The Federal Government is planning to overhaul the nation’s tax system to shift more of the burden to wealthy citizens while cutting corporate taxes. The move — part of President Bola Tinubu’s reforms to overhaul the beleaguered economy – aims to lift the country’s tax take to 18 per cent of Gross Domestic Product within…
The Trade Union Congress (TUC) says it is ready to shut down all oil field locations in the country if the ongoing discussions with the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Agip Oil Company (NAOC) do not yield positive results. The President of TUC, Comrade Festus Usifo, made the threat in Televised…
The Governor of the Central Bank of Nigeria (CBN), Dr Yemi Cardoso, has assured Nigerians that the apex bank will regain its trust and integrity. Cardoso said the CBN will regain all these with the support of his deputies and other relevant financial and economic giants in the institution. The CBN governor revealed this on…
Ebonyi and Abia states are leading as food prices jumped by 31 per cent within 12 months from July 2022 to July 2023. This is according to an analysis of the ‘Selected Food Price Watch,’ a report published on a monthly basis by the National Bureau of Statistics. The selected food items include staples such…
The Federal Government would work with State governors to maximize the potential of mineral resources for the socioeconomic development of the country. Minister of Solid Minerals Development, Dele Alake stated this when the governor of Nasarawa state, Alhaji Abdullahi Sule paid him a courtesy visit in Abuja. According to a statement by the Deputy Director…
A Clergyman, Primate Elijah Ayodele on Sunday claimed that President Bola Tinubu’s administration has no solution to the economic hardship in Nigeria. Primate Ayodele urged Nigerians to prepare for more difficult times. He stated that the country will not survive without borrowing money and it will lead to the incapacity of so many states. A…
Nigeria’s inflation rose to 25.80% in the month of August 2023, 1.72% points higher than the 24.08% recorded in the previous month according to the Consumer Price Index report for August 2023 released by the National Bureau of Statistics on Friday. According to the report, the significant increase reflects the impact of the removal of…
With over 133 million people in Nigeria affected by multidimensional poverty, the world food programme (WFP) says it is committing to spend $2.5billion to fight hunger in Nigeria in the next five years. This was made known by the Country Director of the WFP, David Stevesson when he led a team of the United Nations…
The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be…
Ongoing macroeconomic reforms have the potential to significantly leverage Nigeria’s investment market and deliver above average returns to investors. One of Africa’s leading investors and entrepreneurs, Mr. Tony Elumelu, said the economic atmosphere in Nigeria offers the best opportunity for good returns for investors. Elumelu owns the single largest stakes in several publicly quoted companies,…