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7.5 per cent increase in VAT is the lowest in Africa – Osinbajo

7.5 per cent increase in VAT is the lowest in Africa – Osinbajo

Nigeria’s Vice President, Yemi Osinbajo, has said that the 7.5 per cent value-added tax in the country, remains the lowest in Africa, the DailyPost reports The federal government increased VAT from 5% to 7.5% from February 1, 2020. Speaking in Lafia, the Nasarawa State capital, Osinbajo explained that no payment of VAT on food, drugs […] Read More

NIMASA seeking partnership to remove marine litter

NIMASA seeking partnership to remove marine litter

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside on Thursday, urged stakeholders in the maritime industry to collaborate with the agency in reducing the threat of marine litter to  food security and the ecosystem to boost economy. The Nation Newspapers reports. Addressing over 1,000 participants at the launch of the Maritime […] Read More

9mobile expands its 4G Services to 16 more cities

9mobile expands its 4G Services to 16 more cities

9mobile, the leading telecommunication company in Nigeria says it is expanding its 4G LTE deployment to more cities. This is part of its quest to continue providing superior quality services to its customers. According to a report by the NATION, Stephane Beuvelet, its Acting Managing Director recently spoke with reporters in Lagos. He said the […] Read More

Over N60 billion excess charges recovered and returned – CBN

Over N60 billion excess charges recovered and returned – CBN

The Central Bank of Nigeria, CBN, received over 13,000 complaints from the banking public, recovered over N60 billion excess charges and returned same to the rightful owners. This was disclosed by the CBN’s Deputy Director, Consumer Protection Department, Mrs Chinyere Obilor who was speaking at a recent sensitization program in Owerri, Imo state organized by […] Read More

Carbon to support African Startups with $100,000 Entrepreneurship fund

Carbon to support African Startups with $100,000 Entrepreneurship fund

Carbon has set up a $100,000 Pan-African fund to address the lack of funding and support holding back budding tech entrepreneurs on the African continent. According to a report by THISDAY, Carbon’s Disrupt fund, will invest up to $10,000 per start-up for five per cent equity and give access to Carbon’s API, allowing investees to […] Read More

FIRS to raise tax ratio to GDP ratio from 6% to 17% by 2023

FIRS to raise tax ratio to GDP ratio from 6% to 17% by 2023

The Federal Inland Revenue Service plans to raise Nigeria’s tax ratio to Gross Domestic Product ratio from the current six per cent to 17 per cent by 2023. This was confirmed by its Executive Chairman, Muhammed Nami at a recent event with Business owners in Lagos. As reported by the PUNCH, a statement from the […] Read More

Oil reserves to run dry in 49 years – Department of Petroleum Resources

Oil reserves to run dry in 49 years – Department of Petroleum Resources

Nigeria’s crude oil reserves of 37 billion barrels will be depleted in 49 years, according to the Department of Petroleum Resources. Of this figure, the DPR currently produces about two per cent annually. According to a report by the PUNCH Newspapers, the reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion […] Read More

Nigeria should be excluded from US Travel Ban – CNN

Nigeria should be excluded from US Travel Ban – CNN

Foremost American journalist with CNN, Fareed Zakaria, has analyzed why the recent decision of the United States government to impose immigrant visa restrictions on Nigeria “does not make sense.” According to a report by the GUARDIAN, The US government had justified the restriction on the basis of national security concerns, claiming that the affected countries […] Read More

Ikeja Electric to increase tariff by 50% from April 1, 2020

Ikeja Electric to increase tariff by 50% from April 1, 2020

The Ikeja Electric Distribution Company (IE) will from April 1st, 2020 increase its tariff rates by 50 percent. This it confirmed in a letter to Nigerian Electricity Regulatory Commission (NERC) seeking its approval to go ahead with its extraordinary tariff review of the multi -year Tariff order agreement of 2015. The Electricity Regulatory authority, in […] Read More

SEC emphasizes the need to patronize Collective Investment Schemes

SEC emphasizes the need to patronize Collective Investment Schemes

The Securities and Exchange Commission (SEC) plans to intensify efforts in making collective investment scheme (CIS) the entry point into the nation’s capital for retail investors. Speaking recently in Lagos, the Acting Director General of SEC, Ms. Mary Uduk, said ensuring more patronage of CIS, also known as mutual funds, was one of the commission’s […] Read More

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