The Lagos State Division of the Tax Appeal Tribunal has recently issued a significant ruling that requires MTN Nigeria Communications to pay a substantial sum of $72,551,059 in back taxes to the Federal Inland Revenue Service (FIRS). The period under scrutiny for this tax assessment spans from 2007 to 2017. This decision comes as a result of an appeal filed by MTN against the FIRS’s request for the payment of these outstanding taxes. The Tax Appeal Tribunal, led by Professor A. B. Hamed, and comprised of panel members P. A. Olayemi, Babatunde Sobamowo, Samuel N. Ohwerhoye, and Terzungwe Gbakighir, delivered…
Author: Temitope N.
The decision by the new Governor of the Central Bank of Nigeria, Dr. Yemi Cardoso, to lift the forex ban on 43 items has sparked a heated debate among major players in the Nigerian Maritime sector. While some view this move as a positive step for the economy, others remain skeptical about its impact. Infostride News delves into the intricacies of this decision and the various perspectives it has garnered. On October 12, 2023, the Central Bank of Nigeria made a significant announcement – the ban on forex for the importation of certain items, including rice, vegetable oil, and poultry…
The Nigerian Association of Small and Medium Enterprises (NASME) is embarking on a groundbreaking initiative to revitalize the Micro, Small, and Medium Enterprises (MSMEs) sector by launching a substantial N2 billion empowerment fund. Dr. Abdulrashid Yerima, the National President of NASME, made this momentous announcement during a recent media briefing held in Abuja. In a bid to foster economic growth and bolster the capabilities of MSMEs, Yerima detailed the ‘MSME 4.0 Program and Empowerment Funds,’ specially crafted to harness the potential of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA). Embracing the Digital Age Yerima…
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning about the urgent need for financial regulators to address the risks associated with the increasing concentration of power within artificial intelligence (AI) platforms. Gensler emphasized that without prompt intervention, the financial industry could face a potential crisis driven by AI within the next decade. This alarm was sounded by Gensler during a recent address to financial stakeholders, as reported by Infostride News, wherein he stressed that the regulation of AI presents a formidable challenge for US regulators. The risks associated with AI are…
In the midst of a hopeful narrative regarding the growth in the net asset value of pension funds by administrators, retirees in Nigeria are confronted with a stark reality – the substantial depreciation in the actual value of their pension assets when assessed in terms of the US dollar. This situation underscores the complex interplay between economic factors, currency devaluation, and inflation, which is affecting the financial well-being of pensioners. As of July 2023, data from Nigeria’s Pension Commission, also known as “Pencom,” reveals that pension funds have reached a net asset value of N17.07 trillion. This marks an impressive…
The 2023 Half-Year EO1 Compliance Report, as revealed by the Presidential Enabling Business Environment Council (PEBEC), has highlighted the Nigerian Content Development and Monitoring Board (NCDMB) as the exemplar of efficiency and transparency within government agencies. This recognition signifies a significant step toward advancing Nigeria’s business environment and underscores the positive impact of regulatory reforms and initiatives within the country. In this detailed report, we will delve into the significance of this achievement, the background of the Executive Order (EO1), the role of PEBEC in fostering a business-friendly environment, and the specific criteria used to evaluate the performance of various…
The Federation Account Allocation Committee (FAAC) has, in its latest meeting held in October 2023, disbursed a total of N903.4 billion in Federation Account Revenue for the month of September 2023 to various tiers of the government in Nigeria. This allocation, as reported by Infostride News, encompasses the Federal Government, States, and Local Government Councils, signifying a crucial financial transaction that impacts the entire nation. This substantial sum of N903.480 billion is a culmination of various revenue streams. According to FAAC, it comprises N423.012 billion in distributable statutory revenue, N282.666 billion in distributable Value Added Tax (VAT) revenue, N10.989 billion…
Nigeria’s Net Foreign Assets (NFA) have witnessed a precipitous decline, plummeting by a staggering 91.7% to a meager N591 billion. These alarming statistics were disclosed in the Central Bank of Nigeria’s (CBN) most recent monetary data, painting a concerning picture of the country’s economic stability. This sharp decline has been part of a tumultuous trend that commenced in June 2023, signifying significant challenges and uncertainties on the horizon for Nigeria’s financial landscape. To delve deeper into this financial turmoil, we must first comprehend the significance of Net Foreign Assets, as they serve as a critical indicator for a nation’s economic…
Ms. Patience Oniha, the Director-General of the Debt Management Office (DMO), has outlined the Federal government’s initiatives to enhance revenue, aiming to significantly reduce its debt-service ratio by 20% in the medium term. These strategic measures are expected to lead to a remarkable reduction in the ratio over the next four years, according to Oniha in an interview with Bloomberg. It is essential to note that the following content discusses these efforts in detail, emphasizing the significance of growing revenue, the initiatives President Tinubu has set in motion, Nigeria’s tax-to-GDP ratio, and the nation’s public debt. In her statement, Ms.…
The Nigerian Air Traffic Controllers Association (NATCA) has expressed serious concerns about recent imbalanced recruitment practices within aviation agencies, notably the Nigerian Airspace Management Agency (NAMA). They argue that these recruitment practices contradict the agency’s founding principles and are detrimental to its mission. NATCA, serving as the parent body of Air Traffic Controllers (ATCOs), has underscored the critical issue of inadequate technical expertise and a lack of human capital development within NAMA. They maintain that the kind of personnel being brought into the agency is incompatible with its actual operational needs. NATCA’s President, Mr. Abayomi Agoro, conveyed these concerns during…
