RMAFC to Review Revenue Allocation Formula After 29 Years

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Tuesday, January 25 despite recording a price loser at the close of transactions. The depreciating stock was Niger Delta Exploration and Production (NDEP) Plc, which recorded a 0.04 per cent or 10 kobo loss to close the session at N234.90 per share as against N235.00 per share it ended a day earlier. As earlier stated, despite this, the major performance indicators of the unlisted securities market remained unchanged when trading activities were wrapped up for the day. Consequently, the market capitalisation of the NASD Exchange retained the previous

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has raised an eyebrow over what it called the systemic abuse of the pioneer incentive scheme instituted by the federal government, saying it is leading to tax revenue leakages for the three tiers of government. This was made known by the Executive Chairman of the tax body, Mr Muhammad Nami, during a meeting with State Commissioners of Finance at the Revenue House, headquarters of the FIRS in Abuja. In a statement signed by the Director, Communications and Liaison Department, Mr Abdullahi Ahmad, the FIRS reiterated its vow to plug this tax

By Modupe Gbadeyanka Recently, over 200 women in Lagos had the opportunity to undergo free cancer screening and treatment through an initiative sponsored by Rite Foods Limited. The programme was organised by the Optimal Cancer Care Foundation and it gave room for beneficiaries to get the latest information on breast and cervical cancer. According to the Medical Director of the foundation, Dr Femi Olaleye, the initiative is aimed at sensitizing the women on the dangers of the disease which can be harmful to health if not detected and treated at an early stage. It would be done across the state,

By Ahmed Rahma The Minister of Communications and Digital Economy, Mr Isa Ali Ibrahim Pantami, has stated that there is no known scientific evidence suggesting that the 5G network poses any risks to public health and safety. He revealed this when he led the heads of agencies under his ministry and other stakeholders to an investigative public hearing by the Senate Joint Committee on Communications; Science and Technology; Information and Communications Technology (ICT) and Cyber Crimes; and Primary Health Care and Communicable Diseases, at the National Assembly Chamber in Abuja on Thursday, February 25, 2021. Speaking at the public hearing,

By Dipo Olowookere Leader of Islamic Movement in Nigeria (IMN), Mr Ibraheem El-Zakzaky, has been accused of having the intention to seek an asylum in India during his botched medical trip to the country. The Shiite leader was granted bail some days ago by a court in Kaduna State on health ground. But while at an Indian hospital, Mr El-Zakzaky refused to agree to remain there, opting for a five-star hotel and asked to be granted unrestricted access to visitors. However, officials of government who accompanied him from Nigeria refused, which made the Islamic leader to return home, aborting the

By Aduragbemi Omiyale The Director of Google West Africa, Ms Juliet Ehimuan, has advised women to get out of their comfort zones to take enviable spots in their careers and others because they have the capability to achieve more. Ms Ehimuan gave this charge at the third edition of the Ladies At The Table Empowerment Series (LATTES 3.0) themed The Woman of the Future. The event was hosted by Stanbic IBTC Pension Managers to discuss critical challenges faced by women, including gender bias, work-life balance, personal development, and financial empowerment. The discussions provided a platform for engaging conversations and helped

By Modupe Gbadeyanka The Federal Government has assured Nigerians that it has no intention to increase the price of Premium Motor Spirit (PMS) commonly called petrol as being feared. The assurance was given on Monday in Abuja by the Minister of State for Petroleum Resources, Mr Ibe Kachikwu. The Minister, while answering questions from newsmen, said there was no plan by the FG to tamper with the pump price at the moment. Mr Kachikwu specifically disclosed that there was no memo before the FG seeking a review of the fuel price. Also corroborating Mr Kachikwu’s stand was the Group Managing

By Modupe Gbadeyanka A total of N9.6 billion was generated in the first quarter of 2021 by the Kwara State Internal Revenue Service (KWIRS). This is the highest ever collected by the agency without any extraordinary item at any quarter since its founding in 2016. At a news briefing in Ilorin, the state capital on Tuesday, the executive chairman of the agency, Ms Shade Omoniyi, attributed this feat to the adoption of technology, the steady blockage of leakages within the tax administration system and the deliberate steps taken to tackle multiple taxations. “KWIRS, since inception, has operated a manual tax