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Nigeria’s CIT Rate Among Highest Globally – Oyedele

A leading tax expert, Mr. Taiwo Oyedele, has rated Nigeria’s company income tax rates as one of the highest globally and described the fiscal regime as a major disincentive to business growth in the country. Oyedele, who is also the Tax leader, PwC Nigeria, made the remarks at the weekend during the Finance Correspondents Association of […]

Banking Economy News Extra Latest News Political Economy Revenue Taxation

CBN Retains 13.5% MPR, Promises To Intensify Financial Inclusion Drive

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its two-day meeting in Abuja on Friday with a decision to retain all the key benchmark interest rates. Specifically, the committee retained the Monetary Policy Rate (MPR) at 13.5 percent and other lending rate indices, including the asymmetric corridor around the […]

Budgeting Economy News Extra Latest News Political Economy Professionals & HR Devt.

Again, FG, Organised Labour’s Parley On Minimum Wage Fruitless

There are strong indications that plans by the Federal Government and the labour unions’ representatives to reach a truce on consequential adjustment on the N30,000 minimum wage on Monday did not achieve any tangible results. The disappointed workers have, therefore, threatened to resume their suspended industrial action over in the national minimum wage implementation. A […]

Budgeting Economy News Extra Latest News Political Economy

FG To Unveil 30-Year Devt Plan, Restates OPS’ Role In Devt

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday hinted that the Federal Government would unveil a 30-year development plan before the end of the implementation of the ERGP  in 2020 as part of the measures to achieve broad-based and sustainable national development. She explained that unlike past development plans that […]

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Buhari Appoints Salami Chairman Of Economic Advisory Council

President Muhammadu Buhari on Monday announced the appointment of Prof. Doyin Salami, of Lagos Business School (LBS) as the chairman of his newly constituted 8-member Economic Advisory Council (EAC). A statement issued by the President’s Special Adviser (Media & Publicity), Mr. Femi Adesina, listed Dr. Mohammed Sagagi  as Vice Chairman while members include Prof. Ode […]

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Nigerian Returnees From S/A To Get Soft Loans, Other Incentives

The Federal Government on Thursday promised to provide hundreds of Nigerians returning from South Africa following rising incidents of xenophobic attacks in the country soft loans to be provided by the Bank of Industry (BOI) to support those interested in small trade and businesses. The Chairman and Chief Executive Officer (CEO) of the Nigerians in […]

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FEC Approves 7.2% VAT Rate, N10.07Trn Budget Proposal For 2020

Determined to correct the structural defects in Nigeria’s fiscal regime, especially the structural imbalances in oil and non-oil revenue collections, the Federal Executive Council (FEC) on Wednesday approved a hike in the nation’s Value Added Tax rate to 7.2 per cent, up from the current five per cent rate. The Minister of Finance, Budget and […]

Budgeting Economy News Extra Latest News Political Economy

Procurement Bureau Saves N26.86Bn On Federal Contracts In 2018

The Bureau of Public Procurement (BPP) has reported that it reduced the cost of federal contracts in 2018 by over N26.86 billion after revising contract sums in various Ministries, Departments and Agencies (MDAs) submitted by contractors. The bureau, which disclosed this in its just published 2018 Annual Report, stated that in the year under review, […]

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FEC Approves New $247.3Mn Loan For Infrastructure Devt

Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]

Economy News Extra Latest News Political Economy

Nigeria’s Inflation Decelerates To 11.25% In March

The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria’s Consumer Price Index (CPI), which measures inflation rate, dipped to 11.25 per cent (year-on-year) in March, representing 0.06 per cent points lower than the rate recorded in February. The Bureau in its “CPI and Inflation Report’’ stated that  increases were recorded in all Classification […]