Nigeria music revenue to hit $86m in 2021 – Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed says Nigerian music revenue is projected to hit 86 million dollars (about N3.096 billion) in 2021, making it the biggest in Africa. The minister gave the projection in Madrid, Spain at the 11th edition of the Tourism Investment and Business Forum for Africa (Investour), organised by the United Nations World Tourism Organisation and CASA Africa. The forum is on the sideline of the on-going 2020 International Tourism Trade Fair, one of the biggest tourism fairs worldwide that holds annually in Madrid,…

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‘I sleep 10 hours in a day’, Femi Otedola reveals

Nigerian billionaire, Femi Otedola has revealed how he sleeps for a minimum of 10 hours a day despite his busy schedules. He revealed this at the recently held ‘2020 ThisDay Awards’, where he was honored with the award of the ‘Philanthropist of the Decade’. Otedola says he is a man who is at peace with himself and he sleeps for 10 hours daily, meaning, he goes to bed at about 10 pm daily and wakes up at about 8 am. During his acceptance speech, he shared a brief narration of what had…

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No Disco should force customers to buy transformers, cables – NERC

The Nigerian Electricity Regulatory Commission, (NERC) on Friday, condemned the on-going practice of some electricity distribution companies, (DisCos) forcing customers to invest in the replacement of distribution infrastructure such as transformers and cables as a condition for the restoration of electricity supply. It said the Commission had earlier issued a directive: ‘Regulation for Investment in Electricity Networks’, whereby customers desirous of intervening in the restoration of power supply may invest in the provision of materials and installation. It explained that the regulation provided that such an arrangement must always be…

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Don’t share all FAAC proceeds from Federation Account, CBN to FG..Retains MPR at 13.5%, raises CRR to 27.5%

The Federal Government has been asked to caution the rate at which all the proceeds from the Federal allocation are being shared across all tiers of government. This is according to the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, (CBN), who disclosed this on Friday at the apex bank’s headquarters in Abuja. The Committee, headed by the governor of the apex bank, Godwin Emefiele, called on the fiscal authorities to ensure that they build cushions that will help reduce the rising public debt. In a related development,…

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Nigeria to resume mining in Zamfara state in Q1 – Minister

Nigeria will lift a ban on mining in Zamfara state by the end of March after the government deployed a surveillance team to stifle illegal activity in the northwestern region, the minister of mines and steel development said. The government suspended operations in April on concerns that illegal mining was connected to a surge in banditry in the state that was the worst hit by a wave of violence that killed dozens of people and displaced thousands. “The ban is about to be lifted because a lot of genuine investors…

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We cannot guarantee stability of power supply now – TCN ..Says National Power Grid is now restored

The Transmission Company of Nigeria, (TCN), has said that the national grid has been fully restored after the system collapse which occurred on Thursday,  The TCN had hitherto said that it could not guarantee the stability of Nigeria’s electricity grid at the moment. TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, made this known in a statement in Abuja on Friday. According to the TCN, this is because it did not have the spinning reserves to prevent its total collapse whenever there were typical system disturbances.  The national grid on Thursday…

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Stop calling us NEPA; it shows you don’t want electricity – DisCos spokesperson

The spokesperson of the electricity distribution companies, Discos, whom are responsible for the distribution of electricity across Nigeria, Sunday Oduntan has asked Nigerians to stop calling them NEPA. Oduntan, who appeared on a television programme, debunked claims of a 78% increase in electricity tariff, as he pointed out that the Nigerian Electricity Regulatory Commission (NERC) is the independent regulatory body in-charge of regulating the power sector just like the Central Bank of Nigeria (CBN) regulates banks.  He further revealed that more than 95% of what is used in Nigeria’s power…

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Nigeria’s public debt hits at N26.2 tr – DMO …FG to borrow N1.59 tr to fund 2020 Budget

