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Nigeria records highest oil theft rate in the world ~ NNRC Report

by Ikokwu Ikembaon October 19, 2019
The highest ever reported crude oil theft in the world has taken place in Nigeria with the country recording approximately 400,000 barrels per day (bpd) crude theft, a report showed. Mexico came second with approximately 5000 to 10000 bpd loss to oil theft. The report was the outcome of a study on oil theft carried […]

IMF Supports Nigeria Border Closure

by Ikokwu Ikembaon October 19, 2019
Abebe Selassie, Director of African Department at the International Monetary Fund, has lauded Nigeria on the closure of its land border. According to TheCable, Selassie said this at the ongoing World Bank/IMF Annual Meetings in Washington D.C. Selassie said although free trade was critical to the economic growth of the continent, it must be legal […]

[BloomBerg] Nigeria May Ring-Fence VAT Hike’s New Revenue ~ Finance Minister

by Ikokwu Ikembaon October 19, 2019
Nigeria’s Treasury is considering ring-fencing funds generated from an increase in its value-added tax rates for spending on items such as education and health in an effort to make the higher levy more acceptable to taxpayers. The Nigerian Budget Office has proposed to raise the VAT rate to 7.5% from 5% in the 2020 budget […]