The Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTIC), a new initiative aimed at transforming Nigeria’s creative and tourism industries. The corporation, which will operate under a Public-Private Partnership (PPP) framework, is expected to generate over $100 billion for the country’s Gross Domestic Product (GDP) and create…
Nigeria’s net pension fund asset value has hit N22.25 trillion as at November 2024, growing by 1.5 per cent from N21.92 trillion recorded in October 2024. Out of the N22.25trillion recorded in November, pension fund operators invested N13.83trillion in Federal Government Securities standing as the highest investment of the fund, representing 62.15 per cent of…
Nigeria, Africa’s oil rich nation, has announced the commencement of the implementation of the withholding tax system. This is aimed at streamlining tax collection, enhancing compliance, and boosting revenue for critical sectors. In a statement, Collins Omokaro, Special Adviser to the Executive Chairman of the Federal Inland Revenue Service (FIRS) on Communication and Advocacy, said…
Between 2014 and 2024, Nigeria, Africa’s largest economy, earned $305billion as revenue inflows from the oil and gas sector according to the Nigeria Extractive Industries Transparency Initiatives (NEITI). It disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to Orji in his…
The Federal Government realised the sum of $305billion as revenue inflows from the oil and gas sector from 2014 to 2024, it was learnt yesterday. The Nigeria Extractive Industries Transparency Initiatives (NEITI), disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to…
The National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) have launched a Joint Committee on compulsory insurance enforcement. This is in a collaborative move to strengthen insurance compliance in the country and the announcement by the Inspector General of Police on the enforcement motor vehicle insurance effective 1st February 2024. NAICOM in a…
State-run oil firm, the Nigerian National Petroleum Company Limited (NNPCL) and its partners has launched 97mmscf/d capacity five mini Liquefied Natural Gas (LNG) plant in Ajaokuta, Kogi State. It was in furtherance of its efforts to deepen domestic gas utilization in line with the Federal Government’s Gas Revolution Agenda. This was contained in a press…
The Federal Government has outlined $23.2 billion energy investment target, which is expected to raise $15.5 billion from the private sector. It was part of the ambitious energy access programme that will see to the transformation of the nation’s energy sector. The programme which will ensure transformation of the sector is being spear-headed by the…
The Central Bank of Nigeria (CBN) has projected that diaspora remittances are expected to rise to N31.7871 trillion when fourth-quarter (Q4) 2024 figures are released. The substantial increase in diaspora remittances was attributed to the reforms carried out by the CBN especially the foreign exchange (forex) reforms designed to attract more forex into the country….
