In a landmark move aimed at restructuring Nigeria’s tax system, the House of Representatives has approved key tax reform bills, retaining the current 7.5% Value Added Tax (VAT) rate while introducing a revised distribution formula that seeks to balance equity, population size, and consumption patterns. This decision comes as part of broader economic reforms designed … Read more
US President Donald Trump has reignited trade tensions with Europe by threatening to impose a 200 percent tariff on wine, champagne, and other alcoholic products from France and other European Union countries. His latest move is in direct response to the EU’s decision to impose levies on American whiskey, a development that has sent shockwaves … Read more
South Korea’s Acting President, Choi Sang-mok, has expressed confidence that his country can negotiate with the United States over tariffs, emphasizing that South Korea’s investments in the U.S. are significant. Speaking at a parliamentary session on Thursday, Choi noted that South Korea has much to offer the U.S., particularly through major corporate investments in key … Read more
The struggle to keep up with the rising cost of living is becoming a daily reality for millions, forcing individuals and families to make tough financial choices. In Canada, where inflation has outpaced wage growth for years, many workers are barely making ends meet despite putting in long hours. However, there is a glimmer of … Read more
In a move that has sent shockwaves through financial markets and global trade, President Donald Trump has announced sweeping tariffs on imports from Mexico, Canada, and China. These measures, he asserts, are necessary to rectify what he describes as decades of unfair trade practices that have left the United States economically disadvantaged. Acknowledging the likelihood … Read more
In a landmark decision that will significantly impact Nigerian graduates, the Director-General of the National Youth Service Corps (NYSC), Brigadier General Yushau Ahmed, has announced that corps members will receive an increased monthly allowance of ₦77,000 starting from February 2025. The new stipend, which is more than double the current ₦33,000, comes as part of … Read more
The Nigerian Shippers’ Council (NCS) has addressed concerns from importers and clearing agents regarding the implementation of the 1 percent freight stabilisation fee, reassuring them that the benefits outweigh the costs. Dr. Pius Akutah, the Executive Secretary of the NCS, explained that the fee’s implementation is crucial for the Council’s operations and is supported by … Read more
Regional groups, political parties, and politicians have expressed differing views over President Bola Tinubu’s New Year message, which outlined his economic plans for 2025, including promises to lower food and drug prices and reduce inflation to 15 percent from its current rate of 36.4 percent. The Yoruba Council of Elders (YCE) supported the President’s speech, calling … Read more
The Nigerian Naira experienced mixed movements on Monday, appreciating slightly in the parallel market to N1,660 per dollar while depreciating in the official market to N1,550 per dollar. The contrasting trends highlight ongoing volatility in Nigeria’s foreign exchange market amid efforts to stabilize the currency. Parallel Market Gains: Naira Strengthens Slightly In the parallel market, … Read more