Economy

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products. President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy. Tinubu also ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles as well as the…

STATE HOUSE PRESS RELEASE President Asiwaju Bola Ahmed Tinubu has expressed confidence that his administration is on the pathway to success in spite of the challenges facing the country, saying Nigeria has no reason to fail the rest of the African continent. Receiving visiting Bank of America officials in his office at the State House on Tuesday, the President said his government was committed to instituting reforms that would engender the sustainable growth and development of the country. "We believe we are on the right track so far. We believe we need all the help we can get," the President…

Petrol price crashes at depots amid low demand Private depots at the weekend crashed the price of Premium Motor Spirit (PMS) to N495 – N496 per litre from N502 to N503/litre, The Nation has learnt.Petrol price crashes at depots amid low demand. The development came amid rumour that the prices of petrol may soar in July owing to the recently devalued exchange rate. The Nigerian National Petroleum Company Limited (NNPCL) depot retained its N479.6/litre. Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi broke the news to The Nation on phone

Dangote Laments, Begs Tinubu As FG Monetary Moves are Affecting Billionaire's Businesses. Alhaji Aliko Dangote, president of the Dangote Group, hurried to the Presidential Villa for a meeting with the president after falling to second place on Africa’s rich list for the first time in a decade as a result of Bola Ahmed Tinubu, the new president of Nigeria, deciding to float the exchange rate. In an unexpected visit to Tinubu, the wealthy businessman from Kano State and his friend, Microsoft co-founder Bill Gates, reportedly lobbied the new leader for supportive policies in response to the blow the latter took…

“I want to disabuse the mind of the people that they should not panic about it, there is no cause for alarm, we are in control and there is nothing like that. “So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now. “If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers. ”So, it was the retail price that they announced they had never given a specific price…

STATE HOUSE PRESS RELEASE WHY I CHOSE TO UNIFY EXCHANGE RATE, REFUSED TO PARTAKE IN ARBITRAGE – TINUBU President Bola Ahmed Tinubu Thursday in Lagos said he could have chosen to maintain the hitherto multiple foreign exchange systems and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial hemorrhage. Speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu said he took the decision in the nation’s best interest just like he did with fuel subsidy removal. "I…

STATE HOUSE PRESS RELEASE WE’RE READY FOR BUSINESS, PREPARED TO WELCOME INVESTORS TO NIGERIA, PRESIDENT TINUBU TELLS AFREXIMBANK, EBRD PRESIDENTS IN PARIS President Bola Ahmed Tinubu Thursday in Paris – France said ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), urging investors to take advantage of opportunities in Nigeria. “We are ready for business, prepared to welcome investments,’’ he said, while receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of…

Emefiele operating separate $47bn foreign reserve account, 527 others without FG’s knowledge – DSS Some Highlights: ..The curious £2.55bn award against NigeriaGodwin Emefiele …to be quizzed on $3.7bn COVID-19 IMF palliative funds diverted to private bank account in China . Accused of bribing CBN external auditors to doctor reports to deceive FG in the past six years . Alleged to have directed each commercial bank CEO to give him N30bn “pocket money” annually Suspended Central Bank of Nigeria Governor, Godwin Emefiele has unilaterally been operating a separate foreign reserve account on behalf of the country without the knowledge of the…

Subsidy Removal: Tinubu Planning Distribution Of ₦100 Cheap Fuel, Says NNPC Boss President Bola Tinubu has begun putting in place a structural approach to make available cheap fuel through compressed natural gas (CNG) and liquefied natural gas (LPG) to mitigate the effects of the subsidy removal on Nigerians. The Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, stated this on Wednesday in a chat with State House correspondents after a meeting with Tinubu. Kyari said the plans would be rolled out soon, adding that the structural plan, which he described as a work in progress, was…

President Bola Tinubu Issues New Directive On Subsidy Removal President Bola Tinubu has directed the National Economic Council (NEC), led by Vice President Kashim Shettima, to begin providing palliatives to Nigerians as part of efforts to mitigate the effects of the subsidy removal The president said this when meeting with some major oil marketers led by Ogun state governor Dapo Abiodun at the State House in Abuja on Wednesday, June 7. According to Governor Abiodun, the marketers supported the president’s decision to remove the N4 trillion subsidy burden. The marketers subsequently announced their intention to donate 50 to 100 fifty-seater…