Nigeria targets N250bn lottery industry in new revenue drive

Nigeria targets N250bn lottery industry in new revenue drive

To acquire CMS to wedge revenue leakages from lottery business Says Nigerian gaming market grossed N250bn in 2019 with FG receiving N1bn as revenue   Nigeria is targeting its growing lottery industry, which is conservatively estimated to be worth N250 billion in revenues, in its continuous drive to plug what it has called leakages in […]

IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

  Policy efforts from countries to drive recovery amid pandemic   The International Monetary Fund (IMF) has maintained that Nigeria continues to hold the prospects of growing its gross domestic products (GDP) at 2.5 percent this year and 2.6 percent in 2022. In its July World Economic Forecast titled, ‘Fault Lines Widen in the Global […]

How Ogoni youths shutdown East-West Road over neglect of 675km highway

How Ogoni youths shutdown East-West Road over neglect of 675km highway

  N720bn road uncompleted after nearly two decades Road leads to Nigeria’s oil & gas plants   Several hundreds of youths from the Ogoni Youth Federation (OYF) recently blocked the Eleme-Onne axis of the 675 km East-West Road (EWR) in a peaceful protest against what they termed the federal government’s neglect of that axis of […]

Lagos Revenue Service says 35% of companies evade tax

Lagos Revenue Service says 35% of companies evade tax

Less than 65 percent of corporate organisations operating in Lagos state have paid their taxes, while many of them operate without any tax remittance to the government. Seyi Alade,  director of legal services, Lagos Internal Revenue Service (LIRS), made the disclosure during the agency’s state-wide sealing of companies and hospitality firms over unpaid consumption taxes. […]

Nigeria’s N15trn capital base InfraCo set to take off in Q3, says CBN governor

Nigeria’s N15trn capital base InfraCo set to take off in Q3, says CBN governor

Nigeria’s Infrastructure Corporation (InfraCorp), the dedicated N15 trillion capital base privately-managed infrastructure and industrial vehicle designed to harness opportunities for Nigeria’s infrastructure development by originating, structuring, executing and managing end-to-end bankable projects in that space, is set to commence in the third quarter of 2021. Godwin Emefiele, the CBN governor made this announcement at a […]

Trade Union Congress decries Nigeria’s rising external loan 

Trade Union Congress decries Nigeria’s rising external loan 

The Trade Union Congress (TUC) has expressed displeasure at the federal government’s frequent external borrowing following the senate’s recent approval of a $6.1 billion loan request by the Muhammadu Buhari-led administration. The union noted that Nigeria’s borrowings have undermined the relevance of national minimum wage amid the country’s rising cost of living. Speaking on the […]

Nigeria, AEI sign MoU to boost grassroots community entrepreneurship

Nigeria, AEI sign MoU to boost grassroots community entrepreneurship

The federal government has inaugurated an advisory board for the African Enterprise Initiative, a strategic intervention designed for Nigerians at the grassroots aimed at developing the nation’s community-based entrepreneurs and micro-enterprises. The appointment was actualised following a Memorandum of Understanding (MoU) for the implementation of the initiative signed by Nasir Sani-Gwarzo, permanent secretary,Federal Ministry of […]

Nigeria Customs intercepts smuggled wood worth N373.5m

Four container loads of unprocessed wood

Four container loads of unprocessed wood valued at N373.5 million about being illegally shipped out of Nigeria to Asia have been impounded by the Nigeria Customs Service. Ahmadu Shuaibu, controller general of customs strike force,Team A, made the disclosure on Wednesday while showcasing the items in Ikorodu, Lagos State.   Shuaibu said the wood smugglers […]