Group Managing Director of Nigeria National Petroleum Corporation, Mr Mele Kyari, has said that the government spent N2.13tn from 2016 to 2019 as subsidy on foreign exchange for marketers. He disclosed this at a downstream stakeholders’ meeting which held at NNPC headquarters in Abuja, according to a statement issued by the spokesperson of the corporation, Mr Kennie Obateru, on Friday. Kyari also stated that concrete steps had been taken to address the main concerns of marketers, especially the issue of availability of foreign exchange. He said Central Bank of Nigeria had already taken the first step of merging all foreign…

Entrepreneurs face considerable mental and emotional challenges, making decisions every day that they hope will pay off for years to come. So you probably know that exercise helps you perform better under stress; that exercising at moderate intensity for 20 minutes elevates your mood for up to 12 hours; that exercise increases the production of a protein that supports the function, growth, and survival of brain cells; and that exercise is one of the five daily habits a 30-year Harvard study shows can not only increase your lifespan by 12 to 14 years, but also cut your risk of Alzheimer's…

Within 48 hours, 174,574 persons successfully registered for the N75bn National MSME Survival Fund and the Guaranteed Off-take Stimulus schemes under Nigeria Economic Sustainability Plan, Federal Government announced on Thursday. Registration for MSME Survival Funds commenced at 11pm on Monday. The schemes were introduced by the Federal Government to support individuals and businesses negatively affected by the Covid-19 pandemic. Minister of State for Industry, Trade and Investment, Mrs Mariam Katagum, told journalists in Abuja that “as at 8.30am this (Thursday) morning, successful registrations stood at 174,574.” She added, “The following states have the highest applications as follows, Kano, 19,895; Kaduna,…

Profit-shifting enterprises cost governments about $500 billion (N190 trillion) in losses annually, according to a United Nations panel of experts. Profit shifting is a corporate tax planning strategy used by multinationals to move profits from higher-tax jurisdictions to lower-tax jurisdictions thus reducing their tax burdens in the higher-tax jurisdictions. The estimate came in an interim report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving 2030 Agenda (FACTI) published on Thursday. According to the report, $7 trillion (N2.6 quadrillion) in private wealth is hidden in haven countries, while 10 per cent of world Gross Domestic Product…