BUSINESS
FEC Approves ₦13.08 Trillion 2021 Budget
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year. Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the...
No More Sale Of Revenue Ticket To Okada, Keke Riders On Holidays In Abia — Ikpeazu
Abia State Governor, Okezie Ikpeazu has banned the sale of revenue tickets to commercial motorcycle operators, popularly known as okada, and tricycle operators called Keke riders. This is according to a resolution reached after a meeting between Abia State Internal Revenue Service (AIRS) and major stakeholders in the transport sector, including commercial tricycle (Keke) and Motorcycle (Okada) operators, a statement...
Reps Probe Petrol Subsidy Under President Buhari, Allege $7 Billion Diversion
The House of Representatives has set up an ad-hoc committee to investigate the petroleum products subsidy regime under President Muhammadu Buhari. The lawmakers asked the committee to carry out the probe from 2017 to 2021. This followed the adoption ...
Farmers Move To Increase Cocoa Production In Abia As Ikpeazu Assures Continous Partnership
Cocoa Farmers Association of Nigeria Thursday flagged off the free distribution of the Cocoa GAP Handbook in Abia State. Speaking during the event, the CFAN National President, Comrade Adeola Adegoke, said the farmers’ focus was to increase Nigeria...
Abia Inland Revenue Agency Bars Erondu From Collecting Unified Emblem Levies
The Abia State Internal Revenue Service has barred Elder Azubuike Ihuoma Erondu, from collecting revenues accrued from Unified Emblem levies. This is contained in a letter dated June 23, 2022, signed by the Acting Chairman/Chief Executive of the Serv...
FG To Generate N160bn From Call, Data taxes
The Federal Government will generate about N160.46bn from excise duty on telecommunication services in 2023. According to the Nigerian Communications Commission, the combined revenue of operators in the GSM, Fixed Wired, and Internet Service Provider...
Petrol To Sell At N168 As PPMC Increases Depot Rate
The Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol. In a November 11 internal memo signed by Ali Tijjani, the PPMC proposed that the November depot price of petrol be increased to N155.17 from N147.67 per litre. According to the memo, the...
National Assembly To Raise 2021 Budget By N500bn
The National Assembly is billed to pass the 2021 Appropriation Bill today, raising the total estimated from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn. This has been made known in the report by the House of Representatives Committee on Appropriations on the national budget. Both the Senate and the House of Representatives are holding special sessions today mainly...
President Buhari Officially Launches e-Naira
President Muhammadu Buhari has officially launched e–Naira, the Nigerian digital currency in Abuja, ABN TV reports. Present were the Vice-President, Prof. Yemi Osinbajo and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. ABN TV reports that the eNaira will be an electronic version of the local paper naira currency, equal in value and issued by the CBN. Nigerian authorities say...
Nigeria Inflation Rate Drops to 15.99% in October as Food Prices Ease
Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week. Consumer prices increased 15.99% from a year earlier, compared with 16.63% in September, Statistician-General Simon Harry told reporters Monday in Abuja, the capital. The median estimate in a Bloomberg survey of seven economists was 16.2%. While inflation has exceeded...
