Nigeria plans to axe electricity subsidies for a select group of consumers in a bid to rein in ballooning public finances, the presidency announced on Tuesday. This move follows a series of reforms undertaken by President Bola Tinubu aimed at stimulating economic growth. “With the huge subsidy burden and high cost of gas … the Read More…
Tag: debt
Borrowing to live a lie
If you are not aware that one ‘mudu’ of yellow Garri which used to sell for N140 in Abuja is now N500, you would at least know that one litre of diesel has jumped from N240 per litre to N820. That was why my barber disagreed with the headline of the newspaper I was reading: Read More…
Niger Delta Minister says oil companies owe NDDC $4 billion
The Minister of State for Niger Delta Affairs, Tayo Alasoadura has said that international oil companies operating in Nigeria owe $4 billion to the Niger Delta Development Commission (NDDC). NDDC is the agency responsible for fostering development in the Niger Delta, the impoverished wetlands region where much of the oil and gas industry is located. Read More…
Proceeds from Lagos N100BN Bond utilised for capital projects – DMO
The Permanent Secretary, Lagos State Debt Management Office (DMO), Mr. Olujimi Ige, has disclosed that funds accessed by the State Ministries, Departments and Agencies from the proceeds of the N100bn Bond issued in January 2020, were used for developmental and capital projects across the State. Commenting on the Bond issued early last year by the Read More…
Prince estate owes another $32m in tax after being undervalued by half, US officials say
The late musician’s property, money and possessions were worth $80m more than administrator’s estimated, the IRS suggests The estate of pop star Prince owes another $32.4 million (£23.7m) in taxes after his executors undervalued it by around 50%, US officials say. The Internal Revenue Service (IRS) believes the singer-songwriter was worth $163.2 m (£119.3m) when Read More…