Wednesday, May 8

Tag: Economy

Grand Opening of Funtua Inland Dry Port in Katsina by Tinubu
8May By Mariam AbdullahiNo Comments
News

Grand Opening of Funtua Inland Dry Port in Katsina by Tinubu

Scheduled for May 9, President Bola Tinubu will be officially opening the Funtua Inland Dry Port situated in Katsina State. In an interview with the News Agency of Nigeria, NAN, on Wednesday, the Assistant Director of the Public Relations Unit at the Nigerian Shippers’ Council, NSC, Rebecca Adamu, revealed this information. The inauguration, set to occur at the Funtua IDP Project Site in Katsina at 11:00 am, will witness the presence of significant stakeholders and esteemed guests. According to Adamu, “The establishment of the inland dry port will facilitate shipping and port services accessibility for importers and exporters in the hinterland, “This initiative will alleviate congestion at seaports, generate job opportunities, enhance revenue for the government, and more. Furthermore,...
Read More
Jigawa State Government Introduces Three New Agencies
8May By Mariam AbdullahiNo Comments
News

Jigawa State Government Introduces Three New Agencies

In a recent development, the Jigawa State executive council has given the green light for the establishment of three new agencies within the state. Speaking to reporters, Sagir Musa Ahmad, the Commissioner for Information, Youth Support, and Culture, confirmed this decision. This move came after deliberations at the state executive council meeting chaired by Governor Umar Namadi. The commissioner elaborated that the council's decision followed the presentation of Draft Bills on New Agencies. These bills will now be forwarded to the State House Assembly for approval and enactment into law. Among the newly proposed agencies are the Jigawa State Information Technology and Digital Economy Agency (JISITDEA) and the Jigawa State Residents Identity Management Agency (JISRIMA). Additionally, ...
Read More
The Cybersecurity Levy: Peter Obi Criticizes Tinubu Administration for Exploiting a Weak Economy
8May By Mariam AbdullahiNo Comments
News

The Cybersecurity Levy: Peter Obi Criticizes Tinubu Administration for Exploiting a Weak Economy

In a scathing remark, Mr. Peter Obi, the former presidential candidate of the Labour Party, has condemned President Bola Tinubu’s government's decision to implement a cybersecurity levy on Nigerians. He expressed his belief that the government is more focused on depleting a struggling economy rather than fostering its recovery and development. Obi accused the government of introducing policies that not only deepen poverty among citizens but also diminish the country's economic competitiveness. He highlighted that the enforcement of a Cybersecurity Levy on Nigerians would only further deplete their diminishing capital, already impacted by the devaluation of the Naira and soaring inflation rates. In a social media post on Wednesday, Obi questioned the rationale behind transforming th...
Read More
CBN’s Cybersecurity Levy Receives Mixed Reactions from NLC
7May By Afolake IbidunNo Comments
Business

CBN’s Cybersecurity Levy Receives Mixed Reactions from NLC

Expressing strong opposition, the Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) imposing a 0.5 percent cybersecurity levy on electronic transfers. In a statement released in Abuja on Tuesday, NLC President Joe Ajaero conveyed the union's stance on the matter. The CBN's circular, instructing banks and payment service operators to implement the deduction within two weeks, prompted the NLC's response. Describing the levy as potentially intensifying the financial burdens on the populace, Ajaero criticized the CBN's move. He strongly denounced the directive and demanded an immediate halt and reversal of the policy, highlighting that the levy adds to the financial strains faced by hardworking Nigerians. While acknowledging the importanc...
Read More
Concerns Raised by NLC Over CBN’s Cybersecurity Levy
7May By Afolake IbidunNo Comments
Business

Concerns Raised by NLC Over CBN’s Cybersecurity Levy

In response to the recent directive from the Central Bank of Nigeria (CBN) regarding a 0.5% cybersecurity levy on electronic transfers, the Nigeria Labour Congress (NLC) has expressed its objection. NLC President Joe Ajaero conveyed the organization's stance in a statement released to the press in Abuja on Tuesday. The move by the CBN, requiring banks and payment service providers to implement the levy within two weeks, prompted Ajaero's reaction. The CBN stated that the initiative, ostensibly aimed at enhancing cybersecurity measures, could further strain the financial situation of the people. Ajaero strongly criticized the directive, calling for an immediate halt and reversal of the policy. He decried the levy, which would be deducted at the start of transactions, as an additional b...
Read More
Nigeria Labour Congress Stance on CBN’s Cybersecurity Levy
7May By Mariam AbdullahiNo Comments
News

