Eco currency: Nigeria states position

Minister of Foreign Affairs, Geoffrey Onyeama, says Nigeria and majority of other African countries are not yet ready for the implementation of the ECOWAS Single Currency, “Eco,” in 2020. Onyeama, who made this known on Thursday in Abuja while speaking with Journalists, explained that Nigeria’s position on the single currency was agreed by the Economic… Read More »

FG to stop petrol use for transportation, CNG to replace

The Federal Government on Thursday disclosed that it was set to replace the use of Premium Motor Spirit, PMS, also known as petrol, for transportation. SEE ALSO: N55.5bn spent t0 subsidise petrol in December by FG The Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this while addressing newsmen in Abuja. He stated… Read More »

Nigeria’s debt now N26.22tn, all Nigerians responsible – DMO

The Federal Government and the 36 states as well as the Federal Capital Territory owed a total N26.22tn as of September 30, 2019, the Debt Management Office disclosed on Friday. The amount indicated that the total public debt rose by 2.02 per cent in the 12 months from September 2018, when the Federal Government, the… Read More »

7.5% VAT takes effect February 1 as FG inaugurates FIRS board

The Federal government has said that the implementation of Value Added Tax (VAT) will to take effect from February 1, 2020. This is after all the necessary administrative procedures have been completed, especially the gazette of the Act by the Federal Ministry of Justice. Minister of finance Mrs. Zainab Ahmed made this known in Abuja,… Read More »

Border closure: Customs generates N7b daily

The Coordinator, Joint Border Operations Drill, North Central states, Comptroller Mohammed Garba, said NIGERIAN Customs Service is collecting  between N5 billion and N7 billion from duties on imported goods  daily. He disclosed this in Ilorin, the Kwara State capital during a parade of seized goods and items. Garba said daily accrual of the service before… Read More »

Eco Currency rejected by English speaking West Africa countries

Six English-speaking countries of the Economic Community of West African States (ECOWAS) has rejected the recently introduced Eco currency adopted by eight francophone countries in the sub-region. The countries adopted the currency through their union, West African Economic and Monetary Union. The countries reached their decision at a council meeting of finance ministers and central… Read More »

Nigeria’s daily crude oil production crashes to 1.57m barrels

The Organisation of Petroleum Exporting Countries, OPEC said Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month It said this in its monthly oil market report published on Wednesday that the country’s oil output stood at 1.66 million bpd in November, based on direct communication. OPEC uses… Read More »

Vodacom in talks to take subscribers from struggling Cell C

Vodacom Group is in talks with Cell C about taking on the smaller rival’s contract-paying mobile-phone customers, a move that would strengthen its position as South Africa’s telecom market leader, according to sources familiar with the matter. The unit of the U.K.’s Vodafone Group Plc would gain just over 1 million high-paying subscribers from the… Read More »

U.S. pledges support to Nigerian entrepreneurs

The United States has pledged its support to Nigerian entrepreneurs in a bid to promote prosperity in the continent. Speaking at a one-day capacity-building seminar for the first cohort of U.S. sponsored Tony Elumelu Foundation alumni, U.S. Consul General, Claire Pierangelo, noted that population trends in Nigeria will not only mean that the country could… Read More »

Tax reforms to generate ₦8.15tr in 2020 – FG

The federal government says it plans to raise ₦8.155 trillion through the implementation of the tax reforms contained in the 2020 Finance Bill recently signed into law. This was disclosed in a statement by the Ministry of Finance in Abuja on Tuesday. According to the statement, the finance bill “proposes to introduce tax reforms that… Read More »

Finance law: Confusion hovers

Confusion hovers over the new finance law implementation date as the Presidency and the Ministry of Finance expressed differing opinions on Tuesday. The Presidency said the Finance Act which the President, President Muhammadu Buhari , signed into law on Monday had already taken effect and the implementation of its provisions was expected to be immediate.… Read More »

Buhari signs finance bill in to law

President Muhammadu Buhari has finally signed the Finance Bill into law after it was passed by the National Assembly. The President had recently, while presenting the 2020 Appropriation Bill to the National Assembly also presented the Finance Bill and said: “This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes… Read More »

Anxiety as Nigerians await new Tax identity policy

Fear has gripped many Nigerians, especially bank depositors, over the possible consequences of the Finance Bill 2019 recently passed by the National Assembly (NASS). It would be recalled that the finance bill, which seeks an amendment of Nigeria’s tax laws, was presented by President Muhammadu Buhari alongside the 2020 Appropriation Bill to a joint session… Read More »

After tax case revocation, MTN share price rises

Following the announcement of the revocation of its $2bn tax case in Nigeria, the share price of MTN increased by 5.3 per cent to 83.67 rand on Friday. The increase in the share price pushed the company’s market value to 158 billion rand ($11.1bn), according to Bloomberg. In a letter filed at the Nigerian Stock… Read More »

National Identity Card: NIMC unveils online pre-registration portal

The National Identity Management Commission (NIMC) has unveiled a pre-registration portal to ease process of registering for National Identity Card. The commission announced the development in its website, advising Nigerians to log on to the portal to pre-register before going to any of the registration centres nationwide to complete the process. It emphasised that the… Read More »

Nigeria’s drop in oil output, biggest in OPEC

Last month, Nigeria recorded the largest production drop of 80,000 barrels per day in the Organisation of Petroleum Exporting Countries. Nigeria is the top oil producer in Africa. It exported less crude oil in December, according to ship-tracking data and loading schedules. Much of this decline came from reduced shipments of Bonga crude, which traders… Read More »

Naira strengthens against Dollar in all major forex market segments

The Naira appreciated against the Dollar across all the major segments of the foreign exchange market on Thursday as U.S.-Iran crisis continued to heat up. SEE ALSO: Nigeria may soon be bankrupt with rising debts – Obasanjo The local currency strengthened 0.02 per cent to exchange N306.95/$1 at the official window and gained 50k to… Read More »

Estimated electricity bills to be limited by Govt from February

Estimated electricity bills issued by power distribution companies to their unmetered customers will as from February be regulated by the Federal Government. Distribution companies, Discos that fail to provide meters to customers would only be allowed to issue a capped sum as estimated bills to their respective power users said the Nigerian Electricity Regulatory Commission,… Read More »

Oil price surpasses $70 over U.S, Iran face-off

  For the first time in more than three months, Oil prices surpassed $70 per barrel on Monday as the United States warned of increased threats to energy facilities in the Middle East after the assassination of an Iranian general, Qassem Soleimani, last week. Brent crude, the international oil benchmark jumped 1.5 per cent to… Read More »