BUSINESS
We Can’t Pay Full Salaries To Civil Servants Due To Recession – Govt
Niger State Government has announced that full salaries will not be paid to workers due to a reduction in its federal allocation. The state government proposed to pay workers 70 per cent of their salaries, a decision which organized labour rejected. Secretary to the Niger State Government, Ahmed Ibrahim Matane, in a statement, noted that the reduction in salaries was not...
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. Nigeria, on Saturday, entered...
UK To Ban Petrol, Diesel Cars From Year 2030 In Green ‘Revolution’
Britain will ban petrol and diesel vehicle sales from 2030 as part of a 10-point plan for a “green industrial revolution” to be unveiled Wednesday by Prime Minister Boris Johnson. The British premier has earmarked £12 billion (13.4 billion euros, $15.9 billion) for the wide-ranging plans, which he hopes will secure up to 250,000 jobs and help meet a target...
FG May Reduce Minimum Tax Rate Next Year
The draft Finance Bill 2020 contains a proposal for the reduction of the minimum tax rate to be paid by companies next year in light of the current economic climate, according to the Fiscal Policy Reforms Committee. The Fiscal Policy Reforms Committee, which was established by the Ministry of Finance, Budget and National Planning, is chaired by the Special Adviser...
UAE Extends Grace Period For Residency Visa Violators
Federal Authority for Identity and Citizenship extends the period of exemption for being fined until December 31 The UAE on Tuesday announced an extension to the grace period for residents whose visas have expired. The Federal Authority for Identity and Citizenship (ICA) issued a decision to extend the period of exemption for being fined for "all violators of the entry and...
Naira Plunges To 475 As Dollar Demand Rises
The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the...
Shell Commence Construction Mega Gas Plant In Aba
Shell Nigeria Gas Limited, SNG, said it has commenced the construction of a huge gas plant in the commercial city of Aba, in Abia, an official said. SNG, a subsidiary of the Shell Petroleum Development Company, SPDC, said the facility will be used for the transmission and delivery of gas to its business customers in the area. The Managing Director of...
BREAKING: Inflation Rate Surpasses 14% — Highest Jump In 4 Years
The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 per cent in October. The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points. Inflation measures the rate at which the prices of goods and services increase over a period of...
FG To Sell Three Power Plants For N434 Billion
The Federal Government has revealed that it was making arrangement to sell Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The government also hinted of its plan to concession National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities at N836 million. Similarly, the federal authorities said that it would concession the National Stadium,...
FG May Increase VAT Rate By 2.5% In 2021
Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation. Minister of Finance, Budget and National Planning, Dr Zainab Ahmed...
