Lagos generates N1bn from parks, garages in eight months – Newstrends
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Lagos generates N1bn from parks, garages in eight months

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Lagos State Government has generated over N1 billion from its parks and garages since its establishment eight months ago.

Managing Consultant of the CSDC Consulting Enterprise Solutions, Akinyele Oladeji, disclosed this in Lagos on Tuesday.

The 25-member Parks Management Committee was announced in April this year to oversee the affairs of all motor parks and garages in the state after the suspension of the operation of the state’s National Union of Road Transport Workers.

Oladeji spoke in Lagos at the launch of a political campaign platform, Connecting Grassroots Initiative, and donation of 27 vehicles by the Chairman of Lagos State Parks and Garages, Alhaji Musiliu Akinsanya (aka MC Oluomo) for the enhancement of Bola Tinubu presidential election and reelection of Governor Babajide Sanwo-Olu.

Oladeji commended Akinsanya and the Nollywood stars for coming up with the initiative.

He also said, “Tell those who are asking questions that these funds have been put into the construction of roads and building of bridges and those using the roads and bridges are not only commercial bus operators.

“This is one of the numerous achievements of establishing the Lagos State Parks and Garages.”

MC Oluomo, who promised to assist the team with the necessary logistics to achieve their goal, announced the donation of 27 vehicles to ease their movement.

The vehicles were unveiled by Fuji maestro, Wasiu Ayinde, who announced the donation of N10 million to support the group.

Governor Sanwo-Olu was represented by the Commissioner for Housing, Moruf Akinderu-Fatai.

 

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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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