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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…
Thursday, 03 October 2024 04:32

FG removes VAT on diesel, LPG, others

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…
The Nigerian National Petroleum Company Limited has again failed to begin fuel production at the Port Harcourt refinery in Rivers State. This is despite the refinery failing to commence operations after six postponements as of August 2024. Promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have continued to hit brick walls. After the failure of the early August promise, the Chief Financial Officer of the NNPC, Umar Ajiya, said the Port Harcourt refinery would commence operations in September 2024. Speaking to journalists in August, Ajiya had said petroleum products would be ready…
Organisers of today’s protest against hardship and bad governance, yesterday, alleged that the Federal Government and the Police were intimidating them but vowed to proceed with the action as the Police said protest or procession would not be allowed to take place in the Federal Capital Territory, FCT, Abuja. Nobody is harassing organisers – FG However, the Federal Government denied organisers’ allegations that they were being harassed and intimidated. Still, it said there was no need for the protest while asking the organisers to see opportunity in the various government policies and use them to better their lives. In a…
The World Bank has announced the approval of $1.57 billion (N2.4 trillion at N1601 to a dollar) to boost human capital in Nigeria through better health for women, children and adolescents. According to a statement by the bank, part of the support will also help to mitigate the impact of climate change in Nigeria through improvement in dam safety and irrigation. It added that “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power…
The National Association of Government General and Medical Dental Practitioners has raised concern over the current doctor to patient ratio in Kano State, threatening to embark on strike from October 1. The secretary of the association in Kano, Anas Idris Hassan, made this known while addressing newsmen on Saturday. He stated that despite reaching an agreement with the Kano State Government months in June, their demands are yet to be met. Hassan said the government has not addressed the issue of hazard allowance, specifically the post Covid-19 allowance, which has been paid by the federal government since 2021 but yet…
Barely two months after the August 1-10 protests tagged #EndBadGovernance, some Nigerians are warming up for fresh nationwide protests planned to hit the streets on October 1, that is, about 48 hours away. The date coincides with the 64th Independence Day celebration of Nigeria, and the protests are basically to reinforce demands earlier made by protesters but largely greeted with silence from the Federal Government despite President Bola Tinubu’s promise in a broadcast to dialogue with protest leaders. Another reason perhaps is that #EndBadGovernance protesters, numbering over 1,000, remain in various prison facilities across the country after being charged with…
A new strain of Covid-19 which has been predicted to become the dominant variant globally in the next few months, is rapidly spreading through Europe and the United States. The new variant, known as XEC, was first detected in Germany in June but has spread across 27 countries, including France and the US, infecting more than 600 people. XEC is the latest in a long list of past and current Covid variants being monitored as the Covid-19 virus naturally evolves. The strain has been described by health experts as a recombinant variant. Recombinants can occur naturally when a person is…
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November 21, 2024

How small businesses can leverage dark social to drive word-of-mouth marketing

Key Takeaways Dark social refers to sharing online content through private communication channels like email,…
November 21, 2024

Northern leaders say won’t support Tinubu for re-election due to president’s incompetence, bad policies

The Arewa Consultative Forum (ACF) has announced its decision to support northerners running for the…
November 18, 2024

The magic and the minefield of confidence: Self doubt, hubris and everything in between - The Economist

Confidence is contagious. Someone declaring a position with ringing certainty is more likely to inspire…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 21, 2024

50 terrorists killed as Boko Haram insurgents ambush security personnel guarding national grid in Niger…

At least 50 Boko Haram fighters were killed on Tuesday and seven members of Nigeria's…
November 21, 2024

What to know after Day 1001 of Russia-Ukraine war

WESTERN PERSPECTIVE US reopens Kyiv embassy after Ukraine firing of ATACMS missiles into Russia prompted…
November 21, 2024

Nigeria comes top in instant payment system inclusivity index in Africa

Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

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