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Sunday, 10 March 2024 04:53

FG suspends Expatriate Employment Levy after widespread condemnation

The federal government has suspended the expatriate employment levy (EEL) — a week after President Bola Tinubu launched it. EEL, launched on February 28, was introduced by the federal government to close wage gaps between expatriates and the Nigerian labour force. The expatriate employment levy, which provides guidelines on the employment of Nigerians in foreign-owned companies, requires firms to pay levies for hiring expatriates. Since the introduction of the policy, stakeholders have raised concerns, saying it is harmful to the country’s drive for foreign direct investments (FDIs). According to ThisDay, on Saturday, the decision to suspend the implementation of the…

Friday, 08 March 2024 04:50

Another Nigeria Air Force plane crashes, third in 7 months

A Nigerian Air Force Super Mushshak trainer aircraft was involved in "a minor mishap" on Thursday, but the two pilots on board survived the crash, the Air Force said. The incident occurred at about 1335 GMT near a military airfield in the northern city of Kaduna as the plane was returning from a routine training flight, Air Force spokesperson Edward Gabkwet said in a statement. Nigeria Air Force authorities have ordered a preliminary investigation to determine the immediate cause of the crash, the statement said. No further details were provided. The crash follows a Nigerian Air Force MI-35P helicopter that…

Friday, 08 March 2024 04:49

FG inaugurates implementation committee of Oronsaye report with the following members, mandates

The federal government has inaugurated a 10-member committee on the implementation of the recommendations of the Oronsaye report. On February 26, President Bola Tinubu directed the full implementation of the Oronsaye report to “enhance efficiency in the federal service, and reduce the cost of governance”. According to a statement by Segun Imohiosen, director of information in the office of the secretary to the government of the federation, the committee was inaugurated by George Akume, the SGF, on behalf of the president. Akume noted that the implementation of the White Papers on the Oronsaye report is aimed at reducing the cost…

Wednesday, 06 March 2024 04:39

Manufacturers berate FG over hike in Expatriate Levy amid massive shutdown of manufacturing companies

Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative. According to MAN, the unintended negative consequences on the…

Wednesday, 06 March 2024 04:37

Central Bank of Ghana suspended FX license of GTBank, First Bank. Both banks of Nigerian origin react

Guaranty Trust Bank (GTB) subsidiary in Ghana says it is working with relevant government agencies and customers in the country to resolve the trade-related issues in no time. On February 4, 2024, the Central Bank of Ghana suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over “fraudulent documentation” during operations. The suspension, which is to take effect on March 18, 2023, and last for one month, involves GTBank and First Bank of Nigeria (FBN). However, in a statement on Tuesday, GTBank assured customers that the suspension would not affect other services “We would like to assure all…

Tuesday, 05 March 2024 04:36

CBN’s rates hike will shrink Nigeria’s economy - Obaseki

Edo State Governor, Godwin Obaseki, has criticised policies recently introduced by the Central Bank of Nigeria (CBN), saying they cannot support the economic growth of the country. The governor said the interest rates that are raised would hinder small business owners from getting loans to expand their businesses which are detrimental to the growth of the country. Obaseki made this known at an event organised by the Edo Zone of Bankers’ Committee in Benin City, the state capital. According to the governor, Nigeria needs not to worry over interest rates but to create an enabling atmosphere for Nigerians to produce…

Tuesday, 05 March 2024 04:34

NBA drags IGP to court over ‘illegal’ vehicle certificate levy

Nigerian Bar Association Section on Public Interest and Development Law has sued the Inspector General of Police, Kayode Egbetokun, over the issuance of the Central Motor Information System for vehicle owners across the country. The police had in December 2023, unveiled CMRIS as one of the means to help the police have essential details of vehicle owners in its database. However, according to the NBA-SPIDEL, obtaining the certificate from the Nigeria Police Force costs N6,000. In a letter dated January 29, the NBA-SPIDEL Chairman, John Aikpokpo-Martins, and Secretary, Funmi Adeogun, described the issuance of the certificate illegal and issued a…

Monday, 04 March 2024 04:45

Companies in Nigeria having expatriates on their payroll will pay the following levies, penalties for violations

