The House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, led by Seyi Sowunmi, a Labour Party (LP) lawmaker, moved the motion to unravel a scandal stretching across political eras, oil booms, recessions, and multiple administrations.
This ban could have severe repercussions, including:- Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.
George Akume stated that the federal government’s push for the ban is inline with Nigeria’s commitment to global environmental standards.
VP Shettima while stating that Dangote Refinery must be protected at all cost, he added that the $20 billion facility is a national asset that must be supported to function.
Investors in Nigeria operate in an environment marked by uncertainty and institutional weakness, chief among are … weak legal protection, unrestrained union actions, regulatory unpredictability, bureaucratic bottlenecks and weak dispute resolution.
The products destroyed today (Thursday) includes expired, counterfeit, uncontrolled, unregistered and banned drugs such as Analgin, Cocodamol, Codeine cough syrup, Tramadol, Oxytocin and various types of vaccines.
The Minister of Education, Tunji Alausa, stressed that the reform aims to produce a workforce that is both technically skilled and industry-ready.
Among the 17 sub-sectors surveyed in the Industry sector, 7 recorded expansions, while the remaining 10 sub-sectors indicated contraction.
Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.
This is not a new tax. It was first introduced into law in 2007, and the intention was to collect that five per cent and use it to fix roads.
