The Federal Government has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill to overhaul Nigeria’s tax framework. The bill, titled, “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria…
The federal government has officially ended fuel and foreign exchange subsidies, Minister of Finance and Coordinating Minister of the Economy Wale Edun revealed on Thursday. The minister made the announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja. The subsidies, the government said drained the country’s economy to the…
The naira is one of the worst-performing currencies in Sub-Saharan Africa for 2024. According to the latest edition of Africa’s Pulse, a report by the World Bank, as of August 2024, the naira had depreciated by 43% year-to-date, placing it among the weakest currencies in the region, alongside the Ethiopian birr and South Sudanese pound….
The House of Representatives has waded into the increase in the pump price of petroleum products. Moved by the Deputy Minority Leader, Aliyu Madaki and sponsored by 111 members of the house, the house called for the immediate reversal of the price increase in petrol and cooking gas. The lawmakers said they feared that the…
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11. Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation. The CBN governor said the country’s reserves stood at $34.70 billion at the…
As Nigerians grapple with rising fuel costs, Liquefied Petroleum Gas (LPG), commonly used for cooking, has reached an unprecedented N1,500 per kilogram. This surge has increased the average price for a 12.5kg cylinder to N17,000 in Abuja, up 41.6% since July, when it cost around N12,000. In Ogun and Lagos, retail prices range from N1,300…
The Federal Government has granted permission to petroleum marketers to lift petrol directly from the Dangote refinery without going through the Nigerian National Petroleum Company Limited. This confirms the speculation that the NNPC will no longer be the sole off-taker of the Dangote fuel. In a statement on Friday, the Minister of Finance and Chairman…
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, October 9, informed marketers of its upward review of the Premium Motor Spirit (PMS) ex-depot prices. Its NNPCL Retail Limited sent a price list informing them that the ex-depot price at Calabar is N1,050 per litre. The National Oil Company said the depot price in Lagos…
Commercial bank customers in the Federal Capital Territory have urged banks to pay more attention to customer satisfaction than declaring massive profits. They spoke against the backdrop of some commercial banks making an estimated profit before Tax of N3.8 trillion in the first half of 2014. According to reports, the banks, which include Zenith Bank,…
Filling stations belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) have increased the pump price of fuel. The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030. Daily Trust correspondent who visited an NNPC outlet in Maitama observed how motorists queued up to purchase the product amid complaints….