President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers, Femi Adesina, the presidential spokesman said. Adesina added that no further extension of time will be approved after June 30. The new date was given based on the conviction of the finance ministry that the overall
MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa. CEO, Rob Shuter, said plans for the IPO were well advanced and the company would provide exact terms in the next few months. He spoke in Lagos after MTN signed an agreement with Ecobank to form a partnership on mobile banking across Africa. “We are well advanced with the Nigerian listing.
President Muhammadu Buhari confirmed on Monday he will seek another term in elections next year, ending months of speculation about his future after bouts of ill health. The 75-year-old said he would seek his party’s presidential ticket to contest elections in February 2019 during a closed-door meeting of the APC national executive committee. He flew to the UK for talks with Prime Minister Theresa May a few hours later. The announcement by Buhari was widely
The NNPC said it had awarded two of three gas pipeline contracts which in total will be worth more than $2.8 billion. One contract for a roughly 200 km stretch of the 614 km Ajaokuta-Kaduna-Kano pipeline and stations was awarded to Oando and OilServe, the state oil company said in a statement. Another stretch of about 200 km was given to a partnership between China Petroleum Pipeline Bureau and Brentex. The NNPC did not say how much each individual contract was
Minister of State for Petroleum Resources, Ibe Kachikwu said on Thursday that the country is currently recording an under-recovery of ₦1.4 trillion per annum on PMS. Kachikwu, who stated this at a workshop on harmonisation of LPG regulatory requirements, said the unnecessary cost incurred from petrol consumption, the majority of which is imported, underscored the need for the country to shift to alternative energy for our transportation needs. Under-recovery
OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey of oil companies, OPEC and consulting firms found, sending compliance with a supply-cutting deal to another record. The bloc pumped 32.19 million barrels per day last month, according to the survey, down 90,000 bpd from February. The March total is the lowest since April 2017. OPEC is reducing output by about
Export of Nigerian electricity to Niger and Benin is expected to increase to 1,540MW by 2025 from 387MW in 2020, the Punch reports citing a document. The document, entitled: ‘Transmission Expansion Plan’, obtained from the Ministry of Power, Works and Housing, revealed that 780MW and 760MW would be exported to Niger and Benin respectively by 2025. According to the document, between 1973 and 2015, peak electricity generation in Nigeria was increased from 385MW
A Daily Trust analysis of NBS data indicates that Nigeria’s 36 states will take at least seven years to repay their total debt stock using their internally generated revenues alone. According to the NBS, at the end of 2017, states’ total debt stock stood at ₦7.33 trillion while total IGR was a paltry ₦931.23 billion, 12.69 percent of total debt. Only a handful of Nigerian states can fund their operations with only their IGR, with FG allocations being
Data from the NBS shows that revenue from FAAC forms more than 50 percent of the total income realised by states in 2017. The only exceptions were Lagos and Ogun where the allocations represented 21 percent and 25 percent respectively. States typically generate revenue from taxes and levies paid by residents and companies domiciled in the state. Revenue can also be generated from payments made for services provided by state ministries, departments and agencies.
Nigeria and Switzerland signed a memorandum of understanding on Monday to pave the way for the return of illegally acquired assets, the Presidency said. Switzerland said in December that it would return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank. Since taking office in 2015, President Muhammadu Buhari has sought help from several nations to recover money he said was