The Federal Inland Revenue Service (FIRS) has responded to queries by the Special Adhoc Committee on Petroleum Subsidy Regime tasked to investigate petroleum products subsidy in Nigeria, that its role is purely the collection of revenue for government and not keeping records of how the monies are expended. Speaking at the Committee sitting, the Executive…
For consumers optimistic of lower diesel prices or drop in inflation rate anytime soon, they may be disappointed, as oil price outlook remains volatile, alongside challenges of inflation, hiked interest rates, supply constraints and expected cold winter. With fears of another recession, there are concerns that many developing economies may be unable to bear the…
Bakers under the aegis of the Premium Breadmakers Association of Nigeria have announced plans to halt production of their products, effective Thursday. According to a statement signed by the President of the association, Emmanuel Onuorah, operating a bakery in Nigeria has become almost impossible as the incessant increases in the prices of baking materials and…
Nigeria’s power grid collapsed again on Wednesday, as it crashed from the 3,921.8 megawatts that was generated at 6am to as low as 50MW around 12.23pm, causing widespread blackout across the country. Industry figures obtained from the Federal Ministry of Power in Abuja showed that power generation on the grid had hit a peak of…
Fuel marketers have identified high cost of transportation as a major cause of fuel scarcity in Abuja. A former chairman, Major Oil Marketers Association of Nigeria (MOMAN), Tunji Oyebanji, said that the Federal Capital Territory constantly witnessed fuel scarcity due to high cost of diesel. According to him, a litre of diesel sold for N600…
Visits to include MDAs, NGOs, other corporate bodies… The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022. This information is contained in a public notice announcing the compliance monitoring exercise, and signed by the FIRS Executive…
The Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity from customers for highly secured online funds transfers. It stated this in a circular signed by the Director, Payments System Management Department, Musa Jimoh, with the reference number: PSM/DIR/PUB/CIR/01/006, titled ‘Circular on the review of operations of the NIBSS Instant…
Barely a week after the intervention that fixed aviation fuel at N480/litre, Jet-A1 scarcity has hit local airlines causing multiple flights delay. According to report, more than half of scheduled flights were delayed for hours yesterday. The operating carriers have also warned the travelling public to brace up for massive disruptions in the days ahead….
