Economy
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Businesses groan as Lagos, others experience blackout
Many business owners in Lagos, Abuja and other cities on Monday experienced power outage as the National Grid collapsed for the umpteenth time in 2022. Checks revealed that electricity distribution companies informed their customers of the development in notices. Ikeja Electric said the national grid collapsed at 10:50am on Monday. “This has affected Transmission Stations within our network and resulted…
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Good use of tax revenues will enhance tax morale, compliance – FIRS
When governments deploy tax revenues for the common good of the citizens, there is a concomitant increase in tax compliance by citizens who see the direct benefit of the taxes they pay. Mr. Nami argued that the low compliance tax rate in most developing countries was as a result of the failure of the social contract between the taxpayers and…
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NNPC denies operating secret account
The Nigerian National Petroleum Company Limited has denied operating any secret account. Group General Manager, Group Public Affairs Division, NNPC Ltd, Garba Deen Muhammad said this in a statement on Saturday while reacting to media reports that investigations revealed the company had operated a secret account since 1990. According to him all accounts run by the NNPC Ltd are all…
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Nigeria has revenue challenges not debt problem, says finance minister
Minister of Finance, Zainab Ahmed has denied report that Nigeria has a debt problem, stressing that the country only has a revenue generation challenges. Speaking at the Nigeria International Economic Partnership Forum in New York, Ahmed said Nigeria has set a Debt-to-Gross Domestic Product (GDP) ceiling at 40 per cent, which the country is yet to exceed. At the same…
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Ogun to spend N1.5trn in three years
…as lawmakers approve 2023-2025 MTEF By Kolawole Olayinka, Abeokuta Ogun State House of Assembly on Tuesday approved the state’s 2023-2025 Medium Term Expenditure Framework (MTEF), barely a week after acknowledging a request for legislative approval of the proposal from the state government. The approval will ensure a well-coordinated process of planning and budgeting for the upcoming fiscal year(s). The process…
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We collect taxes, not granting waivers to taxpayers – FIRS
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has disclosed that the mandate of the Service is to collect taxes that are due to the federation and the Federal Government not to grant tax waivers to any taxpayer in the country. Nami stated this in a swift reaction to the news making the rounds that some…
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NGX to host technology board webinar
The Nigerian Exchange Limited (NGX), is set to host the NGX Technology Board Webinar. The virtual event themed: “Enabling the Next Wave of Growth for Technology Companies in Africa”, provides a platform for collaborative opportunities between Tech companies and capital market players around the Technology Board. NGX Technology Board Webinar, which aims to encourage the listing of companies in the…
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Road infrastructure tax credit scheme among FG’s greatest innovations-Nami
Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has described the Road Infrastructure Tax Credit Scheme as one of the greatest innovations of the Federal Government in its resolve to tackle Nigeria’s infrastructure deficit. The scheme which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the country with participants…
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Stakeholders at PMI Africa Conference call for diversity to boost a sustainable future
Experts and stakeholders in the project management ecosystem have said that diversity, inclusion and collaboration are some of Africa’s leading catalysts for economic growth. This was the highlight of the first day of the 2022 Project Management Institute (PMI) Africa Conference currently being held in Lagos with the theme: “connecting ideas, peoples and projects.” The three-day event will include roundtable…
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Ahead of final probe report, Pantami suspends Post Master General
In a move that may raise suspicions of victimisation and deliberate plot to oust him from office, the Minister of Communications, Dr. Isa Pantami, has suspended the Postmaster General of the Federation, Dr Ismail Adewusi from office. Adewusi’s suspension was contained in a letter addressed to him, signed by the Chairman of the Nigerian Postal Service Governing Board, Maimuna Abubakar.…
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