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Business
Cooking Gas Prices May Crash As Nigerian Govt Stages Intervention
The Federal Government has started a procedure to address issues pertaining to the availability and cost of Liquefied Petroleum Gas (also known as cooking gas) in the nation's domestic market.
According to a statement from Louis…
FIRS: Foreign Shipping Firms Must Reconcile Their Books By Dec 31
Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), has asked foreign shipping companies lifting crude oil from Nigeria to adhere to the country’s tax laws.
Adedeji spoke on Monday at a workshop on taxation of…
Inflation Rises To 27.33% As Food Prices Hit Record High
Nigeria’s inflation rate jumped to 27.33% in October 2023 as prices of food stuffs continue to increase in the aftermath of the removal of fuel subsidy by the President Bola Tinubu administration.
This was according to the October…
Dangote, BUA In Corporate Feud As Allegations Of Monopoly, Illegal Foreign Deals Make Airwaves
BUA Group, in a comprehensive statement issued this afternoon, Friday, November 3, has responded to allegations from Dangote Group expressing dismay at what it perceives as baseless blackmail.
Both conglomerates, owned by Nigerian…
DSTV Subscribers To Pay Up To N30,000 As Multichoice Jacks Up Subscription Fees By 19%
Pay-Tv operator, Multichoice Nigeria has announced another price increment across its DStv and GOtv packages by at least 19%.
Coming as the second increment this year after the first one was implemented on May 1, 2023, Multichoice…
CBN Clarifies Reports Over Naira Redenomination
The Central Bank of Nigeria (CBN) on Tuesday denied claims that it plans to redenominate the country’s currency – Naira – with effect from January 2024.
This was disclosed in a statement by the CBN’s Director of Corporate…
Punters To Pay More Taxes As Nigerian Govt Seeks Revenue From Betting Industry
The National Lottery Trust Fund (NLTF) executive secretary, Bello Maigari, claims that despite their difficult financial situation, Nigerians spend billions of dollars annually on betting.
This was revealed by Maigari at the biennial…
Falana To Edun: Direct NNPCL To Remit $34.2bn Into Federation Account (FULL MEMO)
Senior Advocate of Nigeria, Femi Falana, has written to the Minister of Finance, Olawale Edun, urging him to direct the Nigerian National Petroleum Corporation Limited (NNPCL) to remit the sum of $34.2bn to the Federation account.
By…
Nigerians May Pay More Data, Calls As Govt Mulls VAT Increase
In order to increase its revenue base, the Federal Government plans to impose an excise fee (VAT) on communications services.
It made this disclosure in its recently published Fiscal Strategy Paper and Medium-Term Expenditure…
Inflation Rises To Over 26% As Food Prices Soar
Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May.
This was according to the September 2023 Consumer Price Index (CPI) and…
Subscribers Kick As MTN, Airtel, Other Telcos Mull Increase In Data, Call Tariffs
The telecom operators' plans to implement a state rate tariffs for calls, data, and other telecom services have been met with opposition from subscribers.
In response to a recent action by telecoms, the subscribers' organisation…
CBN Mandates Banks To Stop Spending FX Revaluation Gains
The Central Bank of Nigeria (CBN) issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures.
The new directive was conveyed…
Analysis Of NBS Report About 4.1% Unemployment Rate In Nigeria
The National Bureau of Statistics (NBS) announced in April 2023 that it intended to implement a new approach that complied with the most recent International Labour Organisation (ILO) recommendations for calculating labour force…
NBS Reveals Nigeria’s Unemployment Rate Dropped To 4.1% In Q1 2023
The National Bureau of Statistics (NBS) says Nigeria’s unemployment rate dropped to 4.1 percent in the first quarter (Q1) of 2023, from 5.3 percent recorded in the previous quarter.
In the fourth quarter (Q4) of 2020, the bureau had…
CBN Slams JP Morgan’s “Misleading” Report On Nigeria’s Foreign Reserves
The Central Bank of Nigeria criticised the latest estimate by JP Morgan of the nation's foreign reserves, claiming it was "out of context."
JP Morgan predicted earlier this week that the CBN's net foreign exchange reserves will…