World News

The Federal Inland Revenue Service (FIRS) has stated that it has commenced the deduction of taxes at transaction points from Online Gaming Transactions using the Sentinal National Payment Gateway and Electronic Solution. In a Public Notice signed by its Executive Chairman, Muhammad Nami, the Service while directing full compliance by the online gaming community, explained that the Sentinal National Payment Gateway was a transaction processing system that enables Integrated Payment Services Providers to deduct taxes at the points of transaction and immediately remit the tax deducted to the government’s treasury. “The FIRS is automating the administration of tax on online…

The Chairman/CEO of Air Peace Airlines, Allen Onyema, has lamented the bad treatment of Nigerian Airlines by foreign countries in contravention of the Bilateral Air Services Agreement.   Onyeama made the allegations during an interactive session with the Speaker of the House of Representatives, Rep. Femi Gbajabiamila, at the National Assembly, Abuja.   He said the Nigerian government was not deliberately denying foreign airlines of their funds as was being insinuated in some quarters, but that the foreign countries were the ones rather fleecing Nigerians by hiking the price of airfares and blaming it on their trapped funds in Nigeria.…

The naira has suffered further depreciation at the parallel market, currently trading for N750 against the dollar, according to black market platform Aboki Forex. The current parallel market exchange rate was monitored by Peoples Gazette Thursday night. The online newspaper had reported in September that the naira hit a record high, trading at N719 against the dollar. Since then, the dollar has continued to rise, exchanging at a higher rate. In 2021, the apex bank prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had…

The federal government says it is proposing legislation to ban the consumption of animal skin, locally known as ponmo, in the country to revive tanneries. Muhammad Yakubu, director-general, Nigerian Institute of Leather and Science Technology (NILEST), Zaria, said this in Abuja on Sunday. Yakubu said the legislation was necessary to revive the comatose leather industry in the country. He said the habit of eating animal skin, which has no nutritional value, should be stopped to save the industry and boost the nation’s economy. The director-general added that the institute, in collaboration with stakeholders in the industry, would approach the national…