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LCCI Advocates Dispute Resolution Framework Between Customs, OPS

The Lagos Chamber of Commerce and Industry (LCCI) on Sunday canvassed the need for the Federal Government to create an independent dispute resolution framework to manage conflicts between the Nigeria Customs Service (NCS) and the business community. The Director-General of LCCI, Dr Muda Yusuf, in a statement maintained that the presidential intervention had become inevitable, […]

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Nigeria Records -N7.37Trn Merchandise Trade Deficit In 2020

Nigeria’s total merchandise trade deficit last year worsened remarkably increasing to -N7. 37 trillion, as the COVID-19 pandemic negatively impacted across the broad spectrum of the economy, particularly the real sector. The latest ‘Foreign Trade in Goods Statistics (Q4 2020)’ report by the National Bureau of Statistics (NBS), indicated in the year under review, Nigeria’s […]

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FG Suspends Grants To Youths, Opt For Loans

The Minister of Youth and Sports Development, Mr. Sunday Dare, has disclosed that the Federal Government has stopped giving grants to youths but rather has now opted for revolving loans to aid their entrepreneurial and creative ventures. The minister gave this hint at the end of a 2-Day workshop titled ‘Challenges and opportunities for rural […]

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Workers To Begin Nationwide Strike Tomorrow

The Nigeria Labour Congress (NLC) and its affiliate unions will on Wednesday embark on a nationwide strike over industrial-related legislative matters. Specifically, the organized labour body stated that the planned industrial action was prompted by alleged attempts by National Assembly lawmakers to move the Minimum Wage section from the Exclusive Legislative List to the Concurrent […]

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ATAF Tasks African Leaders On Women-Supportive Tax Policies

The African Tax Administration Forum (ATAF), an umbrella body for all tax administrators in Africa, has called on African leaders to discontinue all tax policies that impose unfair burdens on women who are financially stressed, denying them the opportunity to break out of the cycle of poverty and to contribute more constructively to wider economic […]

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PIB: South-South Governors Seek 10% Appropriation For Oil Communities

South-South Governors on Tuesday demanded the upward review from 2.5 per cent to 10 per cent, appropriated to the Trust Fund for host oil Communities in the Petroleum Industry Bill (PIB) now before the National Assembly. The Chairman of the South-South Forum and Delta State Governor, Dr Ifeanyi Okowa, was quoted by News Agency of […]

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CBN Incentivizes Diaspora Remittance Recipients With N5/$ Bonus

The Central Bank of Nigeria (CBN) has introduced a new incentive to encourage inflow of Diaspora remittances into Nigeria. The incentive, tagged “Naira 4 Dollar Scheme”, was announced in a circular signed by the apex bank’s Director, Trade and Exchange Department, Mallam Saleh Jibrin, at the weekend According to the circular, the scheme, which would […]

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FIRS Targets N5.9Trn Revenue, Seeks 7% Cost Of Collection

The Chairman of Federal Inland Revenue Service (FIRS), Mallam Mohammed Nami, has projected that that the agency’s total revenue collection in the 2021 fiscal year would hit N5.900 trillion, representing a 16.22 percent increase over last year’s budget target of N5.076 trillion. Nami , while defending the 2021 budget of the agency before the Senate […]

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Borno To Sanction MDAs Over Extra-budgetary Spending

Borno State Government on Friday warned Ministries, Departments and Agencies (MDAs) to avoid spending out their budgetary provisions and threatened that any defaulting agency will be penalized. The warning came on the heels of the payment of the sum N12 billion by the state government to offset gratuities of 4,862 retirees in the state and […]

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Port Agencies Mull Joint Inspection Of Vessels At Seaports

The Nigerian Shippers’ Council (NSC), Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS), Nigerian Immigration Service (NIS), the Department of State Security Service (DSS)and other relevant agencies on Thursday harped on the need for collaboration on boarding, inspection of vessels calling at Nigeria seaports. This proposal was among the key considerations during the agencies’ meeting […]