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Malami Affirms FIRS as authentic Stamp Duties Administrator

Malami Affirms FIRS as authentic Stamp Duties Administrator

The explanation of the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, yesterday, on which agency of the federal government reserves the authentic right for the administration of stamp duties in Nigeria, may have rested it on the shoulders of the Federal Inland Revenue Service (FIRS) which has recently been in contention with the Nigerian Postal Service (NIPOST) ... Read More »

NNPC Pledges to Boost Gas Delivery to Domestic Market

NNPC Pledges to Boost Gas Delivery to Domestic Market

… As FG Inaugurates Gas Transportation Network Code to Boost Gas Penetration The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to working with relevant partners and stakeholders in the Oil and Gas Sector to boost delivery of gas to the domestic market.  ONYEKA AJUMOBI ONOCHIE reports The Group Managing Director of NNPC, Mallam Mele Kyari, made the commitment ... Read More »

FG Spends N409.9bn to Settle Ex-PHCN workers, Says BPE

FG Spends N409.9bn to Settle Ex-PHCN workers, Says BPE

The Federal Government has, so far, spent N409, 915,331,675.45 on the payment of severance benefits to ex-workers and death benefits of the defunct Power Holding Company of Nigeria (PHCN), the Bureau of Public Enterprises (BPE) has said. ONYEKA AJUMOBI ONOCHIE reports In a statement signed by the Bureau’s Head of Public Communications, Mrs. Amina Othman Tukur, she said the payment streams ... Read More »

NNPC Signs Pact with Partners to Resolve OML 130 Dispute

NNPC Signs Pact with Partners to Resolve OML 130 Dispute

…Says Resolution Will Immediately Unlock about $510million of Gas Revenue BY ONYEKA AJUMOBI ONOCHIE In its bid to meet the target of revving up production to 3million barrels per day and unlock gas revenues to the tune of about $225 million in the short term and $510million in the long run for the Federation,  the Nigerian National Petroleum Corporation (NNPC) ... Read More »

NNPC Records 43 Per cent Drop in Oil Pipeline Vandalism in May

NNPC Records 43 Per cent Drop in Oil Pipeline Vandalism in May

BY ONYEKA AJUMOBI ONOCHIE The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020. The corporation, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained in ... Read More »

NIPOST Chair draws FIRS’ Ire over Stamp Duties Administration

NIPOST Chair draws FIRS’ Ire over Stamp Duties Administration

BY ONYEKA AJUMOBI ONOCHIE As Revenue Agency Threatens Prosecution for Misappropriation The Chairperson of the Board of the Nigerian Postal Service (NIPOST), Mrs Maimuna Abubakar, has drawn the ire of the nation’s income powerhouse, the Federal Inland Revenue Service (FIRS), over her claim accusing the revenue agency and the National Assembly of stealing the NIPOST’s idea on stamp duties administration. ... Read More »

Amazing Impact of Taxation to Nigeria’s Economy, By FIRS Chair

Amazing Impact of Taxation to Nigeria’s Economy, By FIRS Chair

BY ONYEKA AJUMOBI ONOCHIE The amazing impact of taxation to Nigeria’s economy cannot be over emphasized, especially in the face of the ongoing global Covid-19 pandemic which has thrown up new ways of doing things, Executive Chairman, FIRS, Mr. Muhammad Nami, has stressed. Mr. Nami noted this today, in Abuja, while fielding questions during a live appearance on the popular ... Read More »

Nigeria’s external debt set to skyrocket from $27.67bn to $34.1bn

BY ONYEKA AJUMOBI ONOCHIE Nigeria’s external debt profile is getting set to skyrocket from $27.67bn, as at March this year, to $34.1bn, with the World Bank’s imminent approval of fresh $1.5bn this month when the global bank’s Executive Board may meet to approve half of the country’s $3bn loan application, August 6. This comes against the backdrop of the amount ... Read More »

CBN to offer cotton farming loan facility to 15,000 farmers in Jigawa

CBN to offer cotton farming loan facility to 15,000 farmers in Jigawa

BY SHEHU MUSA, Dutse. About 15,000 farmers in Jigawa State are to benefit from Federal Government Cotton Production Program of the Central Bank of Nigeria, the state Chairman Jigawa Chapter of the National Association of Cotton Farmers, Alh. Lawal Musa Kazaure has revealed. Last year about 40,000 farmers were registered for the program out of which 30,000 scaled through and ... Read More »

NNPC Denies Theft of 48m Barrels of Crude Oil

NNPC Denies Theft of 48m Barrels of Crude Oil

…To sue blackmailers and purveyors of falsehood By Demola Abimboye The Nigerian National Petroleum Corporation, NNPC, has categorically denied that its officials stole and sold 48 million barrels of crude oil worth about $2.5billion. The allegation was made earlier in the week by some online news papers. In a release signed by Chief Afe Babalola of Afe Babalola & Co, ... Read More »

