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FG implements cooking gas imports tax, price jumps by 100%


The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago. Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company. It was also gathered that...

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CBN engages British fintech to develop digital currency

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

The Central Bank of Nigeria, on Monday, announced the formal engagement of a global fintech company, Bitt Inc., as the technical partner for its digital currency. The CBN said the digital currency, called ‘eNaira’, would be unveiled before the end of this year. According to a statement by the acting Director, Corporate Communication, Osita Nwanisobi, this was disclosed by the CBN Governor, Godwin Emefiele, who said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions. He said the virtual currency would also ensure improvements in monetary policy...

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ECOWAS counsels Nigeria to raise VAT on hotels, others


The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fuelling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition in West Africa which ended in Abuja on Friday. He however suggested that the increase should be on products that would not impact negatively on poorer Nigerians. While emphasising that there was no economic...

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300 youths to become agripreneurs

The Lagos State Government has said no fewer than 300 youth agripreneurs from its Lagos Agripreneurship Programme and the Agricultural Youth Empowerment Scheme will be empowered on Thursday. The government said the youths would be empowered at the 2021 Agricultural Value Chains Empowerment Programme on Thursday. The Commissioner for Agriculture, Ms Abisola Olusanya, made this known in a statement on Sunday, noting that this year’s empowerment programme was to create an enabling environment for youths in the field of agriculture. She said, “We have a total of 300 participants out of which 240 is for aquaculture and 60 for poultry. Out of the...

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Stock market hits two-week high, investors gain N103bn

Nigerian stocks closed with a market capitalisation of N20.03tn on Tuesday, its highest in two weeks as investors gained N103.23bn at the end of trading. The Nigerian Exchange Limited All-Share Index rose by 0.52 per cent to close at 38,418.04 basis points from 38,220.01bps on Monday. The volume of shares traded rose by 2.23 per cent as 288.93 million shares valued at N2.42bn were traded in 4,640 deals, compared to 282.62 million shares worth N1.87bn transacted in 4,788 deals on Monday. At the end of trading on the floor of the NGX, 28 companies saw an increase in their share prices, with May...

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