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October 3, 2024 Federal Government Removes VAT from Diesel, Cooking Gas, Other Oil and Gas Sector Commodities
IFMUYONEWS

Federal Government Removes VAT from Diesel, Cooking Gas, Other Oil and Gas Sector Commodities

Determined to arrest the spate of divestments in the nation’s oil and gas sector, the Federal Government has announced a new fiscal regime with a wide range of tax exemptions in the industry.

The Minister of Finance and Coordinating Minister of the Economy, Mr. WALE EDUN, stated this in statement issued by his Director, Information and Public Relations, Mr. MOHAMMED MANGA, stressing that the fiscal incentives were aimed at revitalizing Nigeria’s oil and gas sector.

The tax exemptions were contained in: Value Added Tax (VAT) Modification Order 2024; as well as Notice of Tax Incentives for Deep Offshore Oil & Gas Production, by the Oil & Gas Companies.

He added that the measures were designed to lower the cost of living, bolster energy security, and accelerates Nigeria’s transition to cleaner energy sources, noting that the reforms were part of a broader series of investment-driven policy initiatives of President BOLA TINUBU, in line with Policy Directives 40-42.

September 30, 2024 President Tinubu Appoints Joseph Tegbe as DG of Nigeria-China Relations
IFMUYONEWS

President Tinubu Appoints Joseph Tegbe as DG of Nigeria-China Relations

President BOLA TINUBU has appointed JOSEPH TEGBE as Director-General and Global Liaison for the Nigeria-China strategic partnership. The development followed a commitment by the two countries to establish hospital alliances and collaborate on medical research.

This was announced in a release bySpecial Adviser to the President on Information and Strategy, BAYO ONANUGA, earlier today, noting that TEGBE, a 1988 first-class graduate in civil engineering from ObafemiAwolowo University, will report directly to the President TINUBU.

According to the statement, TEGBE will immediately submit a strategic action plan to enable Nigeria to benefit from the agreements between the two countries in Beijing.

Recall that at the 2024 Forum on China-Africa Cooperation (FOCAC), President XI JINPING pledged about 51 billion dollars, in new financing to African nations in the next three years.

During his official visit before the FOCAC, President TINUBU also obtained a commitment from President XI to support Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation.

September 29, 2024 NNPCL Says Increasing Crude Oil Production from 1.7mbpd to 3mbpd is Possible
IFMUYONEWS

NNPCL Says Increasing Crude Oil Production from 1.7mbpd to 3mbpd is Possible

The Nigerian National Petroleum Company Limited has stated that increasing crude oil production from the current 1.7 million barrels per day to 3 million barrels is achievable.

The Chief Corporate Communications Officer of NNPCL, Mr. OLUFEMI SONEYE, announced this during a Stakeholders Engagement Session with journalists covering the National Assembly on Saturday.

He attributed the potential for increased production to the political will demonstrated by President BOLA TINUBU, who has issued directives to relevant security agencies to combat oil theft and pipeline vandalism.

He added that with a collaborative effort against oil theft and pipeline vandalism, an enabling environment could be created to support optimal oil production levels of 2.5 to 3 million barrels per day.

September 26, 2024 SME’s Frown at New Central Bank Interest Rates
IFMUYONEWS

SME’s Frown at New Central Bank Interest Rates

Small business owners have described the new Central Bank of Nigeria, CBN, Monetary Policy Rate, MPR, as unfortunate, and have said that it is capable of further contracting businesses.

They added that as businesses contract, firms will downsize, leading to loss of jobs.

Recall that yesterday the CBN raised the MPR by 50 basis points from 26.75% to 27.25%. The CBN governor, Mr OLAYEMI CARDOSO, disclosed this at the end of the 154th Monetary Policy Committee, MPC, meeting in Abuja on Tuesday.

The small business owners noted that the Nigerian Bureau of Statistics, NBS announced that Nigeria’s unemployment rate grew by 1.2 percentage points to 5.3 per cent year-on-year, hence, the need to raise an alarm about the days ahead.

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