Federal Government, yesterday, clarified the reason it opted out of the global tax rule, also known as the Global Corporate Minimum Tax Agreement, signed by almost all the Organisation for Economic Co-operation and Development (OECD) members. Making the clarification at the 24th Annual Tax Conference of Chartered Institute of Taxation of Nigeria (CITN) in Abuja, … [Read more…]
The astronomical rise in the cost of cooking gas and kerosene in the country has subjected homes, particularly poor homes, in the South-East zone, to more stress, in addition to the excruciating hardship the general economic condition in Nigeria has already placed on them. The situation has forced many families to resort to alternatives such … [Read more…]
Nigerian Breweries (NB) Plc has invested N56 billion into Ama Breweries, Enugu as part of its expansion plan. In a statement, Chief Executive Officer, Heineken, Mr. Dolf van den Brink, said that the investment in Ama Breweries is a further demonstration of the long-standing history and relationship between Heineken and Nigeria, which dates back to … [Read more…]
The Central Bank of Nigeria (CBN) has said that it will include bills payment in the upgraded version of its Central Bank Digital Currency (CBDC), eNaira. The CBN said that this is part of measures to increase use of the digital currency, including sensitisation campaigns in major markets across the country. CBN Branch Controller, Lagos, … [Read more…]
Nigerian banks recorded an impressive first quarter of 2022, with 12 reporting a profit before tax of N334 billion. This was an increase of 13.7per cent when compared to N293.5 billion reported in the first quarter of 2021. However, out of the profit recorded the banks paid a combined N52.4 billion tax to the federal … [Read more…]
Geometric Power Completes Retrofitting of Power Turbine in US, Returns Equipment to Nigeria Hope for the inauguration of the Aba Power Project later this year has been rekindled as the last of the three Geometric Power Company’s thermal turbines sent to Houston, Texas, in the United States for periodic retrofitting is back in the country. … [Read more…]
Founder and former Chief Executive Officer of Twitter, Jack Dorsey, made a whooping N405.3 billion ($977.8 million) after the world’s richest man, Elon Musk, acquired the social media company on Monday. The board of Twitter met with Musk early hours of Monday, but the deal was confirmed to have been accepted later in the day … [Read more…]
What Elon Musk’s $44 billion purchase of Twitter means for the platform Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly $44 billion deal that has the potential to expand the billionaire’s business empire and put the world’s richest man in charge of one of the world’s most influential … [Read more…]
The Nigerian currency appreciated against the United States currency after the Central Bank of Nigeria (CBN) boldly rejected the call by International Monetary Fund (IMF) and World Bank to allow market forces to determine the exchange rate. Data from FMDQ securities at the last trading day of last week showed naira closed at $418.33 to … [Read more…]
President Muhammadu Buhari has described the explosion that rocked an illegal crude oil refinery in Abaezi forest in Ohaji-Egbema Local Government Area of Imo State as a national disaster,. He, therefore, directed the armed forces, security and intelligence agencies to intensify clampdown on illegal refineries following reported deaths of tens of people in the disaster. … [Read more…]
Rethink Your Policy on Fuel Subsidy, World Bank Tells Nigeria •Insists the rich benefit more from fuel subsidy than the poor •Says barriers distorting country’s trade flows The President of the World Bank Group, Mr. David Malpass has once more reiterated the need for Nigeria’s federal government to reconsider its policy on fuel subsidy, saying … [Read more…]
Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira. The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone, the total cost of … [Read more…]