Airlines To Reduce Fares Following VAT Removal         Airlines are planning to reduce fares in response to the removal of 7.5 per cent Value Added Tax (VAT). The suspension of VAT from air fares took effect from January 1, 2021, as part of incentives contained in...

Fed Govt Removes VAT From Airfares, Aviation Services         About three years after a similar order, the Federal Government has again suspended the deduction of 7.5 per cent Value Added Tax (VAT) on airfares and other air transport services. The latest suspension order, scheduled to take effect...

Supply Of Nigeria’s LPG Rises By 34.7% In 11 Months         The supply of Liquefied Petroleum Gas, LPG, also known as cooking gas, has increased to 793,000 metric tonnes, MT in the first 11 months of 2020. Information available to Energy Vanguard showed that domestic supply stood...

Fed Govt Records N1.29trn Fiscal Deficit In Three Months       The Federal Government recorded a fiscal deficit of N1.29tn during the third quarter of 2020. This was disclosed in the third-quarter economic report of the Central Bank of Nigeria released on Sunday. The CBN said, “At N2.27tn, federally...

Insecurity, Others Push Up Inflation To 14.9%         There are indications that the rising insecurity, border closure, increases in Value Added Tax (VAT), pump price of fuel, electricity tariffs and exchange rates have combined to further pressure headline inflation rate to 14.9 percent in November, 2020. This...

Finance Bill Passes Second Reading, Proposes 10% VAT For Defaulters         The Finance Bill 2020 scaled second reading on the floor of the Senate on Wednesday. The proposed legislation stipulates various amendments made to the 2019 version of the Act. The Leader of the Senate, Yahaya Abdullahi, in...