FEC approves N21.89bn National Theatre renovation agreement – Newstrends
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FEC approves N21.89bn National Theatre renovation agreement

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The Federal Executive Council on Wednesday approved a Memorandum of Understanding for the renovation of the National Theatre, Iganmu Lagos worth N21.89bn.

Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this while speaking with journalists along with other ministers on the outcome of the FEC meeting in Abuja presided by President Muhammadu Buhari.

The MoU was signed by the Federal Ministry of Information and Culture with the Central Bank of Nigeria, in which the Bankers Committee of the CBN would provide N21.89bn to refurbish and manage the National Theater for a few years before handing it over to the government.

Mohammed said, “I sought and obtained an approval to execute a memorandum of understanding between the Federal Ministry of Information, the Central Bank of Nigeria (CBN) and the Bankers Committee worth N21bn for the renovation of the National Theatre Iganmu, Lagos.

“This is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1,000,000 jobs in the next three years from the creative industry.

“The CBN through the Bankers Committee is willing to invest N21,894,000,000 to renovate the National Theatre, refurbish it and run it profitably.”

FEC also approved N9.43bn for the completion of the digital switchover, which had previously missed the deadline set for implementation.

The council gave approval for a number of contracts worth over N26.7bn for projects under the ministries of Information and Culture; Communication and Digital Economy, and Humanitarian Affairs, Disaster Management, and Social Development.

This came as the Federal Government said the Ministry of Communications and Digital Economy generated over 17.5 per cent of the Gross Domestic Products of the country.

Minister of Communications and Digital Economy, Isa Pantami, said FEC approved about N8.98bn for a new national ICT park in the FCT to coordinate public and private ICT hubs in the country.

He also said that the Federal Government would soon release the timelines for the replacement of BVN with NIN in bank accounts after his meeting with the Governor of the Central Bank of Nigeria and other relevant stakeholders.

Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouk, also said the council approved a new National Policy on Aging which would take care of the needs of the aged people in the country.

Minister of Water Resources, Suleiman Adamu, said that FEC approved a memo he presented for his ministry for the implementation of Damaturu water supply scheme at the cost of N8.43bn.

He said, “I presented a memo for the construction of Damaturu Water Supply project in Yobe State in favour of three contractors and a total sum of N8.43bn.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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