Why is the Nigerian government introducing a windfall tax, and what does it mean for the economy? As part of economic reforms, President Bola Ahmed Tinubu’s administration has proposed a one-time windfall levy aimed at addressing the substantial gains made by Nigerian banks due to changes in exchange rates. The Windfall Tax, recently introduced under Nigeria’s Finance Act, promises many benefits for the nation. By redistributing these unexpected gains, the tax will channel funds into important public services, including infrastructure development, healthcare, and education. This redistribution is expected to improve public amenities, support the quality of education and healthcare, and…
Author: News Editor
By Harry Awurumibe, Editor, Abuja Bureau Hope is rising for a well conducted Local Government Areas election in Nigeria as the Independent National Electoral Commission (INEC) has assured that with relevant legislative empowerment it can handle the conduct of elections at the grassroots if asked to do so. INEC Executive Chairman, Professor Mahmood Yakubu gave this assurance on Thursday when he appeared before the Joint Senate and House of Representatives Committee on Electoral Matters ahead of the preparations for the upcoming governorship elections in Edo and Ondo states. According to him, INEC has the capacity to handle the local government…
Abuja, Nigeria – July 25th – eHealth Africa is delighted to announce the second edition of the Insights Learning Forum, an annual event dedicated to advancing digital health in public health practice. The 2024 edition of this high-level forum will be held on July 31st, 2024, with the theme “Digital Innovations in Public Health Practice: Innovations and Impact.” Born out of the monthly Insights Webinar series, the Insights Learning Forum provides a platform for industry experts in the digital and public health spheres to exchange experiences and explore the latest advancements and practical applications of digital health innovations. The world, especially developing countries,…
By Tony Obiechina, Abuja The Federal Government has disclosed that it has made significant strides in its economic reforms, and on its way to achieving a step-change in the revenues of government in line with the 2024 budget. The Government also announced its exit from the Ways and Means borrowing mechanism. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this in Abuja on Thursday during the half-year review Ministerial Press Briefing with the theme: “Economic Recovery and Growth: Progress and Prospects 2024”. He highlighted successes of the Government’s reforms, citing a projected budget deficit…
By Tony Obiechina, Abuja The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Thursday revealed that several initiatives put in place by the federal government to make food available to Nigerians have started yielding positive results. Edun who spoke at a quarterly press briefing in Abuja said government’s strategic input program in the short term involves bringing in agricultural raw materials for food processes. According to him, “several government initiatives and interventions are being implemented to increase the supply of food in particular, as we know the consumer price index effect was 50% food. So…
By Tony Obiechina, Abuja Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the Federal Government’s unwavering commitment to achieving a robust and transparent financial management system, even as he assured of the full implementation of the 2024 budget. The Minister gave the assurance in his office on Wednesday when he met with the House of Representatives Public Accounts Committee led by its Chairman, Honourable Bamidele Salam. The discussion focused on fostering collaboration to enhance transparency and efficiency across the Ministries, Departments and Agencies (MDAs) of the Federal Government. Key points from the Chairman’s address…
By Tony Obiechina, Abuja The Securities and Exchange Commission (SEC) says the resolution of identity management issues would help reposition the Nigerian capital market for greater potential. The Director General of the SEC Dr. Emomotimi Agama who stated this at a Workshop on Identity Management for the Capital Market held in Lagos, Wednesday, said the identity management system currently being developed by the market will tackle the lingering identification issues. Dr. Agama emphasised that identity management issues when solved will provide lasting solution to the issue of unclaimed dividends, reduce the barriers of entry to the market and make the…
By Harry Awurumibe, Editor, Abuja Bureau A 37’ goal scored by Gabi Nunes gifted Brazil a deserved 1-0 win over Nigeria in the Group C opener of Paris 2024 Women’s Football Tournament at Metmut Atlantique stadium Bordeaux. Nunes shot fired at the edge of Nigeria’s vital area beat Nigeria’s first choice goalkeeper Chiamaka Nnadozie after Brazil legend Martha passed ball to her teammate to riffle home. All efforts by Nigeria’s head coach Randy Waldrum to turn the match around failed including bringing in forward Esther Okoronkwo in place of Chinwendu Ihezuo in the second half but ended up in replacing…
By Tony Obiechina, Abuja Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, marking a 188% year-on-year improvement from the N3.6 billion posted in the corresponding period in 2023. This was disclosed in the group’s unaudited financial statements for the first half of 2024. In the first half of 2024, Transcorp Hotel posted a revenue of N29.7 billion, marking a 61% YoY growth from the N18.5 billion revenue posted in H1 2023. It also recorded a 169% YoY growth in its net profit, as it recorded a net profit of N6.6 billion, in…
By Tony Obiechina, Abuja The Nigerian Senate and House of Representatives on Tuesday passed the National Minimum Wage (Amendment) Bill, 2024, which raises the national minimum wage from N30,000 to N70,000. The legislation also includes an amendment to shorten the periodic review of the minimum wage from five years to three years. The bill was introduced by President Bola Tinubu and presented to the two chambers by the Senate Leader Opeyemi Bamidele and his counterpart in the House of Representatives During the debate at the Senate, Senator Bamidele highlighted the growing demand for wage increases in light of the current…