Business

Transport fares across the country have remained stagnant at high rates despite the price of Premium Motor Spirit (PMS), popularly known as petrol, witnessing a 28 percent reduction since the massive price hikes experienced following the removal of the fuel subsidy over two years ago. Immediately after the subsidy removal in May 2023, transporters increased fares. Since that period, the …

The Federal Government has insisted that it is committed to kick-starting the implementation of the new tax reforms laws on January 1, 2026, saying the reforms are aimed at promoting economic growth inclusivity as well as shared prosperity for Nigerians. This was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele in Lagos …

Concerns have deepened over alleged alterations to tax laws passed by the National Assembly, after two more lawmakers raised objections to the gazetted versions. Daily Trust had reported how a member of the House of Representatives, Hon. Abdulsammad Dasuki (PDP Sokoto), on Wednesday, raised a matter of privilege on the floor of the House, alleging discrepancies between the tax laws …

Concerns are mounting over the President Bola Tinubu-led government’s handling of public finances following revelations of conflicting revenue figures contained in official documents and public statements, at a time when Nigerians are grappling with rising living costs and economic hardship. Findings by the BudgIT Foundation indicate that the Budget Office of the Federation, under the Ministry of Budget and Economic …

Nigerians are set to face more hardship from the Bola Tinubu-led government as cost of vehicles is expected to rise following his administration move to gradually phase out the importation of used, popularly known as Tokunbo, vehicles in the country. In a report by Punch, the government’s position was disclosed at the 18th Nigeria Auto Journalists Association (NAJA) International Auto …

It’s rare to find a multibillionaire who hasn’t had nasty battles. Yet, as battles go, the fight between Aliko Dangote, the founder of the Dangote Refinery, and the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, is among the most spectacular that Africa’s wealthiest man has had to fight in recent times. It won’t be …

The Enugu Electricity Distribution Company, EEDC, has attributed the recent drop in power supply across the South-East to low system frequency caused by gas constraints affecting power generation companies. EEDC said the situation has forced the Transmission Company of Nigeria, TCN, to implement load shedding of available energy. This was disclosed in a statement issued on Tuesday by the Group …

President of the Dangote Industries Limited, Alhaji Aliko Dangote, has launched a fresh offensive against the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), insisting the leadership of the authority is sabotaging efforts at boosting local refining. At a press conference on Sunday, at the Dangote Petroleum Refinery, he said imports were being used to checkmate domestic potential, …

Africa’s richest man and president of the Dangote Group, Aliko Dangote, has declared that the business environment in Nigeria was not conducive for any investor to be interested in buying the refineries operated by the Nigerian National Petroleum Corporation (NNPC) Limited. Dangote made the statement during a press briefing on Sunday in Lagos, noting that even if the government puts …

Tensions within the Nigerian Communications Commission (NCC) have escalated as aggrieved staff have raised a fresh alarm over what they describe as a compromised board leadership. Sources said some 22 staff members of the organization feel cheated, witch-hunted and unfairly treated and that even their hope of seeking redress with the new board of the commission seems like a utopian …