
THE inability of Process and Industrial Development Limited, P&ID, to execute its controversial gas pipeline project, targeted at harnessing 100 million standard cubic feet of associated gas, offshore Akwa Ibom…
U.S returns to Nigerian Oil, imports N349 billion crude oil in three months
Having consistently dropped Nigeria’s crude oil in recent quarters, the United States (U.S) has returned to become one of Nigeria’s top trading partners after importing crude…
Oil price hike: Nigeria to gain N1.3trn in 3 months
Nigeria is set to gain N1.3 trillion between now and December following the current oil price of $71 per barrel. But Minister of Finance, Budget and National Planning, Mrs…
Dangote shuts Kano tomato plant again
Dangote Tomato plant in Kano has been shut again, six months after it resumed operations from an almost three-year shut down. Reports said the 1,200-ton-a-day…
Nigerian ports filled up, running out of space – NPA cries out
The Managing Director/CEO of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has warned that Nigeria’s ports are currently running out of space due to increasing numbers…
Kaduna: Steel plant worth $600m to be completed by December 2020
The Kaduna state Governor, Nasiru El-Rufai, says a six hundred million dollar steel plant will be completed by December 2020 in Kagarko Local Coucil. El-Rufai who disclosed this in an…
Anchor Borrowers’ Programme: BOA’s N84bn reached 500,000 farmers directly ― MD
The Managing Director of Bank of Agriculture (BOA), Malam Kabir Adamu has said that the Bank disbursed N84 billion to farmers during the Anchor Borrower Programme (ABP) of the Central Bank of Nigeria (CBN).The…
Eko Disco recorded highest remittance efficiency in Q1 – NERC
The Nigerian Electricity Regulation Commission says Eko Electricity Distribution Company recorded the highest remittance efficiency of 43 per cent in the first quarter of 2019.…
Saudi fire could push oil price to $100 — and that’s some good news for Nigeria
Two drone strikes on Saudi Arabian oil facilities by Yemen rebels have reduced the country’s production by half and threatened to push up crude prices. Some experts have warned…
Despite shale boom, Nigerian crude is on honeymoon with Californian refiners
Major refineries in the West Coast of the United States of America, including California, have chosen Nigerian crude as their preferred raw material. This is despite the…
$9.6Billion Judgment Debt: How former CJN helped P&ID to defeat Nigeria
For the former Chief Justice, it was all business.It did not matter that he was providing an expert legal opinion against his country whose judiciary he once headed. It did not matter that Nigeria stood to lose…
Private sector operators kick against FG’s plan to increase VAT
The Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of…
Why 7.5 percent VAT is necessary, by FG
The federal government has defended its decision to increase Value Added Tax (VAT) from 5 to 7.5 percent. There have been loud cries from many quarters kicking against the…
Iyabo Ojo to shut down Lekki business as LIRS slams her with N38M tax
The actress has revealed on social media that she has just been slammed with N38m tax and she doesn't even know where to start from. According to her, she is still struggling with her business and get little or no profit from it.…
FIRS orders banks to ‘sweep accounts’ of tax defaulters into federation account
High-profile tax defaulters got a 30-day window to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent…
FIRS makes N97.7b from tax defaulters
The Federal Inland Revenue Service (FIRS), has raked in N97.7 billion from tax defaulters since it directed banks to put a lien on their accounts, its Executive Chairman, Mr…
Nigerian Companies will soon start contributing to the Police Trust Fund
Companies operating within the shores of Nigeria will soon have an extra cost to worry about, no thanks to the Nigerian Police Trust Fund Act which President…
Nigeria gives condition to reopen borders with neighbours
Hameed Ali, the Comptroller General, Nigeria Customs Service (NCS), says Nigeria’s borders will remain closed until the country and its neighbours agree on existing ECOWAS protocol on movement.Mr Ali stated this on…
How Federal Government plans to increase VAT to 7.2% affects you
In a bid to increase government revenues, the Federal Executive Council has approved plans to increase Value Added Tax (VAT) from 5% to 7.2%. This represents a 44% increase…