Business

504 Results / Page 2 of 56

Background

Business

Band A customers opt for solar as energy costs triple

Premium electricity consumers categorised as Band A customers are embracing solar power as an alternative source of energy following the recent tariff hike as well as the high cost of fuel, In Nigeria, the average person is gradually losing the ability to afford electricity as they still struggle to pay for other essentials of life. Since April, many people have seen an increase in their electricity costs of over 300 […]

today05/14/2024 4

Business

CBN plans transfer of N5.5tn to Finance Ministry

The Central Bank of Nigeria, CBN, will transfer N5.5 trillion for development activities to the Ministry of Finance, Development Finance Institutions (DFIs) amid its restructuring plan. According to a new report, this move aligns with the recommendations from the International Monetary Fund, IMF, on the need for the CBN to streamline its economic policies and focus on core central banking functions. Under the new strategy, the CBN will gradually phase […]

today05/14/2024 5

Business

CBN To Retain High Interest Rates To Curb Inflation says Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. According to him, Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso, in an interview with newsmen said that the Monetary Policy Committee (MPC), […]

today05/14/2024 4

Business

Cryptocurrency businesses should be licensed in Nigeria according to IMF

The International Monetary Fund, IMF explained that global crypto trading platforms should be registered or licensed in Nigeria and subject to regulatory requirements. The Washington-based bank disclosed this in its latest staff report for Nigeria. The bank warned against the risk of the rapid growth of foreign exchange (FX) trading platforms in Nigeria, which poses new challenges to the country’s financial stability. The IMF backed Nigerian authorities in their restriction […]

today05/10/2024 2

Business

NPA, TTP introduce E-tag for efficient cargo delivery

Nigerian Ports Authority, NPA, in collaboration with the management of the Truck Transit Parks Limited, TTP, have commenced moves to improve cargo delivery by introducing Electronic tags for ease of entry into and exit from the ports. In a statement released by its Managing Director, Jama Onwubuariri, the new innovation comes at no cost to truckers, adding that the initiative promises to revolutionize port efficiency and security. Onwubuariri also said […]

today05/10/2024 2

Business

Port Harcourt, Warri refineries to be fully operational in 2024

As Nigeria’s fuel scarcity lingers, the Chairman, Senate Committee on Petroleum (Downstream), Ifeanyi Ubah, said two refineries – Port Harcourt and Warri – would be fully operational by the end of 2024. He said plans have already been put in place to achieve the target, adding that the Kaduna Refinery would also be operational before the end of next year. According to him, the completion of the plants and the […]

today05/09/2024 1

Business

Police to go after illegal PoS operators

The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims. It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024. The Registrar-General, CAC, Hussaini Magaji, disclosed this at the formal launch of the CAC registration […]

today05/09/2024 1

Business

For cash pooling settlement, CBN clarifies education and gasoline tax.

Central Bank of Nigeria has provided additional clarifications on the circular concerning the cash pooling of repatriated oil and gas export proceeds by international oil companies. This announcement was made by the Director of the Trade and Exchange Department, Hassan Mahmud on Tuesday The apex bank specified the expenses that can be settled from 50 per cent of the repatriated fund, which includes petroleum tax, royalty, domestic contractor invoices, cash […]

today05/07/2024 2

Business

Govt to reintroduce Telecom tax, others to secure $750m loan from World Bank

The Nigerian government has drafted a plan to reintroduce the telecommunications tax previously suspended and other revenue-generating measures to secure a $750 million World Bank Loan. This is according to the recent Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. The document posted on the World Bank’s website showed that the Nigerian government might reintroduce taxes on telecoms, electronic money transaction […]

today05/07/2024 1

0%
Our customer support team is here to answer your questions.
error: Alert: Content is protected !!