petrol subsidy - The African Mirror

Jul

2023

Nigeria targets millions of informal traders to boost tax

NIGERIA'S federal revenue agency said it had partnered with a traders association to collect value-added tax (VAT) from millions of informal traders, part of a push to widen the tax base by President Bola Tinubu's government. Africa's largest economy has embarked on its boldest reform agenda in decades, including removing a popular petrol subsidy and restrictions on foreign exchange trading, a gamble by Tinubu to try to boost sluggish growth. Nigeria has one of the lowest tax collection rates in the world at around 10.8% of GDP, according to the Federal Inland Revenue Service (FIRS). Only 47% of this year's…

Jun

2023

By The African Mirror

Nigeria sets eight-week timeline to agree minimum wage with unions

NEWS

CAMILLUS EBOH NIGERIA'S main labour unions and the government set an eight-week timeline to finalise an agreement to raise the minimum wage to help cushion the impact of high fuel prices after the removal of a popular but costly petrol subsidy. The Nigeria Labour Congress and the Trade Union Congress (TUC) had threatened to strike after fuel prices tripled following President Bola Tinubu's decision to scrap the subsidy. Talks with the unions are one of the first challenges the new administration faces as it pushes forward with a raft of economic reforms. The parties agreed to set up work groups whose terms…

Jun

2023

By HAMZA IBRAHIM

Nigeria’s small businesses feel squeeze after petrol subsidy scrapped

NEWS

IN a small factory in Nigeria's northern Kano city, Muhammad Khamis Umar stares at stacks of plastic products that have not been sold for over a week since new President Bola Tinubu scrapped a fuel subsidy, sharply driving up the cost of petrol. Most of Umar's customers came from across Nigeria's northern states to buy plastic plates, bowls and buckets in bulk, but demand has fallen since transport fares and the cost of filling a vehicle's tank surged after gasoline prices nearly tripled on May 31. "More than 80% of my customers have stopped coming to take products from us because of…

Jan

2023

By The African Mirror

Nigeria to spend $7.5 bln on petrol subsidy to mid-2023

BUSINESS

CAMILLUS EBOH NIGERIA will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion nairas ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said. Africa's biggest economy spent 2.91 trillion nairas ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances. President Muhammadu Buhari signed the 2023 budget of 21.83 trillion nairas ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4% and raised the oil price assumption. "Petrol subsidy will remain up to mid-2023 based on…