The Nigeria Governorsā Forum (NGF) has finally thrown its weight behind the proposed tax reform bills currently at the national assembly. In a statement on Thursday, the group proposed an āequitableā sharing formula for value-added tax (VAT). The development was an outcome of a meeting between the NGF and the presidential tax reform committee, convened…
Nigeriaās Headline inflation rate climbed to 34.80% in December 2024, according to a report by the National Bureau of Statistics (NBS) on Wednesday. The headline inflation is slightly higher than the 34.60% recorded in November. The 0.20% increase was attributed to heightened demand for goods and services during the festive season. Compared to December 2023,…
The Premium Motor Spirit, PMS, also known as petrol would likely cost more as depot owners have increased prices by about 4.74 per cent. This follows the recent increase of crude oil prices, including Nigeriaās Bonny Light to $80 per barrel this week from $73 per barrel last week. Already, some depots, including Swift Depot…
Nigeria has attracted $7.6bn in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from 4 to 6 December 2024. The announcement was made by the President of the African Development Bank, Dr Akinwumi Adesina, in a post on his X (formerly Twitter) account on Saturday. Adesina expressed optimism about the potential…
The National Bureau of Statistics, NBS, yesterday said that illegal and hidden activities like prostitution and drugs peddling will now be included in the calculation of the countryās Gross Domestic Product, GDP. In a report by Vanguard, the NBS has proposed 2019 as a new GDP base year and 2024 as new base year for…
The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular…
The Federal Government has approved a tariff increase for telecommunications operators in the country. The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, made this known at a stakeholdersā meeting with Mobile Network Operators (MNOs) in Abuja. According to Dr. Tijani, the government has been engaging with telecom operators to arrive at an…
Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025. Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a…
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the 150,000 barrels per day (bpd) Port Harcourt Refinery and Kaduna Refinery are undergoing a comprehensive overhaul, designed to meet world-class standards. The company said the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical Turnaround Maintenance (TAM) of…
BREAKING: 125,000 bpd Warri Refinery Begins Operation (VIDEO) The 125,000 barrel per day Warri Refinery has begun operation, GISTSMATE MEDIA reports. This was disclosed by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari during a tour of the facility on Monday. Before the tour of the facility began,…