…..grants approval to six firms for fuel importation in July The Federal Government on Monday gave ship owners operating on Nigeria’s waterways a three-month deadline to settle their accumulated taxes over the past decade, which run into billions of Naira in arrears. It threatened to bar the ship owners from operating in the country’s ports […]
The Nigerian Customs Service (NCS) has written to diesel suppliers in the country on a new fiscal measure requiring them to pay Value Added Tax (VAT) on automobile gas oil (AGO) or diesel imported into the country. The Service’s Assistant Comptroller-General of Tariff and Trade, MBA Musa, in a letter issued on behalf of the […]
The Nigerian National Petroleum Company Limited (NNPCL) on Friday signed four Memoranda of Understanding (MoU) with Office National des Hydrocarbures et des Mines (ONHYM) and four national oil companies in a strategic move to achieve the Nigeria-Morocco Gas Pipeline project’s objectives for sub-regional countries’ economic benefits The parties to the deal reaffirmed their commitment on […]
The newly established Policy Advisory Council (PAC) by President Bola Ahmed Tinubu has proposed the merger of the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. The members of the (PAC), who include Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila […]
TotalEnergies, a major international oil company (IOC) operating in Nigeria’s upstream industry, has announced that it discovered oil and gas in commercial quantity in the Ntokon offshore field of its oil mining licence (OML) 102 in the country. The OML is an operational conventional oil field located in Nigeria’s shallow waters in which TotalEnergies holds […]
President Bola Ahmed Tinubu on Monday promised to diligently fulfill every aspect his electoral promises in order to position Nigeria on the path of sustainable development and ensure democratic dividends for the citizenry during his tenure. The President, who made the pledge in his Democracy Day address to Nigerians pointed out that achieving this goal […]
The Centre for the Promotion of Private Enterprise (CPPE), one of the leading organized private sector (OPS) advocacy groups, has canvassed key fiscal, monetary and policy reform initiatives that the new President Bola Ahmed Tinubu-led administration should prioritize in its reform agenda to ensure improved socioeconomic well-being for the citizenry and sustainable growth of the […]
KPMG Nigeria, one of the nation’s economic research and professional services firms, has expressed its doubt about the feasibility of President Bola Tinubu’s target to increase the country’s Gross Domestic Product (GDP) growth rate by 6% on average in the next four years. The research firm, in its Issue 8 Flashnotes released on Friday, noted […]
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed its support for the fuel subsidy removal by President Bola Ahmed Tinubu during his inaugural address, describing the fiscal regime as a major challenge to the nation’s economic growth and development over the years. The commission’s Chairman, Mr. Mohammed Bello Shehu, in a statement on […]
President Bola Tinubu on Thursday restated his administration’s total commitment to eliminating all forms of abuses in the petroleum industry’s downstream sub-sector as a strategic step towards ensuring regular supply of products at competitive prices in the country. The President expressed this during his meeting on Wednesday with representatives of major oil marketers’ associations on […]