Nigeria’s import bills on used vehicles, popularly known as ‘tokunbo’, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1’23. Quarter-on-quarter, a breakdown of the National Bureau of Statistics (NBS) for the review period showed that in Q1 ’24 no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23. In Q2’24, the value of imported used vehicles was N138.62 billion, representing an 81.5 per cent decline YoY from N749.92 billion in Q2’23.NBS noted that the used vehicles were imported mainly from…

The Federal Government says it has removed Value Added Tax (VAT) on diesel, cooking gas, among others. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while unveiling two major fiscal incentives, on Wednesday. A statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector. The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.)…

Overview On October 1, 2024, coinciding with Nigeria's 64th Independence Day, protesters across multiple cities in Nigeria took to the streets as part of the #EndBadGovernance movement. This was a continuation of protests held in August 2024, with demonstrators expressing grievances over economic hardships, rising costs of living, and government policies. Key Points 1. The protests, also known as "National Day of Survival" or "#FearlessInOctober", occurred in several major cities including Lagos, Abuja, Ibadan, Akure, Osogbo, and Port Harcourt. 2. Main grievances included: - High fuel prices following subsidy removal - Rising food costs - Increased electricity tariffs - General…

On Tuesday, President Bola Tinubu joined Nigerians in celebrating the country’s 64th Independence Day anniversary — his second since assuming office on May 29, 2023. The president made several claims while reading his Independence Day speech, stating how his policies and reforms have yielded results since he took over the reign of power. TheCable checked some of his claims, and here is what we found. CLAIM ONE: Tinubu said Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies. “The economy is undergoing the necessary reforms and retooling to serve us better…