Dangote Refinery has restarted its crude oil purchases from the United States to enhance its refining capacity and production levels. A Bloomberg report released on Wednesday indicates that a shipment containing two million barrels of WTI Midland crude from Chevron Corp. is scheduled for delivery to the refinery next month. This new acquisition follows a…
PalmPay has been acknowledged for its dedication to promoting financial inclusion in Nigeria, receiving the Financial Inclusion Agent of the Year and Key Driver of Financial Inclusion Awards at the 2024 International Financial Inclusion Conference (IFIC) held on November 13-14 in Lagos. The conference was organized by the National Financial Inclusion Governance Committees, an initiative…
Dr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has announced that the environment is now conducive for private investors to engage in the Nigerian economy. The minister emphasized that President Bola Tinubu is actively working to lift many Nigerians out of poverty. He stated that the President is committed to…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, has announced that the agency has successfully met its revenue generation target of N5.07 trillion for 2024. Adeniyi made this announcement during the Comptroller General of Customs’ Conference held in Abuja on Wednesday. As of November 12, 2024, the service has collected a total of…
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has shed light on the reasons behind the controversy surrounding the Value Added Tax (VAT) distribution proposal currently before the National Assembly. In a post shared on his X account, titled “10 Most Frequently Asked Questions About the Tax Reform Bills,” Oyedele…
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, said the revenue agency has become more taxpayers-friendly with the ongoing transformation and innovation it has embarked upon. Adedeji stated this at the FIRS Special Day at the just concluded 2024 Lagos International Trade Fair (LITF) at the Tafawa Balewa Square, Lagos….
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has affirmed that the current administration will not reverse its reforms in the foreign exchange and oil and gas sectors. Edun made this statement during a meeting with the newly appointed Minister of State for Finance, Doris Uzoka Anitez, at the Ministry’s headquarters…
Ngerian businesses faced a notable decline in October 2024, with the purchasing manager index (PMI) falling to 46.9, down from 49.8 in September. This information comes from the Stanbic IBTC Purchasing Managers’ Index (PMI) for October. The data highlights the challenges that many businesses in Nigeria are encountering due to escalating inflation, which reached 32.70…
The National Economic Council, which includes members of the Nigerian Governors Forum, has recommended that the presidency withdraw the Tax Reforms Bill from the National Assembly. This request is based on the necessity for broader consultations and consensus among stakeholders. Oyo State Governor Seyi Makinde stated that this recommendation was part of the resolutions made…
Aliko Dangote, Chairman of Dangote Group, has attributed the ongoing fuel scarcity in Nigeria to the inaction of retailers. He emphasized that over 500 million litres of fuel are currently stored in his tank farm, ready for distribution, yet the retailers responsible for purchasing and distributing the fuel have not come forward to collect it….
