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CSOs caution government against increase of VAT to 7.2 percent

Civil Society Organizations (CSOs), under the auspices of The Tax Justice and Governance Platform, (TJGP) have called on the federal government to concentrate more efforts on ensuring the proper collection of appropriate taxes than increasing the Valued Added Tax.

Ministry: Why 7.5 percent VAT is necessary

The federal government has defended its decision to increase Value Added Tax (VAT) from 5 to 7.5percent.

Experts: 7.2% VAT will dampen Nigerians’ purchasing power

Some financial experts on Thursday said that Value Added Tax (VAT) increment by the Federal Government would further dampen purchasing power of Nigerians.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA: 7.2% VAT will render new minimum wage useless

The Nigeria Employers’ Consultative Association has said the implementation of the 7.2 per cent Value Added Tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage.

Ocean Marine delivers on effective securing, retrofitting OML 40

Ocean Marine Solutions (OMS) Ltd has restated its commitment toward effective securing and retrofitting of Oil Mining Lease 40 (OML 40) facility from Opuama to Otumara.

Egypt’s headline inflation rate falls in August

Egypt’s annual urban consumer price inflation rate decreased to 7.5 per cent in August from 8.7 per cent in July, the official statistics agency CAMPAS said on Tuesday.
The Central Bank of Nigeria (CBN), said more than one million smallholders farmers had access to finance through its Anchor Borrowers Programme.

World Bank: Agric sector neglect costs Nigeria $10 billion annually

Nigeria’s continued neglect of its agriculture sector is costing a loss of about $10 billion to its economy every year, the World Bank has said.

World Bank: Nigeria dying slowly

The World Bank on Thursday, dropped a bombshell that Nigeria was dying slowly and tragically living on borrowed time due to its neglect of the agricultural sector and heavy reliance on crude oil which it said belongs to yesterday.

Kirikiri Customs records N9.5 billion in revenue

Customs Area Controller in charge of Kirikiri Lighter Terminal (KLT) Customs Command, Morenike Oladunni, has said the command made a total collection of N9,497,704,598 representing over 93 percent of total revenue target for 2019.

Why TCN trains journalists reporting power sector

The Transmission Company of Nigeria (TCN) says it decided to train journalists covering the power sector to give them better knowledge and equip them to perform effectively.
The Chairman of RMAFC, Mr Elias Mbam, said this on Thursday in Abuja when he led a team of RMAFC commissioners and other anagement members to the FIRS on a familiarisation visit.

RMAFC: FIRS contributes 60 percent of revenue for Nigeria

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) said the Federal Inland Revenue Service (FIRS) contributed 59.7 per cent of revenues in the Federation Account in the last three months.

World Bank: Nigeria dying slowly

The World Bank on Thursday dropped a bombshell that Nigeria was dying slowly and tragically living on borrowed time due to the perennial neglect of the agricultural sector and relying heavily on crude oil that belongs to yesterday.

CIBN: Debtors unwilling to repay loans sabotaging economy

The President and Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr. Uche Olowu, has said the failure of perpetual borrowers to repay bank loans is hurting the nation’s economy.

Nigeria’s GDP slows to 1.94 percent in second quarter

Nigeria’s Gross Domestic Product (GDP) growth rate dropped to 1.94 per cent (year on year) in real terms in the second quarter of the year (Q2 2019) compared to 2.10 per cent in the preceding quarter, according to the National Bureau of Statistics (NBS).
South African Rand

South African rand flat as investors await GDP data

South Africa’s rand traded sideways on Monday, with investors holding fire ahead of second quarter economic growth figures that could help gauge the future direction for the currency.
The African Development Bank, AfDB, says it has approved a 70 million dollar loan for a road project in Ebonyi. The bank said on its website on Friday that it would provide $40 million, while its co-financier, the Africa Growing Together Fund (AGTF), would contribute $30 million for the project.

AfDB: African countries import $50 billion worth of food annually

The African Development Bank (AfDB) says African countries import nearly 50 billion dollars net of food annually.

Beans price crashes in Katsina markets

The price of beans has crashed from N600 per measure to N200, following the arrival of newly harvested beans in markets in Katsina town, newsmen reports.
Acting Finance Minister of Finance Zainab Ahmed

Nigeria risks fiscal crisis without increased revenue – minister

Minister of Finance, Zainab Ahmed, has warned that the Nigerian economy could go into fiscal crisis if the country fails to increase its revenue.

Recent Stories

Man jilted by girlfriend commits suicide

The Surulere Police Station on Wednesday received an information that one Kehinde Muse, 25, of No 56, Modele Street drank a substance suspected to be sniper.
Folasade Yemi-Esan

Folashade Yemi-Esan assumes duty as acting head of service

Following the suspension of Mrs Winfred Oyo-Ita, by President Muhammadu Buhari, Dr Folashade Yemi-Esan, on Thursday assumed duty as Acting Head of Civil Service of the Federation.
Nigeria Police

Man arrested for ‘raping 6-year-old girl’

The police in Ogun State have arrested a 43-year-old man, Oluwole Bamidele, for allegedly raping a six-year-old daughter of his neighbour.

Reps minority leader tears PDP BoT apart

Members of the Board of Trustees, BOT, of the Peoples Democratic Party, PDP, on Thursday publicly disagreed over the report of the committee set up to look into the circumstances that led to the emergence of Hon. Ndudi Elumelu, as the Minority Leader of the House of Representatives against the directive of the party.
Ahmad Abubakar Mahmud Gumi

Sheikh Gumi: Ex-President Jonathan, Buhari lack education on how to lead Nigeria

Sheikh Ahmad Gumi, Islamic cleric, says former President Goodluck Jonathan and President Muhammadu Buhari both lack education on how to lead Nigeria.