Business

‘Dollar N164 when you assumed office, now almost N600’: Resign now, PDP tells Emefiele

The Peoples Democratic Party (PDP) has demanded that the governor of the Central Bank of Nigeria (CBN) resign over the exponential depreciation of the naira value. According to the main opposition party, naira was exchanging against dollar for N164 when Emefiele assumed office but now exhanging for almost N600. According to a[Read More…]

Nigeria’s import index grows by 1.07% between April and June — NBS

The National Bureau of Statistics (NBS) says the all-commodity group import index grew marginally by 1.07 per cent between April and June. It said this on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website. According to the report,[Read More…]

Minister of Petroleum, Buhari, writes Senate, wants to remove himself from NNPC board

President Muhammadu Buhari has written to the Senate for an amendment to the recently signed Petroleum Industry Act (PIA). The president who is also the Minister of Petroleum wants the amendment to remove the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation, NNPC. According[Read More…]

Naira sustains fall at parallel market, trades N568 to dollar, N660 to pounds

The Naira on Thursday dipped further at the parallel market in Lagos against the dollar. It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively. Trading at the official Investors and Exporters[Read More…]

Scarcity: Petrol sells N220 per litre in Nsukka

The Premium Motor Spirit, otherwise called petrol, now sells for between N200 and N220 per liter at the independent marketers’ service stations in Nsukka. The reports that the hike in the price against the official pump price of N162 per liter started about a fortnight ago due to the scarcity[Read More…]

CBN refutes plan to convert currencies in domiciliary accounts

The Central Bank of Nigeria (CBN) has denied a report that it is planning to convert foreign currencies in the domiciliary accounts of bank customers to naira. The refutal was contained in a statement by its Director of Corporate Communications, Osita Nwasinobi on Saturday. The statement reads: “the attention of[Read More…]

Sanwo-Olu signs VAT Bill into law

Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly.  This was disclosed in a terse statement by Lagos State Commissioner for Information and Strategy, Mr. Gbenga Omotoso on Friday.  “The Governor signed the “bill for a law to impose[Read More…]

VAT: Appeal court grants FIRS’ stay of execution on Rivers, Lagos

The Court of Appeal sitting in Abuja, on Friday, has granted a stay of execution argued by the Federal Inland Revenue Service, FIRS, against Rivers and Lagos state over the collection of Valued Added Tax (VAT). FIRS had appealed a judgement by the Federal High Court, Port Harcourt ruling that[Read More…]

VAT: Lagos Attorney General files application to join Rivers as co-respondent in FIRS appeal

The Attorney General (AG) of Lagos state, Moyosore Onigbanjo (SAN), has filed an application to join the Rivers state in responding to an appeal by the Federal Inland Revenue Service challenging the judgment of the Federal High Court, Port Harcourt on Value Added Tax (VAT). Recall the Federal High Court[Read More…]

Wike warns oil companies against paying VAT to ‘Abuja people’; threatens to seal FIRS offices in Rivers

The Rivers state governor, Nyesom Wike, has warned oil companies operating the state against paying their Value Added Tax (VAT) to “Abuja people”. He sounded the warning in Port Harcourt, the state capital during a stakeholders’ meeting with the oil companies and business owners. “I don’t want you to fall[Read More…]