Free Trade Zones Contributes N29bn Tax In 2 Years - NEZA   The Nigeria Economic Zones Association (NEZA) has said the special economic zones in the country are not used for tax evasion but a source of gaining more revenue through custom duties and VAT than...

SEC Initiates Measures To Tackle Fraud, Unclaimed Dividends   The Securities and Exchange Commission (SEC) is planning to provide capital market participants with unique identifiers in order to reduce fraud and the quantum of unclaimed dividends, a statement by the commission on Sunday said. The Director-General, SEC,...

Nigeria’s Foreign Reserves Drop To $39.5bn   Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021, according to the calculations of reserves movements on the Central Bank of Nigeria’s website. On the other...

Tax -  FIRS To Deduct Govts’ Unpaid VAT, WHT From FAAC Account  The Federal Inland Revenue Service (FIRS) has announced that it will begin deducting unremitted Value-Added Tax (VAT) and Withholding Tax (WHT) by states and local governments from the allocations shared monthly by the...

Nigeria, Others Face High Risk Of Food Crisis   Nigeria and 44 other countries around the world are severely exposed to the Ukraine war-induced food crisis, a study by Boston Consulting Group, a global management consulting firm, has shown. BCG, in a report titled, ‘The war in...

'Interest Rate May Rise Above 30%'   Average interest rates to end-users may rise above 30 per cent in future as banks begin to adjust lending rates to the new Monetary Policy Rate (MPR). The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) last week increased...