House of Reps Opposes Customs’ N1.3trn Revenue Projection for 2022

EconomyNewsHouse of Reps Opposes Customs’ N1.3trn Revenue Projection for 2022

Beloved John (Staff Writer)August 25, 2021

ABUJA — Citing the devaluation of naira as a crucial factor, the House of Reps Committee on finance rejected the N1.33 trillion revenue projected by the Nigerian Customs Service (NCS) for the 2022 financial year. According to the Lawmakers, the projection is inadequate especially considering the devaluation of the country’s currency. James Faleke, chairman of the committee, declared that the committee will not be accepting the N1.33 trillion revenue projected by the NCS. “For us...

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Nnewi Residents Speculate Situation Today Monday Aug 23

BusinessPeoplePoliticsNnewi Residents Speculate Situation Today Monday Aug 23

Ononuju Egwuonye (Staff Reporter)August 23, 20212

NNEWI — There is palpable anxiety among the people of Nnewi over the persisting sit-at-home directive of the Indigenous People of  Biafra (IPOB); concerns which, today Monday will witness some peculiarities across the South Eastern zone. In Nnewi, this scenario has generated tension across this ever-busy commercial and industrial city of Anambra. Supporters of the movement had come to the realization that the weekly Monday’s sit-at-home directive would not be a panacea for either a...

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SERAP Sues Buhari, Others Over Missing N106bn In Government Ministries, MDAs

CorruptionMoneyPoliticsSERAP Sues Buhari, Others Over Missing N106bn In Government Ministries, MDAs

Bada Yusuf Amoo (Correspondent)August 23, 2021

ABUJA — The Socio-Economic Rights and Accountability Project (SERAP) has sued President Muhammadu Buhari “over his failure to probe allegations that N106bn of public funds are missing from 149 ministries, departments and agencies (MDAs), and to ensure the prosecution of those suspected to be responsible, and the recovery of any missing public funds”. The suit followed allegations by the Office of the Auditor-General of the Federation in his 2018 annual audited report that over ₦105...

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FAAC Allocates N760.7 Billion to FG, States, LGs for July

EconomyMoneyNewsFAAC Allocates N760.7 Billion to FG, States, LGs for July

Beloved John (Staff Writer)August 22, 2021

ABUJA — A sum of N760.717 billion has been shared by the Federal Accounts Allocation Committee (FAAC) as the federation allocation for the month of July. Of the sum shared, N325.988 billion was allocated to the federal government, the states received N224.929 billion while the Local Government Councils got N168.424 billion. The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain. The development was contained in a statement by Oshundun Olajide,...

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Central Bank of Nigeria Fixed N1m Loan Limit For Microfinance Banks

EconomyMoneyNewsCentral Bank of Nigeria Fixed N1m Loan Limit For Microfinance Banks

Hassan Umar Shallpella (Regional Correspondent)August 22, 2021

ABUJA — The Central Bank of Nigeria (CBN) in a circular to all MfBs titled: Cessation of non-permissible activities by MfBs” has pegged maximum loan limit for Microfinance Banks (MfBs) at N1 million per transaction. The circular, which was signed by the Director of Financial Policy and Regulation Department, Ibrahim Tukur, stated that the MfB operators were also strictly prohibited from engaging in foreign exchange transactions. The apex bank also warned MfBs to desist from offering...

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Airborne Geophysical Survey To Be Carried Out In 19 States

EconomyNational DevelopmentAirborne Geophysical Survey To Be Carried Out In 19 States

Hassan Umar Shallpella (Regional Correspondent)August 21, 2021

KADUNA — Mr. Obadiah, General Manager, Nigerian Mining Cadastre Office says the Federal Government is to begin Airborne Geophysical Survey (AGS) AGS in 19 States of the Federation. Nkom disclosed this when he visited the Acting Governor of Kaduna state, Dr. Hadiza Balarabe, who said that the survey will last for eight months. He said the Mineral Sector Support for Economic Diversification Project (MinDiver) is a World Bank-supported project under the ministry. Nkom added that...

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CBN Direct Banks to Block Accounts of 18 Firms

BusinessNewsCBN Direct Banks to Block Accounts of 18 Firms

Beloved John (Staff Writer)August 20, 2021

ABUJA — The Central Bank Of Nigeria (CBN) has directed banks to forthwith place a post-no-debit on the bank accounts of 18 companies. The instruction from the apex bank was issued on Thursday in a circular signed by Haruna B. Mustapha, director of banking supervision. A post-no-debit (PND) is a restriction on bank account which blocks all debit transactions including the use of automated teller machines (ATMs) and cheques. However, money can be deposited into...

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Wike Assents to Law on VAT Collection, Bans Open Grazing In Rivers

EconomyNewsPoliticsWike Assents to Law on VAT Collection, Bans Open Grazing In Rivers

Bada Yusuf Amoo (Correspondent)August 20, 2021

PORT HARCOURT —The Governor of Rivers State, Nyesom Wike, has assented to the Valued Added Tax, Open Grazing, and Rearing Prohibition, and three other bills recently passed by the Rivers State House of Assembly. He gave his assent to the laws – including the Child’s Rights Amendment Law, Residents Registration Agency Law, and Naming and Renaming of Infrastructure Law – on Thursday in Port Harcourt. According to the governor, the judgement of the Federal High...

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NNPC to be Commercialized in Six Months – Sylva

BusinessOil & GasNNPC to be Commercialized in Six Months – Sylva

Bada Yusuf Amoo (Correspondent)August 18, 2021

ABUJA — Nigerian Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday said the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months. The Minister’s declaration followed the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday. Sylva spoke at a press conference in Abuja, saying that a transitional committee was already in place to incorporate NNPC into a Limited company. All shares in NNPC...

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800 to Benefit From NALDA Programme in Imo, Abia

AgricultureBusiness800 to Benefit From NALDA Programme in Imo, Abia

PilotnewsAugust 15, 20211

ABUJA — The National Agricultural Land Development Authority (NALDA) said about 800 beneficiaries had been selected to benefit from its integrated farm estate in Imo and Abia. The Executive Secretary of NALDA, Prince Paul Ikonne, gave the details in a statement on Sunday in Abuja. Ikonne said that the programme was to complement President Muhammadu Buhari’s mandate of providing food sufficiency in Nigeria under the “Grow hat you eat and eat what you grow Initiative’’....

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