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Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023, according to findings. The total tax was raised from Value Added Tax and Company Income Tax. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on the profit of companies and VAT is a 7.5 […]
A report by FITC has revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023. It was also disclosed that there was a total of 12,553 cases of fraud recorded within this period. This was according to the Q1 report obtained by The PUNCH from the website of FITC. FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank […]
Annual inflation in Egypt hit 36.8 per cent in June, official figures showed on Monday, an all-time high for the country grappling with a punishing economic crisis. The previous record of 34.2 per cent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund. The Egyptian pound has lost half its value against the dollar since early […]
The volume of Premium Motor Spirit, popularly called petrol, that was consumed across the country in the first half of 2023 is 11.26 billion litres, the Federal Government has said. It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS consumption reduced by an average of about 18.5 million litres daily in June. Data obtained on […]
Strong indications have emerged more Nigerians may relocate from the country in 2023 and beyond as the nation’s socio-economic conditions worsen, and hope remains bleak. This came on the heels of the recent removal of fuel subsidy, further depreciation of the naira, impending increase in electricity tariff, and the introduction of Value Added Tax on diesel amid an already battered economy. The Nigerian economy has been exposed to numerous economic […]
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has congratulated President Bola Tinubu on his election as the Chairman of the Economic Community of West African States. NACCIMA’s President, Mr. Dele Oye, made this known via a statement released on Sunday in Lagos. Recall that Tinubu emerged as the Chairman of ECOWAS at the 63rd Ordinary Session of the regional bloc in Guinea Bissau. Oye said the […]
Expectations on the ministerial list have heightened as President Bola Tinubu clocks over 40 days in office. By law, Tinubu is required to name his cabinet within 60 days after taking the oath of office on May 29 and transmits it to the Senate for confirmation. With less than 18 days to submit his cabinet list to the National Assembly as recommended by the constitution, lawmakers and other Nigerians are […]
The Nigeria Deposit Insurance Corporation says the deposits of directors and staff of defunct banks are excluded from its Deposit Insurance Scheme. This was disclosed during the Financial Literacy Day Programme organized by the NDIC on Monday in Abuja While discussing the mandate and the operations of the corporation, Spokesperson of the agency, Tanko Yahaya, noted that the Deposit Insurance Scheme does not cover insider deposits, among others.
Power distribution companies have stepped down on their earlier announcement of a tariff hike projected to take effect from July 1, 2023, as they stated that the Nigerian Electricity Regulatory Commission had yet to approve the hike. This is as various public notices from some of the Discos had stated that the electricity tariff would be raised by about 30 to 40 per cent for selected categories of consumers on […]
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