BUSINESS Archives - Page 21 of 36

Revenue Boom At Seme Border: Customs Records 117% Surge, Rakes In ₦15.6bn In 2025 0
- BUSINESS, SLIDE
- January 12, 2026
The Nigeria Customs Service (NCS), Seme Area Command, closed the 2025 fiscal year on a high note, recording a remarkable 117 per cent increase in revenue generation. The command generated a total of ₦15.6 billion in 2025, more than doubling the ₦7.2 billion recorded in 2024, a performance officials described as unprecedented in the history
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Nigeria Customs Introduces Temporary Vehicle Import Procedure For International Visitors 0
- BUSINESS, SLIDE
- January 8, 2026
The Nigeria Customs Service (NCS) has introduced a new procedure that allows international visitors to temporarily bring their personal vehicles into Nigeria, a move aimed at easing travel, promoting tourism, and facilitating cross-border business activities. Under the arrangement, eligible visitors can import their vehicles into the country for a limited period without paying full import
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Tax Law: ₦5tn VAT Windfall For States As New Formula Begins 0
- BUSINESS, SLIDE
- January 8, 2026
Nigeria’s states are set to receive a major revenue boost following the commencement of a new Value Added Tax (VAT) sharing formula, with projections indicating a combined windfall of about ₦5 trillion. The revised formula, which took effect this fiscal period, places greater emphasis on derivation and consumption, reducing the weight previously assigned to
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Alleged Missing ₦128bn Was Before My Appointment As Minister, Adelabu Replies SERAP 0

The Minister of Power, Adebayo Adelabu, has denied responsibility for the alleged missing ₦128 billion in the electricity sector, saying the funds in question predated his appointment as minister. Adelabu was responding to claims and demands by the Socio-Economic Rights and Accountability Project (SERAP) for explanations over the alleged unaccounted sum. Ndidi’s Simple Gesture

Petrol May Hit N1,400 Per Litre Without Local Refining – Dangote 0

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has warned that the pump price of petrol in Nigeria could rise to as high as N1,400 per litre if the country continues to rely heavily on imported refined petroleum products. Dangote said the absence of sufficient local refining capacity exposes Nigeria to

Tax Avoiders Spreading Rumours Against New Laws, Says NRS Chairman 0

The chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said that individuals spreading rumours about Nigeria’s new tax laws are largely tax avoiders seeking to mislead the public. He dismissed claims circulating on social media that personal bank transfers would be taxed under the new regime. Adedeji clarified that the allegations, particularly