FIRS Says Tax Reforms Will Reduce Multiplicity Of Taxes, Improve Efficiency

BusinessEconomyNewsNigeriaFIRS Says Tax Reforms Will Reduce Multiplicity Of Taxes, Improve Efficiency

Uzoamaka Ikezue (Staff Reporter)October 17, 2024

Zack Adedeji, chairman of the Federal Inland Revenue Service (FIRS) has said that the four tax reform bills recently presented to the National Assembly are aimed at harmonising the country’s tax laws without introducing new taxes or increasing existing rates. While speaking at a meeting with the House Committee on Finance on Wednesday ahead of the second reading of the bills, Adedeji emphasized that the bills are not intended to merge any government agencies or...

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World Bank: Naira Among Worst-Performing Currencies in 2024

EconomyNewsNigeriaWorld Bank: Naira Among Worst-Performing Currencies in 2024

By Ezinwanne Onwuka (Senior Reporter)October 17, 2024

The Nigerian naira has been ranked among the worst-performing currencies in sub-Saharan Africa for 2024, according to the World Bank’s latest Africa’s Pulse report. The report revealed that the naira depreciated by 43 per cent as of August 2024, placing it alongside the Ethiopian birr and South Sudanese pound. “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region,” the World Bank said. The report...

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Nigeria’s Inflation Rises to 32.7% Amid Soaring Food Prices and Fuel Costs

EconomyNewsNigeriaNigeria’s Inflation Rises to 32.7% Amid Soaring Food Prices and Fuel Costs

By Ezinwanne Onwuka (Senior Reporter)October 17, 2024

Nigeria’s inflation rate surged to 32.7 per cent in September 2024, reversing the decline recorded in July and August, according to the latest Consumer Price Index, CPI, report from the National Bureau of Statistics, NBS. The new figure represents an increase from 32.15 per cent recorded in August, deepening economic challenges already impacting citizens amid ongoing fuel price hikes. “This means that in September 2024, the rate of increase in the average price level is...

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World Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

BusinessEconomyNewsNigeriaWorld Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

By Ezinwanne Onwuka (Senior Reporter)October 15, 2024

…Vice President Gill Urges Government to Sustain Reforms Despite Hardships The World Bank has announced a $500 million grant to support Nigeria’s recovery from the economic impacts of the COVID-19 pandemic through the Nigeria Community Action for Resilience and Economic Stimulus, NG-CARES, programme. Launched in 2021, NG-CARES was designed to assist vulnerable households and micro-small enterprises affected by the pandemic. Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed the new funding...

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Battling the Storm: How Ordinary Citizens of Anambra Are Coping with Economic Hardship

EconomyNewsNigeriaBattling the Storm: How Ordinary Citizens of Anambra Are Coping with Economic Hardship

PilotnewsOctober 14, 2024

As the economic challenges in Nigeria deepen, the people of Anambra State, like many others across the country, are feeling the weight of skyrocketing prices, job losses, and a strained economy. The ripple effect of inflation, increased fuel prices, and a depreciating naira is forcing ordinary citizens to make hard choices in their day-to-day lives. From small-scale traders in Onitsha to farmers in rural communities, the struggle to meet basic needs is reshaping daily existence...

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Minimum wage: Special Adviser On Salaries, Pensions Suspended

EconomyNewsNigeriaMinimum wage: Special Adviser On Salaries, Pensions Suspended

PilotnewsOctober 13, 2024

The Special Adviser on Salary and Pensions to Governor Umar Namadi of Jigawa State Alhaji Bashir Ado has been suspended over an alleged premature statement on the N70,000 minimum wage. The suspension was contained in a statement signed by the Secretary to the State Government (SSG), Malam Bala Ibrahim, in Dutse. The statement said the government viewed with serious concern a statement circulating in various sections of the media alleging that the governor has approved...

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Tinubu Harps On Processing Raw Minerals Locally

EconomyNewsNigeriaPoliticsTinubu Harps On Processing Raw Minerals Locally

Uzoamaka Ikezue (Staff Reporter)September 26, 2024

President Bola Ahmed Tinubu on Wednesday harped on processing raw materials to avoid deepening Africa’s underdevelopment, cautioning against the dire consequences of the continent’s long-standing profile as a supplier of raw minerals to countries of other continents. The President made the observation while delivering his keynote address during the African Minerals Strategy Group (AMSG) meeting on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States. He pointed...

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FG Approves Revised Public Service Salary Structure to Reflect New Minimum Wage

EconomyNewsNigeriaFG Approves Revised Public Service Salary Structure to Reflect New Minimum Wage

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

…Implementation to Begin July 2024 The Federal Government has approved the revision of the Consolidated Public Service Salary Structure, CONPSS, with effect from 24 July 2024. This was announced by the Chairman of the National Salaries, Incomes and Wages Commission, NSIWC, Ekpo Nta, during a press briefing held in Abuja on Tuesday. Nta stated that President Bola Tinubu gave his assent to the Act after the bill was forwarded to him by the National Assembly....

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Unemployment Rate Rises to 5.3% in Q1 2024

BusinessEconomyNewsNigeriaUnemployment Rate Rises to 5.3% in Q1 2024

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

NBS Reports Gender and Regional Disparities Nigeria’s unemployment rate rose to 5.3 per cent in the first quarter of 2024, compared to 5.0 per cent in the last quarter of 2023, the National Bureau of Statistics, NBS, disclosed on Tuesday. This increase highlights a concerning trend, with more Nigerians unable to secure jobs. The report from NBS further broke down the figures by gender and location. Unemployment among females stood higher at 6.2 per cent,...

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CBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

BusinessEconomyNewsCBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, to 27.25 per cent, a 50-basis-point increase from 26.75 per cent. This decision was reached during the 297th meeting of the Monetary Policy Committee held in Abuja on Tuesday. The Governor of the CBN, Mr Yemi Cardoso, who chaired the meeting, explained that the rise is aimed at controlling inflation, which remains a major concern. In addition, the cash reserve ratio for...

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