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Oil Prices Slide Amid Global Economic Uncertainty

Oil prices slumped on Monday as Coronavirus cases surge continues to trigger tighter restrictions in Europe and China. However, some signals of growth in gross domestic product (GDP) and industrial production data from China helped to thaw the downward slide in oil prices to some extent. Available data on the early trading in the international […]

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NNPC Reports $120.49Mn Crude Oil, Gas Export Earnings

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on the proceeds indicated that the export receipt represented a 16.28 percent […]

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Akwa Ibom Threatens To Sanction Oil Firms Over Tax Evasion

Akwa Ibom State Internal Revenue Service (AKIRS) has threatened to sanction oil companies operating in the state over unremitted taxes, saying that such fiscal dereliction by them will no longer be tolerated by the state government. The Chairman of the Service Board, Mr. Okon Okon, cautioned the oil firms against all forms of tax evasion […]

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FGN Disburses $324.6Mn Performance Grants To States

The Federal Government has disbursed another tranche of performance-based grants to states in the sum of N123.348 billion (USD324.6million) under its States Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Results. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who disclosed this in a statement signed by the Ministry’s Director of Press […]

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OPEC Quota Cut: NNPC To Explore Gas, Condensate To Boost Revenue

The Nigerian National Petroleum Corporation (NNPC) on Wednesday unveiled plans to focus more on increasing gas and condensate production as a strategic step towards boosting its revenue earnings in the months ahead. The move by the state-owned oil corporation to explore the gas and condensate resources option was sequel to the cut of Nigeria’s oil […]

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Local Automobile Assemblers Seek Reversal Of New Tariffs On Imported Vehicles

PAN Nigeria Limited and other local automobile assemblers have called on the Federal Government to urgently reconsider the tariff regime on imported vehicles into the country in order to safe local assembly plants from collapsing. The major local vehicle assembler made the appeal on Tuesday following the Federal Executive Council (FEC) approval of the new […]

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Why We Opted For Gradual Liberalisation Of Forex Market – CBN

The Central Bank of Nigeria, CBN, has explained why it opted for a gradual liberalization of the foreign exchange market, saying that the monetary policy step is adopted in view of the unprecedented shock suffered by the nation’s economy from the ravaging impact of the COVID-19 pandemic on international oil prices last year. Despite the […]

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CAC Reports Over N19Bn Internally Generated Revenue In 2020

The Registrar-General of Corporate Affairs Commission (CAC), Mr. Garba Abubakar, on Wednesday disclosed that the commission collected more than N19 billion as Internally Generated Revenue (IGR) last year, despite the COVID-19 pandemic’s disruptions to economic activities nationwide. Abubakar, during a media chat in Abuja, explained that in spite of the COVID-19 pandemic, the commission recorded […]

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NCS Apapa Command Generated N518.046Bn In 2020 – Comptroller

The Nigeria Customs Service (NCS), Apapa Area Command said it raked into government coffers the sum of N518,046,832,016.84 in the 2020 fiscal year. The Command Comptroller, Mohammed Abba-Kura, who gave these figures at a media briefing held on Tuesday in Lagos, said the revenue generated represented N94,379,835,352.53 increase over the N423.6 billion generated in the […]

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Nigeria Lost N5.4Trn To Tax Evasion By Multinationals In 10 Years – Nami

….Says Newly Created Audit Units Will Curb Illicit Financial Outflows The Federal Inland Revenue Service (FIRS) on Monday disclosed that Nigeria lost $178 billion (about N5.4 trillion) to tax evasion by multi-nationals in 10 years. To curb such abuses within the fiscal system, the Executive Chairman of the Service, Mr Muhammad Nami, said the Service […]