Business
NCC directs MTN, Airtel, others to effect Twitter ban
Nigerian Communications Commission has asked all telecom operators including MTN, Airtel and Glo to effect suspension of Twitter announced by the Federal Government on Friday.
The telecom operators acknowledged that they had received the NCC directive and were acting accordingly.
The Association of Licensed Telecoms Operators of Nigeria said in a statement that they had conducted assessment of the request according to international best practices.
Chairman of ALTON, Gbenga Adebayo’s statement, read in part, “We, the Association of Licensed Telecommunication Operators of Nigeria wish to confirm that our members have received formal instructions from the Nigerian Communications Commission, the industry regulator to suspend access to Twitter.
“ALTON has conducted a robust assessment of the request in accordance with internationally accepted principles.
“Based on national interest provisions in the Nigerian Communications Act, 2003, and within the licence terms under which the industry operates; our members have acted in compliance with the directives of the NCC the industry regulator.
“We will continue to engage all the relevant authorities and stakeholders and will act as may be further directed by the NCC.
“We remain committed to supporting the government of the Federal Republic of Nigeria and upholding the rights of citizens.
“As an industry, we endorse the position of the United Nations that the rights held by people offline must also be protected online.
“This includes respecting and protecting the rights of all people to communicate, to share information freely and responsibly, and to enjoy privacy and security regarding their data and their use of digital communications.”
Business
Tinubu orders creation of single-digit tax system
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.”
Business
Naira gains further against dollar
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)
Business
CBN jacks up interest rate amid soaring inflation
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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