The Nigerian Electricity Regulatory Commission (NERC), has approved a 50% tariff hike in the price of electricity tariff with effect from January 1, 2021. According to the new rule, the hike is to be shouldered by consumers of the electricity from the 11 electricity Distribution Companies, DISCOs.
The National Bureau of Statistics (NBS) says Abia, Kebbi and Kwara residents paid the highest amount for petrol (Premium Motor Spirit) in Nigeria in November. The bureau stated this in its “Premium Motor Spirit (Petrol) Price Watch” publication for November and released on its website on Thursday in Abuja.
President Muhammadu Buhari has today issued a strong warning to revenue-generating agencies against defaulting to meet targets. Buhari issued this warning shortly after he signed the N13.588 trillion 2021 Appropriation Bill and Finance into law, encouraging the authorities to work hard to meet their target.
China has approved and will disburse its 85 percent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday. Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, announced this during the inspection of the project in Ajaokuta, Kogi State.
The Asaba Division of the Federal High Court has declared as illegal all ongoing stamp duty deductions by Nigerian banks. Justice Nnamdi Dimgba said the Central Bank of Nigeria and all banks should immediately stop further collections of stamp duties from Nigerians because there was no provision for such taxes under the Stamp Duties Act.
The Nigerian Labour Congress (NLC) has made it clear that it will resist all attempts by state governors to borrow from pension funds. President of the NLC, Ayuba Wabba made this statement in Abuja yesterday during the National Executive Council (NEC) meeting of the Medical and Health Workers Union of Nigeria (MHWN), saying as it was only less than 5% of these governors is contributing to the said fund.