Economy
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Tinubu seeks to fix power transmission with planned GAMCO — Information minister
President Bola Tinubu has unveiled plans to establish a Grid Asset Management Company (GAMCO) aimed at reinforcing Nigeria’s electricity transmission network and improving power supply nationwide. The initiative, announced on Wednesday by the Minister of Information and National Orientation, Mohammed Idris, comes after a Federal Executive Council (FEC) meeting at the State House, Abuja, chaired by the President. Idris said…
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Tax reforms will ease burden on poor, not deepen poverty, says Shettima
Vice President Kashim Shettima on Wednesday defended the Federal Government’s proposed tax reforms, saying they are designed to ease the burden on small businesses and low-income earners rather than worsen poverty. Speaking at an interfaith breaking of fast for Ramadan and Lent at the State House in Abuja, Shettima said the reforms would eliminate multiple levies and charges that have…
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FEC approves ₦1trn road projects, orders reconstruction of Carter bridge and key highways nationwide
The Federal Executive Council (FEC) has approved a series of major road and bridge projects nationwide, including the reconstruction of critical highways and the redesign of the Carter Bridge in Lagos. Minister of Works, David Umahi, disclosed the approvals on Wednesday while briefing journalists at the State House in Abuja following the FEC meeting presided over by Bola Ahmed Tinubu.…
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JUST IN: Tinubu orders suspension of FAAN cashless policy over airport gridlock
President Bola Tinubu has directed the immediate suspension of the newly introduced cashless payment policy following widespread traffic congestion at airport entry gates across the country. The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the decision after the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja. The new policy, which took effect on March 1,…
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Lekki port leads as total cargo throughput increases by 24.8% to 129.3m tonnes in 2025
The Nigerian Ports Authority (NPA) has disclosed that seaports recorded a sharp increase in cargo activity in 2025, as Lekki port leads others in 24.8 per cent to 129.3 million metric tonnes total throughput last year. This is contained in the 2025 operational performance report released by the NPA on Wednesday.According to the report, the 2025 figure represents an…
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Q3 2025: NBS declares 6.55% increase in company income tax
The National Bureau of Statistics (NBS) has declared a Company Income Tax (CIT) for the third quarter (Q3) 2025 at N2.96 trillion, showing an increase of 6.55per cent on a quarter-on-quarter basis from N2.78 trillion in Q2 2025. The report by the NBS revealed that the domestic CIT received was N1.21 trillion, while Foreign CIT Payment was N1.75 trillion in…
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FG prohibits roadblocks tax enforcement, introduces 1% tax on turnover for informal sector
The Federal Government has prohibited the mounting of roadblocks and other informal methods of tax enforcement, while introducing a one per cent tax on turnover for eligible informal sector operators under a new presumptive tax regime. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, announced this on Tuesday in Abuja during the signing of the…
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Tinubu directs immediate release of funds for space assets maintenance
President Bola Tinubu has directed the immediate release of approved funds for the maintenance of Nigeria’s space assets, reaffirming his administration’s commitment to implementing the country’s revised 25-year space development roadmap. The directive was conveyed on Tuesday at the first meeting of the National Space Council held at the Presidential Villa, Abuja. The President was represented at the meeting by…
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VAT grows by 10.7% QoQ to N2.28trn in Q3 2025, says NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that Value Added Tax (VAT) in third quarter (Q3) 2025 stood at N2.28 trillion, showing an increase of 10.66per cent on a Quarter-on-Quarter (QoQ) basis from N2.06 trillion in Q2 2025. According to the latest , the local payments stood at N1.12 trillion, while the foreign VAT Payments were N680.23 billion,…
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Nigeria begins implementation of Executive Order 9 to protect petroleum revenues
The Federal Government has commenced the implementation of Executive Order 9 of 2026 as part of efforts to safeguard petroleum revenues and strengthen the management of inflows into the Federation Account. This was disclosed in a statement on Monday signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who chairs the Implementation Committee set…
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