Former Vice President Atiku Abubakar has condemned the recent increase in Nigeria’s Value Added Tax (VAT), warning that the hike could worsen the country’s economic challenges. Atiku expressed his concerns in a post on his X (formerly Twitter) handle on Sunday, describing the move as a “blazing inferno” set to consume the well-being of Nigerians. Atiku stated that President Bola Tinubu, in consultation with his advisers, decided to raise the VAT rate from 7.5% to 10%, despite the Nigerian National Petroleum Company Limited (NNPCL) announcing a sharp increase in the price of Premium Motor Spirit (PMS). The recent VAT hike,…
Author: Editor Francis
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. In a letter dated September 7, 2024, and signed by Deputy Director Kolawole Oluwadare, SERAP stated that the petrol price hike is both illegal and unconstitutional. The organisation argued that the increase violates constitutional guarantees and Nigeria’s international human rights obligations, particularly as citizens face worsening economic hardships. SERAP also urged President Tinubu to instruct the Attorney General of…
The Nigerian Presidency has distanced itself from a yacht seen flying the country’s flag in St. Tropez, a coastal town in France, following a viral video that sparked reactions on social media. The video, which showed a yacht displaying the Nigerian flag during a vacation in the French town, led to widespread speculation. However, Otega Ogra, Senior Special Assistant to President Bola Tinubu on Digital and New Media, clarified the situation on Saturday via his X (formerly Twitter) account. Ogra explained that the yacht belongs to a private individual, not the Nigerian government. He emphasized that flags used by the…
The Edo State Government has indefinitely postponed the resumption of all public and private schools in the state, citing the recent surge in fuel prices. The resumption, initially scheduled for Monday, September 9, 2024, has been delayed until further notice. This announcement was made through a memo signed by Ojo Akin-Longe, the Permanent Secretary of the Ministry of Education, in Benin City on Saturday. According to the memo, the decision was taken in response to the growing concerns and tensions arising from the recent fuel price increase, which has caused significant challenges for parents and guardians. “The Edo State Government…
Starting from September 9, 2024, OPay will implement a one-time fee of N50 on electronic transfers of N10,000 and above to personal and business accounts. This move is in accordance with new regulations from the Federal Inland Revenue Service (FIRS). In a notice issued on Saturday, OPay informed its customers of the upcoming fee, stating: “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above paid into your personal or business account in compliance with Federal Inland Revenue Service regulations.” The company clarified that…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has responded to recent allegations made by the Muslim Rights Concern (MURIC), which claimed that NNPC Ltd. is undermining the Dangote Refinery and controlling the sale of Premium Motor Spirit (PMS) in a way that prevents lower prices in the Nigerian market. MURIC also asserted that NNPC Ltd. has become the sole offtaker of products from the Dangote Refinery. In a press release issued by NNPC Ltd.’s Chief Corporate Communications Officer, Olufemi Soneye, the company firmly denied the allegations, clarifying that the pricing of petroleum products from any refinery, including the Dangote…
Oil marketers have yet to commence the loading of Premium Motor Spirit, popularly called petrol, despite assurances by the Federal Government that the commodity will be available this weekend. Saturday PUNCH gathered that though some PMS vessels had arrived in the country at the NNPC’s Apapa and Port Harcourt depots, loading by independent marketers had yet to begin. As a result, petrol queues in major cities persisted on Friday despite the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, earlier promising that the product would be massively available before the weekend. But the National Operations Controller of the Independent Petroleum…
Nigeria’s Minister of State for Education, Dr. Yusuf Sununu, has clarified that the government has not imposed any age restrictions on students under 18 from sitting for the West African Senior School Certificate Examination (WAEC) and the National Examinations Council (NECO) exams. Speaking at an event in Abuja marking the 2024 International Literacy Day, Sununu addressed misconceptions regarding recent statements made by the Minister of Education, Prof. Tahir Mamman. He emphasized that the comments had been misinterpreted and that the government’s position was focused on the appropriate entry age for tertiary institutions, not secondary school exams. “There was a misunderstanding…
The Economic and Financial Crimes Commission (EFCC) has handed over $180,300 and 53 vehicles fraudulently taken from Canadian citizens by Nigerian cybercriminals to the Royal Canadian Mounted Police (RCMP). The assets were recovered through a joint operation between the EFCC and the RCMP, showcasing a growing international collaboration in the fight against financial crimes. Speaking at the handover ceremony, EFCC Chairman Ola Olukoyede highlighted the importance of global cooperation in addressing financial crimes, which he described as a borderless and growing issue. He emphasised Nigeria’s commitment to combating such crimes, stating, “The Nigerian government does not tolerate financial crimes. We…
The founder of the messaging app Telegram, Pavel Durov, who is under investigation in France, said late Thursday that French authorities should have taken their complaints to his company instead of arresting him. In a post on Telegram, his first comment since his arrest, Durov said it was “surprising” that he was being held responsible for other people’s content. “Using laws from the pre-smartphone era to charge a CEO with crimes committed by third parties on the platform he manages is a misguided approach,” he said. He also said the investigation into the app was surprising as the French authorities…
Binance executive, Tigran Gambaryan, will have to wait until 9 October to find out whether he will be released on bail or remain in custody. The US citizen has been detained since February in a dispute between what is the world’s largest cryptocurrency exchange and the Nigerian government. Gambaryan, who is the exchange’s head of financial compliance, is on trial for money laundering, while Binance separately faces tax evasion charges. He denies any wrongdoing. In this latest bail application, his lawyer argued that his client needs to undergo surgery outside prison and that his health is deteriorating. But on Wednesday,…
United Nations Secretary-General Antonio Guterres warned of Africa’s worsening debt crisis, calling it “unsustainable” and a “recipe for social unrest” during the China-Africa Cooperation Summit in Beijing on Thursday. He urged for “deep reforms” to what he described as an “outdated, ineffective, and unfair” international financial system, emphasising the need to provide developing nations with more liquidity to address pressing challenges like climate change. The summit, hosted by China, brought together leaders from 50 African countries. Guterres highlighted the growing debt crisis across the continent, which has led to civil unrest in several nations, including Kenya. He pointed out…