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….
On Tuesday, the naira saw an increase in value against the dollar in the official foreign exchange market. According to FMDQ data, the naira rose to N1630.35 per dollar on Tuesday, up from N1670.65 on Monday, marking an appreciation of N40.3. In contrast, the black market saw the naira decline slightly, trading at N1748 per…
The Central Bank of Nigeria (CBN) has confirmed that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. CBN spokesperson Sidi Ali Hakama made this announcement in a statement released on Thursday. This clarification comes in response to rumors suggesting that the old Naira notes would no longer be…
Nigeria Customs Service (NCS) has reported a revenue generation of N4.2 trillion in the first nine months of 2024. Bashir Adeniyi, the Comptroller General of NCS, made this announcement during a workshop in Lagos on Saturday. Adeniyi, who was represented by Dera Nnadi, the Comptroller of the Customs Area Controller at Tincan Island Port Command,…
In the past 48 hours, the naira has depreciated by N106.7 against the dollar in the official foreign exchange market. This decline follows a further weakening of the naira as foreign exchange supply decreased on Wednesday. According to FMDQ data, the naira fell to N1659.69 per dollar on Wednesday, down from N1658.97 on Tuesday, marking…
