ayodejiadegboyega

Posts by ayodejiadegboyega:

Federal Internal Revenue Service (FIRS)

FIRS extends penalty waiver on tax debt repayment

The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses. The service extended the deadline by two months from June 30 to August 31. According to a statement issued on Wednesday by the…

Minister of Information and Culture, Lai Mohammed

FG says digital switchover to yield $1.1 billion

The Digital Switchover (DSO) will fetch Nigeria $1.1 billion from the collection of TV licences and digital access fees, the information minister, Lai Mohammed, has said. He said the spectrum that would be vacated once the analogue to digital migration has been completed "will fetch $1 billion on its own."…

The Murtala Mohammed International Airport

COVID-19: Nigeria announces dates for resumption of domestic flights

The Nigerian government has announced that domestic flights will resume on July 8. Nigeria shut its airports to non-essential flights in March, to check the spread of COVID-19. The Minister of Aviation, Hadi Sirika, announced the new dates for resumption of flights on Wednesday. According to a press statement signed…

President Muhammadu Buhari

Nigerian govt sets N1 trillion stamp duty target

The Nigerian government is targeting about N1 trillion annually from stamp duty as it predicts collection to soon become second only to oil revenue. The Secretary to the Government of the Federation (SGF), Boss Mustapha, disclosed this on Tuesday at the official inauguration of the Inter-Ministerial Committee on Audit and…

Dr. Yemi Kale, Statistician-General of the Federation/CEO, National Bureau of Statistics

Why we’ve not published Nigeria’s unemployment figures for two years – NBS

The National Bureau of Statistics (NBS) will soon commence publishing (un)employment statistics two years after it stopped, the Statistician-General of the Federation, Yemi Kale, has said. Mr Kale said the bureau was faced with insufficient funding but has received funds from the federal government "to continue the survey." "But this…

A food market in Ibafo in Nigeria’s Ogun State. The effects of COVID-19 on food systems will be keenly felt in poorer countries. [Photo - The Conversation]

NES recommends post-pandemic measures to get Nigeria’s economy back on track

The Executive Council of the Nigerian Economic Society (NES) has recommended a set of policies as a response to stimulate and fast-track the economy during the pandemic. The society, through a webinar it held last week, themed “COVID-19 and the Nigerian Economy: Getting the Economy Back on Track- Challenges and…

Lantern Light used to illustrate the story

Nigerian govt deceitful, approved increase in electricity tariff from July 1 – DisCos

Electricity distribution companies in Nigeria (DisCos) have accused the Nigerian government, especially the Nigerian Electricity Regulatory Commission (NERC), of trying to dissociate itself from the July 1 increase in electricity tariff. The DisCos said the increase in tariff and the commencement date were both approved by the NERC. PREMIUM TIMES…

Federal Secretariat Complex, Abuja

FG to inaugurate committees to employ 774,000 public workers

The federal government will on Monday inaugurate the state selection committees for the Special Public Works Programme. The spokesperson of the Minister of Labour and Employment, Olua Davidson, in a statement said the inauguration would be done in Abuja by the minister of state, Festus Keyamo. President Muhammadu Buhari had…

The Federal Executive Meeting (FEC) presided over by President Muhammadu Buhari, VP, SGF, COS, NSA and a few Ministers present in person at the State House Council Chambers, while the rest of the Cabinet participate remotely. #AsoVillaToday

UPDATED: FEC approves N2.3 trillion stimulus plan for Nigerian economy

The Federal Executive Council (FEC) has approved the Nigeria Economic Sustainability Plan (NESP) as recommended by the economic sustainability committee led by Vice President Yemi Osinbajo. PREMIUM TIMES reported the content of the report produced by the committee to ensure Nigeria's economy survives the impact of the COVID-19. The FEC…

International Monetary Fund (IMF)

Coronavirus: IMF forecasts gloomy global economic recession

The International Monetary Fund (IMF) has predicted a gloomy global economic recession for 2020. The body said the COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and recovery is projected "to be more gradual than previously forecasted." The fund today…

Minister of Aviation, Hadi Sirika [PHOTO CREDIT: aviation.gov.ng/]

FAAN moves headquarters to Abuja

The Federal Airports Authority of Nigeria (FAAN) has moved its headquarters to Abuja. This is in compliance with the directive of the Minister of Aviation, Hadi Sirika, that all agencies in the sector relocate their headquarters to the Federal Capital Territory (FCT). According to a statement by the authority's spokesperson,…

A food market in Ibafo in Nigeria’s Ogun State. The effects of COVID-19 on food systems will be keenly felt in poorer countries. [Photo - The Conversation]

