World News

President Muhammadu Buhari has ordered deployment of technology to tax all digital transactions carried out across the country. The Secretary to the Government of the Federation, SGF, Boss Mustapha disclosed this at the 17th General Assembly and 10th anniversary of the West Africa Tax Administration Forum, WATAF, in Abuja on Tuesday. The assembly is a high-level policy dialogue on taxation of the digital economy, organised by the Federal Inland Revenue Service, FIRS. Mr Mustapha said the President gave the order to tax authority to ensure digital transactions were taxed digitally, and the goal of their efforts was to achieve seamless…

President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited, the State House has announced. A statement on Sunday issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. “This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company,” the…

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) says the apex bank will track Oniwinde Adedotun, the founder of AbokiFX and the firm over posting of illegal naira-dollar rates. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On the platform, naira is quoted at 570 to the dollar at the parallel market, though the apex bank had described it as an illegitimate market. “The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get…

The governor of Rivers State has threatened that the state government will shut down the premises of any bank or business organisation in the state that continues to pay Value Added Tax (TAX) to the federal government through the Federal Inland Revenue Service. (FIRS). The governor stated this in Port Harcourt on Wednesday during an interactive session with corporate organizations in the state. He lamented that the federal government has purposely turned the states into beggars, by making them congregate regularly in Abuja to beg for funds, instead of utilizing their potentials to develop their respective states. The warning from…