Economic analyst Bismarck Rewane has suggested that a hike in telecom tariffs could play a role in reducing inflation in Nigeria. Speaking at a recent economic forum, Rewane, who is the Managing Director of Financial Derivatives Company, argued that an adjustment in telecom pricing could contribute to fiscal stability and indirectly ease inflationary pressures. Rewane explained that higher telecom tariffs would increase government revenue through taxes and levies, providing a buffer for the fiscal deficit. Additionally, a tariff hike could regulate excessive demand in the telecommunications sector, aligning it more closely with supply and reducing market distortions. “An upward adjustment…
Author: Temitope N.
The Dangote Refinery has announced the construction of eight additional tanks to store imported crude oil, marking a significant step in its efforts to enhance operational efficiency and ensure uninterrupted production. This expansion aligns with the refinery’s mission to meet Nigeria’s domestic fuel needs and strengthen its position in the global energy market. Located in Lagos, the Dangote Refinery is Africa’s largest single-train refinery and is poised to transform the continent’s oil and gas industry. The new tanks, designed to store millions of barrels of crude oil, will bolster the facility’s capacity to process a steady supply of feedstock. This…
The Central Bank of Nigeria (CBN) has announced the suspension of its policy allowing extensions for the repatriation of export proceeds. The move aims to enforce stricter compliance with foreign exchange regulations and enhance liquidity in the country’s forex market. Exporters previously benefited from extensions that provided additional time to repatriate their earnings back into Nigeria, as mandated by law. However, the CBN has expressed concerns over delays and non-compliance, which it says undermine efforts to stabilize the naira and strengthen the nation’s foreign reserves. In a statement, the CBN emphasized the importance of timely repatriation of export proceeds to…
The Nigerian Transport Ministry has announced its intention to allocate 57% of its budget to the Lagos railway project, signaling a major commitment to enhancing urban transportation infrastructure in the country’s largest city. This development is part of the broader agenda to address chronic traffic congestion and improve connectivity within Lagos and its environs. The Lagos railway project, a critical component of the country’s transportation blueprint, has been touted as a game-changer for Nigeria’s commercial hub. Once completed, the railway is expected to alleviate the daily gridlock that plagues Lagos residents, significantly reducing travel time and boosting productivity. Transport Minister…
The Ministry of Finance has officially inaugurated an Anti-Corruption Unit Committee, aimed at strengthening efforts to combat corruption within the public financial management system. This new initiative is part of the government’s broader commitment to ensuring transparency, accountability, and ethical conduct in all financial activities and operations across government institutions. The committee, composed of senior officials from the Ministry of Finance, the Economic and Financial Crimes Commission (EFCC), and other key stakeholders, is tasked with identifying and tackling corruption within the finance sector. It will also oversee the implementation of policies and practices to prevent financial mismanagement, fraud, and unethical…
The Nigeria Labour Congress (NLC) and the Organized Private Sector (OPS) have raised alarm over the potential economic consequences of the government’s failed food import policy, warning that the country is at risk of facing higher inflation rates. Both groups argue that the policy, which aimed to reduce the importation of food items and encourage local production, has not yielded the expected results, leading to increased food prices and economic instability. The NLC has expressed concern that the failure of the policy is putting additional pressure on working-class Nigerians, who are already grappling with the rising cost of living. The…
The Ooni of Ife, Oba Enitan Ogunwusi, has praised businesses operating in Ekiti State for their significant contributions to the state’s economic growth. His Majesty highlighted the positive impact these companies have had on job creation, infrastructure development, and the overall prosperity of the region. During a recent visit to Ekiti, the Ooni acknowledged the efforts of both small and large enterprises in driving economic activities across various sectors, including agriculture, manufacturing, and services. He emphasized that these companies are not only enhancing the state’s revenue base but also providing vital opportunities for local residents. “Businesses in Ekiti are not…
In a heartwarming act of philanthropy, renowned health advocate and social media influencer Aproko Doctor has donated a solar power system to a hospital in Epe, Lagos State. The initiative aims to address the persistent power challenges faced by the healthcare facility, ensuring uninterrupted services and improved patient care. The solar system, designed to provide reliable and sustainable energy, will power critical areas of the hospital, including the emergency room, operating theater, and maternity ward. By reducing dependence on erratic grid power and costly generators, the donation is set to enhance the hospital’s operational efficiency and create a safer environment…
The Nigeria Customs Service (NCS) has intercepted 2,000 bags of rice and 844 rifles in a significant operation aimed at curbing smuggling activities. The seizure highlights the agency’s intensified efforts to combat illegal trade and protect the nation’s economy and security. The operation, carried out by officers of the NCS, targeted a smuggling syndicate operating across Nigeria’s borders. Acting on intelligence, the team successfully apprehended the illicit goods, which were concealed in a convoy of vehicles attempting to evade customs checks. Customs Comptroller-General Adewale Adeniyi commended the officers involved, emphasizing the importance of the operation. “This seizure is a testament…
In a major move toward tax reform, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has announced that 90% of workers in both the public and private sectors will soon benefit from reduced tax burdens. The initiative is part of the government’s broader strategy to create a fairer, more efficient tax system that supports economic growth while easing the financial load on lower-income earners. Oyedele revealed that the reform package focuses on reducing the complexity of the tax system, addressing inefficiencies, and ensuring equity. By lowering the tax rates for the vast majority of…