Senate Probes N14.7Bn Privatization Proceeds Of Defunct PHCN Hidden In Commercial Banks

The Senate Committee on Public Accounts has kicked off an investigation into N14.7Bn privatization proceeds of the defunct Power Holding Company of Nigeria (PHCN) which was allegedly hidden by the Bureau of Public Enterprise (BPE) in commercial banks.

Midnight Fire Destroys Goods Worth Millions In Bauchi Market

A midnight fire has razed several shops, stalls, stores and other structures in the popular Muda Lawal market in Bauchi state. The fire which started quit late into the night of Wednesday and continued burning till the early hours of Thursday damaged properties worth millions of Naira before it was put out by combined effort of firefighters and people around. Information gathered revealed that the fire gutted a substantial part of the market. This is the second largest fire incident in Bauchi this year.

NLC Warns Against Duties On Carbonated Drinks, Says That Could Trigger Industrial Disharmony

The Nigerian Labour Congress (NLC) has rejected plans by the Federal Government to increase taxes on non-alcoholic and carbonated drinks, warning that the move could trigger industrial action. NLC made its position known in a statement signed by its President, Mr. Ayuba Wabba on Friday. The Federal Government on Wednesday announced N10 per litre tax on all non-alcoholic, carbonated and sweetened beverages, as contained in the 2021 Finance Act. Wabba, in the statement titled, ‘Nigerian workers reject imposition of excise duties on locally produced carbonated drinks’, said the NLC had in a letter dated November 27, 2021 appealed to the President, Muhammadu Buhari not to approve the tax.

FG Launches National Development Plan 2021-2025

The Federal Government (FG) has launched the National Development Plan (NDP) 2021-2025. The plan was presented on Wednesday to President Muhammadu Buhari by the Minister of Finance, Budget, and National Planning, Zainab Ahmed at the Presidential Villa, Abuja. According to her, “In order to have the future we all desire, the Plan is developed to play a sizable role in the product complexity space internationally and adopts measures to ease constraints that have hindered the economy from attaining its potentials, particularly on the product mapping space.

FG Introduces N10/Litre Excise Duty On Non Alcoholic Drinks, 6% Tax On Digital Non-Resident Companies

The Federal Government (FG) has announced the introduction of an excise duty of N10 per liter on all non-alcoholic, sweetened, and carbonated beverages. Excise duty is a type of tax imposed on the production and sale of goods.

FEC Approves $700m World Bank Loan For Water Projects In Selected States

The Federal Government has said that seven state Governments in the country will soon access the world bank's $700m loans for water projects approved by the federal executive council. This was made known by the minister of water resources, Suleiman Adamu while speaking at the 1st reward and recognition awards ceremony organized by the federal ministry of water resources in Abuja on Tuesday.

AMCON To List 7,912 Debtors Owing N4.4trillion

The Asset Management Corporation of Nigeria (AMCON) is planning to publish the names of 7,912 debtors owing it a total of N4.4tn, following the expiration of the 30-day ultimatum issued by the corporation on Wednesday (today) January 5, 2022. AMCON last year issued the ultimatum for debtors to regularise their debt status in response to the directive of the senate. In April 2021, the senate passed the AMCON amendment bill, which is meant to strengthen the agency in loan recovery, empower AMCON to amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets are used as security/collateral for obtaining the loan in particular. AMCON’s spokesperson, Jude Nwauzor stated that it has no choice but to obey the directive of the national assembly asking it to publish the names of debtors who have failed to repay their loans.

COVID-19: NCS Exceeds Revenue Expectations Despite Uncertainties

The Nigeria Customs Service (NCS) has exceeded its expected N2.3 trillion target in revenue generation set for it by the government, in spite of the debilitating effect of the COVID-19 pandemic and other uncertainties, which has had negative effects on the socio-economic lives of Nigeria, Africa and the world entirely. According to the Deputy National Public Relations Officer, Mr Timi Bomodi, during a stakeholders/media engagement on trade facilitation in Lagos on Monday, "the NCS has so far generated N2.3 trillion revenue into the federation account in 2021, this figure is higher than the 2021 target of N1.679 trillion."

Yuletide: FG Announces Free Train Rides For Nigerians

In a bid to ease cost of movement for travelers during the yuletide season the Federal Government has declared free train rides for citizens from December 24 to January 4, 2022. The Managing Director, Nigeria Railway Corporation, Fidet Okhiria, revealed this in an interview with the News Agency of Nigeria on Friday in Abuja. “The decision which was made in collaboration with the Ministry of Transportation, is to ease movement of citizens during the yuletide. “This is to help ease the cost of transportation and enable citizens move easily to enjoy the festive period.

Payment For Nigerian Passport Now Digitalized - FG

The Federal Government has on Monday announced that it has digitalized the payments of the Nigerian Passports, curbing extortion of Nigerians by some unethical officials. The Minister of Interior, Rauf Aregbesola made the announcement during the rollout of the Enhanced e-Passport with Polycarbonate Data Page among other features in Oyo State. Aregbesola said the digitalization of passports payment is in line with the reforms to curb corrupt practices of unscrupulous officials, extorting Nigerians.