Business

JUST IN: Sanwo-Olu Signs Lagos VAT Bill, FG Kicks

Published

4 years ago

September 10, 2021

Lagos Governor, Babajide Sanwo-Olu has signed the State Value Added Tax (VAT) bill into law.

The bill was passed by the House of Assembly on Thursday alongside the anti-open grazing bill.

“By this act, the Bill has now become a Law”, Gbenga Omotoso, Information Commissioner announced in a statement on Friday.

Sanwo-Olu signed the “bill for a law to impose and charge VAT on certain goods and services” after returning from an official trip to Abuja .

The federal government is opposed to the passage of the bill and is in court to block it from going into effect.

On Friday, Lagos won its bid to join the battle against the Federal Inland Revenue Service (FIRS) on the VAT collection.

The Court of Appeal explained that it granted the state’s application, filed by the Attorney General and lead counsel Moyosore Onigbanjo, in the interest of justice.

Justice Hamman Zamani ruled that Lagos proved that it has the right to be heard in the legal tussle.

The appellate court rejected FIRS objection, noting that the agency made serious allegations against the state in its suit.

“We have carefully scrutinized the issue raised by Lagos. We are of the view that the interest of Lagos is paramount and by law, ought to be protected by allowing it to make its case”, Zamani said.

The FIRS, in an appeal marked CA/PH/282/2021, wants the Court of Appeal in Abuja to set aside the judgment of a Rivers High Court which granted powers to the state to collect VAT.

Business

NNPCL Increases Fuel Price

Published

1 day ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

1 day ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

5 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.