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BUSINESS

The Office of the Auditor General of the Federation has disclosed that 15 Ministries, Departments, and Agencies failed to remit N127.13bn revenue to the Consolidated Revenue Fund between 2017 and 2019.

The Office of the Auditor General of the Federation has disclosed that 15 Ministries, Departments, and Agencies failed to remit N127.13bn revenue to the Consolidated Revenue Fund between 2017 and 2019. The OAuGF made this known in its 2019 Annual Report on Non-Compliance, Internal Control, and Weakness Issues in MDAs of the Federal Government of Nigeria for the year ended December 31, 2019, which was submitted to the National Assembly. […]

todayJanuary 4, 2022 1

BUSINESS

The Ogun State Governor, Dapo Abiodun, says his administration is committed to making Ogun an oil producing state in the country.

The Ogun State Governor, Dapo Abiodun, says his administration is committed to making Ogun an oil producing state in the country. Abiodun said this while delivering a convocation lecture at the 2nd and 3rd convocation programmes of the Mountain Top University, with the topic, “Quest for excellence: The Nexus of faith, knowledge and resilience.”. The governor said he was privileges to work as the chairman of the Olokola Free Trade […]

todayDecember 28, 2021 3

BUSINESS

Experts in the telecommunication industry have said the move by the Federal Government to tax social media companies is right because the companies generate commercial revenues from the nation

Experts in the telecommunication industry have said the move by the Federal Government to tax social media companies is right because the companies generate commercial revenues from the nation. According to Meta, 7.5 per cent value-added tax will be applied on sales of ads to advertisers from January 2022, and this applies to all non-resident businesses that provide digital service in the nation. The company’s spokesperson said, from 2022, Nigeria […]

todayDecember 28, 2021 3

BUSINESS

The Nigeria Civil Aviation Authority says international airlines will be made to pay $3500 fine on each passenger flown into the country not complying with the Federal Government’s Revised COVID-19 Provisional Quarantine protocol.

The Nigeria Civil Aviation Authority says international airlines will be made to pay $3500 fine on each passenger flown into the country not complying with the Federal Government’s Revised COVID-19 Provisional Quarantine protocol. The NCAA said non-compliance with the COVID-19 protocol requirements could also lead to an outright ban of the non-compliant airline. In an All-Operators Letter with reference NCAA/DG/AIR/16/327 issued to all accountable managers and signed by the Director-General […]

todayDecember 8, 2021 4

BUSINESS

There was confusion among power sector operators on Tuesday after President Muhammadu Buhari, fired the management of the Abuja Electricity Distribution Company as a result of the strike embarked upon by the AEDC workers the preceding day.

There was confusion among power sector operators on Tuesday after President Muhammadu Buhari, fired the management of the Abuja Electricity Distribution Company as a result of the strike embarked upon by the AEDC workers the preceding day. Officials of the Federal Ministry of Power said the management of AEDC had been replaced with an interim governing council, stressing that the directive came from the Presidency. Austin Asoluka, told reporters in […]

todayDecember 8, 2021 5

BUSINESS

The Central Bank of Nigeria has fixed the maximum loan amount that a participant in its newly introduced initiative, called ‘The 100 for 100 PPP – Policy on Production and Productivity’, can get at N5bn.

The Central Bank of Nigeria has fixed the maximum loan amount that a participant in its newly introduced initiative, called ‘The 100 for 100 PPP – Policy on Production and Productivity’, can get at N5bn. The CBN disclosed this in its guidelines for the implementation of the initiative which was released on Saturday. It said quarterly, starting from November 1, 2021, the initiative shall select 100 private sector companies with […]

todayNovember 9, 2021 3

BUSINESS

The Executive Vice Chairman of the National Communication Commission, Umar Danbatta, has assured Nigerians of the safety of their health with the proposed 5G network.

The Executive Vice Chairman of the National Communication Commission, Umar Danbatta, has assured Nigerians of the safety of their health with the proposed 5G network. Danbatta also said the agency proposed to generate N632.39bn in 2022 from the sale of 5G spectrum to telecommunications firms, among other revenue sources. The NCC boss gave the assurance when he appeared before the National Assembly joint committee on Communications to defend his commission’s […]

todayNovember 9, 2021 5

BUSINESS

The Nigerian stock market lost N12.58bn last week as investors took profits in oil and gas, banking and consumer goods stocks.

The Nigerian stock market lost N12.58bn last week as investors took profits in oil and gas, banking and consumer goods stocks. The All-Share Index of the Nigerian Exchange Limited dropped by 0.06 per cent to close the week at 42,014.50 basis points from 42,014.50bps the previous week, while the market capitalisation fell to N21.93tn from N21.94tn. All other indices finished lower with the exception of NGX Main Board, NGX Insurance, […]

todayNovember 8, 2021 5

BUSINESS

The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year.

The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year. Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during the 27th National Economic Summit, said the country could channel the money being spent on subsidies to primary healthcare, basic education and rural roads. Also speaking at […]

todayOctober 26, 2021 1

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