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The Federal Government, yesterday, ordered recall of the second tranche of the London and Paris Club Refunds disbursed to five states, amounting to about $2.7 billion (N972 billion). No reason for the recall was given. The states involved are Delta, Imo, Benue, Rivers and Osun. But the Nigeria Governors Forum...
By Juliet Odey The high cost of baking ingredients may push bread prices up, bakers have warned. The Premium Bread Makers Association of Nigeria gave this warning on Monday at a press briefing in Lagos. “The challenges we face as a result of the incessant increase in the prices of baking ingredients...
By Juliet Odey The Federal Inland Revenue Service (FIRS) has expressed its commitment to raise Nigeria’s Gross Domestic Product by 20 percent with taxes before the end of year 2018. This was revealed in a communique after the Joint Tax Board where it said the country’s tax administrators have a sense...
British Airways will pay compensation to customers whose data was stolen in a “sophisticated” and “malicious” hacking attack. The carrier had revealed overnight that the personal and financial details of customers making bookings on the BA website and mobile phone app between August 21 and September 5 had been stolen. “We...
  By Blessing James, Abuja The Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler has said that the agency would commence tax audit across the country. Fowler, who disclosed this in a meeting yesterday in Lagos, said it was to improve impact of taxation on the country’s revenue and how tax...
By Blessing James, Abuja The oil benchmarks have risen strongly over the last two weeks with Brent gaining more than 10 percent on expectations that global supply will tighten later this year. Supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, oil prices rose...
By Juliet Odey Over $2 billion is spent annually on the importation of honey, according to the Nigerian federal government. “Currently, Nigeria consumes about 400,000 tonnes of honey annually, produces less than 40,000 tonnes (10 per cent of the consumption) which by implication translates to an import bill of over $2bn...
By Juliet Odey The explosion occurred due to a combination of vehicular defect, seven out of the 54 vehicles were burnt in the tanker accident. The Lagos State government has announced that it has discovered the owner of the fuel tanker that was responsible for the explosion that claimed at least...
By Juliet Odey An energy expert, Prof. Sylvester Egwu, has advised the Federal Government to mandate each state government to generate 1,000 Mega Watts (MW) of electricity that will be added to national grid. According to him, if the 36 states are able to add about 36, 000MW to the national...
Three years after facing a record-breaking $5.2 billion fine in Nigeria, South Africa’s telecommunications giant, MTN, has again been fined by the Central Bank of Nigeria (CBN) to the tune of $8.134 billion over foreign exchange. Others are N2.4bn fine on Standard Chartered, N1.8bn on Stanbic IBTC, N1.2bn on Citibank,...