Buhari orders close audit of NDDC accounts

President Muhammadu Buhari has ordered a close audit of the government organization set up in 2000 to develop the oil-rich but stubbornly poor Niger Delta region. Despite the Niger Delta Development Commission (NDDC) having been at work for nearly 20 years, the region remains largely underdeveloped. Buhari’s office said on Thursday that the audit would cover nearly the entire history of the NDDC, from 2001 to 2019. “With the amount of money the federal government has allocated to the NDDC, we’d like to see the results on the ground,” Buhari…

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Border Closure: Nigeria grants Ghana temporary corridor

Nigeria’s Foreign Minister (right) in a hearty chat with the Ghanaian ministers Mrs Shirley Ayorkor Botchwey (middle) and Mr Allan Kyerematen, the Minister of Trade The federal government has agreed to the creation of a temporary corridor on Nigeria’s western border with Benin, where Ghanaian goods in transit from Benin, and vice versa, can pass to avoid collateral damage arising from the closure of the borders with Benin. The Ghana Government is also expected to provide further information on Ghanaian companies that do business in Nigeria, the goods and companies affected…

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Breaking: Nigeria’s debt profile climbs to N25.7trn —DMO

The present figure shows an increase in debt stock of N1.32 trillion. The DMO said that the current total debt stock comprised both the Federal Government debt, that of the 36 states and the Federal Capital Territory (FCT). For the Federal Government, the DMO said it owed N20.42 trillion, while the states and FCT owed N5.27 trillion. Of the Federal Government debt, N7.01 trillion was categorised as external debt, while N13.412 trillion was categorised as domestic debt. For the states and the FCT, N1.309 trillion was owed externally, while N3.966…

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VAT INCREASE NOT FOR BUSINESSES WITH LESS THAN N25M TURNOVER -FG

The federal government, through Ben Akabueze, Director General of Nigeria’s federal budget office, said the new 7.5% Value Added Tax (VAT) being proposed by government will only apply to businesses with turnover of N25 million and above. At a closing press session of the just concluded 25th Nigerian Economic Summit in Abuja, Akabueze also noted that the finance bill which President Buhari will present to the National Assembly on Wednesday has exempted some critical consumables from the VAT hike.According to him, “the question of increasing the VAT rate in Nigeria…

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Govt may lay-off workers to meet minimum wage demand – Ngige

Minister of Labour and Employment, Dr Chris Ngige, on Thursday, said that the demand of labour over the implementation of the new minimum wage would cost the Federal Government N580 billion annually. Ngige said that such adjustment, in line with labour’s demand, was not sustainable as the government would have to lay off some workers to be able to meet their demands. The minister said government cannot afford that kind of money now, adding that the focus of President Muhammadu Buhari’s government is on workers on grade level 1 step…

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Reps Ask CBN to Suspend New Cash Deposit Charges

The lower chamber of the National Assembly has asked the Central Bank of Nigeria (CBN) to suspend the recently imposed charges on cash deposits in some selected states in the country. It would be recalled that in a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500, 000 for individual accounts. Corporate account holders would be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.…

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Nigerians to start paying fees for bank deposits from today!

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals. Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments…

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VAT Increase: Expect Business Shutdowns, Sharp GDP Decline —DG NECA

Experts and groups have warned that many businesses will shut down operations and many Nigerians will become poorer if the recently aanounced VAT increase is implemented. One of such is the Nigeria Employers’ Consultative Association. The group posited that the VAT hike from five per cent to 7.2 per cent will lead to closure of many businesses. The Director-General of NECA, Mr Timothy Olawale, noted that the timing of the increase in VAT rate was wrong, stressing that the government ought to support businesses in reducing the alarming unemployment rate…

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Soldiers destroy illegal refineries in Delta

Agency report Angered by the mindless destruction of the ecosystem and huge loss to the oil-economy of the country, Nigerian soldiers have taken over an expanse of land used as illegal refineries at Otumara Community in Warri South-West Local Government Area of Delta State. Although no arrest has been made at the site as perpetrators of the economic sabotage fled into the woods on learning that soldiers had occupied the area. The permanent occupation by the combatant soldiers Sector 1 Operation Delta Safe (OPDS) was embarked upon to stamp out…

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