Business and Economy Archives - Parliament Reports

Business and Economy National Assembly Politics

FixPolitics raises sovereignty concerns over tax pact with France

Abdullahi A BalogunDecember 18, 20253 min

Reacting to the tax pact with France, the civil society group said Nigeria’s challenge is not whether to learn from global best practices, but doing so without undermining public trust or national sovereignty. FixPolitics Initiative, a prominent civil society organization has demanded immediate transparency from the Federal Government following public outcry over a tax administration agreement with France, warning that Nigeria’s sovereignty and citizens’ trust hang in the balance. FixPolitics, a democracy advocacy group, issued...

Business and Economy House of Representatives

NEITI recovered $3.7bn to government coffers in 2 years – Orji

Leah TwakiJanuary 27, 20254 min

While $3.7 billion has been recovered to Government coffers, NEITI said its partnership with EFCC is ongoing to recover more funds owed by oil firms The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that it has recovered over $3.7 billion into government coffers in 2020 and 2021 as outstanding liabilities from companies operating in the oil and gas sector in the country. NEITI also said its collaboration with the Economic and Financial Crimes Commission (EFCC)...

Business and Economy RemTrack Spotlight

NEITI launches research on energy transition

Timileyin OkunlolaNovember 30, 20244 min

Energy transition is increasingly at the forefront of national discussions in Nigeria, with many perspectives contributing to the dialogue The Nigeria Extractive Industries Transparency Initiative (NEITI) has officially launched a research initiative focused on the impacts of energy transition on Nigeria’s economy. This launch took place during a workshop in Abuja, where key stakeholders, experts, and policymakers gathered to discuss the study’s focus, approach, and methodology. This collaborative effort aims to refine the research framework...

Business and Economy National Assembly Politics RemTrack

Reform imminent as first mining university is proposed | REMTRACKER

Timileyin OkunlolaNovember 25, 20242 min

This inaugural edition of RemTracker discusses a mining reform bill and proposal for a dedicated university on the extractive resource Amendment of the Nigerian Minerals and Mining Act The Nigerian Minerals and Mining Act of 2007 has served as the legal framework for the exploration and exploitation of mineral resources in Nigeria for over a decade. However, the evolving dynamics of the global mining industry and Nigeria’s quest for sustainable development have revealed significant gaps...

Business and Economy RemTrack

NEITI commends PWYP on new leadership

Timileyin OkunlolaOctober 8, 20242 min

The Nigeria Extractive Industries Transparency Initiative (NEITI) has praised Publish What You Pay (PWYP) Nigeria for its newly elected leadership. The Nigeria Extractive Industries Transparency Initiative (NEITI) has congratulated Publish What You Pay (PWYP) Nigeria on the emergence of its new leadership. This commendation was conveyed in a statement by Chris Ochonu, assistant director of communications & stakeholders’ management. The statement highlighted the optimism following PWYP’s recent Annual General Meeting (AGM) and the transparent electoral...

Business and Economy House of Representatives

Reps directs GTBank to remit VAT on Remita transactions

Leah TwakiSeptember 13, 20243 min

GTbank has been tasked by PAC to remit 8 years VAT on commission received through Remita transactions to federal government The House of Representatives Public Accounts Committee (PAC) has directed Guaranty Trust Bank (GTBank) to calculate and remit the Value Added Tax (VAT) on commissions received through Remita transactions between 2015 and 2022 to the federal government’s recovery accounts. Remita is a payment gateway technology used by the federal government to collect revenues for...

Business and Economy

NNPCL replies Atiku, clarifies OVH acquisition

Timileyin OkunlolaAugust 23, 20244 min

Following Atiku Abubakar’s call out on NNPCL, the state-owned oil corporation has responded with some explanations on the OVH acquisition. The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement addressing the allegations made against it former vice president, Atiku Abubakar, on the OVH acquisition. Earlier in the week, Atiku had issued a press release signed by his media adviser Paul Ibe. In the statement he had lamented the alleged criminal hijacking of the...

Business and Economy Nuggets & Learning

Nigeria’s huge debt as ticking time bomb | BUSINESS BRIEF

Timileyin OkunlolaAugust 19, 202419 min

Nigeria’s growing debt burden has been a subject of concern and a ticking time bomb for generations unborn. The situation calls for urgent redress The national debt refers to the total amount of money that the government of Nigeria owes its domestic and external creditors. It can be further divided into two: public debts and government accounts debt. Public debt is the total amount of money owed by the government at all levels to various...