Business
FG May Consider Reduction In Withholding Tax For Telcos
Published
1 year agoon
By
Editor
President Bola Tinubu has said the Federal Inland Revenue Service will review a request to reduce the withholding tax for telecommunications companies operating in the country.
Tinubu hinted this in response to a request from a delegation of the American Tower Corporation (Nigeria), who paid him a courtesy visit at the Aso Rock Villa, Abuja, on Thursday.
ATC had opined that such a move would stimulate telecommunications and broadband infrastructure investments.
According to a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President said the FIRS would “review the matter and provide a solution that is in the best interest of both the investors and the Nigerian people.
“Every citizen, whether at the corporate or individual level, fights tax. Let us work with the FIRS and see how we can slice the cake.
“If the country has a good path of growth, it is a greater opportunity for you to invest.”
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The statement is titled, ‘President Tinubu directs prioritization of digital infrastructure investments to enhance business efficiency and productivity.’
Tinubu also directed the Federal Ministry of Communications, Innovation, and Digital Economy, the FIRS, and the Federal Ministry of Environment to align regulations and tax frameworks to facilitate investment expansion in telecommunications and broadband infrastructure nationwide.
He expressed dissatisfaction with the bureaucratic pace in permit issuance processing for companies operating in the digital infrastructure sector.
The Chief Executive Officer of ATC Africa, Mr Marek Busfy, had expressed ATC Nigeria’s commitment to expanding its investments in the country, which have already surpassed $2.19bn since its commencement of Nigerian operations in 2015.
Busfy also emphasized ATC’s commitment to delivering value to subscribers while reducing greenhouse gas emissions associated with its operations.
READ ALSO: Nigeria Opens Land, Air Borders With Niger Republic
Responding, President Tinubu commended ATC Nigeria for its significant contributions and investments in the country’s ICT sector, highlighting the importance of innovative solutions to bridge the digital divide.
The President lauded the ongoing efforts of the Federal Ministry of Communications, Innovation, and Digital Economy to promote digital connectivity across the nation, particularly the 3 Million Technical Talent programme that functions to upskill three million Nigerian youths in digital literacy and innovation through innovation incubators nationwide.
He outlined ongoing initiatives to establish broadband connectivity in all 774 local government secretariats within six months, leveraging existing infrastructure, such as NIGCOMSAT and Galaxy Backbone’s fibre optic network.
”In the area of ease of doing business, no nation can make progress without paying attention to the opportunities that are right in front of them. We have a vibrant youth population that has successfully innovated without much government support.
“What now happens in this era when we are providing massive support to their digital economic activities? They will do very well. You are investing in the right place at the right time.
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”Considering our population and land mass, we need your investments to ensure that we are ready for a higher level of digital penetration in the telecommunications sector and the specific type of digital education that is needed in the competitive, knowledge-based global economy of the 21st century,” the President said.
Addressing concerns raised by the delegation regarding the ease of doing business in Nigeria, President Tinubu assured them of his administration’s commitment to implementing reforms that will eliminate bureaucratic constraints.
In his remarks, the CEO of ATC Africa reiterated the company’s readiness to invest further in Nigeria’s ICT infrastructure to meet the market’s growing demand for data while lauding the clarity of strategy demonstrated by the administration, particularly praising the roadmap and efforts of the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.
”Mr. President, what has struck me in Nigeria is the clarity of strategy by your administration, particularly in the ICT sector, and the administration’s 3MTT programme.
“In the last year, we have invested over $200 million in growing our infrastructure in Nigeria and are ready to do significantly more. We have employed several hundred people in Nigeria and 25,000 more indirectly. We have paid about $400 million in direct and indirect taxes.
“As an American company, we are often asked about our experience in Africa and Nigeria, and we want to stress that we are very ethical in our approach to business,” Mr. Busfy said.
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
1 week agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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