VAT Increment: Reps Pass Bill For 2nd Reading   The House of Representatives has passed for second reading the Finance Act (Amendment) Bill, a component of which seeks to increase the Value Added Tax from five per cent to 7.5 per cent. The bill, which has seven...

Reps Uncover Illegal Accounts Maintained By FCT IRS   The House of Representatives has uncovered a commercial bank account being maintained by the Federal Capital Territory Inland Revenue Service. The House Committee on Public Accounts on Thursday grilled top officials of the FCT-IRS, who denied authorising transactions...

Reps Probe CBN’s $7bn Reserve Disbursed To Banks   The House of Representatives has begun investigation into the alleged non-refund of $7bn withdrawn from Nigeria’s foreign reserves by the Central Bank of Nigeria in 2006 and disbursed to banks and assets managers. The House mandated the Committee...

Reps Order Total To Refund $592m To FG The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government. The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred...

Lawmakers, NPA Differ On Revenue Loss At Ports   The House of Representatives and the Nigerian Ports Authority have disagreed on the cause of the reduction in the number of cargoes arriving the country and the drop in revenue generated at the ports. The Managing Director of...

Reps Threaten Bank CEOs, Others With Bench Warrant Over Stamp Duty Non-remittance   The House of Representatives has threatened to issue a bench warrant against the Minister of Justice and Attorney-General of the Federation, Mr Abubakar Malami; Accountant-General of the Federation, Mr Ahmed Idris; and managing...