An excise duty recently approved for alcoholic beverages and tobacco will take effect today. President Buhari had approved the amendment to the excise duty rates in March. The amendment came after the Finance Minister, Kemi Adeosun, had written to the President seeking approval for the excise review. Adeosun had said the reviews would be from 2018 to 2020 and was to raise the government’s fiscal revenues. Under the new rates for tobacco, in addition to the
Vice President Yemi Osinbajo says Nigeria did not sign the African Free Continental Trade Agreement because the FG wanted to satisfy the private sector. Speaking on Thursday at the FT Nigeria Summit, Osinbajo said the private sector was not happy with the specifics of the agreement. “With the free trade agreement, you know Nigeria is an important market. There are some states waiting to tap into that big Nigerian market,” he said. “Nigeria has one of
An analysis by Nigeria Communications Week of Nigerian ISP firms concludes that they are ‘dying in droves,’ due to their inability to renew operating licenses, raising new questions about the future of internet connectivity in the country as well as the jobs of hundreds of employees. The tech news site says about 17 ISPs with expired licenses, due for renewal since February 2018 have failed to do so. These include ACC Broadcast Multimedia, Chinto
Transparency International said the FG has in the run-up to elections expanded the use of opaque $670 million-a-year funds that fuel graft. The funds, known as “security votes”, are a relic of military rule, mainly disbursed in hard cash and nominally released for dealing with unexpected security issues. According to Transparency International’s report, they have become “synonymous with official corruption and abuse of power”. It said federal-level
All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the CBN announced on Saturday evening. The regulator also ordered BDCs to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its spokesman, Isaac Okorafor. The move is to be an effort in checkmating the activities of speculators in the forex market.
A British judge ruled on Thursday that Bodo community in Rivers state, which has been involved in a protracted legal battle with Shell over the clean-up of two 2008 oil spills, should retain the option of litigation for another year. Lawyers for Bodo had accused Shell of trying to kill off the legal case by seeking a court order that would have meant the community had to meet onerous conditions before it could revive its litigation, which is currently on hold.
Lawyers for the Bodo community in Nigeria’s oil-producing Niger Delta, which was devastated by two major oil spills a decade ago, went to court in London on Tuesday to fend off what they said was an attempt by Shell to kill off their litigation. The Bodo oil spills have been the subject of years of legal wrangling. In 2015, Shell accepted liability for the spills, agreeing to pay £55 million pounds (₦1.25 billion at the time) to Bodo villagers and to clean
The IMF says Nigeria’s debt stock might be low, but it doubts the country’s capacity to repay the debts. Speaking on Monday at the public presentation of Spring 2018 Regional Economic Outlook for Sub-Saharan Africa, the IMF said the country has to increase domestic revenue. “The number of countries in debt distress has increased. From six countries in 2014 to eight in 2015, to 10 in 2016, and today 15 countries. These are low-income economies,” said Amine
Nigeria’s economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the NBS said on Monday. The economy grew by 1.95 percent in the first quarter lifted by the oil sector. That was a slight dip from 2.11 percent year-on-year in the final quarter of 2017. The economy shrank 0.91 percent in the first quarter of 2017, the bureau said. The oil sector grew 14.77 percent
Fitch says it expects that Nigeria’s import figures will return to its previous record now that increased oil prices have resulted in high foreign reserve figures. In a statement released on Thursday to affirm Nigeria’s long-term foreign-currency issuer default rating at ‘B+’ with a negative outlook, the credit rating agency said the negative outlook reflects the uncertainty about the sustainability of economic growth momentum “Increasing oil receipts