Business Archives - Page 3 of 31 - Independent Digital News Network

Federal Government Proposes 1% Informal Sector Tax Framework to Expand Nigeria’s Revenue Base

Nigeria’s federal government has unveiled a proposal for a 1% informal sector tax framework aimed at expanding the country’s revenue base without imposing heavy burdens on small businesses. The policy, currently under consultation with market associations and state authorities, targets millions of informal enterprises that operate outside the formal tax system.

Tinubu Signals PIA Review Following New Executive Order

IDNN2 months ago2 months ago0

President Bola Tinubu has signalled a potential review of the Petroleum Industry Act (PIA) following the issuance of a new executive order affecting the oil and gas sector. Officials say the move aims to address implementation gaps, fiscal incentives and regulatory overlaps as Nigeria seeks to boost investment and production stability.

Labour Ultimatum: Unions Issue Deadline Over Unpaid Wage Award, Warn of Nationwide Action

IDNN2 months ago2 months ago0

The Labour Ultimatum Nigeria has entered a critical phase as organised labour issued a deadline demanding payment of outstanding wage awards. Union leaders warned that failure to comply could trigger nationwide industrial action, raising concerns about economic disruption and public service shutdowns if negotiations with the Federal Government collapse.

FCC–Nigeria Revenue Service Collaboration Signals Governance Reform Alignment

IDNN2 months ago2 months ago0

The FCC Nigeria Revenue Service collaboration has been positioned as part of broader institutional reforms aimed at strengthening transparency and constitutional compliance across federal agencies. During a high-level meeting in Abuja, leaders of both bodies emphasized regulatory alignment, data governance coordination, and the role of inter-agency cooperation in reinforcing national cohesion and macroeconomic stability.

Tinubu Approves ₦2.8tn GenCo Debt After Audit Slashes ₦6tn Claim

IDNN2 months ago2 months ago0

President Bola Tinubu has approved ₦2.8tn as the Federal Government’s verified electricity subsidy liability to power generation companies, following a tripartite audit that cut operators’ ₦6tn claim by more than half. The decision includes conditions on gas debt settlement and infrastructure reinvestment as authorities seek to stabilise Nigeria’s power sector liquidity crisis.

Tinubu, German Chancellor Agree on Power and Security Cooperation

IDNN2 months ago2 months ago0

Tinubu German power security cooperation discussions intensified during a phone call between President Bola Tinubu and Chancellor Friedrich Merz, with both leaders pledging deeper collaboration in electricity transmission, railway modernisation and Sahel intelligence support. Germany signalled readiness to back Nigeria’s power infrastructure through Siemens and financial support mechanisms, while security coordination featured prominently.

Tinubu Signs Executive Order Redirecting Oil Revenues to Federation Account

IDNN2 months ago2 months ago0

President Bola Tinubu has signed a sweeping executive order mandating direct remittance of key oil and gas revenues to the Federation Account, halting several retention mechanisms previously operated under the Petroleum Industry Act. The directive targets multiple deductions by NNPC Limited and signals a structural fiscal reset with implications for federal, state, and local government finances.

Nigeria Opens Probe into Temu Over Suspected Data Protection Breaches

IDNN2 months ago2 months ago0

Nigeria opens probe into Temu over suspected data protection breaches, as the country’s data watchdog examines concerns around surveillance practices, cross-border data transfers and data minimisation compliance. The investigation could trigger penalties under Nigeria’s data protection framework if violations are established in one of Africa’s largest digital markets.

China to Scrap Tariffs for African Nations From May, Signals Trade Reset

IDNN3 months ago3 months ago0

China scrap tariffs Africa policy shift is set to take effect in May, as Beijing announced plans to remove import duties on a wide range of goods from African countries. The move is positioned as a trade facilitation measure, but it also carries strategic implications for supply chains, export growth and geopolitical influence.

How OFAC Sanctions Interact With Nigeria’s Counter-Insurgency Architecture

IDNN3 months ago3 months ago0

OFAC sanctions Nigeria counter-insurgency dynamics have become increasingly intertwined as US financial blacklists target individuals allegedly linked to extremist networks. While Washington freezes assets and restricts global dollar access, Nigeria’s domestic security and financial intelligence architecture determines whether those designations translate into operational disruption on the ground.