Category: Economy
BREAKING: SGF, George Akume, Summons Labour to Emergency Meeting Over Nationwide Strike
Abuja, Nigeria – June 3, 2024 In an urgent attempt to address the ongoing nationwide strike that has paralyzed economic activities across Nigeria, the Secretary to the Government of the Federation (SGF), George Akume, has summoned leaders of the organized labor unions to an emergency meeting. The President of the Trade Union Congress of Nigeria…
Breaking News: Presidential Committee Recommends Withholding Tax Exemptions for Manufacturers and Farmers
Lagos, Nigeria – May 30, 2024 In a significant move aimed at easing the tax burden on businesses, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced new recommendations to exempt manufacturers and farmers from withholding tax. This announcement was made at a public forum discussing proposed amendments…
Federal Government Considers Supplementary Budget Amid Minimum Wage Talks – IMF
As discussions on a potential increase in the minimum wage for Nigerian workers continue, the Federal Government is contemplating the necessity of preparing a supplementary budget to accommodate the proposed raise. This recommendation comes from the International Monetary Fund (IMF), which recently released its staff country report for Nigeria. The IMF’s report highlights the possibility…
VP Shettima Affirms Tax Reforms Aimed at National Benefit
Reforms poised to enhance revenue generation in investment-friendly climate Vice President Senator Kashim Shettima has reaffirmed that Nigeria’s tax reforms, spearheaded by the administration of President Bola Ahmed Tinubu, are designed to overhaul the system for the collective welfare of all Nigerians. Dispelling speculations circulating in certain circles, Shettima emphasized, “Our objective is not to…
Federal Government Plans New Audit of N2.8tn Fuel Subsidy Request
The Federal Government is gearing up to launch a fresh audit into the N2.8 trillion fuel subsidy request submitted by the Nigerian National Petroleum Company Limited (NNPC). This move comes in the wake of an initial audit conducted by the auditing firm KPMG, which led to a significant reduction in the subsidy claims from an…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…
SEC Urges Crypto Community to Identify Naira Manipulators
The Director-General of the Securities and Exchange Commission (SEC) has called on the cryptocurrency community to help identify individuals responsible for manipulating the Nigerian Naira and to publicly shame them. Mr. Lamido Agama made this plea during a gathering organized by the Blockchain Industry Coordinating Committee of Nigeria to engage with key industry participants on…
Vice President Shettima Assumes Responsibility Amidst Economic Challenges
Vice President Kashim Shettima has firmly stated that the current administration will not shift blame to the previous government led by former President Muhammadu Buhari for the hurdles it encountered upon taking office. Addressing attendees at the second Chronicle Roundtable organized by the 21st Century Chronicle, Vice President Shettima acknowledged the intricate complexities of governance…
EFCC Cracks Down on Schools Charging Tuition Fees in Foreign Currency
The Economic and Financial Crimes Commission (EFCC) has set its sights on schools that charge tuition fees in dollars and other foreign currencies, as part of efforts to uphold the use of the naira as Nigeria’s legal tender. Dele Oyewale, spokesperson for the EFCC, revealed that the commission is closely monitoring international schools and other…
New Lithium Factory in Nasarawa State to Boost Electronics and Electric Vehicle Industries
Nasarawa Local Government Area (LGA) of Nasarawa State, Nigeria, is set to witness a significant industrial boost with the establishment of a state-of-the-art Lithium Factory. Lithium, a crucial component in rechargeable batteries for electronics, electric vehicles (EVs), and grid storage, is poised to revolutionize the technology and energy sectors. Lithium’s pivotal role in powering modern…