Sallah: FIRS extends deadline for tax filing by one week

Sallah: FIRS extends deadline for tax filing by one week

…Felicitate with Nigerians on Eid-el Kabir celebration The Federal Inland Revenue Service (FIRS) has extended the deadline for filing of returns in some tax categories by one week. Mr Abdullahi Ismaila Ahmad, Director, Communications and Liaison Department of the service, made this known in a statement in Abuja today. Ahmad said the gesture was in the spirit of the festivities ... Read More »

FIRS plans stamp duty palliatives for tenants

FIRS plans stamp duty palliatives for tenants

The Federal Inland Revenue Service (FIRS) said it is working on a stamp duty palliative package for tenants in view of the current economic realities occasioned by COVID-19. Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the service made this known in a statement in Abuja. Ahmad said the FIRS Executive Chairman, Mr. Muhammad Nami, hinted that stamp duty ... Read More »

Power projects: FG set to pay N8.64bn counterpart fund

Power projects: FG set to pay N8.64bn counterpart fund

The Federal Executive Council, FEC, yesterday approved the payment of €15.21m (N6,940,081,465.20) offshore and N1.71bn onshore as part of Nigeria’s counterpart funding for the power deal with Siemens AG, signed by the Nigerian and German governments in 2019. The total amount approved is N8,648,081,465.2. This was one of the decisions taken at the virtual FEC meeting presided over by President ... Read More »

We are taking loans to develop key infrastructure, reposition Oyo for economic growth – Gov. Makinde

We are taking loans to develop key infrastructure, reposition Oyo for economic growth – Gov. Makinde

…signs revised 2020 budget …Govt to adopt alternative project funding approach Oyo State Governor, Engineer Seyi Makinde, today explained that his administration’s determination to fix the huge infrastructure deficit in the state and get the state on the right track for economic growth was behind the move to secure loans that target key infrastructure. He added that the problem with ... Read More »

N100bn Bond: Adelabu out to play cheap politics, says Makinde’s aide

N100bn Bond: Adelabu out to play cheap politics, says Makinde’s aide

….’Terms of Bond will protect interests of Oyo people’ The Chief Press Secretary to Governor Seyi Makinde of Oyo State, Mr. Taiwo Adisa, has asked the governorship candidate of the All Progressives Congress (APC) in the 2019 election, Mr. Adebayo Adelabu, to rise above cheap politics in his criticisms of the state’s Prosperity Bond unveiled last Wednesday. Adisa, in a ... Read More »

Civil Societies, Communities To Monitor Projects In Kwara – Gov.

Civil Societies, Communities To Monitor Projects In Kwara – Gov.

By Joe Adedeji, Ilorin Civic groups and communities in Kwara State will henceforth be monitoring government projects to ensure good quality of works done before payments. The governor, AbdulRahman AbdulRazaq at the weekend proposed the development which he tagged ‘social audit’. He said the civic groups and communities monitoring these projects thereafter issue independent reports that would form the basis ... Read More »

President Buhari approves establishment of Nigerian Youth Investment Fund

President Buhari approves establishment of Nigerian Youth Investment Fund

In a move that underscores his absolute confidence in the innovative skills, talents and industry of the Nigerian youth, President Muhammadu Buhari on Wednesday led the Federal Executive Council to approve the establishment of the Nigeria Youth Investment Fund, NYIF, to the tune of N75 billion for 3 years. The Nigeria Youth Investment Fund (NYIF) is for innovative ideas, skills ... Read More »

Company files notice of consequence of disobedience to order of the court against AMCON boss, Ahmed Kuru

Company files notice of consequence of disobedience to order of the court against AMCON boss, Ahmed Kuru

Global Sterling Products Limited has filed a notice of consequences of disobedience to order of the court against the Managing Director of Assets Management Corporation of Nigeria, AMCON, Ahmed Kuru and one Lanre Olaoluwa for allegedly disobeying the order of a Federal High Court in Lagos. The company alleged that the duo of Ahmed Kuru and Lanre Olaoluwa refused to ... Read More »

We’ve set Oyo up for massive agribusiness turnaround – Makinde

We’ve set Oyo up for massive agribusiness turnaround – Makinde

…as he launches IITA-backed STEP programme …pledges to replicate scheme in all zones of Oyo The Oyo State governor, Engineer Seyi Makinde, on Thursday, declared that his administration has set up the state for a massive turnaround in agribusiness, adding that the state was ready to absorb anyone who is ready to invest in large scale agriculture practices and agribusiness. ... Read More »

How Indorama Molecular Lab Will Help Fight COVID-19 and Sustain Agriculture and Industralisation in Nigeria

How Indorama Molecular Lab Will Help Fight COVID-19 and Sustain Agriculture and Industralisation in Nigeria

  Indorama-Nigeria, owner of Indorama Eleme petrochemicals and Indorama fertiliser says that its Molecular laboratory accredited by the Nigeria Centre for Disease Control (NCDC) will help to fight the novel Coronavirus (COVID-19) pandemic in Rivers State and Nigeria in general. NCDC yesterday announced that it has accredited five new Molecular Laboratories, including Indorama Molecular lab in Port Harcourt, Rivers State ... Read More »