Indications that Nigerian businesses are under-performing amid current fiscal and monetary whirlwinds triggered by the President Bola Tinubu’s administration emerged on Friday with the aggregate, Company Income Tax (CIT) for Q4 2023 dipping to an all-time-low of N1.13 trillion. The CIT collections indicated a growth rate of –35.40% on a quarter-on-quarter basis when compared with […]
Tax
Nigeria’s Inflation Rate Rises To 31.70% In February
….Highest Rate In Over 30 Years Despite sustained policy measures by the Central Bank of Nigeria (CBN) to moderate the nation’s inflation rate, the general price level in the economy continues its upward trend, rising to 31.70% in February this year from the 29.90% recorded in the preceding month. The National Bureau of Statistics (NBS), […]
NGX Records Highest Single-Day Gain Since June 2023
The Nigerian Exchange (NGX) on Tuesday recorded its highest single-day gain since June 13, 2023 as the All-Share Index (ASI) appreciated by 3.57%, gaining 2,867.31 points to reach a total of 83,191.84 points at theend of the day’s trading session. The feat came barely 24 hours after the ASI peaked at 80,000 mark on Monday. […]
Pilotage Contract: INTEL Waives $193Mn Interest On Debt
The Nigerian Ports Authority (NPA) has announced that INTELS Nigeria Limited waived $193 million interest on its debt to the company as part of the efforts aimed at resolving the stalemate on the pilotage contract with the Federal Government under the immediate past administration. The authority, in a statement titled “Setting the Record Straight in […]
FIRS Waives Penalties, Interests On Outstanding Tax Liabilities For Firms
The Federal Inland Revenue Service (FIRS) at the weekend stated that it had granted taxpayers full waiver on accumulated penalties and interests for outstanding tax liabilities, thereby giving succor to the affected enterprises amid recent policy-induced fiscal whirlwinds across the economy. The Chairman of the revenue agency, Dr. Zacch Adedeji, made the disclosure in a […]
FG Justifies 50% Subsidy On Agric Inputs’ Supply To Farmers
The Federal Government has approved a 50% reduction in the cost of agricultural inputs for farmers, aligning with the commencement of dry season farming, which kicked off last Saturday nationwide. The Federal Ministry of Agriculture and Food Security in a statement on Friday disclosed that the Minister of Agriculture, Abubakar Kyari, will lead the launch […]
Ogun Commences 2nd Phase Of N1Bn Grant Disbursement To MSMEs
Ogun State Government has commenced the second phase of the disbursement of the N1 billion grant to Micro, Small and Medium Enterprises (MSMEs) as part of its efforts to alleviate poverty and mitigate the impact of COVID-19 on businesses in the state. The Commissioner for Industry, Trade, and Investment and a member of the Ogun […]
FIRS Orders Shipping Firms Lifting Crude Oil To Comply With Tax Laws
The chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has charged foreign shipping companies lifting crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations. Adedeji gave the charge at a workshop on taxation of non-resident shipping companies organised by the federal revenue agency in conjunction […]
Customs’ FOU Zone ‘A’ Impounds Contrabands Worth N1.2Bn
The Nigeria Customs Service (NCS) has reported the seizure of 13 trailer loads of foreign parboiled rice and 17 vehicles, among other notable items, worth N1,241,777,700 in October this year. The Service, in a statement published on its official X (formerly Twitter) account on Wednesday, quoted the Acting Comptroller of the Federal Operations Unit Zone […]
NEITI Reports $8.3Bn Unremitted Funds By Oil Firms, Others
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that some oil companies and ministries, departments and agencies (MDAs) failed to remit over $8.3 billion into the Federation Account as required by extant financial regulations. The Executive Secretary of organization, Dr. Ogbonnaya Orji, made this disclosure in a detailed report on Nigeria’s extractive industry operations […]