GISTSMATE MEDIA reports that the Nigerian Communications Commission (NCC) has approved the request of telecommunications companies (telcos) to increase tariff. In a statement on Monday by Reuben Muoka, the commission’s director, public affairs, NCC said the approval was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and…
The removal of fuel subsidies has been hailed as a pivotal decision to confront long-standing economic challenges. This is according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Speaking at The Platform, an annual event organized by Covenant Nation in Lagos, Oyedele outlined how previous subsidy regimes perpetuated economic…
Dangote Refinery has assured Nigerians that three of its partners will sell petrol for ₦970 per litre nationwide despite the company’s recent increase in the ex-depot price of petrol. A spokesman for the refinery Anthony Chiejina said the recent adjustment in the company’s ex-depot price “is directly related to the significant increase in global crude…
The Nigeria Governors’ 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 “equitable” 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…
Nigeria’s 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 Nigeria’s 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 country’s 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 stakeholders’ meeting with Mobile Network Operators (MNOs) in Abuja. According to Dr. Tijani, the government has been engaging with telecom operators to arrive at an…