Economy
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Withholding tax: Presidential tax reform proposes exemptions of manufacturers, farmers
Kunle Sanni The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that the committee has recommended exempting manufacturers and farmers from withholding tax to alleviate the tax obligations on businesses. This information was shared at a public forum where the proposed amendments to the National Tax policy were discussed in Lagos. “We set…
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Abdulrazaq reconstitutes ‘Ease of Doing Business’ Council
By Mosunmola Ayobami,Ilorin Kwara State Governor, AbdulRahman AbdulRazaq, has reconstituted the state’s Ease of Doing Business (EODB) Council amid renewed efforts to take off all hindrances to investments. WESTERN POST reports that the Governor initially constituted the EODB Council in 2020. A statement issued on Thursday in Ilorin by the Governor’s Chief Press Secretary, Rafiu Ajakaye, said that the council…
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11 Discos, international electricity customers owe N97.5bn debt, says NERC
The Nigerian Electricity Regulatory Commission (NERC) said the 11 Electricity Distribution Companies in Nigeria and four international customers including Paras SBEE, Transcorp SBEE, Mainstream NIGELEC and Odu-Pani-CEE failed to remit N97.5 billion debt issued to them by Market Operators in the fourth quarter of 2023. The Commission disclosed this in its latest fourth-quarter report. According to the data obtained from…
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Indonesia seeks more collaboration with Nigeria on Oil & Gas sector
The Republic of Indonesia has expressed her desire to foster the existing collaboration with Nigeria on the development of the nation’s oil and gas sector. This was disclosed by the Indonesian Ambassador to Nigeria, Dr. H. Usra Hendra Harahap, during his courtesy visit to the Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, on Wednesday in Abuja. The…
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NNPCL, NDDC, Shell inaugurate N24.5bn Ogbia-Nembe road
NNPC Limited, Shell Petroleum Development Company (SPDC), TotalEnergies, and Nigeria Agip Oil Company (NAOC), in collaboration with the Niger Delta Development Commission (NDDC), have commissioned the 25.7km Ogbia-Nembe Road in Bayelsa State. The project valued at N24.5 billion, traverses mangrove forests with seven bridges and five culverts and connects 14 communities. Speaking at the commissioning ceremony held in Nembe on…
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Marine sector recorded N242bn revenue in Q1 2024, says Oyetola
Kunle Sanni The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has disclosed that the Ministry generated N242 billion revenue in the first quarter (Q1) of 2024. Oyetola disclosed this in Abuja at the sectoral briefing on Tuesday to commemorate President Bola Tinubu’s first year in office. He stated that compared to the N126 billion recorded in the Q1…
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Tinubu’s policies important, but implemented wrongly, says Obasanjo
Former President Olusegun Obasanjo said President Bola Tinubu’s policies on fuel subsidy elimination and exchange rates were important but “wrongly implemented.” Obasanjo’s assessment comes as Tinubu’s government launches festivities to commemorate his one-year anniversary. The Ota farmer focused on three administrative decisions: gasoline subsidies, exchange rates, and dealing with the military takeover in Niger Republic. According to his media adviser,…
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NAHCO sets N100bn revenue target
By Innocent Raphael The Nigerian Aviation Handling Company Plc (NAHCO) has set revenue target of N100 billion for the next five years. This projection was unveiled by the Group Chairman, Dr. Seinde Fadeni, during the company’s Annual General Meeting in Lagos. To achieve this target, NAHCO has revealed plans to diversify its investment portfolio, aiming to create new jobs and…
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LASG attracts N50bn investment in one year
By Adeola Ogunrinde The Lagos State Government has revealed that it attracted over N50bn in investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in one year. Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose Medebem stated this on Wednesday during the ministerial press briefing in Alausa, Ikeja. According to the Commissioner, the new multi billion naira…
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CBN rescinds decision on cybersecurity levy
By Innocent Raphael The Central Bank of Nigeria (CBN) has rescinded its directive requiring banks and other financial institutions to impose a cybersecurity levy on electronic transfers. This move follows the issuance of a circular dated May 17, which nullified the initial directive announced on May 6. Previously, the CBN had mandated all commercial, merchant, non-interest, and payment service banks,…
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