Here are the seven top business stories you need to track this week — December 15 to December 19.
PORT HARCOURT AIRPORT CONCESSION AGREEMENTS IN FINAL STAGE
Festus Keyamo, minister of aviation and aerospace development, said the concession agreements for Port Harcourt International Airport are in their final stage.
In November, the minister said the FEC has approved the business case for the concessioning of the Port Harcourt airport.
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Keyamo, however, assured that no worker will lose their job as a result of the concession process.
LIRS SEALS IKEJA SHOPRITE OVER ‘NONCOMPLIANCE’ WITH TAX OBLIGATIONS
The Lagos State Internal Revenue Service (LIRS) has sealed the Shoprite outlet at the Ikeja City Mall over alleged failure to meet tax obligations.
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In a notice spotted at the entrance by TheCable on December 8, the LIRS said the breach is an offence punishable by fines and imprisonment under Section 94 of the Personal Income Tax Act, 2011 (as amended).
FCCPC TO PROBE DOMESTIC AIRLINES’ TICKET PRICING MODELS
The Federal Competition and Consumer Protection Commission (FCCPC) said it is probing ticket pricing templates used by some domestic airlines, following rising public complaints about sharp increases on certain routes.
On December 9, the senate summoned Keyamo, and key industry stakeholders for an urgent meeting over the sharp rise in domestic airfares.
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Keyamo, however, blamed the high airfares on aircraft scarcity and insufficient maintenance infrastructure in the country.
FCCPC SEALS IKEJA DISCO FOR ‘VIOLATING’ CONSUMER RIGHTS
The commission also sealed the Ikeja Electric Distribution Company (IKEDC) headquarters in Lagos for allegedly violating consumer rights.
In a statement on December 11, the agency said the Nigerian Electricity Regulatory Commission (NERC) had issued a binding decision directing the distribution company (DisCo) “to unbundle a maximum demand account into twenty non-maximum demand accounts”.
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The FCCPC said the directive was intended to recognise the nineteen residential units and the complainant’s service point as separate customer units and to provide the necessary metering and connection.
The commission said the Ikeja Electric did not carry out the directive.
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REPS ASK FG TO CUT AVIATION TAXES BY 50% TO CURB SOARING AIRFARES
The house of representatives has asked the federal government to cut aviation taxes by 50 percent to make flights more affordable for Nigerians during the yuletide.
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The house passed the resolution on December 11, following the adoption of a motion sponsored by Obi Aguocha, a Labour Party lawmaker from Abia.
Leading the debate, the legislator drew the house’s attention to what he described as “exorbitant” airfares that have placed a heavy burden on families hoping to reunite during the festive period.
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TINUBU SEEKS N’ASSEMBLY APPROVAL FOR 2026-2028 MTEF
President Bola Tinubu has asked the national assembly to approve the 2026-2028 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).
Tinubu, in a letter read in the senate on December 11, said he transmitted the documents “for the kind consideration and approval of the distinguished senators”.
The president said the 2026 budget will be prepared based on the fiscal assumptions and parameters contained in the approved MTEF and FSP.
On December 3, the federal executive council (FEC) approved the 2026-2028 medium-term expenditure framework (MTEF), outlining Nigeria’s economic outlook, revenue targets, and spending priorities for the next three years.
FG PHASES OUT CASH REVENUE COLLECTION
The federal government has prohibited ministries, departments and agencies (MDAs) from collecting physical cash for revenue transactions, citing persistent violations of e-payment and treasury single account (TSA) policies.
In four treasury circulars dated November 24, Shamseldeen Ogunjimi, the accountant-general of the federation (AGF), urged accounting officers to ensure full compliance, noting that they will be liable for any breaches linked to their MDAs or agencies.
