CBN, MTN resolve $8.1bn repatriation impasse

The prolong tussle between MTN Nigeria and the Central Bank of Nigeria, over the $8.1billion foreign exchange remittances order has finally been put to rest as both parties recently reached an agreement.

CBN in a press release said it reached an amicable resolution of issues relating to foreign [...]

Sat, 29 December 2018

Double taxation: FG asks states to streamline collections

State governments have been asked to harmonise their tax laws to ensure that citizens do not suffer double taxation.

The executive secretary of the Joint Tax Board, JTB, Mr Oseni Elamah, said though concept of multiple taxation is misunderstood in Nigeria, there is the need for proper tax laws [...]

Sat, 29 December 2018

FG eyes $30bn manufacturing exports by 2025

The Ministry of Industry, Trade and Investment has unveiled plans to increase manufacturing exports to about $30billion by 2025 through the development of Special Economic Zones, SEZs, across  the country.

The strategy, the federal government says will set ambitious targets for invest [...]

Sat, 29 December 2018

FGFG refutes allegations of planned tax raise

The federal government has dismissed media reports alleging a planned tax increase to generate revenue to fund the 2019 budget.

The Minister of Finance, Mrs. Zainab Ahmed, said the federal government only intends to increase its tax base and not increase tax rate as erroneously reported in some [...]

Sat, 29 December 2018

Investment inflow drops by 55% between Q1 and Q3

Investment inflow into the Nigerian economy dropped drastically by 55.1percent in the third quarter of 2018, from the $6.3billion recorded in the first quarter of the year.

The latest capital importation report released by the National Bureau of Statistics, NBS, shows that decline was worst fel [...]

Sat, 29 December 2018

FG targets $15bn FDI from 4 trade zones


A minimum of $15billion worth of Foreign Direct Investment could be attracted into the Nigerian economy from the four trade zones recently established in the country, the Nigeria Export Processing Zones Authority, NEPZA, has said.

Mr Emmanuel Jime, Managing Director of NEPZA told [...]

Sat, 22 December 2018

Forced subscription: culpable telecoms to face sanctions

Telecommunication companies found guilty of making illegal deductions from their subscribers’ accounts will soon face the full weight of the law, as the Nigerian Communications Commission, NCC, said it will soon be imposing sanctions on such companies.

The Abuja Inquirer had recently repo [...]

Sat, 22 December 2018

Revenue allocation increases by N24.6bn

The Federation Account Allocation Committee, FAAC, distributed a total of N812.762 billion November 2018 revenues to the federal government, all states and local government councils in the country.

The amount which is higher than the N788.13bn shared in October was made up of distributable stat [...]

Sat, 22 December 2018


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