High diesel prices add strain to battered economy
A popular, large modern grocery in Surulere Lagos shut down for days because it couldn’t find diesel to power generators, leaving fresh food to rot. An Indian business owner in Nigeria travels to Mumbai for medical checks and the cause of his high-blood pressure was traced to his constant worry
Two million people’ll start receiving N20bn monthly from June -FG
Two million people will start receiving about N20bn from June this year as basic cash transfers and conditional cash transfers. Under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash
National carrier: Emirates Airlines ready to partner Nigeria – FG
Emirates Airlines has of recent made an offer to partner with Nigeria in its quest to establish a national carrier. Special Assistant to Senator Hadi Sirika, Minister of Aviation, Mr. James Odaudu, stated in Abuja on Monday that the President of Emirates Airlines, Mr. Tim Clark, made the offer
FG urged to provide conducive business environment for SMEs
Stakeholders have urged the Federal government to give more support to Micro and Small Medium-scale Entrepreneur SMEs. By providing the enabling infrastructure like roads and electricity to diversify and improve revenue for the country. A statement quoted the President of the Organisation of Youths of International Trade and Commerce, Mr
Food imports exceed exports by N2.23tn in 12 months
Food imports, the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import exceeding export by N2.23tn. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out
PenCom to fine PFAs over pensioners’ delayed payment, others
The PenCom has vowed to sanction Pension Fund Administrators over delays in the payment of pension benefits, among related infractions. The commission stated this in its ‘Revised regulation on the administration of retirement and terminal benefits.“A PFA that fails neglects or refuses to enlighten the retiree on the features of
CBN imposes heavy sanctions on banks over mutilated notes
The CBN has expressed concern over the increasing amount of mutilated banknotes deposited with the apex bank by Deposit Money Banks. To this end, the Central Bank of Nigeria has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 percent of
FG grants three-year tax relief to 33 companies, bars 10 firms
The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021. This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission. READ ALSO: Two children killed in Osun auto crash The reports also revealed that
MTN Nigeria paid N757bn tax in 2021
MTN Nigeria Communications paid a total of N757bn direct and indirect tax to government agencies in 2021, it has been revealed. This was disclosed during the National Tax Dialogue Event organised by the Federal Inland Revenue Service. A statement titled, ‘MTN Named Best Tax Compliant Organisation in Nigeria: … recognised
NGX: ACCESS weigh down broad market to dip by over N58 billion
The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 26 basis point. The NGX ASI closed at 46,842.86 points, to reflect a decline of 0.26% from the previous trading day and a Year-to-Date (YTD) return of 9.66%. Meanwhile, the market