NESG Calls for VAT Hike to Sustain Govt Revenue The Nigeria Economic Summit Group has warned that the Federal Government could face revenue shortfalls if it does not increase the value-added tax rate as part of the ongoing tax reform process. The Chief Executive Officer of...

FG to Revoke License of Dormant Oil Blocks  The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, threatened to withdraw oil blocks from owners that have failed to develop them. This is against the backdrop of the Federal Government calling on international oil companies operating...

Tinubu Sacks Kyari as NNPCL Boss, Appoints Ojulari President Bola Tinubu has sacked the Group Chief Executive officer of Nigerian National Petroleum Company Limited board, Mele Kyari and its chairman, Pius Akinyelure. Consequently, the President appointed Bashir Ojulari as the new CEO, effective from April 2,...

NSDC, BOI Sign MoU on Sugar Project Financing The National Sugar Development Council (NSDC) has signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to fill existing funding gaps in sugar project development in Nigeria. Titled, “First Supplemental Managed Fund Agreement,” the MoU...

Equity Market Suffers N31bn Loss as Investors Sell Off   The Nigerian Exchange Limited (NGX) extended its losing streak on Thursday, as investors recorded a N31bn decline in market capitalisation. At the close of trading, the All-Share Index dipped by 0.05 per cent to settle at 105,426.12...

Crude Shortage, Funding Woes Shut Down 7 Refineries, Experts Lament   The persistent unavailability of crude oil has significantly hindered investments in the establishment and full capacity operations of seven new and existing refineries across the country, local refiners stated on Thursday. They also warned that without...