Contrary to the pronouncement by the minister of communications and digital economy, Isa Ali Pantami, that the five percent telecom levy had been suspended, the director-general of the Budget Office, Ben Akabueze, has maintained that the tax remains in effect as the Budget Office of the Federation and the Federal[Read More…]
Author: Godwin Anyebe
IPMAN announces warning strike, threat indefinite if FG fails to settle outstanding N500b
Fresh fuel scarcity is looming in northern states as independent marketers, yesterday, announced a three-day warning strike over non-payment of outstanding bridging costs In Kano, the Northern Independent Petroleum Marketers Forum (NIPMF) shutdown the depot of the Nigerian National Petroleum Company Limited (NNPC), obstructing the movement of tankers. NIPMF chairman,[Read More…]
FG Suspends Telecoms Tariff Hike, Excise Duty
President Muhammadu Buhari has approved the suspension of the proposed excise duty on telecommunications indefinitely and constituted a committee to look into the matter. The suspended scheme could have seen an added tax to the tariff for telecom network subscribers but the Minister of Communications and Digital Economy, Isa Ali[Read More…]
ARCON gives Turkish Firm ultimatum to pay N481m debt
The Advertising Regulatory Council of Nigeria (ARCON) has given a Turkish company, Hayat Kimya, a seven-day ultimatum to pay the N481 million debt it owes a Nigerian media planning and buying agency, Mainsail Media Limited. The Director General of ARCON, Dr Olalekan Fadolapo, issued the ultimatum in a statement made[Read More…]
ARCON to Register Advertising Businesses, Affiliations and Mergers
Advertising Regulatory Council of Nigeria, ARCON has announced that under the new law, the regulatory agency is now mandated to register all forms of business affiliations, combinations and mergers in the advertising industry as part of efforts to enforce ethical practices in the industry. Olalekan Fadolapo, Director General , ARCON,[Read More…]
In 12 Months, Discos Suffered N543bn Revenue Loss
The latest report by the Nigerian Electricity Regulatory Commission (NERC) shows that total billing to electricity consumers by the 11 distribution companies stands at N816bn. The report also shows that out of this amount, only N370bn has been collected by the DIiscos, leaving a total outstanding of N543bn. The data[Read More…]
Fed Govt Pays Foreign Firm $496m For Contract Violation
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami has disclosed that the Federal Government has settled a long-standing $5.26bn contractual dispute with a foreign investor group in the steel sector for $496m. A statement on Sunday by the Special Assistant, Media and Public Relations, Office of the[Read More…]
How Nigeria Loses $14.6b to Oil Theft Annually
Confusion continues to be the order of the day in the country’s upstream sector as key government officials are struggling to agree on the specific barrels of crude oil lost to oil theft on a daily basis. While President Muhammadu Buhari who is the Minister of Petroleum Resources has kept[Read More…]
Foreign Capital Importation Decline to $1.54bn in Q2
The National Bureau of Statistics (NBS) has said that the total value of capital importation into the country has declined by 2.40 per cent to $1.54 billion in the second quarter of the year (Q2 2022) compared to $1,57 billion in the preceding quarter. However, when compared to the corresponding[Read More…]
Investors Lose N283b in August Amid Uncertainty
Investors in the nation’s economy have lost N283 billion or 1.07 per cent of the market value in the month of August amid insecurity a report has revealed. Specifically, the overall market capitalisation of listed companies closed on August 31, 2022 at N26.880 trillion from N27.163 trillion when it opened[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]