Business

The Federal Government has approved an e-Customs modernisation project worth N142.24bn. Minister of State, Budget and National Planning, Clem Agba, disclosed shortly after the Federal Executive Council meeting, presided over by Vice President Yemi Osinbajo. Agba noted that the concessionaire had furnished the government with N4.14bn security from the satisfactory performance of the project plus a debt facility timesheet in the sum of N138bn to finance the first phase of […]

The Federal Government says it will increase excise tax on tobacco products from 30 per cent to 50 per cent. Head, Tobacco Control Unit, Noncommunicable Disease Division, Federal Ministry of Health, Mangai Malau, disclosed this at the National Tobacco Control Budget Advocates Meeting in Abuja. Malau revealed that presently, the Federal Government imposed a 30 per cent tax on tobacco products, as part of measures to control tobacco smoking in the […]

The Nigerian Railway Corporation generated N715.09 million in revenue from passengers in Q3 of 2022. According to the National Bureau of Statistics, the figure dropped by 60.52 per cent compared to the N1.81 billion received in Q3 of 2021. Similarly, it showed that N101.84 million was collected in Q3 2022 as revenue from goods/ cargos, this dropped by 7.04 per cent from N109.56 million received in Q3 2021.

The Standard Organisation of Nigeria, SON, says it has destroyed 10 million substandard tyres in six months. A statement issued by the Director General of SON, Farouk Salim, made this known at a one-day sensitisation programme. Salim added that the agency had also trained over 800 tyre importers and vulcanisers on ways to identify quality tyres in its bid to ensure safety on Nigerian roads.

Commercial banks across Nigeria have begun revising their interest rates. This is coming after the Central Bank of Nigeria, CBN, raised its benchmark lending rate to 18 per cent last month. CBN Governor, Godwin Emefiele, noted that the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

Reports say importation of motorcycles in Nigeria has fallen to N212.64 billion in 2022 representing a 42 per cent decrease from N367.39 billion spent in 2021. According to the National Bureau of Statistics‘ Foreign Trade in Goods report, importation bill on motorcycles fell quarter-on-quarter by 22 per cent to N46.43 billion in the fourth quarter of 2022 from N59.63 billion in Q3’22. The downward trend was reversed in Q3 ’22 […]

The Federal Government has secured $800m from the International Bank for Reconstruction and Development to provide post-petroleum subsidy palliatives for over 50 million Nigerians. Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this after this week’s Federal Executive Council meeting in Abuja. According to Ahmed, the $800m forms the first tranche of palliatives ready to be disbursed to 10 million households in form of cash.

The Manufacturers Association of Nigeria, MAN, has commended the Federal Government’s decision to halt the proposed increase in excise duty on alcohol, non-alcoholic beverages and tobacco. This was contained in a statement signed by the Director General of the association, Segun Ajayi-Kadir. The statement praised the government for allowing the 2022-2024 Federal Government Sectoral Roadmap to run its full course.