Economy
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Tinubu’s tax reforms committee to submit report to NASS September
The Presidential Fiscal Policy and Tax Reforms Committee says it will transmit its policy recommendations to the National Assembly by the end of Q3 2024. These include new National Tax and Borrowing Policies to be implemented in September and new proposals to amend the Constitution, which would take effect from 2025. The committee led by Taiwo Oyedele announced that his…
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Nigeria’s manufacturing export sector plunges from N2.trn to N778.4bn- World Bank
Nigeria’s revenue from the manufacturing export sector has plunged by 166 per cent to ₦778.4bn from the ₦2.trn height reached in 2019. A newly published report ‘Africa Pulse’ by the World Bank revealed that the trend since 2019, has been downwards recording a significant decline to ₦960.7bn attributed to COVID-19 in 2020, while a minor recovery was recorded in 2021…
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Nigeria Customs Service signs MoU with China Customs to enhance trade
The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to foster bilateral relationships for the enhancement of economic growth. Comptroller-General of Customs (CGC) Adewale Adeniyi on Wednesday, 8 May 2024, led some of his management team to Shenzhen, where he highlighted the significance of…
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Cybersecurity Levy: SERAP, BudgIT, 136 Nigerians drag CBN to Court
The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN) “over its failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account a ‘cybersecurity levy’.” This was disclosed in a statement signed by the Deputy Director of SERAP, Kolawole…
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Tinubu directs CBN to halt implementation of cybersecurity levy
President Bola Tinubu has ordered a review and requested that the controversial cybersecurity levy policy be put on hold by the Central Bank of Nigeria. This followed the House of Representatives resolution last Thursday, requesting that the CBN rescind the circular ordering all banks to start imposing a 0.5% cybersecurity tax on all electronic transactions made in the nation. Following…
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Minister of Finance inspects JET plant in Lagos, says CNG will bring down transportation cost
Kunle Sanni Finance Minister and coordinating Minister of the Economy, Olawale Edun, has visited the JET Motor Company (JET) Assembly on Friday in Lagos, where Compressed Natural Gas (CNG) buses are being assembled under the Presidential CNG Initiative. JET, which is located in Lagos, is one of the four assembly plants picked by the PCNGi to assemble semi knocked down…
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JTF destroys 40 illegal refining sites in Abia
As part of its mandate to rid the South-South region of the country of criminality, specifically crude oil theft, the Joint Task Force, Operation Delta Safe (OPDS), has destroyed over 40 illegal refining sites at Ukwa Forest, in Ukwa West Local Government Area of Abia. The Commander of the Joint Military Force, Rear Adm. John Okeke, who led the operation,…
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Tijani, Maida seal MoU with Nokia on digital training for youths
The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, the Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Aminu Maida have signed a Memorandum of Understanding (MoU) with Nokia Solutions and Networks Nigeria. The deal, sealed earlier this week, is to train young Nigerians on latest 4G/5G radio and transmission technologies at the Nigerian Communications…
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American Express launches first credit card business in Nigeria
In a major show of confidence in the economic reforms of President Bola Tinubu and the direction he is taking the country, American Express will be launching its first business credit card in Nigeria in partnership with local neobank O3 Capital, potentially improving access to dollars in the West African nation. O3 Capital and Amex unveiled the product on Thursday…
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BREAKING: Reps ask CBN to halt implementation of cybersecurity levy
Members of the House of Representatives have directed the Central Bank of Nigeria to halt the implementation of the 0.5 per cent cybersecurity levy on transactions. The resolution was a sequel to a motion of urgent public importance moved by the Minority Leader of the House, Kingsley Chinda, on Thursday. A circular released by the CBN on Monday said the…
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