The Debt Management Office, (DMO) says Nigeria’s total public debt as at September 2019 stood at 26.215 trillion naira. The DMO Director-General, Ms. Patience Oniha, made this known during a presentation of Public Debt Data as at September 30, 2019 in Abuja yesterday. Oniha explained that the debt comprised the Federal Government and 36 States and the Federal Capital Territory’s debts within the period. She said that the comparative figure for June 2019 was 25.701 trillion naira which implied that in the quarter July to September 2019, the total public…

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FG plans N97 per litre-Compressed Natural Gas fuel for ‘common man’

The Federal Government says it plans to provide alternative petrol-Compressed Natural Gas for the average Nigerian that will cost between 95 to 97 naira per litre and also promised to pass the Petroleum Industry Bill, PIB before May 29, 2020. The Minister of State for Petroleum Resources, Timipre Sylva, stated these to reporters in Abuja. The Minister, when asked whether government was going to reduce the pump prices of petrol to make it more affordable, he said there were plans to provide an alternative fuel that is cheaper. Sylva explained that…

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Blackout pervades, as national grid records first collapse in 2020

The national electricity grid has reportedly recorded its first collapse in the year. The system was said to have collapsed around 12:37 on Thursday, resulting in power outage in some parts of the country. The development was confirmed in a tweet by Eko Electricity Distribution Company (EKEDC) which stated: “Dear Customer, present outage affecting all is a TCN System Disturbance on the grid. Power to be restored as soon as available. “The outage which occurred at 1237hrs is due to a TCN system collapse affecting Lekki, Ibeju & environs. The…

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7.5% VAT effective from February 1 – Finance Minister

The Minister of Finance, Budget and National planning, Zainab Ahmed says the implementation of the new Value-added Tax (VAT) rate will begin on February 1, 2020. The minister announced this at the inauguration of the Federal Inland Revenue Service (FIRS) Board. President Muhammadu Buhari signed the Finance Bill, which increased the VAT by 50%, into law on January 13. The newly signed Bill expands the VAT-exempt items to include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons,…

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Nigeria open to more investments on construction, manufacturing – Osinbajo

Vice President, Yemi Osinbajo yesterday declared that Nigeria was open to more investments from foreign companies in the areas of construction, manufacturing and technology, among others. Osinbajo spoke when he received at the Presidential Villa, Abuja, a Turkish business delegation led by Turkey’s Minister of Trade, Ruhsar Pekcan. The Vice President, who noted that he looks forward to greater co-operation between the two countries exploring other areas to deepen economic ties, adding that the Federal Government is looking forward to more foreign investments in Nigeria in different sectors.  In her…

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Ajaokuta Steel set for completion 2022 – Minister

The Ajaokuta Steel Company will begin full production in 2022, the Minister of Mines and Steel, Olamilekan Adegbite has said. The minister spoke in Lagos on Tuesday at an interactive session with journalists on the developments in the mines and steel sector of the economy. He said the Russian Government, through the Russian Export Centre and the Africa Export-Import Bank (AfrExim), is expected to commit $1.465bn to revitalize the moribund steel company. Adegbite said the Federal Government was expected to sign a Memorandum of Understanding, (MoU), with Russia along with…

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VAT now 7.5%, as Buhari signs 2019 finance bill into law

The proposed increase in the rate of value-added tax, VAT from the present 5% to 7.5% is now effective, as President Muhammadu Buhari signed the 2019 Finance Bill into law in Abuja on Monday. The Bill was submitted to the national assembly alongside the budget. However, the Bill signing is coming 27 days after the 2020 budget was signed into law on December 17. The president, in a tweet said “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019”, adding that the finance…

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MTN Nigeria gets reprieve, as FG withdraws $2bn tax case

MTN Nigeria’s shares rose 10% on Monday to their highest in two weeks, after the Nigeria’s Attorney-General withdrew a $2 billion tax demand against the South African telecoms firm. A long-running spat between MTN Group and Nigerian authorities cooled, as a demand for $2 billion in back taxes and a related legal action were withdrawn, with the matter referred to the country’s revenue and customs departments for resolution. In an issued statement, MTN said Nigeria’s Attorney-General removed an order, made in late 2018, demanding payment of dues related to historical…

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