ONE WORD

The Nigerian Government revealed that it plans to recover N553 billion in unremitted taxes owed by international petroleum shipping companies operating in Nigeria. This was disclosed on Wednesday by the Director, of International Tax, Federal Inland Revenue Service (FIRS), Mr Abdullahi Aliyu during a summit organised by the Nigerian Chamber of Shipping (NCS) themed; “Sensitizing the Nigerian Maritime Industry on the New Tax Policy and Objectives”. Aliyu added that said the sum was accrued from 2010 to 2019 and would be beneficial towards increasing government revenue. Deficit and unremitted taxes The FIRS chief noted that with Nigeria’s budget deficit of N11.34 trillion, the N553 billion unremitted taxes represents 5.03 per cent and would be an alternative to addressing Nigeria’s economic woes instead of borrowing. He added that shipping companies involved in dry cargo activities in Nigeria and foreign airlines had been complying with the tax laws that most operators in the oil sector ...

Police arrest the man who allegedly stole a N55M Mercedes Benz car in Abuja, he was arrested in Edo State, while the Mercedes Benz GLB 250 was recovered in Delta State. The Delta State Police Command has arrested the suspect who posed as an intending buyer and absconded with a N55m Mercedes Benz SUV during a test drive in Abuja. Spokesperson of the command, DSP Bright Edafe, who confirmed the development in a statement on Thursday, July 6, said the suspect, Meshack Sinuphro, specializes in stealing vehicles while pretending to be a buyer. According to the PPRO, the suspect was arrested in Benin City, Edo State while the stolen car was recovered in a bush along Oteri road, in Ughelli North. “Sequel to a complaint received on 3/7/2023 at about 1700hours from a car dealer in Abuja whose vehicle was stolen from his car stand by the suspect who disguised as intending buyer and absconded with the said vehicle during a test drive on 30/6/2023 in Abuja,” the statement read. "Armed with av...

Although a Federal High Court in Abuja granted him bail in the sum of N50 million, suspended Deputy Commissioner of Police, Abba Kyari, will not be released, Daily Trust can report. Kyari, who is facing charges of failure to declare assets alongside his siblings, was granted bail on Thursday. The National Drugs Law Enforcement Agency (NDLEA) had filed a 24-count charges against DCP Kyari, his brothers Mohammed Baba and Ali before the court over his failure to declare properties allegedly linked to him in the asset form. The judge had earlier granted bail to the Kyari brothers who were accused of receiving funds from an international scam syndicate linked to Ramoni Abbas a.ka. Hushpuppi. In his ruling on Thursday, Justice James Omotosho granted Kyari bail in the sum of N50m and two sureties in like sum. Justice Omotosho added that the sureties must have property worth N25m within the court’s jurisdiction. He ordered Kyari and the sureties to deposit their international passport, their s...

In a bold move to address the unprofessional conduct of some Police Officers attached to the Edo State Police Command, who were responsible for running over a citizen at Ekpoma local government area of the State, the Acting Inspector-General of Police, IGP Olukayode Adeolu Egbetokun, has taken the decisive action of disbanding the team forthwith. This step aimed to regularise and standardize police operations in the axis, and restore public trust in the Police Force. This was disclosed by the Force Public Relations Officer (FPRO), Muyiwa Adejobi, who took to his Twitter handle to announce the measures on Thursday. Adejobi added that the operatives involved were facing disciplinary charges and administrative procedures. “This move underscores the commitment of the IGP to hold officers accountable for their actions which will never be tolerated in the Nigeria Police Force. “The Inspector-General of Police reiterates his commitment to ensuring the highest standards of professionalism and ...

  President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products. Nigeria’s President  @officialABAT  Signs Executive Orders To Ease Tax Burden on Businesses. Special adviser to the president on Special duties, communications and startegy Dele Alake, briefed the media on the following: To address concerns raised by manufacturers and other stakeholders regarding recent tax changes, President Bola Tinubu has signed 4 executive orders: 1 - The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023. 2 - Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023. 3 - Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally produced produts. 4 - Suspension of...

The Ekiti State government has announced a ban on the planned three-day kissing marathon to set the Guinness World Record in the state. A group identified as Sugartee released an advert saying that on July 7 they will be embarking on the longest world kissing marathon in a popular amusement park in the state capital. Reacting to the development, the state Ministry of Arts and Culture in a statement released today July 5, banned the scheduled competition of the marathon and warned all Hoteliers in the state not to allow their premises be used for such exercise. The state government warned that heavy sanctions will be placed on any hotel found to permit such an exercise in their facility. The letter signed by the Director of Tourism Adebanji Adelusi on behalf of the permanent secretary of the ministry, Dele Ogunsemoyin noted that the planned event tagged ‘Kiss-a-thon ‘ was capable of denigrating the image of the state. ‘’Kiss-a-thon” as an event is not only absurd, unhealthy, immoral and...

  The Nigerian National Petroleum Company Limited has said that it will reconcile fuel subsidy deductions with the Federal Government, after stating that no fuel subsidy payments were made to marketers since January 2016. The company stated this on Tuesday, July 4 when it posted a before and after fuel subsidy factsheet via their official account on Twitter. It is important to also note that two days after President Bola Ahmed Tinubu announced an end to fuel subsidies in the country, Mele Kyari, the Group Chief Executive Officer of the NNPC Limited said the Federal Government owed it over $6 billion (N2.8 trillion). This is the exact amount that the NNPCL has paid to keep fuel cheap. Meanwhile, in the Nigeria Development Update report from the World Bank, it was stated that the recent decision to remove the fuel subsidy marks a crucial initial step towards restoring macroeconomic stability, creating fiscal space, and improving growth prospects. The World Bank report stated that the...