The National Bureau of Statistics (NBS) said the federal government generated N2.07 trillion as Value Added Tax (VAT) last year. This represents a 33 percent year-on-year (YoY) increase in VAT when compared with N1.55 trillion generated in 2020. Analysis of data in its Sectoral Distribution of VAT Report for Q4’21 released today, showed that […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country lost about $3.27 billion worth of crude oil to theft between January 2021 and February 2022. The commission disclosed this during a presentation on crude oil theft at a stakeholders’ engagement with the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group […]
Sluggish growth, low human capital, labour market weaknesses, and exposure to shocks are holding Nigeria’s poverty reduction back, the World Bank has said. The global financial institution stated this in a report titled ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’. “It is clear that much needs to be done to help […]
The Federal Government has assured the Muhammadu Buhari Bridge aka the Second Niger Bridge and the Lagos-Ibadan Expressway would be delivered in 2022. Minister of Works and Housing, Mr Babatunde Fashola, disclosed this while featuring on the weekly Ministerial Briefing, organised by the Presidential Communication Team at the Presidential Villa, Abuja. Fashola explained that […]
The federal executive council (FEC) has approved N92.123 billion for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja. The meeting, presided over by President Muhammadu Buhari, was held on Wednesday. Hadi Sirika, minister of aviation, announced the development to state house correspondents after the FEC meeting at the presidential […]
The costly petroleum subsidy bill may cross N300 billion next month as the landing cost of importing fuel skyrocketed amid the Russia-Ukraine crisis. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol. The global prices of oil climbed above $100 per barrel due to disruption in global […]
Anambra State Governor Charles Soludo revealed on Tuesday the debt left behind by his predecessor, Willie Obiano, is in excess of N100 billion. Soludo, while speaking on the Morning Show on Arise Television monitored said his predecessor left N300 or 400 million cash and a debt of over N100 billion as of December 31, […]
The policy-setting committee of the Central Bank of Nigeria (CBN) has retained the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on the MPR. Addressing journalists on Monday […]
The Peoples Democratic Party (PDP) says the current socio-economic challenges in the country are likely to lead to agitations worse than the 2020 #EndSARS protest. In a statement issued on Sunday, Debo Ologunagba, PDP spokesperson, said President Muhammadu Buhari’s “failure” to address the issues “is akin to kneeling on the necks of Nigerians”. “The […]
The International Monetary Fund says the fear of political resistance, widespread corruption and pressure from interested groups is hampering the removal of the fuel subsidy in Nigeria. The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic […]
