…Says govt won’t invest in new refineries Oscarline Onwuemenyi 16 June 2017, Sweetcrude, Abuja – The Federal Government has ruled…
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By the resumption, Nigeria returns to the status of Africa’s largest oil exporter, a title it lost to Angola in 2016. The loss followed militant attacks on the nation’s oil infrastructure in the oil-rich Niger Delta region.
Michael James 16 June 2017, Sweetcrude, Lagos – Executive Vice President of Samsung, Mr Younsang Won, has revealed that the…
Mkpoikana Udoma 16 June 2017, Sweetcrude, Port Harcourt – The Ijaw Youths Council, IYC, has charged the federal government to…
…inflation dips Michael James 16 June 2017, Sweetcrude, Lagos – The average price per litre paid by consumers for petrol…
The minister stressed that one of the priority goals of the ministry is to position the mining sector to play a greater role in sustainably diversifying the country’s revenue base, creating jobs and fast-tracking industrialisation.
Osinbajo said, “Going forward, we have agreed with the National Assembly leadership on the necessity to get Nigeria back onto a predictable January to December fiscal year. To achieve this, the 2018 budget needs to get to the National Assembly no later than early October so that the National Assembly can conclude work on it before the end of the year.”
The oil major said $1.18bn was paid to the Federal Inland Revenue Service as taxes, $160.71m and $239,189 to the Department of Petroleum Resources (DPR) as royalties and fees, respectively, and $125.14m to the Niger Delta Development Commission (NDDC) as fees.
Osinbajo said, “Further to encourage more entrance and more investors, the Government is working to ensure implementation of a three-year tax holiday for new investors in the mining sector.”
The commission explained that the directive to exempt MD customers from estimated bills was sequel to an earlier Directive of the Commission to the 11 Distribution Companies (Discos) to completely meter all their MD customers on or before 31st November, 2016.
