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TheCable

Business

Naira hits 48-year-low, trades at 545/$ in parallel market

    Naira hits 48-year-low, trades at 545/$ in parallel market

The Nigerian naira depreciated to its lowest level in 48 years, trading between N540 and N545 to a US dollar in Lagos on Thursday. Parallel market and bureau de change

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Despite huge federal allocation, Bayelsa among list of insolvent states

    Despite huge federal allocation, Bayelsa among list of insolvent states

The Annual State Viability Index (ASVI) ranked Bayelsa — one of Nigeria’s oil-producing states — as an insolvent state, despite the huge federal allocation the state received in 2020. The

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FIRS: States collecting VAT will lead to double taxation for businesses

    FIRS: States collecting VAT will lead to double taxation for businesses

The Federal Inland Revenue Service (FIRS) says the central collection of value-added tax (VAT) had prevented businesses from double taxation and hardship that could emerge through state collections. Mathew Gbonjubola,

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‘Restructuring has already begun by force’ — Moghalu backs Rivers VAT ruling

    ‘Restructuring has already begun by force’ — Moghalu backs Rivers VAT ruling

Kingsley Moghalu, former presidential candidate of the Young Progressives Party (YPP), has described the recent judgment of the federal high court in Port Harcourt, Rivers state, on value-added tax (VAT)

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Osinbajo: AfCFTA could boost Africa’s income by $450bn

    Osinbajo: AfCFTA could boost Africa’s income by $450bn

Vice President Yemi Osinbajo says there is a potential income gain of about $450 billion from the African Continental Free

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CBN directs banks, PSPs to process bulk payments on their platforms

The Central Bank of Nigeria (CBN) has announced that all bulk payments must be processed on the platforms of banks

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‘Be your brothers’ keepers’ — Gombe asks Lagos, Rivers to allow FIRS collect VAT

    ‘Be your brothers’ keepers’ — Gombe asks Lagos, Rivers to allow FIRS collect VAT

Gombe state government has called on Lagos and Rivers governments to reconsider their resolution on collecting value-added tax (VAT) in

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Constitute a body to audit our office, auditor-general tells reps panel

    Constitute a body to audit our office, auditor-general tells reps panel

Adolphus Aghughu, auditor-general for the federation (AuGF), has asked the house of representatives committee on public accounts to set up

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MTN: NCC has approved renewal of our operating licences for another 10 years

    MTN: NCC has approved renewal of our operating licences for another 10 years

MTN Nigeria says the Nigerian Communications Commission (NCC) has approved its operating spectrum and licence for another ten years.  The

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