The federal government has decided to stop Nigeria's membership of 90 international organisations.This is as a result of a backlog of $120 million in membership dues and other financial commitments.The decision was reached at the federal executive council meeting presided over by President Muhammadu Buhari on Wednesday.Addressing reporters at the end of the weekly meeting, Kemi Adeosun, minister of finance, said [...]
Oluseyi Awojulugbe
ON THE GO
Tijjani Bande, permanent representative of Nigeria to the UN, says that the United Nations security council is old-fashioned and undemocratic.The representative made this statement while speaking to NAN in New York.The security council is UN’s most powerful principal organ with the primary responsibility for the maintenance of international peace and security as well as accepting new members to the international [...]
Reno Omokri, former media aide to ex-President Goodluck Jonathan, says Itse Sagay, chairman of the Presidential Advisory Committee against Corruption (PACAC), was hoodwinked the All Progressives Congress (APC).In a statement shared with TheCable, Omokri said the professor of law now knows the true identity of the ruling party.Omokri said the senior corroborated his own opinion about the party."When I responded [...]
The debut N100 billion Sukuk offer by the Debt Management Office (DMO) was oversubscribed by 5.8% approximately 6%.According to a statement issued by the office, investors in the bond, which has a seven-year tenor, included pension funds, banks, fund managers and retail investors.DMO said the total subscription to the Sukuk offer was N105.88 billion.Patience Oniha, DMO director general, said the [...]
Data made available by the National Bureau of Statistics (NBS) showed that 11 states lost a huge part of their August 2017 allocation to deductions.According to the latest federal account allocation committee (FAAC) report released by the bureau, a total of N467.85 billion was distributed among the three tiers of government in August."The amount disbursed comprised of N387.32bn from the statutory account [...]
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has decided to hold the key interest rate, which serves as the national lending rate, at 14 percent despite the economy's exit from recession.Godwin Emefiele disclosed this on Tuesday after the MPC meeting in Abuja.He said the committee considered holding the rates because it would allow more clarity [...]
The Fiscal Responsibility Commission (FRC) says 23 states exceeded their borrowing limits stipulated in the guidelines provided by the Debt Management Office (DBO).A report on states and indebtedness said Lagos, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo and Imo states borrowed more than 50% of their annual statutory allocations in 2015.Other states listed are Zamfara, Adamawa, Oyo, Abia, Ogun, Taraba, [...]
The Federal Inland Revenue Service (FIRS) and the Institute of Chartered Accountants of Nigeria (ICAN) are not on the same page about the proposed 10-year tax holiday for new companies in the country.While FIRS wants the retention of the current provision in company income tax act (CITA), which gives a five-year tax holiday to new companies, ICAN wants it to [...]
A disagreement ensued between officials of the Federal Inland Revenue Service (FIRS) and staff of Premier Lotto Limited, a popular lottery firm owned by Kessington Adebutu, a businessman known as "Baba Ijebu".According to a statement received by TheCable, staff of the company prevented officials from sealing the premises over N789.6 million tax liabilities.The FIRS team, led by Anita Erinne, had [...]
The management of Arik Air says it has reduced the prices of flight tickets on its Lagos-Acrra and Abuja-Accra routes.In a statement on Monday, the airline also said it has reduced the price of its Lagos to Accra one-way ticket from N51,240 to N43,000."Arik Air has introduced pocket-friendly fares on the Lagos-Accra and Abuja-Accra routes," the statement read."You can now [...]
Oil prices hit $57 on Monday after the Organisation of Petroleum Exporting Countries (OPEC) maintained the decision to exempt Nigeria and Libya from the oil production cut.Members and non-members of the organisation had first agreed on the production cut in December 2016 to ease the supply glut in the market. This caused prices to fall as low as $29 in [...]
The University of Jos Alumni Association (UJAA) will on September 28 confer an award of Worthy Ambassador on Igho Sanomi, chairman of Taleveras Group and a graduate of the university's geology and mining department.According to a statement by the association's president, Idris Yakubu, the honour will be conferred on Sanomi at the 2017 alumni reunion and dinner in AbujaThe new [...]
The Organisation of Petroleum Exporting Countries says Nigeria can continue to supply crude oil to the global market uninterrupted as it will continue to enjoy exemption from the oil production cuts agreed on by members and non-members.This is the outcome of the joint ministerial monitoring committee of OPEC and non-OPEC countries which held in Vienna on Friday.Members of OPEC first [...]
Oil prices remained above the $56 mark on Thursday and Friday morning as traders await the outcome of the meeting between members of the Organisation of Petroleum Exporting Countries and other oil producers.The last time oil prices were above $56 was in June 2015 when the average price was $61.20 a barrel.The meeting will be focused on the possible extension [...]
Azubuike Okafor, chairman of the Manufacturers Association of Nigeria (MAN) in Anambra, Ebonyi and Enugu, has urged the federal government to grant companies five to seven-year tax break.He said this will stimulate investments and increase productivity in the economy.NAN reports that Okafor made this statement during the 29th annual general meeting of the association in Awka on Thursday."We call on [...]
Operators of telecommunications networks in the country say the means of identification rule imposed by the Nigerian Communications Commission (NCC) is reducing the rate of successful sim replacement.Representatives of some telecommunication networks made this complaint at the 81st Telecom Consumer Parliament organised by the NCC in Lagos."If you go to our centres today, Globacom, 9mobile, Airtel and MTN, the number [...]
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