Business

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy. Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies. “There’s no way you can remove subsidy completely. No country in the entire world …

In Nigeria’s ever-shifting economy, one constant has quietly underpinned growth: family-owned businesses. For decades, they have been ingrained in society, shaping the country’s economic trajectory while weathering downturns, policy shifts, and volatile market cycles. According to a study by McKinsey, family-owned businesses account for more than 70% of global GDP, generate annual turnovers of between $60 trillion and $70 trillion, …

The Federal Government overspent its debt service budget by N2.74tn within the first nine months of 2024 despite earning far less revenue than projected. This is according to the latest third-quarter budget implementation report for 2024 published by the Budget Office of the Federation. Figures from the document obtained by our correspondent on Friday showed that actual debt service rose …

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed claims that all Nigerians must obtain a Tax Identification Number (Tax ID) before opening or maintaining bank accounts, stressing that the requirement applies only to taxable persons and businesses. In a post on his X handle, Oyedele explained that the newly enacted Nigeria Tax Administration Act …

The leadership of the National Association of Nigerian Students (NANS) has been following with keen interest the ongoing feud between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). As much as we recognize the importance and vital role that unions and associations play in the defense and protection of human rights, we are obliged …

The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, has revealed that Nigeria has successfully collected over N600bn in Value Added Tax from global digital service providers such as Facebook, Amazon, and Netflix. He explained that amendments to the VAT Act had empowered the Federal Inland Revenue Service to bring non-resident companies …

In the early 60s, Michael Iheonukara Okpara, former premier of the defunct Eastern Region, had an industrialization policy, which he vigorously pursued. From agriculture, manufacturing to mining, the commitment to grow the economy of the region was obvious. However, Okpara also recognized the importance of hospitality as a key enabler of investments, hence the attention to the sector with the …

Dangote Petroleum Refinery has said membership of trade unions by its employees remains voluntary and not compulsory, in line with the Nigerian Constitution and International Labour Organisation conventions. The company stated this in a release on Wednesday while responding to what it described as “distortions of facts” by the Nigeria Union of Petroleum and Natural Gas Workers concerning its trade …

FUEL SCARCITY LOOMS AS DANGOTE, NUPENG DEAL COLLAPSES Barely 48 hours after the Department of State Services (DSS) brokered peace between Dangote Group and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), fresh dispute has erupted between the duo, Daily Trust can report. Specifically, the leadership of the union halted loading of fuel at the loading bay of …

The Federal Government has revoked the 5% excise tax previously imposed on telecommunications services in Nigeria, a move expected to ease cost pressures for millions of mobile users. The tax, which was intended to apply to both voice calls and data, had drawn widespread criticism from industry players and consumer advocates since its introduction under the Muhammadu Buhari administration. Aminu …