Economy
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FIRS rakes-in record N5.5tn in 6 months
The Federal Inland Revenue Service (FIRS) has announced tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year. Mr. Muhammad Nami, Executive Chairman of the FIRS stated this while presenting the 2023-2024 tax revenue…
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Presidential tax reforms committee chair Oyedele resigns from PwC
Newly appointed Chairman of the Presidential Fiscal Policy & Tax Reform Committee, Taiwo Oyedele has announced his resignation from PriceWaterhouseCoopers. Oyedele announced his resignation on his Twitter page on Wednesday. He said the resignation was to enable him “focus fully with undivided attention on my new role”. President Bola Tinubu had earlier this month, appointed Oyedele as the chairman of…
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FCCPC set to clamp down on POS transaction charge hike
Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera said the commission is set to issue an order against the planned hike in transaction charges by Point of Sale agents. Speaking with The PUNCH on Wednesday, Irukera said the commission will clamp down on any POS agent who goes against the order. According to him,…
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Customs acting DG initiates reforms to boost trade, combat smuggling
The Acting Comptroller-General of Customs, Bashir Adewale Adeniyi has approved the dissolution of CGC’s Strike Force Teams. This was contained in a statement by the National Public Relations Officer of Customs, Abdullahi Maiwada Maiwada said the dissolution which is with immediate effect is to promote best practices and enhance trade facilitation. He also added that the acting CG directed the…
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NNPC justifies increase in pump price, says market forces at work
The Nigerian National Petroleum Company Ltd (NNPCL), has attributed the increase in the price of Premium Motor Spirit, PMS, also known as petrol to market realities. The company’s Group Chief Executive Officer, Mele Kyari, stated this in an interview with newsmen shortly after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa, on Tuesday in Abuja.…
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NNPC adjusts fuel pump price to N617 in Abuja, N568 in Lagos
By Mosunmola Ayobami and Adekunle Okunade The retail outlet of the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of fuel in Abuja, Jos, and Lagos. The new pricing came into effect on Tuesday morning. Reports said that the NNPCL retail outlet was now selling fuel at N617 per litre in Abuja. NNPCL retail outlet in Jos…
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Inflation rate increases to 22.79% in June 2023, says NBS
National Bureau of Statistics (NBS) said Nigeria’s inflation rate rose to 22.79per cent in the month of June 2023, representing a 0.38 percentage points increase from 22.41 per cent recorded in the previous month. Nigeria’s inflation has been maintaining an uptrend in the last six months, following a brief decline recorded in December 2022. On a year-on-year basis, the Headline…
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Court nullifies Emefiele’s arrest, detention
A Federal Capital Territory High Court has declared as nullity, the arrest and detention of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by the Department of State Services (DSS). Presiding Judge, Bello Kawu, gave the order following an application by the suspended CBN governor on Friday. Emefiele was suspended by President Bola Tinubu on June 9 over series…
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Tribunal fines Stanbic IBTC N120m for flouting Consumer Protection Act
The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday, fined Stanbic IBTC N120 million for contravening Section 130 (1) (a) of the Federal Competition and Consumer Protection Act (FCCPA) 2018. The bank was accused of failing to complete a NIBSS Instant Payment transfer request and withholding the consumer’s funds beyond the 10-minute reversal regulation for failed NIBSS…
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Nigeria redeems $500m Eurobond, reinforcing commitment to debt service obligations
The Debt Management Office (DMO has announced the redemption of a $500 million Eurobond on its due date, reiterating the country’s unwavering commitment to meeting its debt service obligations. This was contained in a statement by the DMO on Wednesday. The Eurobond, which was issued in July 2013 as part of a dual-tranche $1 billion Eurobond, had a tenor of…
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