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Friday, 17 January 2025 04:32

Nigeria’s 36 governors counter Tinubu’s VAT sharing formula, propose alternative

The Nigeria Governors' Forum (NGF) has thrown its support behind the proposed tax reform bills currently at the national assembly, while proposing a different formula for sharing Value Added Tax (VAT) revenue from the one originally put forward by President Bola Tinubu. In a meeting held on January 16, 2025, between the NGF and the presidential tax reform committee, the governors endorsed a revised VAT sharing formula that differs significantly from the president's original proposal. The governors recommended distributing VAT revenue as follows: - 50% based on equality (distributed equally among states) - 30% based on derivation (where goods and…

Friday, 17 January 2025 04:30

ASUU warns Tax Reform Bill could threaten public university funding

The Academic Staff Union of Universities (ASUU) has raised serious concerns about the potential impact of the Nigeria Tax Bill 2024 on public tertiary education, warning that the proposed legislation could undermine the Tertiary Education Trust Fund (TETFund). Dani Mamman, ASUU's Yola Zone Coordinator, stated that the bill's provisions would redirect crucial funding away from TETFund, potentially destabilizing the public university system. "The future of public tertiary education in Nigeria hangs in the balance," he said, emphasizing that the proposed changes could significantly impair universities' operational capabilities. According to Mamman, the consequences could be far-reaching, potentially leading to declining academic…

Thursday, 16 January 2025 05:00

Nigeria's inflation rate climbed to 34.8% in December, marking fourth consecutive rise

Nigeria's inflation rate continued its upward trajectory in December 2024, reaching 34.8% from 34.6% in November, according to data released by the National Bureau of Statistics (NBS). This marks the fourth consecutive monthly increase since September 2024, further intensifying the nation's cost of living challenges. Key Findings The headline inflation rate saw a marginal increase of 0.20 percentage points compared to November, primarily driven by heightened demand during the festive period. On a year-over-year basis, this represents a significant 5.87 percentage point increase from December 2023's rate of 28.92%. Food Inflation Shows Mixed Signals Food inflation recorded a slight decline…

Thursday, 16 January 2025 04:59

With the N2.2trn ransom report ‘yanked off’, NBS website back online after hack

The National Bureau of Statistics (NBS) website is back online, following 29 days of inaccessibility caused by a cyberattack. The bureau had confirmed the hack on December 18, 2024. While the website is now functional, a notable omission is the controversial “Crime Experience and Security Perception Survey,” which was previously available. The cyberattack occurred just 24 hours after the publication of the report, which detailed alarming crime statistics in Nigeria. The report revealed that Nigerians paid a staggering N2.23 trillion as ransom over the one-year period between May 2023 and April 2024. It also estimated that 51.89 million crime incidents…

Wednesday, 15 January 2025 04:36

CBN fines 9 banks ₦1.35bn over ATM cash shortages

The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine deposit money banks (DMBs) for failing to ensure adequate cash availability at automated teller machines (ATMs) during the festive season. The penalized banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank. Each bank was fined ₦150 million. In a statement released on Tuesday, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, explained that spot checks conducted by the apex bank revealed violations of its cash distribution guidelines. Consequently,…

Wednesday, 15 January 2025 04:35

Nigeria Customs Service reports N6.1trn revenue collection in 2024

The Nigeria Customs Service (NCS) has announced revenue collection of N6.1 trillion for 2024, surpassing its target by N1.026 trillion. Comptroller General Adewale Adeniyi revealed these figures during a press briefing in Abuja on Tuesday, highlighting a 90.4% increase from the N3.2 trillion collected in 2023. The collection was broken down into three main components: - Federation accounts: N3.6 trillion - Non-federation account levies: N816.9 billion - Value-added tax: N1.6 trillion Notably, these results were achieved despite the government granting N1.68 trillion in concessions to support various economic sectors throughout 2024. Building on this, the federal government has set an…

Tuesday, 14 January 2025 04:44

Discrepancies emerge in Nigeria’s oil production figures as OPEC and FG report differing numbers

Conflicting reports on Nigeria’s crude oil production for late 2024 have highlighted discrepancies between data from the Organisation of the Petroleum Exporting Countries (OPEC) and Nigeria’s own authorities. According to OPEC’s Monthly Oil Market Report (MOMR) for December 2024, Nigeria’s average daily oil production, including condensates, rose by 152,000 barrels per day (bpd) in November 2024. This marked an 11% increase, bringing total production from 1.333 million bpd in October to 1.486 million bpd in November. The data suggested a significant recovery in output, with a month-on-month increase of nearly one million barrels. However, figures from the Nigerian Upstream Petroleum…

