Sokoto Assembly approves N2bn motorcycle loan for 10,000 workers – Newstrends
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Sokoto Assembly approves N2bn motorcycle loan for 10,000 workers

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Sokoto State Governor, Aminu Tambuwal

The Sokoto State House of Assembly has a approved N2 billion loan for the purchase of 10,000 motorcycles for the state’s civil servants.

The approval on Thursday followed a letter sent to the assembly by the state government requesting the granting of the loan.

The cost of each motorbike was given as N260,000 and the beneficiary workers are to pay back the loan over a period of four years at an interest rate of 14 per cent.

The APC Caucus Leader in the Assembly, Alhaji Bello Ambarura, said the loan facility was facilitated by the state chapter of Nigeria Labour Congress.

He said. “The Sokoto State Chapter of Nigeria Labour Congress approaches a bank for the financing of the supply.

“Following due consultation based on mutual understanding, agreement was reached between the bank and the NLC for the release of N2 billion required to procure 10,000 motorcycles.

“This is to be distributed to the state civil servants at the cost of N260,000 per unit at an interest rate of 14 per cent.”

The period is 24 months and payment would be deducted from the beneficiaries’ salaries. Deputy Speaker of the assembly, Alhaji Abubakar Magaji, who presided over the plenary put the motion into a voice vote, where it was unanimously adopted.

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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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