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Ports and Airports Transportation

Food imports exceed exports by N2.23tn in 12 months

The total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn, findings have revealed. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out of their […]

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  • 4th April 2022
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Economy Policy and Regulations

FG grants three-year tax relief to 33 companies, bars 10 firms

The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021. This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission. The reports also revealed that investments made by the 33 companies during the year amounted to N543.88bn. It also […]

Banking

CBN imposes heavy sanctions on banks over mutilated notes

The Central Bank of Nigeria has expressed concern over the increasing amount of mutilated banknotes deposited with the apex bank by Deposit Money Banks. To this end, the CBN has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 per cent of the value of the […]

Economy Policy and Regulations

Two million people’ll start receiving N20bn monthly from June -FG

Two million people will start receiving about N20bn from June this year as basic cash transfers and conditional cash transfers under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash transfer and an additional N5,000 […]

FG halts planned 5% tax on GSM calls, SMS
Telecommunications

NIN: Bar outgoing calls from unlinked SIMs, FG orders telcos

The Federal Government has ordered telecommunications operators including MTN, Globacom, Airtel, and 9mobile to bar all outgoing calls of all Subscriber Identification Module cards not yet linked with the National Identification Number effective today, April 4, 2022. Minister of Communications and Digital Economy, Isa Pantami, announced this in a statement on Monday, saying that the […]

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  • 4th April 2022
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Aviation Energy

FAAN apologises over power outage at Lagos airport

The Federal Airports Authority of Nigeria has apologised for the power outage at the Murtala Muhammed International Airport, Lagos. The apology was contained in a statement by FAAN’s acting General Manager, Corporate Affairs, Faithful Hope-Ivbaze. Many passengers were stranded over power outage at the departure lounge of the MMIA. The statement read, “FAAN wishes to […]

MTN launches 5G network
Telecommunications

MTN contributed 13.5% of FIRS’ total 2021 tax – Report

Nigerian telecoms giant, MTN Nigeria Communications PLC’s total tax contribution to all government agencies including the Federal Inland Revenue Service amounted to N757.6 billion. The company paid a total of N618.7 billion in direct and indirect taxes to the FIRS in the 2021 tax year, which makes it the largest single biggest contributor to taxes […]

News

I’ll make Nigeria investment haven if elected President -Ohuabunwa

A Peoples Democratic Party presidential aspirant, Sam Ohuabunwa, says he will transform Nigeria into an investment haven if elected. Ohuabunwa, the Convener of the New Nigeria Group, made the promise on Saturday during an interactive session with newsmen in Umuahia. “My aspiration to govern Nigeria has been a burden I have carried for more than […]

Economy

Rising govt debt caused by increasing budget deficit - DMO

The Debt Management Office has said that the reason for Nigeria’s rising government debt levels is due to increasing budget deficits over the years. This was disclosed by the Director-General of DMO, Patience Oniha in an interview with the News Agency of Nigeria in Abuja on Friday. She revealed that economic diversification and productivity will […]

Flights to South-South most expensive - NBS
Aviation

Passengers stranded as power outage hits Lagos airport

Many passengers are stranded after power outage hit a section of the Murtala Muhammed International Airport, Ikeja, Lagos. It was learnt that the departure lounge of the International Airport, Lagos, was the most affected on Friday night. “I suffered while boarding. Power just suddenly went off,” a passenger identified as Ayodele, said. When contacted on […]

Why oil theft estimates are unrealistic- Navy
Economy Oil and Gas

External reserves loses $313m as oil price fluctuates

NIGERIA’S external reserves fell by $313m in March, according to figures obtained from the Central Bank of Nigeria on Thursday. The CBN’s figures showed that the foreign exchange reserves, which commenced March 1, 2022, at $39.86bn, fell to $39.55bn as of March 30, 2022. Following the invasion of Ukraine by Russian forces, crude oil prices […]

News

Association seeks govt support to regulate table water industry

The Association of Table Water Producers has asked the federal, state, and local governments to come up with a legal framework to help fight charlatans in the industry. The group said this would enable the industry to carry out its roles as contained in the laws guiding the activities of its operators. In a statement, […]

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