President Buhari has disclosed that part of the proposal of the year 2020 finance bill is to exempt the minimum wage earners from paying Personal Income Tax to reduce the impact of inflation on their purchasing power. Buhari stated this in Abuja yesterday through his Vice President, Prof. Yemi Osinbajo during the 26th Nigerian Economic Summit Group Conference which was titled: ‘Building Partnership for Resilience’.
The Minister of Finance, Zainab Ahmed said the recession slid into by the Nigerian economy recently would be shot lived. Ahmed stated this today at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.
The Federal Government has commenced the disbursement of N20,000 poverty alleviation grant to women in Bauchi state on Thursday under the Conditional Cash Transfer Programmed, aimed at helping rural women in the state establish small businesses. The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Farouq, during flagging off of the scheme revealed that more than 150,000 beneficiaries across the 36 states of the federation and the Federal Capital Territory (FCT) will gain from the programme. According to Farouq, who was represented by Deputy Director Hummanitarian Affairs of the Ministry, Dr. Abubakar Suleiman, the N3bn FG grant was introduced in 2020 by her ministry as part of President Muhammadu Buhari's social inclusion and poverty reduction agenda.
The construction giant, Julius Berger PLC has assured the Nigerian government that they are committed to using of highest international quality material and timely deliverance of the second Niger Bridge despite some hitches they face in the process of the work. This is coming as President Buhari has applauded the company for its progress of work being progressively achieved so far saying “the project is on course irrespective of initial teething problems that occasioned some loss of time.”
Transcorp Consortium has announced that its 100 percent acquisition of the 966MW capacity Afam Power Plc and Afam Three Fast Power Limited, popularly known as "Afam GenCo" at N105.3 billion. The announcement was made known during the signing ceremony between the Federal Government, represented by Vice President Prof. Yemi Osinbajo, and Transcorp Consortium, represented by Chairman of Transcorp Corporation of Nigeria, Tony Elumelu, at the State House, Abuja. Speaking on the acquisition, the vice president said,
The Federal Government has signed a Memorandum of Understanding (MoU) with the Republic of Niger for the transportation and storage of petroleum products. This was following a bilateral agreement between President Muhammadu Buhari and President Mahamadou Issoufou of Niger. The Special Adviser on media to the Minister of State for Petroleum Resources, Garba Deen Muhammad made this known in a statement on Thursday in FCT, Abuja,
The Federal Government has disclosed that the Port Harcourt to Maiduguri rehabilitation and reconstruction of rail line has been penciled to kick start in 2021. The Minister of Transportation, Rotimi Amechi stated this today while defending his Ministry budget for the 20121 physical years at the National Assembly joint house committee on Transportation.
The latest figures released by the National Bureau of Statistics on Monday shows that Nigeria's inflation rate has risen to 14.23 percent in the month Of October 2020, occasioned by the continuous hike in food prices and other individual consumables across the country. The figures, showed inflation moving up by 0.52 percent when compared to what was recorded in the preceding month. The bureau said, "The Consumer Price index, which measures inflation increased by 14.23 percent (year-on year) in October 2020. "This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent)." It was observed that increases were recorded in all classification in Individual Consumption by Purpose divisions that yielded the headline index.
The Dangote Group announced that its $2bn granulated urea fertilizer plant at Ibeju Lekki, Lagos State will start operation before the end of December. This was disclosed on Wednesday to the News Agency of Nigeria (NAN) by Mr. Anthony Chiejana, Group Head, Corporate Communications, Dangote Group. He said the pre-testing had already been conducted and the delay in kick-off of the plant’s operations was a result of the COVID-19 pandemic. In February, Mr. Aliko Dangote, Chief Executive Officer, Dangote Group revealed that the project would be the biggest fertilizer plant in the world, with 3 million tonnes per annum capacity and capable of generating about $2.5 billion annually.
The Senate has issued two queries to the Federal Inland Revenue Service (FIRS) over its failure to remit N1.4 billion withholding Tax (WHT), and Valued Added Tax (VAT), which were deducted from 33 Ministries, Departments, and Agencies (MDAs) in 2015. The queries were issued by the Committee on Public Accounts, headed by Senator Mathew Urhoghide to the Executive Chairman, FIRS, Mamman Nami after the 2015 report by the Auditor-General of the Federation revealed that N700.2 million WHT was deducted from 33 MDAs and yet to be remitted to FIRS.
The Transmission Company of Nigeria (TCN) has yesterday disclosed that the power sector has recorded its ever national peak in power transmission of 5,459meagwatts (MW) of electricity supply. This was contained in a statement revealed by, Ndidi Mbah, the TCN General Manager of public Affairs saying this was recorded on 28th October 2020. Mbah stated that the power generated was efficiently transmitted through the transmission grid at a frequency of 50.26Hz by 8.15 pm on Wednesday.