BUSINESS

The National Bureau of Statistics (NBS) says the average price per litre paid by consumers for National Household Kerosene increased to N370.29 in June from N363.50 in May.   The bureau said this in its National Household Kerosene Price Watch June 2021, obtained from its website on Saturday in Abuja. The NBS said the price of kerosene increased by 1.87 percent month-on-month and by 10.84% year-on-year in the period under […]

The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fueling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition […]

The Senate has rejected the nomination of Lauretta Onochie as an Independent National Electoral Commission (INEC) National Commissioner.   The rejection on Tuesday followed the massive outcry that has trailed her nomination, especially from members of the opposition and civil society organisations who claim she is a card-carrying member of the ruling All Progressives Congress (APC).   Former INEC Chairman, Attahiru Jega, is also among those who have kicked against […]

Oil marketers have commenced the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles. It was gathered that the marketers were deploying the N250bn gas intervention fund provided by the Central Bank of Nigeria to actualise the conversion process as well as purchase products. The President, Petroleum Products Retail Outlets Owners Association of Nigeria, […]

Vulnerable borrowers benefitting from the Central Bank of Nigeria’s COVID-19 forbearance hold about 37.72 per cent of the entire banking industry loan portfolio as of April. A member of the Monetary Policy Committee, Robert Asogwa, said this in his personal statement, which was released by the CBN on Saturday. He said, records show that vulnerable borrowers benefiting from the CBN COVID-19 forbearance hold about 37.72 per cent of the entire […]

The Federal Government has signed an agreement with some Brazilian firms to establish tractors’ assembly plants in Nigeria. The Chairman, Senate Committee on Agriculture and Rural Development, Senator Abdullahi Adamu, disclosed this in an interview in Abuja. He said the Federal Ministry of Agriculture, with the support of the regime of President Muhammadu Buhari had secured funding from the Islamic Bank to accelerate the process. Adamu, who was a two-term […]

The Federal Government has vowed to recover a total of N37bn from airlines still owing various categories of debts. This is just as the government stated that the ban on Emirates Airlines would continue. The Minister of Aviation, Hadi Sirika, stated these at this week’s ministerial press briefing organised by the Presidential Communication Team at the presidential villa, Abuja. Sirika who said airlines owed federal agencies N37bn also explained that […]

The Minister of State for Budget and National Planning, Clem Agba, on Tuesday, reiterated the need to deregulate the downstream petroleum through the removal of subsidy on Premium Motor Spirit. According to him, only the wealthy were currently benefiting from the subsidy. The minister spoke during the leadership and governors’ discourse on open government partnership held in Abuja on Tuesday. He stressed the importance of Open Government Partnership which he […]