Taiwo Oyedele, the chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has called for the expedited enactment of the tax reforms bill. This move is critical to achieving the federal government’s goals of simplifying Nigeria’s tax system, improving compliance, and boosting revenue generation. Speaking during a recent policy forum, Oyedele emphasized the urgent need for legislative action to address inefficiencies in the country’s tax framework. According to him, delays in passing the reforms could undermine efforts to create a more transparent and business-friendly tax regime. “The current tax structure is overly complex, fragmented, and burdensome for individuals…
Author: Temitope N.
Coca-Cola Nigeria has launched an exciting reward campaign, offering consumers a chance to win a share of N70 million in cash prizes. This initiative is part of the company’s efforts to appreciate its loyal customers and enhance engagement across the country. The campaign, which kicked off recently, is open to Coca-Cola consumers nationwide. To participate, customers are required to purchase any Coca-Cola beverage with a special promotional label, reveal the code beneath the cap, and send it via SMS to a designated number. Winners are selected through a transparent raffle draw system. Speaking at the launch event, Coca-Cola Nigeria’s Marketing…
The Lagos Chamber of Commerce and Industry (LCCI) has expressed strong dissatisfaction with the Federal Government’s delay in implementing critical policies surrounding rice imports. The chamber highlighted the adverse effects of this delay on the agricultural sector and the economy at large. In a recent statement, LCCI President, Dr. Michael Olawale-Cole, noted that the prolonged inaction has created significant uncertainty for stakeholders in the rice value chain, including farmers, millers, and traders. According to him, this lack of clarity undermines the government’s drive for food security and self-sufficiency. “It is unacceptable for such an essential sector to face prolonged delays…
Inflation in Nigeria for 2024 has exceeded the Central Bank of Nigeria’s (CBN) target of 21.40%, sparking concerns about the country’s economic stability and the effectiveness of current monetary policies. According to recent data, inflation has continued its upward trajectory, reaching levels that are higher than expected, despite efforts by the CBN to bring it under control. The surge in inflation is primarily driven by rising food prices, supply chain disruptions, and currency fluctuations, all of which have had a significant impact on the purchasing power of Nigerians. The high cost of living, particularly in urban areas, has placed a…
The National Insurance Commission (NAICOM) has expressed its strong backing for the enforcement of third-party motor insurance in Nigeria, aiming to improve road safety and protect the interests of motorists and passengers. NAICOM’s support comes in response to ongoing concerns about the increasing number of road accidents and the lack of adequate insurance coverage for vehicles on the country’s roads. Third-party motor insurance, which is mandatory under Nigerian law, provides coverage for damages caused by a vehicle to third parties, including other vehicles, property, and individuals. The enforcement of this law is seen as a crucial step in reducing the…
Axxela, a leading energy solutions provider, has announced the creation of new business units as part of its strategy to drive growth, diversify its offerings, and strengthen its position in the energy sector. The move aims to expand the company’s services and enhance its capacity to meet the evolving energy needs of Nigeria and other African markets. The newly formed business units will focus on key areas including renewable energy, gas distribution, and infrastructure development. By tapping into these growing sectors, Axxela seeks to address the increasing demand for cleaner, more sustainable energy solutions while supporting the transition to a…
The Badagry Deep Seaport is set to become a critical transshipment hub for Nigeria and the West African region, according to the Badagry Chamber of Commerce, Industry, Mines, and Agriculture (BCCIMA). In a recent statement, BCCIMA highlighted the strategic importance of the seaport, emphasizing that it will significantly enhance the country’s position in global shipping and trade by facilitating the transfer of goods between ships. Once fully operational, the Badagry Deep Seaport is expected to serve as a vital link for transshipment, enabling the efficient transfer of cargo from smaller vessels to larger ones, as well as offering direct connections…
Nigeria’s oil rig count has risen to 32, according to the latest update from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This increase in the number of active rigs marks a positive shift for the country’s oil industry, signaling a potential boost in production and exploration activities. The NUPRC’s report highlights a steady recovery in the oil and gas sector, which has faced numerous challenges in recent years, including declining production levels, infrastructural issues, and the impacts of global oil price fluctuations. With the rise in active rigs, stakeholders are hopeful that this will translate into increased oil output, improved…
The Federal Government has called for strengthened security measures to protect Nigeria’s power installations in the wake of increasing vandalism and theft targeting critical energy infrastructure. In a recent statement, government officials emphasized the urgent need to safeguard power generation, transmission, and distribution facilities to ensure a stable energy supply and protect the national economy. The government’s call comes as the country continues to grapple with power disruptions caused by damage to key installations, which have been subjected to vandalism, theft, and acts of sabotage. These incidents have led to significant losses in energy production and have exacerbated the already…
A leading energy expert is urging the Nigerian government to prioritize the adoption of renewable energy sources as part of a comprehensive strategy to address the country’s energy challenges and promote long-term sustainability. In a recent statement, the expert emphasized that tapping into the potential of renewable energy could help Nigeria meet its growing energy demands while reducing its reliance on fossil fuels. The expert pointed out that renewable energy sources such as solar, wind, and hydroelectric power offer a viable solution to Nigeria’s power supply issues, which have been a major obstacle to economic growth. With the country’s energy…