President Bola Tinubu, in a significant and heartfelt gesture, has approved a substantial allocation of N18 billion to provide Group Life Assurance benefits and additional entitlements to the families of fallen servicemen and women from the Nigerian Armed Forces. This momentous announcement took place within the dignified setting of the Emblem Appeal launch for the 2024-Armed Forces Remembrance Day, hosted at the Council Chamber of the State House in Abuja. During this solemn occasion, President Tinubu emphasized the government’s deep sense of gratitude for the selfless sacrifices made by the dedicated members of the armed forces. This allocation stands as…
The Federal Government has made it clear that it intends to remove unverified civil servants from its payroll as part of the ongoing Integrated Personnel and Payroll Information System (IPPIS) verification process, and this will be implemented by Friday, October 27, 2023. The announcement was conveyed in a statement issued by Mr. Mohammed Ahmed, the Director of Communication in the office of the Head of the Civil Service of the Federation (HOCSF). The IPPIS system has been in operation since 2007, with the primary objective of achieving transparency, accuracy, safety, and reliability in managing personnel records within the government. Additionally,…
The Nigerian Railway Corporation has officially confirmed that the highly anticipated electronic ticketing (e-ticketing) system on the Lagos-Ibadan standard gauge rail line is set to be implemented starting next week. This significant development was publicly announced by the Managing Director of the Corporation, Fidet Okhiria, during a recent interview on Television Continental (TVC). According to Mr. Okhiria, the final testing phase for the e-ticketing platform is expected to conclude today, Wednesday. This rigorous testing is aimed at ironing out any potential issues or glitches to ensure a seamless and hassle-free experience for passengers once the system goes live. The e-ticketing…
The Nigerian Nuclear Regulatory Authority (NNRA) has achieved a significant milestone by securing a €1 million grant from the European Union (EU). This substantial grant is earmarked for the implementation of a groundbreaking international nuclear safety cooperation project, which is set to transform the landscape of radioactive waste management in Nigeria. This exciting development was reported in a recent article published by Infostride News on October 24. Dr. Yau Usman Idris, the Director General of the NNRA, has expressed his enthusiasm for this opportunity, emphasizing its potential to bring about a positive transformation in Nigeria’s nuclear safety and security practices.…
Ekperikpe Ekpo, Nigeria’s Minister of State for Petroleum Resources (Gas), has underscored the significant role that the Petroleum Industry Act (PIA) plays in addressing the longstanding infrastructural challenges facing Nigeria’s gas sector. According to Ekpo, the PIA is a transformative milestone that is already making strides in bridging the infrastructure deficit, fostering an environment conducive to investment, and driving innovation in the gas industry. He made these remarks during the Domestic Gas and Gas Infrastructure Summit (DGGIS) held in Abuja on October 24. Ekpo emphasized that the implementation of the PIA has introduced strategic interventions like the Midstream and Downstream…
The International Energy Agency (IEA) recently released its October 2023 World Energy Outlook report, shedding light on the significant role the Dangote refinery could play in shaping the future of oil demand and production, particularly in African nations heavily reliant on imported refined energy products. In the report, the IEA highlights a crucial point: African countries have, for a considerable period, been dependent on imports of refined energy products. However, with the emergence of the Dangote refinery, boasting a colossal daily production capacity of 650,000 barrels, a glimmer of hope is ignited for the continent’s energy landscape. The excerpt from…
Guaranty Trust Holding Company Plc, commonly referred to as GTCO, has just unveiled its Unaudited Consolidated and Separate Financial Statements for the period that concluded on September 30, 2023. The financial results were released to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE). This is a significant disclosure that sheds light on the company’s financial performance and demonstrates its commitment to transparency. One of the standout achievements in these financial statements is the Group’s remarkable profit before tax of ₦433.2 billion. This figure represents an astonishing increase of 155.2% compared to the ₦169.7 billion recorded in…
The Nigerian Postal Service (NIPOST) is actively pursuing a collaborative partnership with the Federal Ministry of Interior, aiming to utilize the ministry’s facilities for the secure delivery of international passports and other crucial documents. This strategic initiative marks a significant development in the effort to enhance the operational capabilities of NIPOST and underscores the importance of inter-agency collaboration. Miss. Tola Odeyemi, the Postmaster General of the Federation and CEO of NIPOST, shared this intent during her courtesy visit to the Ministry of Interior’s headquarters in Abuja, where she met with Rt. Honourable Olubunmi Tunji-Ojo, the Minister of Interior. In an…
Nestle, Unilever, the Mahindra Group, and Volvo Cars, among a coalition of 131 corporations with a collective global annual revenue nearing $1 trillion, have united in a call to action directed at political leaders ahead of the upcoming United Nations climate summit. These corporate giants are urging a decisive commitment to phasing out fossil fuels, and their united voice resonates with a resounding call for global change. This joint initiative seeks to establish a clear and comprehensive timeline for the gradual elimination of fossil fuels, addressing not only the needs of more affluent economies but also focusing on providing essential…
The soaring cost of essential food items has become a pressing concern, with significant price hikes observed in numerous markets across Lagos State. Nigeria is currently grappling with a sharp increase in the prices of goods and services, impacting the lives of its citizens in various ways. For instance, the price of a 12.5kg cylinder of gas has surged by 44% in October 2023, with an average cost of N13,750 per cylinder. This marks a substantial rise in the expense of cooking gas and adds to the financial strain on households. Additionally, the price of a 50kg bag of foreign…