Economy

Economy

Stop Calumny Against Minister Umahi, Ohanaeze Ndigbo Warns Reps, Others

Stop Calumny Against Minister Umahi, Ohanaeze Ndigbo Warns Reps, Others

In a moment that calls for both clarity and civility, Ohanaeze Ndigbo, the foremost sociocultural organization representing the Igbo people, finds itself compelled to respond assertively to the recent allegations levied against Senator David Umahi, the Minister of Works, by Hon. Oseni of the House of Representatives. It is imperative to state unequivocally that these allegations, which purport that Senator Umahi has failed to address the deteriorating state of roads across the nation and is merely engaged in the awarding of contracts, are nothing short of calumnious and deeply irresponsible. Honorable Oseni's remarks, lacking in both substantive evidence and intellectual…
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Still on Tinubu’s economic tax reform – By abiodun KOMOLAFE

Still on Tinubu’s economic tax reform – By abiodun KOMOLAFE

Nigeria’s tax reform is underway with four Executive Bills currently before the National Assembly. These bills are the ‘Nigeria Tax Bill’, which replaces existing tax law with a modern framework; the ‘Nigeria Tax Administration Act Amendment Bill’, which seeks to strengthen the enforcement powers of the Federal Inland Revenue Service (FIRS); the ‘Nigeria Revenue Service Bill’, establishing an independent revenue service; and the ‘Joint Revenue Board Establishment Bill’, for the purpose of fostering inter-agency collaboration. According to Zacch Adedeji, the FIRS Executive Chairman, the reform focuses on reducing the number of taxes paid by Nigerians. This significant transformation under President…
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Hon. Obinna Aguocha’s Local Content Capitalization Bill As A Legislative Epoch.

Hon. Obinna Aguocha’s Local Content Capitalization Bill As A Legislative Epoch.

On the 17th of October, 2024, the federal legislative House sitting in Abuja captured in its publication a bill to ensure mandatory patronage of locally produced goods ably sponsored by Honorable Obi Aguocha, the member representing Ikwuano and Umuahia Federal Constituency and also a member of the Labour Party. This bill we're told followed a consolidation of three House Bills, 85, 1007, and 1330 sponsored respectively by Honorable Obi Aguocha from Abia State, Honorable Nnamdi Ezechi representing Ndokwa, Ukwuani Constituency from Delta state, and Honorable Jesse Okey Onuakulusi representing Oshodi Isolo Federal Constituency and a native of Anambra State. Recorded…
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Oyebanji @ 2! – By abiodun KOMOLAFE

Oyebanji @ 2! – By abiodun KOMOLAFE

On Wednesday, October 16, 2024, Biodun Abayomi Oyebanji (aka BAO) marked his second anniversary as Governor of Ekiti State, having been sworn in on October 16, 2022. Oyebanji’s two-year anniversary celebrates his dedication to Ekiti State’s progress. He has masterfully navigated Nigeria’s intricate politics, balancing competing interests and fostering growth through strategic investments in key sectors. With his ‘homeboy factor’ and extensive experience serving two former governors in six different capacities, the governor has managed to unite various tendencies within the state, bringing about peace, stability and development. In today’s political landscape, where transactional politics and the interests of the…
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Federal Government Declares End to Fuel and FX Subsidies

Federal Government Declares End to Fuel and FX Subsidies

The Nigerian Federal Government has announced the termination of fuel and foreign exchange subsidies, a policy change expected to significantly impact the country's economy. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja. Reasons Behind the Decision According to Edun, the subsidies had drained the country's economy, costing over N10 trillion, equivalent to five percent of Nigeria's Gross Domestic Product (GDP). The removal of these subsidies aims to free up funds for other critical areas of the economy ¹. Expected Outcomes…
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