Pressure to reduce prices, major issue affecting Nigerian SMEs – Report

The foremost economic issue affecting Small and Medium Enterprises (SMEs) in Nigeria is the pressure to reduce prices, PricewaterhouseCoopers has said. It said this is due to two other economic issues – rising inflation and low demand for products and services. In its recently published report titled “PwC’s MSME Survey…

Acting Chairman of the Investments and Securities Tribunal (IST), Jude Udunni

Why many litigants lose capital market cases in court – Official

Many capital market cases are lost in court on technicalities because of litigants and counsel's poor knowledge of the market's operations, the acting Chairman of the Investments and Securities Tribunal (IST), Jude Udunni, has observed. Speaking with journalists on Monday in Abuja, Mr Udunni said litigants and counsel need to…

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

How poor naira lowers real value of Nigeria’s budgets – Report

Contrary to the claim that Nigeria’s 2020 budget is the largest since the return of democratic rule in 1999, that of 2013 was actually the largest when adjusted using the average official and parallel exchange rates of the naira to the dollar within the period. Analysts at Lagos-based research firm,…

President Muhammadu Buhari

Nigerian govt, states, local councils share N547 billion in May

The three tiers of government on Thursday shared about N547.309 billion as federal allocation for May. Details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC)…

Zainab Ahmed

FG inaugurates team to implement GIFMIS

The Minister of Finance, Zainab Ahmed, on Tuesday, inaugurated an inter-ministerial task force charged with the implementation of the Government Integrated Financial Management Information System (GIFMIS) in Abuja She said the programme was developed by different government agencies to enhance the effectiveness of government financial activities. "The programme is jointly…

Power Lines [Photo: energymixreport.com]

Togo, Niger, Benin owe Nigeria N32.04 billion for electricity supplied in 2019 – NERC

Togo, Niger, and Benin Republic did not pay their N32.04 billion bills for the electricity Nigeria supplied to them in 2019, the Nigerian Electricity Regulatory Commission (NERC) said. According to data from the NERC, the three countries received a total invoice of N32.04 billion for the electricity supplied to them…

Nigeria's finance Minister, Zainab Ahmed [PHOTO: Pulse.ng]

COVID-19: How Nigerian govt plans to get economy back on track

The federal government has rolled out a plan to get the economy back on track after the COVID-19 pandemic. The pandemic affected the price of oil, the mainstay of Nigeria's revenue. This led to the reworking of the 2020 budget by the executive arm of government to reflect the current…

A water bottling company used to illustrate the story

Nigerian govt rolls out steps to assist MSMEs amidst coronavirus

The federal government has rolled out fresh tracks through which it will support micro, small and medium enterprises (MSMEs) in Nigeria. This is part of the government's plan to remedy the economic impact of the coronavirus pandemic. This was contained in the post-COVID-19 Economic Sustainability Plan prepared by the Economic…

NNPC Towers: P&ID and the Petroleum ministry signed the contract here

NNPC deploys funds for medical infrastructure across Nigeria – Official

The Nigerian National Petroleum Corporation (NNPC) said it has set aside 53 per cent of the N21 billion it pledged for medical intervention for the construction of medical infrastructure across Nigeria. It had earlier pledged N21 billion to help combat COVID-19 and improve on healthcare delivery in the country. According…

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN waives guarantor requirement for COVID-19 loan applicants

The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by households and small and medium enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility. The N50 billion package was a provision by the bank for small businesses affected by coronavirus to stay…

Oil spill caused by a damaged riser

NOSDRA: Nigeria records 1,300 oil spills in two years

Between 2018 and 2019, over 1,300 oil spills occurred in various parts of Nigeria, the National Oil Spill Detection and Response Agency (NOSDRA) has said. The agency said most of the spills were caused by vandals who break pipelines to steal petroleum products. According to Punch newspaper, the Director-General of…

Nigerian Economy

Nigeria’s foreign reserve hits $36.57 billion

Nigeria’s foreign reserve has increased to $36.57 billion as of May 5, the latest figures by the Central Bank of Nigeria (CBN) has revealed. The new figures rose from about $33.42 billion recorded as of April 29. The rise may be attributed to the recent rise in prices of crude…

NNPC Towers

NNPC to deepen business portfolios in power, housing, healthcare

The Nigerian National Petroleum Corporation (NNPC) had said it is firming up a bouquet of business portfolios in the power, medical, housing and other sectors. This it said would strengthen the profitability of the national oil company and sustain revenue generation for the country during the boom and bust cycle…

The Murtala Mohammed International Airport

COVID-19: Nigeria announces date for resumption of domestic flights

Nigeria, on Monday, announced that domestic flights would resume at all airports by Sunday, June 21. To curtail the spread of the deadly coronavirus, the federal government had suspended domestic flights in the country since March. During the briefing of the Presidential Task Force on COVID-19, Monday, the Minister of…