VAT Remains 7.5% Reports Financial Minister
Nigeria’s value-added Tax rate remains 7.5 per cent and not 10 per cent, as suggested in some reports making the round. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, gave the clarification in a statement yesterday, saying neither the Federal Government nor any of its agencies will act contrary to what the laws stipulate. Addressing concerns over government actions perceived as burdensome, Edun reassured Nigerians that fiscal policies are designed to promote sustainable economic growth and alleviate poverty, not to hinder them.
FG Exempts Varsities’ Research Grants From TSA
President Bola Tinubu has approved the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account. This is contained in a letter signed by the Acting Executive Secretary, National Universities Commission, Chris Maiyaki, to Vice Chancellors. Already, the Minister of Education, Prof. Tahir Mamman, has conveyed this directive to the Minister of Finance, Wale Edun, mandating the exemption, which grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
FG Assures Fuel Crisis will Ease With More Supply
The Minister of State for Petroleum, Heineken Lokpobiri has assured the public that the fuel crisis experienced across the nation would soon be resolved, noting that the Nigerian National Petroleum Company Limited (NNPCL) has sufficient fuel supplies to meet national demand. The Minister of State for Petroleum made this known while addressing State House Correspondent […]
FG Health Reforms Attract $4.8 Billion in Potential Investments
Vice President Kashim Shettima has revealed that the federal government’s health sector reforms have attracted over $4.8 billion in potential investments, signaling a strong commitment to revitalizing Nigeria’s healthcare system. Shettima who made the disclosure while he declared the Sahad Hospital in Abuja officially open, restated the administration’s commitment towards addressing longstanding challenges and propel Nigeria’s […]
President Tinubu Departs For China On Official Visit
President Bola Tinubu will depart Abuja for Beijing, China, Thursday, August 29, on an official visit. President Tinubu will have a brief layover in the United Arab Emirates before proceeding to the People’s Republic of China. According to the Special Adviser to the President, (Media & Publicity), Ajuri Ngelale, the President will meet with President […]
Fuel Smuggling Persists Due to NNPC’s Low Prices
Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri has said fuel smugglers especially to neighbouring countries, would continue to have a field day as long as the Nigerian National Petroleum company (NNPC) Limited, imports fuel and sells it below the landing cost. Speaking at the 2024 Energy and Labour summit in Abuja, where he also accused security agencies for their complicity in aiding smuggling activities, the State Minister admitted that fuel smuggling from Nigeria to neighboring countries was an issue that could not be entirely eradicated. Lokpobiri’s submission favours NNPC’s sale of imported fuel at a price above the landing cost, to reduce the potential profit gap and discourage smuggling of the product to neighbouring countries, for high profit by those involved in the shady business.
NCC Sets Final NIN-SIM Linkage Deadline
The Nigerian Communications Commission has announced Sept. 14 as final deadline for National Identity Number and Subscriber Identity Module (NIN-SIM) linkage. Its Director of Public Affairs, Dr Reuben Muoka, who disclosed this in a statement yesterday, said about 153 million SIMs had been successfully linked to NINs, reflecting an impressive compliance rate of 96 percent, adding that it recorded a substantial increase from 69.7 per cent in January 2024. He urged members of the public who have not completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers promptly to update their details before the deadline, and also reminded the public that the sale and purchase of pre-registered SIMs are criminal offences, punishable by imprisonment and fines.
NBS Report Shows Growth in GDP
The Presidency says President Bola Tinubu is working to build a solid and resilient economy, as he welcomes the latest report by the National Bureau of Statistics (NBS), which shows that the Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, higher than the 2.51% recorded in the same period of 2023. The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, who made this known in a statement, reiterated the President’s appeal on “the need for Nigerians to retain their faith in the government and not to allow themselves to be swayed by naysayers intent in aborting and undermining the current reforms for their selfish ends.” Further speaking on the GDP report which is coming on the heels of declining food and headline inflation Statistics, Mr Onanuga stated that the NBS report further affirmed that the Nigerian economy is on the right trajectory and on the path to recovery, as the President said in his August 4, 2024 national broadcast, According to the NBS report, the growth rate in the second quarter of 2024 is higher than the 2.51% recorded in Q2 2023 and higher than the 2.98% growth in Q1 2024, largely driven by the service sector.
Unprovoked Attack on Policemen by Shiite Group
A deadly clash between Policemen and members of the proscribed Islamic Movement of Nigeria, popularly known as the ‘Shiite’ group, have left two officers killed, three others unconscious in a hospital and three patrol vehicles set ablaze. The spokesperson of the FCT Police Command, SP Josephine Adeh, confirmed the unprovoked attack in a statement, although the Islamic movement, under the leadership of Sayyid Ibraheem Ya’qoub El-Zakzaky, claimed that many of their members had been shot dead by the police with several others arrested during the Arbaeen Symbolic Trek at Wuse District in Abuja. The police however noted that the situation is presently under control and normalcy has been restored.
President Tinubu swears in Kekere-Ekun as Acting Chief Justice
President Bola Tinubu has today Friday 23rd 2024 sworn-in Justice Kudirat Kekere-Ekun as the 23rd Acting Chief Justice of Nigeria, pending her confirmation by the senate. Kekere-Ekun took the oath of office and signed the oath register at the Council Chamber of the State House, Abuja, witnessed by Mr President, Senate President Godswill Akpabio, Chief of Staff […]
