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Business Power Top Story

Nigeria to cut electricity subsidies for high-end consumers, sparking fresh inflation concerns

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…

Nigeria Oil & Gas Top Story

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…

Business Debt Featured Metro

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…

Culture & Arts Entertainment Top Story

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…