Category: Economy

VAT hike will kill businesses, shrink GDP – Experts

Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The Head of Tax and Corporate Advisory Services at  PricewaterhouseCoopers, Taiwo Oyedele, said the new VAT rate would shrink… Read More »

Category: Economy

Discos reject 90% power allocation during rains –TCN

Power distribution companies often reject about 90 per cent of the quantum of energy that is allocated to them whenever there is rainfall in their areas of operation; data obtained from the Transmission Company of Nigeria have shown. It was also observed that most Discos hardly take the electricity load allocated to them in the… Read More »

Category: Economy

Electronic payments: CBN unveils sanctions against banks, others

The Central Bank of Nigeria has announced a series of new sanctions that will be meted out to deposit money banks, mobile money operators, payment solution service providers and other financial institutions for electronic payment infractions. The CBN, on Tuesday, issued the ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria’,… Read More »

Category: Economy

More Nigerian crude heads to US

Nigeria’s crude oil, displaced by the United States’ shale, is making inroads into the US West Coast. The shale boom has upended the global market, turning the US from a keen buyer of Nigerian oil to an aggressive competitor. But no pipelines easily connect the shale hub at the Permian basin, located in Texas and… Read More »

Category: Economy

Recovered loot used to fund annual budget – Minister

Within the last three years, looted funds recovered by the Federal Government were used to partly finance annual budgets. The Attorney-General of the Federation and Minister of Justice Mr Abubakar Malami (SAN) said this during a stakeholders’ validation retreat to finalise the second Nigeria Open Government Partnership National Action Plan. He said the Federal Government… Read More »

Category: Economy

NIMASA Encourages Capacity Building through Essay Competition

The Nigerian Maritime Administration and Safety Agency (NIMASA) has stated that one of the reasons behind the organisation of the annual essay competitions as part of the activities to commemorate the 2019 World Maritime Day is to encourage youth participation in the maritime sector. The Director General of the Agency, Dr Dakuku Peterside made this… Read More »

Category: Economy

Pics As Ibadan Chamber Of Commerce Hosts Security Session

PIC 1 L-R: President, Ibadan Chamber of Commerce, Industry, Mines and Agriculture, Mr Ismaila Alapa; Special Adviser on Security Matters to Oyo State Governor/Executive Secretary, Oyo State Security Trust Fund, Mr Fatai Owoseni; and ICCI Council Member/former Commissioner for Women Affairs in Ekiti State, Mrs Omotomilola Osunde, during an interactive session with the Chamber on state… Read More »

Category: Economy

Reverse $9.6bn judgement, group tells British, Irish govts

A coalition of civil society groups on Tuesday continued its protest to the British High Commission and the Embassy of Ireland in Abuja over the award of a $9.6bn fine against Nigeria by a United Kingdom court. Addressing the protesters at their resumed occupation of the embassies on Tuesday, the President of the group, Etuk… Read More »

Category: Economy

Mambilla project: Nigeria risks another $2.3bn fine

Nigeria may face another $2.3bn fine in arbitration in France over an alleged breach of contract on Mambilla Hydroelectric project. This is coming after a British commercial court awarded $9.6bn against the country in favour of Process and Industrial Development Company in a botched gas processing deal. The Mambilla project is currently a subject of… Read More »

Category: Economy

Nigeria Offers Attractive Investment Opportunities, Says President Buhari At Ticad7

“Nigeria has very attractive investment opportunities with some of the highest Returns-on-Investment,” President Muhammadu Buhari declared in Yokohama, Japan on Thursday. Presenting the country’s Statement at Plenary Session Three on “Public-Private Business Dialogue” at the Seventh Tokyo International Conference on African Development (TICAD7), the President said he looked forward to prospective investors making inroads “in… Read More »