Author: Opalim Lifted

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, under President Bola Tinubu-led administration denied reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 percent from 7.5 percent. Edun, in a statement signed by him, affirmed that the VAT rate as contained in relevant tax laws and chargeable on goods and services remains at 7.5 percent. “The current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor…

President Abdelmadjid Tebboune of Algeria has been re-elected with almost 95 percent of the vote, the country’s electoral authority ANIE said. “Out of 5,630,000 voters recorded, 5,320,000 voted for the independent candidate Abdelmadjid Tebboune, accounting for 94.65 percent of the vote,” ANIE head Mohamed Charfi told reporters in the capital Algiers on Sunday. Tebboune, 78, was heavily favoured to secure a second term in the race against moderate Islamist Abdelaali Hassani, 57, and socialist candidate Youcef Aouchiche, 41. “The election was marked by broad transparency” and “reflected the electoral maturity of the people”, said Charfi. But he did not provide…

Foremost Professor of Political Science, Bolaji Akinyemi, has cautioned President Bola Tinubu’s administration to be careful with Nigerian-Chinese deals. Akinyemi, a former Director General of the Nigerian Institute of International Affairs (NIIA), on Channels TV said, “Of course, we should be careful but don’t isolate the debt to China. There are also debts we owe the United States, there are also debts we owe even some of the medium-power countries”. “What we need to do is to be careful about two things: one, we shouldn’t default on that debt. A month before this African-Chinese Summit, Nigerian Sovereign Goods were being…

Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report. Musk, 53, is currently the richest person in the world, with a net worth of $251bn (£191bn), according to Bloomberg’s Billionaires Index. However, according to Informa Connect Academy’s findings, his wealth has been growing at an average rate of 110% a year. It means that – providing his wealth continues to grow at the same rate – he could reach the trillionaire mark within the next three years, according to the findings. The same report – the 2024 Trillion Dollar…

The National Drug Law Enforcement Agency (NDLEA) has intercepted consignments of cocaine and pharmaceutical opioids concealed in ladies’ sanitary pads and hair treatment cream containers heading to the United Kingdom, Ireland and Cyprus. A statement signed by the Director, Media and Advocacy said that in one of the logistics companies, not less than 30 parcels of cocaine weighing 1.1 kilograms concealed in hair cream containers were recovered by officers of the Directorate of Operations and General Investigation during examination of cargoes going to Ireland on Tuesday 3rd September 2024. The statement added that another consignment of 24 parcels of cocaine…

The Nigerian Immigration Service (NIS) has deported a total of 61 foreign nationals. The figure of the deportees is contained in a report released by the service detailing its achievements for August 2024. In the report, the reason for deporting the foreign nationals is to address and curtail the issue of irregular migration in the country. The report partly read, “The NIS eased out 61 foreign nationals to address irregular migration. The new Visa Policy facilitated 8,352 Visas on Arrival.” This is, however, not the first time immigration is deporting foreign nationals from the country. Between 2020 and 2022, seventy…

Three men have been killed in an attack at a border point between Jordan and the occupied West Bank, Israeli officials say. The Israel Defense Forces (IDF) said three Israeli civilians were killed in the shooting at the Allenby Bridge crossing. The attacker approached the area from the Jordanian side in a truck, then got out and opened fire, the IDF said. Security forces “eliminated” the gunman and the IDF checked the truck over for signs of explosives, a statement said, but later ruled that out. Video footage showed the attacker walking to the terminal and firing his weapon three…

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL), to immediately reverse what it described as the “illegal and unconstitutional” increase in the pump price of premium motor spirit or fuel across its retail outlets. In a statement by SERAP’s Deputy Director, Kolawole Oluwadare on Sunday, it also urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and appropriate anti-corruption agencies, to probe the allegations of corruption and mismanagement in the NNPCL, including…

The Naira raced to N2,000 per dollar at the black market on Saturday despite the Central Bank of Nigeria’s sale of dollars to the Bureau De Change operators. A BDC operator, Dayyabu Ashiru confirmed to reporters that Naira was exchanged for N1,670 per dollar on Saturday from the N1665 exchange rate last Friday. “We buy at N1665 per dollar and sell at N1670”, he said. The apex bank announced that it sold $20,000 each to legible BDC operators at N1580 per dollar rate last week. Meanwhile, the appreciated last Friday at the official market to close the week at N1593.32…

Goals from Ademola Lookman and Victor Osimhen ensured that Super Eagles of Nigeria began the Africa Cup of Nations 2025 qualifiers with a 3-0 victory over Benin Republic at the Godswill Akpabio International Stadium, Uyo on Saturday. Lookman, who just got nominated for the 2024 Ballon d’Or awards, celebrated the feat with two well-taken goals to set the 2024 AFCON runners up on their way to making it to Morocco for the next edition. The Beninese thought that they had done enough to hold out for a 0-0 first half with a spirited defensive display, but the Atalanta of Italy…