Business

INSIDE THE VAT POOL: VAT CONTRIBUTED AND RECEIVED ACROSS GEOPOLITICAL REGIONS IN Q1 2025 South-eastContribution: N28.37bnReceived: N104.50bn (Received 368% of what it contributed) North-eastContribution: N30.04bnReceived: N124.20bn (Received 345% of what it contributed) North-westContribution: N68.05bnReceived: N176.74bn (Received 260% of what it contributed) North-centralContribution: N52.70bnReceived: N126.16bn (Received 239% of what it contributed) South-southContribution: N364.99bnReceived: N171.19bn (Received 47% of what it contributed) South-westContribution: …

TAX REFORM BILLS READY FOR PRESIDENTIAL ASSENT AS NASS ADOPTS HARMONIZED BILLS The Senate and the House of Representatives have jointly adopted the harmonized conference report on the four tax reform bills, marking a significant milestone in President Bola Tinubu’s fiscal reform agenda. The bills will now be transmitted to the President for assent. After weeks of detailed legislative work, …

VAT GENERATED IN STATES ACROSS NIGERIA IN Q1 2025 Taraba: N2.33bn Lagos: N819.62bn Rivers: N278.23bn Oyo: N79.78bn Bayelsa: N27.26bn Kano: N22.97bn Edo: N20.73bn Delta: N20.04bn Akwa-Ibom: N16.08bn Kwara: N14.43bn Benue: N12.36bn Jigawa: N11.22bn Sokoto: N10.88bn Anambra: N10.73bn Ekiti: N10.17bn Adamawa: N9.12bn Kaduna: N8.12bn Borno: N7.87bn Ebonyi: N7.43bn Kogi: N7.33bn Ogun: N7.20bn Ondo: N7.14bn Nasarawa: N7.05bn Bauchi: N6.30bn Niger: N5.97bn Katsina: …

NIGERIA’S DEBT TO HIT N162TRN AS PRESIDENT SEEKS N17TRN LOANS Nigeria’s public debt profile will rise to N162.025 trillion as President Bola Ahmed Tinubu has sought the National Assembly’s approval for fresh loans’. The president requested the legislature to approve new borrowing plans totaling $21.5 billion, along with €2.19 billion, 15 billion Japanese yen and a €65 million grant, as …

PETER OBI WANTS NAFDAC TO REVIEW N700,000 DEMAND FOR REOPENING ONITSHA HEAD BRIDGE MARKET The Labour Party, LP, presidential candidate in the 2023 general elections, Peter Obi, has once again appealed to relevant authorities to review and drop the charges against Onitsha Head Bridge Market in Anambra State. Obi made this appeal in a post on his official X handle …

SECOND ANNIVERSARY: ECONOMISTS RATE NIGERIAN ECONOMY UNDER TINUBU Ahead of the President Bola Ahmed Tinubu administration’s second anniversary on May 29th, 2025, economists and financial analysts have rated the ‘Renewed Hope’ government low in improved cost of living for the majority of Nigerians. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, and the …

FG DIRECTS AMCON TO BEGIN SHUTDOWN PROCESS The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria, with a directive to strengthen asset recovery and commence a credible, time-bound wind-down of the Corporation. According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed …

NNPCL ANNOUNCES PORT HARCOURT REFINERY SHUTDOWN The Nigerian National Petroleum Company Limited (NNPC Ltd) on Saturday announced a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC), beginning on May 24, 2025. This was contained in a statement by the Chief Corporate Communications Officer, Femi Soneye. Soneye stated that the shutdown is part of a planned maintenance and sustainability …

MARKETERS KICK AS PORT HARCOURT REFINERY FACES Shutdown For MAINTENANCE The Port Harcourt Refining Company will be shut down any time soon to undergo a maintenance exercise that could last for 30 days, Saturday PUNCH reports. Some retailers told our correspondent that the facility was shut down on Thursday night, but the Nigerian National Petroleum Company Limited said the plant …

NIGERIA FINALLY RESCUED FROM $11BN P&ID SCAM – LEGAL TEAM LEADER CLARIFIES The Federal Government on Thursday evening revealed how Nigeria was saved from an $11 billion investment scam engineered by Process and Industrial Developments Limited (P&ID), describing the landmark victory in a United Kingdom court as a turning point in the fight against corruption and economic sabotage.The National Coordinator …