Wed, Dec

FG To Commence Kaduna-Kano Railway Project Thursday

The Permanent Secretary, Ministry of Transportation, Dr. Magdalene Ajani has revealed that President Muhammadu Buhari will be in flagging off the Kaduna-Kano railway project on Thursday, in a communiqué released in the nation's capital. The 1.2 billion dollars Kaduna-Kano standard gauge rail line ground-breaking ceremony will take place at Zawaciki Dawaki LGA's in Kano state in a bid to enhance economic growth and improve transport infrastructure.

Oil Demand Surges Amidst Rapid COVID-19 Vaccination

Oil demand has continued to surge as more people are being vaccinated against the COVID-19 pandemic and this has opened up more economic activity around the world. With these positives, the International Energy Agency (IEA) has reported that OPEC+ nations have tightened production i.e they are pumping less than needed, and prices are set to be volatile until it reaches a deal to raise output. The IEA on Tuesday stated that oil prices would be volatile until differences were resolved among members of OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia, and other oil producers.

French President Inaugurates France-Nigeria Business Council, BUA Group Chairman Appointed As President

President Emmanuel Macron of France has inaugurated the France-Nigeria Business Council, a private sector scheme created to improve business relations between the 2 countries. Nigeria’s wealthiest men including Dangote Group President, Aliko Dangote; BUA Group President, Abdul Samad Rabiu; Globacoms founder, Mike Adenuga and founder of Heirs Holdings, Tony Elumelu were in attendance for the council’s meeting.

Dangote Cement Moves To Boost Distribution Of Products, Acquires 2,000 New Trucks

Dangote Cement Plc in a bid to boost the distribution of the company’s products across the country has acquired 2,000 new trucks including trucks, trailers, bulk tankers, tippers, cargo trucks, and bulk cement tankers, worth $150 million. The company made this public in a statement issued by the Group Head, Corporate Communications of Dangote Industries, Tony Chiejine. According to Mr. Chiejine, the assets would meet the expected increase in demand for transportation of cement to every part of the country and create employment for over 4,000 people in Nigeria. “We have acquired the new trucks in line with our new expansion capacity in Obajana, Ibese, Gboko, and the new cement plant coming up on stream at Okpella, Edo state in a few week's time,” he said.

House Of Reps Decry Non Conduct Of Census In The Last 15 Years

The House of Representatives has decried the non-conduct of population census in the country in the last 15 years by the National Population Commission. The Chairman, House Committee on Sustainable Development Goals (SDGs), Rotimi Agunsoye, expressed the concern yesterday at a public hearing on a bill for the establishment of SDGs Fund to enhance the actualisation of the development goals in the country, urging the NPC to put machinery in place for the exercise.

PIB: National Assembly Sets Up Harmonization Committee

The Nigeria Senate has announced a seven-member committee to harmonize different versions of the Petroleum Industry Bill passed by both chambers of the National Assembly last week. The Senate President Ahmed Lawan announced the composition of the committee at the plenary session on Tuesday, which will be chaired by Senate majority leader, Yahaya Abdullahi (Kebbi North), other members of the committee include Mohammed Sabo (Jigawa North East), Albert Bassey Akpan (Akwa Ibom), Danjuma Goje, Opeyemi Bamidele(Ekiti Central), Stella Oduah (Anambra North), and Gabriel Suswam (Benue North East).

New Revenue Formula Ready Before End Of The Year- RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in a statement issued today 28th June 2021 in the nations' capital has revealed that a new Revenue Allocation Formula (RAF) will be made available before the end of the year 20221.

FIRS: Tax Returns Filing Extended To July 31

The Federal Inland Revenue Service (FIRS) has announced a 1-month extension for the filing of Company Income Tax returns by taxpayers which was initially due by June 30, 2021. This was disclosed in a statement signed by the FIRS Chairman, Muhammad Nami titled, “FIRS Extends Filing Time For 2021 Income Tax Returns.”

Crypto: UK Bans Binance

The United Kingdom government has banned one of the world’s largest cryptocurrency exchange, Binance from any regulated business in the country, extending a global crackdown on cryptocurrency. The UK Financial Conduct Authority (FCA) who made this known on Monday, stated that “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”Britain’s financial regulator has said Binance cannot conduct any regulated activity and has issued warnings to consumers about the platform, which is coming under growing scrutiny globally.

NASS Pass Petroleum Industry Bill

The arms of the National Assembly, the Senate and the House of Representatives has individually passed the long-awaited Petroleum Industry Bill (PIB) after lawmakers considered the report of the Ad hoc Committee on Petroleum (Upstream and Downstream) and Gas Resources on Thursday 1st July 2021. The report was initially presented to the House of Representatives on Wednesday by the Chairman of the Ad hoc Committee, Mohammed Monguno (APC, Borno) before the 318 clauses in the bill was passed.

President Buhari Constitutes FHA Board

President Muhammadu Buhari has approved the constitution of the board of the Federal Housing Authority (FHA) for 3 years while reappointing Lawal Shuaibu from Zamfara State as its Chairman.

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