Category: Economy
The Tinubu government unveils measures to overcome high food prices.
At a press briefing today, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the measures will be implemented over the next 180 days: g. fast-tracking ongoing engagements with the Nigerian Military to rapidly cultivate arable landsunder the Defence Farms Scheme, while encouraging other Para-Military establishments to putsecured available arable lands to cultivation….
VP Shettima Urges Investment in Nigeria’s Non-Oil Sectors
Highlights Agriculture, Manufacturing, Renewable Energy as Key Areas for Growth Vice President Kashim Shettima has emphasized the need for Nigeria to diversify its economy by attracting investment in non-oil sectors. Speaking at the Existing Foreign Direct Investors Roundtable held at the Presidential Villa in Abuja on Friday, Shettima highlighted the significant opportunities available in agriculture,…
President Bola Tinubu announced on Thursday that his government aims to inject N2 trillion into the economy within the next six months.
President Tinubu made this statement during the inauguration of his Presidential Economic Coordination Council (PECC), consisting of representatives from various sectors of society and the economy. During the inauguration, the President shared the results of his assessment of the fast-tracked stabilization and progress plan. In a session with reporters at the State House following the…
Breaking News: A Simplified and Business-Friendly Withholding Tax Regime Approved
Background Withholding tax, introduced into Nigeria’s tax system in 1977, was initially designed to serve as an advance payment of income tax on specified transactions. It aimed to provide the government with a steady revenue stream and curb tax evasion. However, over time, the regime expanded to cover more transactions, resulting in ambiguities and complications…
Senate Considers Bill to Amend ICAN Act
Abuja, Nigeria — June 13, 2024 — A new bill aimed at amending the Institute of Chartered Accountants of Nigeria (ICAN) Act No. 15 of 1965 is currently under consideration at the National Assembly. The bill, sponsored by Senator Olamilekan Adeola Yayi from Ogun West, seeks to expand the scope of ICAN’s professional practice. One…
President Tinubu Announces Draft Legislation for Unified Minimum Wage in Nationwide Broadcast
Abuja, Nigeria — June 10, 2024 — In a nationwide broadcast commemorating the 25th anniversary of Nigeria’s democracy, President Bola Ahmed Tinubu announced that his administration is finalizing a draft legislation for a unified minimum wage. The bill will be presented to the National Assembly for approval in the near future. During his address, President…
BREAKING: Lagos State Orders Additional 100 Refuse Compactor Trucks from Dangote’s Truck Assembly Plant
Lagos, Nigeria — June 10, 2024 — Lagos State has announced the purchase of an additional 100 refuse compactor trucks from Dangote’s Truck Assembly Plant. Governor Babajide Sanwo-Olu made the announcement during the commissioning of the Completely Knocked Down (CKD) Plant in Lagos State. This new acquisition follows the earlier procurement of 102 compactor trucks…
Dangote Refinery Delays Petrol Production Start to Mid-July
Lagos, Nigeria — June 10, 2024 — The commencement of petrol production at the $20 billion Dangote Refinery in Lagos has been postponed from June to mid-July, according to Aliko Dangote, the President and CEO of Dangote Group. During a meeting with journalists on Monday, Dangote confirmed the shift in the production timeline, attributing it…
EFCC Launches Investigation into Former Governor El-Rufai Over Alleged N423 Billion Fraud
Abuja, Nigeria — June 10, 2024 — The Economic and Financial Crimes Commission (EFCC) has initiated an extensive investigation into former Kaduna State Governor Nasir El-Rufai and several key figures in his administration over allegations of mismanaging N423 billion. This probe follows a petition submitted by a non-governmental organization (NGO) and corroborated by a report…
FAAC Distributes N1.143 Trillion Among Federal, State, and Local Governments in May 2024
— In a recent financial update, a total of N1.143 trillion from the Federation Accounts Revenue has been allocated to the Federal Government, States, and Local Government Councils for the month of May 2024. This was disclosed in a press release by Bawa Mokwa, Director of Press and Public Relations at the Office of the…