The details of the new Nigeria Tax Administration Bill (NTAB): Payment of taxes: – Remittance date for all transaction taxes: To promote the ease of tax administration and lessen tax compliance burdens. – Taxpayers may pay tax or royalty assessed in other currencies including petroleum operations) in Naira: To lessen pressures on FX demands. To […] More
The bill to establish a Nigerian Coast Guard aimed at protecting Nigeria’s maritime areas has passed its second reading in the Senate. VAT rate proposed for phased-review as follows, in: – 2024, remains at 7.5% – 2025, moves to 10% as CIT rate reduces to 27.5% – 2026, moves to 12.5% as CIT reduces to […] More
MTN Nigeria and other multinational business leaders have urged the Federal Government to establish a fair, competitive environment that would allow businesses to maintain their investments within the nation. The business operators lament that the government has not allowed them to increase their prices in the last ten years, stating that such policy must be […] More
Nigeria’s currency, the Naira, experienced a significant appreciation yesterday, gaining N10 against the US dollar in the parallel market to trade at N1,680 per dollar. LeadNaija reports that this marks a notable improvement from last weekend’s rate of N1,690 per dollar. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 […] More
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months. The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further […] More
The Central Bank of Nigeria has revealed plans to implement an Electronic Foreign Exchange Matching System, which is intended to revolutionize the nation’s foreign exchange market. The new system is planned to be launched in the Nigerian Foreign Exchange Market on December 1, 2024, after a two-week testing phase that will take place in November. […] More
The Crude Oil Refinery Owners Association of Nigeria says the Naira-for-crude deal is currently restricted to Dangote Refinery due to the quantity of crude oil available at the disposal of the Nigerian National Petroleum Company Limited and the Nigerian Government. The Spokesperson of CORAN, Eche Idoko disclosed this in an interview with DAILY POST. His […] More
The ministry of arts, culture and creative economy has secured a $200 million investment from the African Export-Import Bank (Afreximbank) to strengthen Nigeria’s creative industry. In a statement on Tuesday, the ministry said the investment was announced at an event organised by Nigeria titled “Destination 2030: Nigeria Everywhere,” during the just-concluded United Nations General Assembly […] More
The Nigerian National Petroleum Company Limited, NNPCL, has delivered a total of 48.6 million barrels of crude oil to Dangote Petroleum Refinery in the past 10 months, Vanguard investigations have revealed. Details of the deliveries contained in official data on the transaction sighted by Vanguard showed that 3.4 million barrels (mb) were supplied in December […] More
The AU Agenda 2063 is an ambitious framework aimed at transforming Africa into a global powerhouse of the future. Mr Kalu made the plea in a communique he issued in Abuja on Monday after leading Nigeria’s delegation to the Conference of Speakers of African Parliaments in Midrand, South Africa. He said that by integrating the […] More
The National Information Technology Development Agency (NITDA) on Friday said that reports had shown that younger female entrepreneurs are more educated than their male counterparts. The Director-General, NITDA, Kashifu Inuwa, said this in his goodwill message at the Women Entrepreneurs and Executives in Tech Summit (WEETS) 2024 in Lagos. The News Agency of Nigeria reports […] More
The Naira on Friday appreciated at the official market, trading at ₦1,540.78 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira gained ₦35.32. This represents a 2.24 per cent gain when compared to the previous trading […] More