BUSINESS
FG Earmarks N2.55tr For Subsidy In Supplementary Budget
President Muhammadu Buhari has earmarked N2.55trillion for fuel subsidy in the 2022 Supplementary Appropriation Bill transmitted to the National Assembly for consideration and approval. The Federal Government had informed the subsidy regime will end in June 2022. Fuel queues appeared since last week across the nation over rising import costs of the product. READ ALSO: President Buhari Submits Supplementary Budget To NASS...
Fuel Sells For N400/litre In Abuja, Others, Scarcity Persists In Lagos
Residents of Abuja and neighbouring states of Niger and Nasarawa are still facing tough times sourcing for Premium Motor Spirit, popularly called petrol, with the commodity selling for as high as N400...
MTN Pays $253.86m Balance To NCC For 5G Licence
MTN Nigeria has paid the remaining $253.86 million to complete the $273.6 million fifth-generation (5G) licence fee to the Federal Government before the February 24 deadline, an industry source said on Thursday. MTN and Mafab Communications were allocated slots for the 3.5 gigahertz (GHz) spectrum dedicated to the deployment of the technology after emerging winners conducted by Nigerian Communications Commission...
Selling Forex To Banks To End In 2022 – CBN
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme. Emefiele said the time had come for the...
Oil Wasn’t Developed With Money From Cocoa, Says Bayelsa Governor
Bayelsa State Governor Duoye Diri has explained that oil wasn’t developed in Nigeria by money made from cocoa farming but money invested by international oil companies. The governor, on Thursday, during an interview on Channels Television breakfast programme, Sunrise Daily said many Nigerian leaders wrongly spread the notion that cocoa money was invested into oil exploration in the country. “A lot...
FG Confirms Supply Of Adulterated Fuel
The Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday said adulterated petrol, fuel with methanol quantities above Nigeria’s specification, was discovered in the supply chain. In a statement, it said the supplier had been identified and appropriate sanction would apply. It also said oil marketers had been directed to ensure a sufficient supply of quality petrol...
Stiffer Sanction Awaits Bankers Who Aid Fraud As Reps Set To Enact New Law
Bank employees who aid financial crimes may be in for stiffer penalties as the House of Representatives on Wednesday passed second reading a bill seeking to raise punishment for insider fraud by bank staff to a 20-year jail term, The Economic and Financial Crimes Commission (EFCC) had November last year declared that most frauds in the banking sector were perpetrated...
Bill Seeking Monthly Payment Of Rent In Abuja Passes Second Reading In Senate
The Nigerian Senate has passed a bill seeking to regulate rent payments in the Federal Capital Territory (FCT) Abuja for the second reading. ABN TV reports that the proposed legislation, sponsored by Senator Smart Adeyemi (All Progressives Congress, APC, Kogi State), specifically seeks to stop yearly advance payment of rents and compel house owners to collect rent monthly in arrears. Adeyemi...
We Generated The Highest Revenue Of N6.4 Trn In 2021 — FIRS
The Federal Inland Revenue Service (FIRS) generated a record N6.4 trillion as revenue in 2021, the highest in its history. Last year's revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion under the administration of Babatunde Fowler. Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued on Thursday said that despite the limitations...
President Buhari Suspends Proposed Removal Of Petrol Subsidy Indefinitely
President Muhammadu Buhari has approved the suspension of the planned removal of petroleum products subsidy until further notice. This was disclosed to State House Correspondents on Tuesday by the Minister of State for Petroleum Resources Chief Timipre Sylva at the Presidential Villa, Abuja. According to the Minister, the executive will propose an 18-month extension to National Assembly for the implementation of...
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