Tax rules trail growing shift to remote work
Countries, including Nigeria, are grappling with emerging tax issues as remote work is gaining momentum, fuelling tax evasion by many workers. Typically, it is believed that where you reside is where your workplace is located, but today, many are shifting to remote work.
Despite $300m trapped funds, airlines increase flights into Nigeria
Despite foreign airlines’ $300 million trapped funds in Nigeria, the number of flights coming into the country is increasing as the travel market continues to grow, BusinessDay has learnt. Airlines have in the last four months been unable to access their funds from tickets
Nigeria, nine others account for 75% of gas flaring – World Bank
Nigeria and nine other countries accounted for 75 percent of global gas flaring last year, the World Bank said in a new report on Thursday. It said seven of the top 10 flaring countries, namely Russia, Iraq, Iran, the United States, Venezuela, Algeria, , and Nigeria, had held this position consistently for the last 10 years.
EWAN’s protest for ASUU
The Education Writers’ Association of Nigeria (EWAN) recently mobilised other stakeholders in the country’s education sector to demand the immediate reopening of Nigerian universities that have been under lock and key for nearly three months.
AfDB secures $15.6bn investment for Lagos-Abidjan highway construction
Akinwumi Adesina, the president, of the African Development Bank (AfDB), says the bank has secured a 15.6 billion dollars investment for the construction of the Lagos-Abidjan highway. Adesina tweeted this on his Twitter handle @akin_adesina obtained by the News Agency of Nigeria (NAN) on Friday in Abuja..
Here are 7 investors backing Elon Musk’s Twitter acquisition
On April 14, 2022, Elon Musk offered to purchase social media company Twitter, Inc., for $43 billion, after previously acquiring 9.1 percent of the company’s stock for $2.64 billion, becoming its largest shareholder. The world’s richest man who’s recently had his acquisition bid approved by Twitter investors appears set to move the microblogging platform into its new era of leadership with some rich investors backing his move.A new security and exchange commission (SEC) filing shows that Musk has secured $7.14 billion in total from a cohort of investors that plan to support the $44 billion Twitter takeover.
Forex remittances crash by 48% amid dollar shortage – CBN report
The country’s total direct remittances dropped by $119.4m to $130.12m as of January 2022 from $249.52m as of December 2021, figures obtained from the Central Bank of Nigeria have revealed.
The development indicates a 48 per cent over a period of one month.
According to the CBN’s record on weekly international payments, the country recorded $217.7m, $51.74m and $ 224.24m in total direct remittances in November, October and September, respectively.
Direct remittances come into the country via the International Money Transfer Operators, banks, among others.
OPEC raises Nigeria’s oil production quota despite low output
The Organisation of Petroleum Exporting Countries on Thursday raised the crude oil production quota approved for Nigeria again, as it increased it from 1.753 million barrels per day in May 2022 to 1.772 million barrels per day in June.
OPEC had earlier raised Nigeria’s oil production quota from the 1.735 million barrels per day target approved in April 2022 to a new target of 1.753 million barrels per day for May 2022 despite the country’s persistent failure to meet these monthly targets.
On Thursday it maintained the upward oil production quota approvals for Nigeria at its 28th OPEC and non-OPEC Ministerial Meeting.
The organisation in a statement made available to our correspondent in Abuja, said, “Following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via videoconference on May 5, 2022, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.
Nigeria made $565.5m from oil in Q1 – NNPC
Nigeria made $565.5m in crude oil and gas export sales in the first quarter of 2022, according to data from the Nigerian National Petroleum Company Ltd.
According to the data, the nation made $177.86m from crude oil exports and $387.72m from gas feedstock to Nigeria LNG Limited which amounted to
The NNPC data indicates that in January 2022, the nation earned $75.88m from crude oil and $84.45m from gas; in February, the nation earned $13.05m from crude oil and $159.58m from gas.
In March, Nigeria earned $88.93m from crude oil and $143.69m from gas.