Author: Olu Anisere

CBN Ordered to Remit N3.6trn Unpaid Operating Surplus to FG Within 14-Day UPDATED: The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN) to remit the sum of N3.64 trillion in unpaid operating surplus to the federal government within 14 days. This amount represents 70% of an outstanding N5.2 trillion in unpaid operating surplus for the period spanning 2016 to 2022. The resolution was passed following the appearance of the Central Bank of Nigeria (CBN) team, led by Deputy Governor of Operations Directorate, Dr. Bala Mohammed Bello, along with Minister of Finance and Coordinating Minister…

Trade Tensions Escalate: Trump Ends US-Canada Talks Over Digital Tax US President Donald Trump has abruptly terminated trade negotiations with Canada, citing the country’s digital services tax as a major point of contention. The tax, which targets large tech firms like Amazon, Apple, and Google, is estimated to cost American companies over $2 billion annually. In a statement on social media, Trump declared that all trade discussions with Canada are terminated “effective immediately.” He also warned of new tariffs on Canadian goods, stating that the US will notify Canada of the tariffs within the next seven days. The decision comes…

Dalori Takes Over as APC National Chairman After Ganduje’s Shock Resignation In a surprise move, Abdullahi Ganduje has resigned as the National Chairman of the All Progressives Congress (APC), effective immediately. The APC National Working Committee has accepted the resignation, and President Bola Tinubu has directed Ali Bukar Dalori, the Deputy National Chairman (North), to assume the position of Acting National Chairman. According to APC spokesman Felix Morka, Ganduje’s resignation is to enable him attend to “urgent and important personal matters.” Ganduje had been at the helm of the party since August 2023, following the resignation of Abdullahi Adamu. His…

TotalEnergies to Revive $20 Billion Mozambique LNG Project, Aims for 2029 Production French energy giant TotalEnergies has announced plans to resume its $20 billion liquefied natural gas (LNG) project in Mozambique, with production expected to start by 2029. The project, which was suspended in 2021 due to militant violence in the northern Cabo Delgado province, is set to restart following improved security conditions in the region. According to TotalEnergies CEO Patrick Pouyanné, the company has made significant progress in engineering work despite the halt in construction. “Production will be by 2029,” Pouyanné said, expressing confidence in meeting the target. With…

Trump Speaks of Deal ‘Signed With China’ U.S. President Donald Trump on Thursday mentioned a signed agreement with China, without providing details. “We just signed with China yesterday,” the Republican said at an event at the White House while talking about making deals with other countries. The president also suggested that there could “maybe” be a “very big” deal with India. Since Trump launched a trade war in February with Beijing, the world’s two largest economies have been locked in a tit-for-tat tariff fight that have unnerved global markets. In April, Trump increased tariffs on goods from China to as…

Households Earning Below ₦250,000 Monthly Exempt from Tax – Oyedele The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that Nigerian households earning ₦250,000 or less per month will be exempt from paying taxes under the new tax laws signed by President Bola Tinubu. Oyedele, a former tax leader at PriceWaterhouseCoopers (PwC), stated that the new laws aim to stimulate economic activity, track tax evaders, and protect businesses while ensuring the government doesn’t tax poverty. According to Oyedele, the new tax laws are designed to be efficiency-driven, growth-focused, and people-centric. “This tax law…

a The African Development Bank (AfDB), has restated the urgent need for Nigeria to close its Annual Development financing gap of 31.5 billion dollars. Dr Abdul Kamara, AfDB’s Director-General (D-G) for Nigeria, said this was part of the findings of the Bank’s 2025 Nigeria Country Focus Report (CFR) inaugurated on Thursday Kamara said the call was crucial, especially as the country pursued bold economic reforms aimed at fostering long-term growth and macroeconomic stability. The theme of the report is: “Making Nigeria’s Capital Work Better for Its Development.” The director-general said the report underscored the need for a more strategic and…

NIA Records Strong Financial Growth in 2024 The Nigerian Insurers Association (NIA) recorded a total income of N866.7 million for 2024, reflecting an 18.69 per cent rise from N730.3 million in 2023. Chairman of the Association, Mr Kunle Ahmed, disclosed this during the Association’s 54th Annual General Meeting held in Lagos on Thursday. He attributed the increase to improved income from membership subscriptions, investments, surplus from training, and other revenue-generating activities. According to him, membership subscriptions grew by 7.62 per cent, rising from N340.5 million in 2023 to N366.4 million in 2024. He noted that investment income rose sharply by…

Senate passes Rivers 2025 Appropriation Bill of N1.48trn The Senate, on Wednesday, passed the Rivers 2025 Appropriation Bill of N1.48 trillion. This followed the presentation and consideration of the report of the Senate Ad hoc Committee on Oversight of Emergency Rule in Rivers. Making the presentation, Chairman of the Committee and Senate Leader, Sen. Opeyemi Bamidele said that for the record, emergency rule is not a substitute for democratic governance in any political climate. “Rather, it is an extraordinary constitutional measure intended to restore order in times of disorder, promote peace in periods of conflict and ensure stability where there…

Energy Sector: Heirs Energies, Renaissance Partner for Indigenous Oil, Gas Development A new era of homegrown expertise and innovation is dawning in Nigeria’s oil and gas sector, following a landmark collaboration between two indigenous energy companies, Heirs Energies Limited and Renaissance Africa Energy Company. The partnership, which was sealed during a courtesy visit by Osa Igiehon, CEO of Heirs Energies, to Renaissance’s leadership team led by Managing Director Tony Attah, marks a significant step forward in the pursuit of Nigeria’s energy transformation. The meeting, which was the first formal engagement between the two companies post-Renaissance’s successful transition, focused on mutual…