Business

NEW WITHHOLDING TAX BEGINS President Bola TinubuThe Federal Government has commenced the implementation of the 2024 Withholding Tax Regulations, signalling effort to modernise Nigeria’s tax system. Approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October, the revised regulations became effective on January 1, 2025. Formally titled the “Deduction of Tax at Source (Withholding) …

NIGERIANS MAY PAY 40 PERCENT MORE FOR CALLS, DATA There is anxiety over a possible 40 percent telecommunications service tariff hike in Nigeria this New Year. This comes as telecommunications subscribers in Nigeria, under the aegis of the National Association of Telecoms Subscribers (NATCOMS), rejected the proposed telecoms tariff hike. The subscribers said it would be insensitive for the Nigerian …

NNPC CEO, MELE KYARI, SEEKS EXTENSION WITH LAST-MINUTE MOVE, REOPENS WARRI REFINERY The Nigerian National Petroleum Company Limited (NNPCL) has resumed operations at its Warri oil refinery after nearly a decade of shutdowns. According to sources, the refinery’s reopening despite its lack of readiness to produce Premium Motor Spirit, otherwise called petrol, is seen as a move by NNPCL’s CEO, …

X TO LAUNCH PAYMENT SYSTEM IN 2025 Linda Yaccarino, the chief executive officer (CEO) of X, formerly Twitter, has announced that the social media platform will launch a payment system called X Money in 2025. In a statement on X on Tuesday, Yaccarino said 2025 will connect X users in ways never thought possible. “In 2024, X changed the world. …

COMPETITION BETWEEN DANGOTE, NNPC, REASON FOR PETROL PRICE DROP — IPMAN Independent Petroleum Marketers Association of Nigeria, IPMAN, has attributed the fierce competition between Nigeria’s two refineries owned by Dangote and NNPC Limited for the recent drop in the pump price of premium motor spirit, PMS, also known as petrol. Checks showed that most petrol retail outlets have reduced their …

NAIRA PROJECTED TO REACH ₦‎1,804/$ ON 2025 VOLATILITY PROJECTIONS The Nigerian naira is projected to depreciate to a weighted fair value of N1,804.45 in the coming year as tendency of volatility persists. This is according to a new report by Lagos-based investment and research firm Afrinvest titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles. The research company revealed that while …

MAN DG CONDEMNS CLOSURE OF COCA-COLA, GUINNESS FACTORIES BY LAGOS GOVT, SAYS ACTION ILL-TIMED Segun Ajayi-Kadir, the director-general (DG) of the Manufacturers Association of Nigeria (MAN), has condemned Lagos state for closing factories belonging to Coca-Cola Hellenic Bottling Company, FrieslandCampina WAMCO, and Guinness Nigeria. On December 24, the Lagos State Water Regulatory Commission (LASWARCO) sealed the factories for extracting groundwater …

NCC APPROVES MTN DISCONNECTION OVER UNPAID CHARGES The Nigerian Communications Commission (NCC) has approved the disconnection of Exchange Telecommunications Ltd. from MTN Nigeria’s network over the non-settlement of interconnect charges. In a public notice issued Friday and signed by the NCC’s Public Affairs Director, Reuben Muoka, the commission explained that the action would remain in effect until further notice. “The …

UNCERTAINTY OVER RENEWED EFFORTS TO REVIVE AJAOKUTA COMPANY The Ajaokuta Steel Company Limited (ASCL), once heralded as a beacon of industrialisation for Nigeria, now stands as a symbol of dashed hopes. Despite federal government’s spending of over $10bn in the 45 years since its inception, the project remains uncompleted, casting a long shadow over the host community. Our correspondents observe …

NNPC SLASHES PETROL PRICE TO N925/LITRE IN LAGOS, N965/LITRE IN ABUJA The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja. NNPC dropped the price of the product from N1,025 per litre in Lagos and N1,040 in Abuja. TheCable observed that …