Companies that breach the new Expatriate Employment Levy policy will pay N3m for each offence. The offences are not submitting EEL, not registering an employee, a corporate entity not renewing EEL within 30 days, and providing false information on EEL. The Expatriate Employment Levy is a financial contribution imposed on employers who hire foreign workers. The levy, which is mostly on the offshore earnings of expatriates working in Nigeria, aims to balance economic growth and workforce development by ensuring equitable contributions from expatriate employment. President Bola Tinubu launched the policy on February 28, 2024. He stated that the EEL would…

Monday, 04 March 2024 04:43

Hardship: Owner of looted Abuja warehouse unknown as NEMA disowns facility

National Emergency Management Agency (NEMA) has declared that the warehouse looted in Abuja on Sunday did not belong to it. Residents broke into a storage facility in the Gwagwa area of Abuja on Sunday and looted stored food items. Residents of the area said youths broke into the warehouse located around the Tasha area of the community in the early hours of Sunday and looted bags of maize and other grains. “This is to clarify that the looted warehouse does not belong to NEMA. “However, the agency sympathises with owners of the looted facility,’’ NEMA’s spokesperson, Manzo Ezekiel, stated on…

Sunday, 03 March 2024 04:25

92m Nigerians have no access to electricity - FG

Federal Government, on Friday, declared that the number of Nigerians that lack access to electricity from the national grid has increased to about 92 million. It disclosed this at the closing ceremony of the 7th Nigeria International Energy Summit in Abuja, as operators in the power sector called for partnerships in the deployment of solar power to bridge the country’s electricity gap. Nigeria generates and supplies between 3,000 and 4,000 megawatts of grid electricity to over 200 million citizens across the country, a development described as abysmally poor by experts and industry players. Speaking at the summit, the Minister of…

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Sunday, 03 March 2024 04:24

Motorists to go through traffic snarls as repair works begin on Lagos-Sagamu Long Bridge

The federal government says repair of damaged sections on the Long Bridge, along the Lagos-Sagamu expressway, will commence on Monday. In a statement on Friday, Olukorede Kesha, the federal controller of works in Lagos state, said the repair work on the bridge will end on March 25. “The Federal Ministry of Works wishes to inform the motoring public that repair works for the damaged expansion joints on the Long Bridge will commence by Monday, 4th March 2024 simultaneously on both bounds of the bridge,” the statement reads. “Consequently, traffic leaving and entering Lagos through the Long Bridge will be narrowed…

Saturday, 02 March 2024 04:41

Nigerian judiciary extensively corrupt - UN agency

United Nations Office on Drugs and Crimes (UNODC) says corruption is prevalent in the Nigerian judiciary. A representative of the UNODC, Melissa Omene, said this on Friday at a judicial accountability event in Abuja. The event was organised by Tapinitiative, a not-for-profit organisation Speaking on a 2019 survey conducted by the UNODC and the National Bureau of Statistics (NBS), Omene said the survey “found that 20 per cent of those who had contact with the Nigerian judiciary were confronted with a request for the payment of a bribe. “Indeed, corruption in the Nigerian judiciary is extensive and both male and…

Saturday, 02 March 2024 04:41

Hardship: Desperate mob loots truck loaded with Spaghetti In Kaduna

A BUA truck conveying cartons of spaghetti has been attacked by hoodlums at Dogarawa axis of Zaria-Kano expressway. Dogarawa is a settlement located on the outskirt of Zaria along the expressway. This is coming barely one week after desperate residents hijacked trailers loaded with foodstuffs in the Suleja area of Niger State, stealing bags of rice and other food items amidst widespread hardship in the country. The trailers were said to be heading for Abuja from Kaduna when the mob blocked the road and made burnfires on the highway. An eyewitness disclosed that the Friday incident occurred around 3.15pm after…

Friday, 01 March 2024 04:42

NDIC pays depositors of failed microfinance, mortgage banks

Nigeria Deposit Insurance Corporation (NDIC) says it has reimbursed depositors of 179 microfinance banks (MFBs) and four primary mortgage banks (PMBs) that were recently shut down. Bello Hassan, managing director (MD) and chief executive officer (CEO) of NDIC made this known at the ongoing 45th Kaduna International Trade Fair on Thursday. He said the corporation has significantly improved its processes to ensure swift payment of insured sums to depositors in case of bank failure. Hassan, who was represented at the occasion by Hauwa Jimeta, a senior official of the corporation, added that NDIC has continually strengthened its systems, processes, and…

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