CBN: We remit 80% operational surpluses into CR
The Central Bank of Nigeria (CBN) has denied allegation that it failed to remit 80 per cent of its operational surpluses into the Consolidated Revenue in the last five years. Dr. Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, said this at the Senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF) in Abuja. Obiora was reacting to an...
ICPC recovers N53bn from real estate developer
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria. Chairman of ICPC, Prof. Bolaji Owasanoye, disclosed this during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in FCT. Owasanoye said that the developer took the money...
NNPC breaks 44-year jinx, declares N287bn profit
For the first time in the 44-year history of the Nigerian National Petroleum Corporation (NNPC), the state-owned oil firm has made profit. President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, announced a Profit After Tax of N287 billion by the NNPC in 2020. Buhari said: “I am pleased to announce the declaration of Profit After Tax of N287 billion...
NEPZA, Borno govt reactivate Banki border free trade zone
To spur economic development in Borno State, the Nigeria Export Processing Zones Authority (NEPZA) has commenced the reactivation of the Banki border Free Trade Zone. Managing Director of NEPZA, Prof. Adesoji Adesugba, disclosed this recently when Governor Babagana Zulum of Borno State paid him a courtesy visit in Abuja. The zone, which was affected by insurgency, was first designated in year...
Sanwo-Olu signs VAT Bill into Law
Governor Babajide Sanwo-Olu of Lagos State has signed the state Value Added Tax (VAT) Bill into Law. The State House of Assembly had on Thursday, September 9, passed the bill for a law to impose and charge VAT on certain goods and services. Sanwo-Olu, who assented to the Bill at about 11.45a.m. after returning from an official trip from Abuja on...
NDLEA: One in every six Kano persons is a drug addict
Kano State has about two million drug addicts, representing 16 per cent prevalence. This means that in every six persons in Kano, one is a drug addict. Chairman, National Drug Law Enforcement Agency (NDLEA), Brig.-Gen. Buba Marwa, made the disclosure when he paid a courtesy visit to Governor Abdullahi Ganduje in Kano. “In Kano State, drug abuse prevalence is 16 per cent;...
ICPC tracks 1,251 constituency, executive projects in 17 states
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced the third phase of its Constituency and Executive Projects tracking exercise. Mrs. Azuka Ogugua, spokesperson for ICPC, said in a statement in Abuja, on Tuesday, that the tracking of constituency and executive projects was an initiative of the Commission that began in 2019. According to her, the exercise focused...
CDS to Nigerians: Don’t panic about mass surrendering of Boko Haram members
The Chief of Defence Staff (CDS), Gen. Leo Irabor, has allayed the fears of Nigerians on the ongoing mass surrendering by members of the dreaded Boko Haram sect. Irabo gave the advice in a statement issued by Maj.-Gen. Benjamin Sawyer, Director, Defence Information at the end of an interactive session which the CDS had with retired senior military officers residing...
FG moves to collect taxes from global digital firms
Folu Adekunle The Vice President, Prof. Yemi Osinbajo, has said the Federal Government will soon invoke the provisions of Finance Act 2019 to collect taxes from global digital and technology firms with significant economic presence in Nigeria. Osinbajo, a Senior Advocate of Nigeria, disclosed this while interacting with a delegation of the Chartered Institute of Taxation of Nigeria (CITN) led by its...
Delta spends N1.3bn monthly on pensions
Delta State government spends N1.3 billion monthly in servicing pension obligations to its retirees. Its governor, Dr. Ifeanyi Okowa, made this known while swearing-in nine Special Advisers and Chairman, Bureau of State Pensions, at Government House, Asaba. Okowa said the state was facing lots of challenges as a result of pressure from the contributory pension scheme. He said that it was tough...
