The Director General, Budget Office of the Federation, Mr Ben Akabueze has said that he is not aware of any suspension of the proposed five per cent excise duty on telecommunication companies. He said any attempt to suspend the tax would impact negatively on the execution of the 2023 budget and worsen the countries revenue problem. On Monday, the Minister …

The Federal Government has suspended the proposed five percent excise duty on telecommunications services. Announcing the suspension in Abuja on Monday, the Minister of Communications and Digital Economy, Prof Isa Pantami, said the decision was arrived at by stakeholders, asserting that the telecommunications sector already has challenges of multiple taxes. He spoke during the inaugural meeting of the Presidential Committee …

Petrol (or fuel) will cost will rise to as much as N462 per litre when the Federal Government eventually removes subsidy by June next year, according to the Nigerian National Petroleum Company Limited (NNPC Limited). It said the average international market-determined landing cost in the second quarter of this year was $1,283 per metric tonne. Marketing and distribution’s cost is …

Stakeholders in the export value chain in Kogi State have been asked to work collectively towards the early take-off of Harris Logistics Domestic Export Warehouse, which is the Lokoja Dry Port. At a meeting with critical stakeholders on the Export Value Chain after inspecting the ongoing works at the Harris Logistics Domestic Export Warehouse and Dry Port in Lokoja, the …

With the theme ‘One People, One Destiny, Uniting and Reimagining our Future’, the AfriCaribbean Trade and Investment Forum began on Thursday in the coastal city of Bridgetown, the capital of Barbados. Tagged ACTIF2022, the event, the first of its kind between the two continents, aims at providing an opportunity for the Caribbean and African business communities, as well as governments to establish new commercial and …

Stanbic IBTC Bank PLC, a member of Standard Bank Group, has intensified its efforts in providing financial products and services for businesses in the agro-allied industry. Given that the agro-allied industries are central to sustainable development, while the agricultural sector is critical for generating employment, supporting the economy in farming communities, and providing food and nutritional security, the bank said …

Nigeria’s oil revenue dipped by 28.3 percent between the fourth quarter of last year and the first quarter of this year, according to the Central Bank of Nigeria (CBN). In its economic report for the first quarter of 2022, the CBN said the country generated N799.1 billion from oil sector in Q1 2022., as against N1.11 trillion in Q4 2021. …

The NNPC Limited has disclosed that it would supply Dangote Refinery with 300,000 barrels of crude oil per day, totalling 2.1 trillion in 20 years. According to its Managing Director, Mallam Mele Kyari said that the newly-sealed supply contract is a guarantee that the Federal Government is committed to ensuring sufficient petroleum products for members of the public. “We have …

The Nigerian Civil Aviation Authority (NCAA) has threatened to shut down domestic airlines over N19 billion and $7.6 million debt, which it said the airlines owe. NCAA said the airlines have refused to pay despite receiving money from customers. It alleged that the airlines have instead launched a “campaign of calumny and falsehoods” against the authority. At a meeting on …

The Founder/Chief Executive of Coscharis Group, Dr Cosmas Maduka will be the keynote speaker at the first anniversary of Business Network International (BNI), a business think tank and the worlds leading and most successful business referral organisation. Maduka is a businessman and philanthropist of repute with a networth of over $500 million and heading diverse business subsidiaries. The Cosharis boss …