Business
The Nigerian government has refuted reports of a Value-Added Tax (VAT) rate increase from 7.5% to 10%. Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, confirmed that the VAT rate remains unchanged at 7.5%, as stipulated in the nation’s tax laws. Edun emphasized the importance of maintaining a balanced tax system, built […]
VAT Rate Remains 7.5%, Nigerian Government Clarifies Read More »
A faction of the National Association of Nigerian Students (NANS) has disowned a statement announcing a planned nationwide protest against the recent fuel pump price hike. The statement, which was released earlier on Wednesday, claimed that NANS would shut down major cities across the country on September 15, 2024, if the price hike is not
NANS Denies Planned Protest Over Fuel Price Hike Read More »
Johann Rupert, a South African billionaire, has displaced Aliko Dangote, the President of the Dangote Group, as the richest person in Africa. According to the Bloomberg Billionaires Index, Rupert’s wealth increased by $1.87 billion year-to-date, while Dangote’s wealth dropped by $1.7 billion. Rupert, aged 74, controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through
Johann Rupert Overtakes Aliko Dangote as Africa’s Richest Person Read More »
The Nigerian Bar Association (NBA) has called for the full implementation of President Bola Tinubu’s directive on the supply of crude to Dangote refinery and modular refineries in the country. The association described the establishment of the refinery as a nationalistic and patriotic endeavor and urged the Federal Government and Nigerians to support the Dangote
Nigerian Bar Association Urges Support for Dangote Refinery to End Fuel Scarcity Read More »
The Central Bank of Nigeria (CBN) has announced new guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions. According to the guidelines, next-of-kin, legal representatives, or beneficial owners can now claim unclaimed balances in dormant accounts by submitting applications to financial institutions. The CBN has the
Next-of-Kin Can Now Claim Funds in Dormant Accounts – CBN Read More »
Professor Adetunji Ogunyemi, an Economic History expert at Obafemi Awolowo University, supports the National Assembly’s amendment to the Finance Act 2020, introducing a windfall levy on banks’ foreign exchange profits. Ogunyemi argues that the policy is necessary due to Nigeria’s financial challenges, and banks should see it as a contribution to national development. He emphasizes
A Senior Advocate of Nigeria, Yusuf Ali, has cautioned that a uniform national minimum wage could lead to job losses and financial strain on less affluent states. He argues that the current system does not account for economic disparities between states and suggests that states should have autonomy in negotiating wages with their employees, aligning
Expert Warns of Job Losses if Uniform Minimum Wage is Implemented Read More »
In a statement released on Wednesday, The Nigeria Labour Congress, NLC, debunked the news that it has pulled out of the planned national protest over hunger and high cost of living in the country, further stating that the Congress cannot withdraw from a protest it did not organise. The statement was signed by the NLC
The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have accepted the N70,000 minimum wage offered by the Federal Government, led by President Bola Tinubu. This was announced by NLC President Joe Ajaero after a meeting at the Presidential Villa in Abuja. Ajaero noted that the unions agreed to the offer due to
Labour Agrees to N70,000 Minimum Wage Read More »
The Organised Labour in Abia State has suspended its planned seven-day strike, which was scheduled to begin on Monday. The strike was called off after a meeting between Governor Alex Otti and labour leaders, where the government agreed to address the union’s demands. The labour union had threatened to strike over the non-payment of the
Labour Union Suspends Strike in Abia State Read More »