Nigeria Labour Congress Stance on CBN’s Cybersecurity Levy

Expressing their disapproval, the Nigeria Labour Congress, NLC, has rejected the recent implementation of a 0.5% cybersecurity levy on electronic transfers by the Central Bank of Nigeria, CBN. In a statement released to the press in Abuja on Tuesday, NLC President Joe Ajaero voiced the organization's stance on the matter. Ajaero responded to a recent circular from the CBN instructing banks and payment service providers to apply the levy within two weeks. Labeling the move as potentially worsening the economic hardship faced by the populace, the CBN justified the levy as a measure to enhance cybersecurity. The NLC President strongly criticized the directive, demanding an immediate halt and reversal of the policy, highlighting that this additional cost burden on Nigerians is unfair,...
Read More
The Cybersecurity Levy: A Call for Suspension of the 0.5% Charge on Electronic Transactions by CPPE
7May By Afolake IbidunNo Comments
Business

The Cybersecurity Levy: A Call for Suspension of the 0.5% Charge on Electronic Transactions by CPPE

Calling for action from the Nigerian government, the Centre for the Promotion of Private Enterprise (CPPE) has urged the suspension of the 0.5% cybersecurity levy imposed on all electronic transactions within the country's banking sector. In a statement condemning the levy, CPPE's Director, Dr. Muda Yusuf, highlighted the need for reconsideration. Mandated by the Central Bank of Nigeria on Monday, all banks and financial sector operators are required to collect and remit a 0.5% cybersecurity levy to the National Security Adviser. Expressing concern over the timing and economic implications, CPPE emphasized the challenges faced by Nigerians, deeming the levy as untimely. The think tank pointed out the difficulty in justifying the government's revenue expectations from the cybersecurity ...
Read More
Investigation by the Senate into the abandoned $18.5bn Abuja Centenary City project
7May By Mariam AbdullahiNo Comments
News

Investigation by the Senate into the abandoned $18.5bn Abuja Centenary City project

An ad-hoc committee comprising seven members has been established by the Senate to look into the reasons for the prolonged delay in the completion of the $18.5 billion Abuja Centenary Economic City project, a decade after its initiation. The decision to form this committee came after a motion was put forward by Senator Ashiru Yisa, the Deputy Senate Leader, under the title, 'Urgent need to revive and complete the stalled Centenary City Project, to realize its economic and development potential'. In his primary argument, Yisa emphasized the significance of the Abuja Centenary Economic City project, which was launched in 2014 as a public-private partnership aimed at constructing a modern city comparable to Dubai, in honor of Nigeria's centennial amalgamation. The committee has been gi...
Read More
Legislation in the Pipeline to Address Soaring Cement Prices, Vows House Representatives
7May By Mariam AbdullahiNo Comments
News

Legislation in the Pipeline to Address Soaring Cement Prices, Vows House Representatives

In response to the escalating costs of cement, the House of Representatives has pledged to enact legislation to curb the excessive price hikes. During a public hearing in Abuja on Tuesday, Speaker of the House Tajudeen Abass made the commitment, emphasizing the need to address the relentless increase in cement prices in Nigeria. The objective of the public hearing was to provide insight to Nigerians on the ongoing developments in the sector and potentially derive solutions to mitigate the situation. Expressing concern over the detrimental effects of the exorbitant cement prices on both the construction industry and the economy at large, Speaker Abass underscored the urgency in stabilizing the prices for accessibility. Highlighting the staggering housing deficit in Nigeria, exceeding 3 ...
Read More
The Nigerian government plans to reintroduce Telecom tax and other measures to secure a $750m loan from the World Bank
7May By Afolake IbidunNo Comments
Business

The Nigerian government plans to reintroduce Telecom tax and other measures to secure a $750m loan from the World Bank

A strategy has been devised by the Nigerian government to reinstate the telecommunications tax that was previously put on hold, along with other revenue-generating initiatives in order to obtain a $750 million loan from the World Bank. The recent Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms program with the World Bank outlines this approach. As indicated in a document posted on the World Bank’s website, the Nigerian government is contemplating the possibility of reintroducing taxes on telecommunications, electronic money transaction levies, and additional fiscal measures. The $750 million contribution from the Washington-based World Bank accounts for a substantial portion of the program's budget, with the government expected to provide $1.17 billi...
Read More