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Fuel Subsidy Hits N1.03Trn In 10 Months

The Nigerian National Petroleum Company (NNPC) Limited has reported that total payments on fuel subsidy in the 10-month period from January through October this year totalled N1.03 trillion. This is even as it stated that it would deduct N199 billion being October 2021 under-recovery from its November 2021 remittance to the Federation Account. The oil […]

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SEC Adopts Amendments to Finalize Rules On HFCAA Disclosure Requirements

The US Securities and Exchange Commission (SEC) has adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). A statement by the commission indicated that the rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a […]

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Why Nigeria Didn’t Sign OECD Minimum Corporate Tax Pact – FIRS

The Federal Inland Revenue Service (FIRS) has explained why Nigeria did not sign the Organisation for Economic Cooperation and Development (OECD) G20 Inclusive Framework two-pillar solution to tax challenges of the digitalized economy. The OECD G20 Inclusive Framework two-pillar solution proposes a framework of rules aimed at tackling base erosion and profit shifting, and providing for […]

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Subsidy Removal Desirable For Nigeria’s Sustainable Growth – Muda Yusuf

The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Mr. Muda Yusuf, has given his support to the planned removal of fuel subsidy by the Federal Government from February 2022, saying the move is necessary for the nation’s economy to grow. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had […]

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German Inflation Hits 6.0% In November, Highest In Decades

German consumer price inflation rose further in November to hit another record high, thereby increasing pressure on the European Central Bank (ECB) to react. Preliminary data on the country’s inflation released on Monday by the Federal Statistics Office showed that Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, […]

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CATA President, Nami, Meets Association’s Staff In UK, Unveils Agenda

The President of the Commonwealth Association of Tax Administrators (CATA) and Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, at the weekend held his maiden meeting with the CATA Secretariat team in London. At the meeting, which held at the United Kingdom’s Treasury House, the CATA President  was formally briefed by the Secretariat officials on […]

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NCC Has Committed Over N200Mn To Research and Development – Danbatta

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has declared that the Commission had committed over N200 million into the promotion of research and development (R&D) in order to drive innovation in the country’s telecommunications sector. Danbatta stated this during the prize presentation ceremony of […]

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Sanwo-Olu Presents N1.388Trn 2022 Appropriation Bill To Legislature

Lagos State Governor, Babajide Sanwo-Olu, on Wednesday  presented a budget estimate of N1.388 trillion for the 2022 fiscal year to the State’s House of Assembly for consideration. Tagged ‘Budget of Consolidation’, the Appropriation Bill 2022 provided for a recurrent expenditure of N564.93 billion, representing 40.4 percent  of the proposed budget while capital expenditure was put […]

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Nigeria Must Adopt ‘Business Unusual’ Approach To Sustain Growth – World Bank

The World Bank has advised the Nigerian government to adopt ‘unusual approach’ in its fiscal and monetary policy measures as a strategic option of consolidating the modest recovery in the nation’s economy in the months ahead. The Breton Woods institution in its Nigeria Development Update (NDU)  Report November 2021 released on Tuesday titled  ‘Time for […]

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FG Targets February 2022 Timeline For Fuel Subsidy Removal

The Federal Government on Tuesday said that arrangements were ongoing to ensure that fuel subsidy, which has been one of the challenges of public finance efficiency in Nigeria over the years is removed with a view to committing savings on it to critical areas that will improve the socio-economic wellbeing of ordinary Nigerians, especially the […]