Author: Ogochukwu Ndubuisi

Improved Tax-to-GDP Ratio will Actualise Budget Ambitions – LCCI The Lagos Chamber of Commerce and Industry (LCCI) has underscored the urgency of improving Nigeria’s tax-to-Gross Domestic Product (GDP) ratio, to meet the ambitious N34.82 trillion revenue projection. The LCCI Director-General, Dr Chinyere Almona, said this on Thursday in Lagos, in reaction to the contents of the 2025 budget proposal. President Bola Tinubu had, on Wednesday, presented the country’s 2025 budget titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity” to a joint session of the National Assembly. Tinubu revealed that in 2025, the country was targeting N34.82 trillion revenue to fund…

CIG Motors Partners Stanbic IBTC Bank to Facilitate Affordable Vehicle Ownership In a significant development for individuals looking to acquire new automobiles this season, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has partnered with CIG Motors, the powerhouse behind popular automobile brand, GAC Motors. The partnership, formally signed at the GAC G-Style showroom, aims to simplify the rigorous process of owning a brand-new vehicle, with a flexi-repayment structure, and a 10 per cent discount rate on all vehicles purchased within 12 months. As part of this collaboration, CIG Motors is also giving a five (5) year warranty on…

Dangote Refinery Reduces Petrol Price to N899.50 Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below N900 per litre, to provide much-needed relief for Nigerians ahead of the holiday season. Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period. In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company also introduced a special offer…

Nigeria Customs Announces Zero Import Duty on Gas Equipment The Nigeria Customs Service (NCS) has announced a zero import duty on machinery, equipment, and spare parts for gas utilisation in Nigeria. This initiative is part of the Presidential Gas for Growth Initiative, which aims to foster the development of the nation’s gas sector. The announcement was made in a statement issued by NCS Spokesman Abdullahi Maiwada on Wednesday in Abuja. The Presidential Gas for Growth Initiative was conceived to leverage Nigeria’s vast natural gas resources to boost economic growth, create jobs, and reduce energy poverty. Maiwada explained that this move…

Tinubu Allocates N2.48trn to Health Sector in 2025 Budget President Bola Tinubu has allocated N2.48 trillion to Nigeria’s health sector in the 2025 budget, representing 5.18 per cent of the total N47.90 trillion proposed budget. Breaking down the allocation, N402 billion is designated for health infrastructure, while N282.65 billion is earmarked for the Basic Health Care Provision Fund (BHCPF). Tinubu presented the N49.7 trillion 2025 budget on Wednesday, which he referred to as, the “Budget of Restoration: Securing Peace and Rebuilding Prosperity.” In his address to the National Assembly, the president emphasised the need to, “rewrite Nigeria’s narrative together.” He…

Kano Govt. asks Landowners to Recertify Titles Kano State Government has asked all landowners across the state to recertify their titles on or before Jan. 31,2025. The Commissioner of Land and Physical Planning, Alhaji AbdulJabbar Umar, gave the order at a news conference in Kano on Wednesday. He said “I stand here before you today to reinforce the announcement earlier made by the Executive Governor, and accordingly call on all people holding interest in land across the state, to immediately proceed to the Ministry of Land and Physical Planning to register their properties. “As part of this transformation, all current…

Chinese Yuan Strengthens 7.1880 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 11 pips to 7.1880 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Chinese Yuan Strengthens 7.1880…

FG to Establish Youth Bank The Federal Government says it will establish a youth bank to offer loans, grants and other financial products to support young entrepreneurs fostering innovation and job creation. The Minister of Youth Development, Mr Ayodele Olawande, communicated this at a media parley on Tuesday in Abuja. According to the minister, efforts are underway to have a Nigerian Youth Employment Action Plan to address the problem of unemployment in the country. “The establishment of a youth bank has numerous benefits for young people and communities. “By supporting youth-led businesses, youth banks can contribute to employment generation and…

Keyamo Performs Ground-Breaking for Abia Airport Project The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, on Tuesday, performed the ground-breaking ceremony for the Abia Airport project. In a speech at the event held at Ubaha-Nsulu in Isiala Ngwa North Local Government Area, Keyamo said that the project was upgraded from an airstrip to an international cargo airport. He described the airport as a presidential initiative because President Bola Tinubu instructed that no part of the country, particularly the South-East, should be left out of aviation development. Keyamo said that the president specifically requested an airstrip for Abia State…

Oando Appoints Cosmas Iwueze as Independent Non-Executive Director Oando Energy Plc. has announced the appointment of Cosmas Iwueze as independent non-executive director of the company effective from Dec 16, 2024. In a regulatory filing, the energy company told the Nigerian Exchange and shareholders that Iwueze appointment is in line with Article 88 of the Company’s Articles of Association. According to Oando, Iwueze is a seasoned petroleum engineer and business leader with over three decades of experience in the oil and gas industry. Joining Chevron Nigeria Limited (CNL) in 1990, Cosmas rose through positions of increasing responsibility across Reservoir and Asset…