The debate surrounding Nigeria’s Value Added Tax (VAT) sharing formula has deepened following the recent clarification by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. In a press statement, Oyedele responded to the Revenue Mobilisation Allocation and Fiscal Commission’s (RMAFC) position on the proposed VAT distribution formula, emphasizing the need for Read More…
The Federal Competition and Consumer Protection Commission (FCCPC) has announced a series of inquiries targeting Guaranty Trust Bank (GTBank), MTN Nigeria, and Air Peace Limited in response to mounting consumer complaints. The investigations, set to begin on December 3, 4, and 5, aim to address allegations of poor service delivery, exploitative practices, and potential breaches Read More…
In a landmark decision, Australia has approved a social media ban for children under the age of 16, following an emotive debate that has captivated the nation. The new law passed on Thursday, sets a global benchmark with one of the toughest regulations targeting Big Tech companies. The Social Media Minimum Age bill mandates that Read More…
In a significant move towards sustainable development, Governor Babajide Olusola Sanwo-Olu today presented the Year 2025 Budget Estimates of N3.005 trillion to the Lagos State House of Assembly. The budget, aptly christened the “Budget of Sustainability,” aims to foster continuity, resilience, and prosperity for Lagosians. The Y2025 budget is structured around five key pillars: Infrastructure Read More…
Governor Babajide Olusola Sanwo-Olu is set to present the Y2025 Appropriation Bill to the Lagos State House of Assembly on Thursday, November 21, 2024, at noon. This highly anticipated event will unveil the “Budget of Sustainability,” a comprehensive plan to foster continuity, resilience, and prosperity for Lagosians. The Y2025 budget, dubbed the “Budget of Sustainability,” Read More…
In a significant boost to its oil output, Nigeria’s state oil firm, the Nigerian National Petroleum Corporation (NNPC), announced on Thursday that it has increased oil production to 1.8 million barrels per day (bpd). This marks a substantial rise from the 1.3 million bpd recorded in October, as reported by the Organisation of the Petroleum Exporting Read More…
The Nigerian government has unveiled its Medium Term Expenditure Framework (MTEF) for 2025-2027, proposing a total expenditure of ₦47.9 trillion for the 2025 fiscal year. This ambitious plan aims to drive economic growth and development across various sectors. The MTEF includes several critical assumptions and projections: The MTEF is a crucial document that outlines the government’s fiscal Read More…
The Nigerian Ports Authority (NPA) has announced a strategic initiative to enhance connectivity between Export Processing Terminals (EPTs) and Domestic Export Warehouses (DEWs) across the country. This move aims to streamline export processes and create pathways for small and medium-scale enterprises (SMEs) to thrive. The Nigerian Ports Authority, established in 1954, is responsible for managing and Read More…
Efforts are currently underway to restore power after the Nigerian national grid collapsed on November 5, 2024, at approximately 1:52 PM. The Transmission Company of Nigeria (TCN) has deployed engineers to address the issue, with an expected restoration time of several hours. “Our team is working tirelessly to ensure that bulk power supply is restored Read More…
The rich also cry. I have seen wealthy and successful people break down in tears and despondency. You would think that some people have everything made in their favour; the sun smiles at everything that they do. The gods are queuing to crack the rich man’s kernels lest he bites his tongue while attempting the Read More…