Monday, 13 January 2025 04:45

Nigerian Air Force, again, mistakenly kills 20 civilians in Zamfara airstrike

At least 20 people, including members of a local vigilante group, were killed in a misdirected airstrike by the Nigerian Air Force (NAF) in Maradun Local Government Area of Zamfara State. The area is the hometown of the Minister of State for Defence, Bello Matawalle. The victims, members of the Zamfara Community Protection Guard, were reportedly struck on Saturday night, January 11, in Tungar Kara, a community where the Air Force and local defenders were responding to a terrorist attack. A local resident, Salisu Maradun, explained that vigilantes and other residents had mobilized to defend the community and recover stolen…

Sunday, 12 January 2025 04:50

Army chief Oluyede announces major leadership restructuring. Here’s who’s where

The Nigerian Army has undergone a significant leadership reorganization under Chief of Army Staff Lt. General Olufemi Oluyede, who has appointed new commanders across multiple divisions and departments to strengthen operational and administrative capabilities. Key appointments include Major General OT Olatoye as GOC 82 Division and Commander of Joint Task Force South East Operation Udoka, and Major General EF Oyinlola as GOC 3 Division and Commander of Operation Safe Haven. Major General GM Mutkut takes over as Force Commander of the Multi-National Joint Task Force in Njamena. The restructuring confirms several acting appointments, including Major General AGL Haruna as GOC…

Saturday, 11 January 2025 05:06

US returns $52.8m in stolen assets to Nigeria

The United States government has repatriated $52.88 million to Nigeria from assets linked to former Petroleum Minister Diezani Alison-Madueke and her associates. The agreement was signed Friday in Abuja between Nigeria's Justice Minister Lateef Fagbemi and US Ambassador Richard Mills Jr. The recovered funds will support two major initiatives: $50 million will fund rural electrification projects through the World Bank, while $2.88 million will support counter-terrorism training programs across Africa through the International Institute for Justice. The assets were seized as part of a larger corruption investigation involving Alison-Madueke and Nigerian businessmen Olajide Omokore and Kolawole Aluko. US authorities found…

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Friday, 10 January 2025 04:35

Rebased Nigeria’s GDP to capture prostitution, illegal refinery, drug dealings, others – NBS

The National Bureau of Statistics (NBS) has announced that Nigeria’s rebased gross domestic product (GDP) will include data on illegal economic activities such as prostitution, drug dealing, operations of illegal refineries, etc. The updated GDP figures, scheduled for release by the end of January, aim to provide a more comprehensive picture of the nation’s economy by capturing both formal and informal sectors. Speaking during a sensitisation workshop on GDP and consumer price index (CPI) rebasing in Lagos, Moses Waniko, technical assistant to the statistician-general, explained that the exercise would reflect economic realities previously omitted from official records. “Illegal activities such…

Thursday, 09 January 2025 04:32

‘Yahoo boy’, ‘japa’, li18 other Nigerian streetngos make it into Oxford English Dictionary

The Oxford English Dictionary (OED) has expanded its collection with 20 Nigerian words and expressions in its latest update, reflecting the growing global influence of Nigerian English and Pidgin. Among the newly added entries are “japa,” “agbero,” “eba,” “419,” “abi,” “suya,” and “yahoo boy.” These words capture diverse aspects of Nigerian culture, daily life, and street slang, further cementing Nigeria’s unique contribution to the English language. “Japa,” for instance, is defined as the act of fleeing or emigrating, particularly in search of better opportunities abroad, and is listed as both a noun and a verb. Similarly, “agbero” refers to touts…

Thursday, 09 January 2025 04:31

JAMB reports N22bn revenue, N6bn remittance to FG in 2024

The Joint Admissions and Matriculation Board (JAMB) has reported generating N22 billion in revenue for 2024, with N6 billion remitted to the federal government, according to the board's weekly bulletin. The majority of the funds were allocated to operational costs, with over N18 billion spent on conducting the Unified Tertiary Matriculation Examinations (UTME), compensating service providers, and covering essential expenses. The board's financial breakdown reveals N2.1 billion in staff claims and a N3 billion subsidy program that provided N1,500 per UTME candidate for registration costs. This latest remittance continues a pattern of significant financial contributions to the federal government that…

Thursday, 09 January 2025 04:30

Chad’s govt claims foiled attempt to destabilize country

Chad’s government announced that security forces thwarted an attempt to destabilize the country on Wednesday evening following gunfire near the presidential office in the capital, N’Djamena. Military personnel swiftly blocked off surrounding streets, and officials assured citizens that the situation was under control. In a video recorded at the presidential headquarters, government spokesperson Abderaman Koulamallah described the incident as minor and said calm had been restored. “It was a little incident … everything is calm,” he stated in the footage shared on Facebook. “This whole attempt at destabilisation has been thwarted.” The events unfolded during an official visit by Chinese…

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