Why Nigeria Can’t Stop Borrowing – Finance Minister

EconomyNewsNigeriaWhy Nigeria Can’t Stop Borrowing – Finance Minister

Bada Yusuf Amoo (Correspondent)July 5, 2020

The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, has said the challenges posed by the COVID-19 pandemic and the drop in the oil price at the international market has made it inevitable for Nigeria to keep borrowing from external bodies. The minister adds that Nigeria has been grappling with low revenue before the global health and economic challenges, saying that the challenges has put the country in a difficult situation. She says it...

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‘Pay Lower Taxes And Expect Lower Quality of Life’ – Lagos Commissioner

EconomyNewsNigeria‘Pay Lower Taxes And Expect Lower Quality of Life’ – Lagos Commissioner

Adeola Oladipupo (Correspondent)July 5, 2020

The Lagos State Commissioner for Finance, Dr Rabiu Olowo, has advocated for the payment of higher taxes in Nigeria as oil has proven unreliable. Mr Olowo stated this at an online symposium organised by the Centre for Business Taxation, Oxford University, adding that economic crisis in the wake of the pandemic has made optimising taxation imperative. “Nigeria’s current tax to GDP ratio of between four to seven per cent is very far from satisfactory. This...

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N-Power: 109,823 Beneficiaries Now Business Owners – Minister

BusinessNewsNigeriaN-Power: 109,823 Beneficiaries Now Business Owners – Minister

PilotnewsJuly 4, 2020

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq, says no fewer than 109,823 beneficiaries of the N-Power Programme are now business owners. Farouq, in a statement on Saturday in Abuja by her Special Assistant on Strategic Communication, Mrs. Halima Oyelade, said the beneficiaries of Batch A and B of N-Power have established businesses in their communities. “Statistics like this give me joy and once again, I want to say...

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Lagos to Recover 20 Years Stamp Duty Commission Worth N4.7 Trillion from FG

MoneyNewsNigeriaLagos to Recover 20 Years Stamp Duty Commission Worth N4.7 Trillion from FG

Adeola Oladipupo (Correspondent)July 4, 2020

The Commissioner for Finance in Lagos, Rabiu Olowo, has been urged by the House of Assembly to recover 20 years stamp duty remittance estimated at N4.7 trillion from the federal government. Making a presentation on the recovery to the House Committee on Finance, Professor Kola Adekoya, Rector and Project Consultant of School of Banking Honours, disclosed that Lagos, at a time, was granted N50 commission on every stamp duty transaction from N1000 upward. Prof. Adekoya...

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Fire Destroy Over 100 Shops, Goods in Calabar Market

MarketsNewsFire Destroy Over 100 Shops, Goods in Calabar Market

PilotnewsJuly 4, 2020

Goods worth millions of Naira have been destroyed by fire which wreaked havoc on over 100 shops in the popular Marian market in Calabar on Friday. The fire, which started from one of the shops in the fruit section, spread to other shops and destroyed goods worth millions of Naira including vital properties. An eye witness, Mr Ojah Ojah, who spoke with the News Agency of Nigeria (NAN) at the scene of the event, said...

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Aba Markets Resume Normal Businesses as Govt Eases lockdown

MarketsNewsNigeriaAba Markets Resume Normal Businesses as Govt Eases lockdown

PilotnewsJuly 3, 2020

Ariaria International market and others big markets in Aba, Abia, on Friday resumed business operations that would see the traders do business for five days in a week. The resumption started on Friday following Abia government’s announcement on Thursday that the markets would now open from 7 am until 5 pm Mondays through Fridays. The News Agency of Nigeria (NAN), reports that since Abia announced initial lockdown directives to check Coronavirus spread on March 24,...

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Flights Resumption: FAAN Assures Passengers of Safety Measures in Place

BusinessNewsTravelFlights Resumption: FAAN Assures Passengers of Safety Measures in Place

PilotnewsJuly 3, 2020

The Federal Airports Authority of Nigeria (FAAN) has reaffirmed its commitment toward curtailment of COVID-19 pandemic as domestic flights resume on July 8. Mr Sani Mahmud, FAAN Regional General Manager, North-Central, made this known while receiving face shields from the Universal Disaster Recovery Foundation (U-DIREF) in Abuja. U-DIREF is a Nigeria-based Non-Governmental Organisation (NGO) registered in 2019 to provide humanitarian services to victims of disasters through life-saving support initiatives. It seeks to rebuild hope in...

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PPPRA fixes Petrol Price Band of N140.80 to N143.80 Per Litre for July

BusinessOil & GasPPPRA fixes Petrol Price Band of N140.80 to N143.80 Per Litre for July

PilotnewsJuly 2, 2020

The Petroleum Products Pricing Regulatory Agency (PPPRA), has fixed the pump price band of Premium Motor Spirit (PMS), also known as petrol at between N140.80 and N143.80 per litre for the month of July. Executive Secretary of the Agency Abdulkadir Saidu disclosed this in a memo to all Petroleum Products marketers released in Abuja on Wednesday. The memo was titled `Advised price for Premium Motor Spirit (PMS) in the month of July 2020.’ “After a...

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Nigerian Domestic Flights to Resume July 8 — Sirika

BusinessTravelNigerian Domestic Flights to Resume July 8 — Sirika

PilotnewsJuly 2, 2020

The Minister of Aviation, Sen. Hadi Sirika, on Wednesday in Abuja said domestic flights that had been suspended since March 20, would finally resume on July 8. Sirika announced this in a statement signed by Mr James Odaudu, the Director of Public Affairs, in the ministry. He said flights would commence at Nnamdi Azikiwe International Airport Abuja and Murtala Muhammed Airport in Lagos. According to him, the Port Harcourt, Owerri, Maiduguri and Kano airports will...

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Innoson Group Backs Foundation’s Fight Against Breast, Cervical Cancers With Vehicle

BusinessNewsPhilanthropyInnoson Group Backs Foundation’s Fight Against Breast, Cervical Cancers With Vehicle

PilotnewsJuly 1, 2020

The Innoson Group of Companies has handed over an IVM G-20 Smart vehicle to Onyebuchi Chris Ifediora (OCI) Foundation to support the fight against breast and cervical cancers in the country. News Agency of Nigeria (NAN) reports that the 7-seater IVM G-20 Smart vehicle was purchased by the foundation at a significant discount from the vehicle manufacturing firm. Speaking at the handover ceremony in Nnewi on Wednesday, the Chief Executive Officer of Innoson, Mr Innocent...

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