3365 Search Results Found For: "nigeria"

The National Pension Commission (PenCom) has authorised pension fund administrators (PFAs) to independently approve and process several retirement benefits without prior clearance. Effective 1 June, this directive aims to eliminate bureaucratic delays and expedite pension disbursements under Nigeria’s contributory pension scheme (CPS). Previously, PFAs required PenCom’s “No Objection” before making payments, but they can now […]

Nigeria’s Value Added Tax (VAT) of 7.5% will remain unchanged as the House of Representatives has adopted the Tax Reform Bills as a working document. While presenting the report to the lawmakers on Thursday, the chairman of the finance committee, James Faleke, confirmed that the VAT rate would remain at 7.5% as it has been, […]

Nigeria is grappling with multifaceted security crises, from insurgencies and banditry to cybercrime and kidnappings. This video delves into the pressing need for a comprehensive strategy combining military modernisation with socio-economic reforms.

China and India have reaffirmed their positions as Nigeria’s top trading partners in the fourth quarter of 2024. China remains the largest source of imports, accounting for a significant 27.80% of Nigeria’s total imports, valued at ₦4.61 trillion. India follows closely, contributing ₦1.90 trillion, representing 11.43% of Nigeria’s import market. The imports from China primarily […]

The Ikeja Electricity Distribution Company reported that its Lagos headquarters was invaded by Nigerian Air Force personnel on Thursday morning. Kingsley Okotie, IKEDC’s spokesman, said the incident followed power disconnection to an NAF facility due to unpaid bills and operational concerns, including safety risks for IKEDC staff. NAF officers forcefully entered the premises, demanding reconnection, […]

Nigeria’s Federal Executive Council (FEC) has approved ₦10.3 billion for healthcare products, including third-line anti-retroviral drugs. This move aims to enhance the accessibility and affordability of health commodities and services for Nigerians. The approved funds will cover various products, focusing on third-line anti-retroviral drugs for those resistant to first and second-line treatments. This development comes […]

The Federation Accounts Allocation Committee (FAAC) can still not implement the Supreme Court’s ruling on direct allocation to local government areas because most of them fail to provide bank accounts. Only Delta State’s 25 local government areas have met the requirements of 774 in the federation. On 11 July 2024, the Supreme Court ruled that […]

Nigeria’s inflation has surged over the past four months, reaching a near 30-year high of 33.2% at the end of 2024. Food inflation remains the main driver due to reduced harvests, insecurity in agricultural regions, and high transportation costs. This sharp rise in inflation has severely impacted purchasing power, increased poverty, and deepened economic hardships. […]