• Thursday, May 23, 2024
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Five things to know to start your Wednesday


The Federal Inland Revenue Service ensures a business-friendly tax system.

Zacch Adedeji, FIRS Executive Chairman, affirms this commitment during a meeting with MTN Nigeria’s management in Abuja.

Adedeji assures streamlined tax processes aligning with President Bola Tinubu’s directive.

The restructuring includes a one-stop shop for taxpayers based on turnover thresholds, simplifying tax payments.

Companies like MTN, falling under the large tax category, can conveniently settle taxes and resolve audit issues.

The National Transportation Safety Board plans to release a preliminary report on the helicopter crash in California, USA, within four weeks.

The crash claimed the lives of Access Holdings’ CEO Herbert Wigwe, his family, and other prominent Nigerians.

NTSB Board Member Michael Graham announced this during a press briefing, mentioning ongoing investigations.

The tragic incident involved an Airbus Helicopter EC130B4, resulting in the deaths of all six occupants.

Further updates will come from NTSB headquarters in Washington DC.

The House of Representatives resolves to investigate the utilization of Federal Account Allocation Committee (FAAC) funds by states and LGAs in 2023.

FAAC distributed N6.57 trillion to 36 states and 774 LGAs in 2023. The investigation follows a motion by Ademorin Kuye.

Despite increased allocations, poverty persists, with challenges in salaries, public institution management, and infrastructure.

Committees are tasked to scrutinize spending and report back within four weeks, though the oversight’s methodology remains unclear.

Brent crude, reaching $83.19/barrel, rose by $1.19, while Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.

This uptick promises higher foreign exchange earnings for Nigeria, as crude sales dominate its revenue.

The Nigerian Upstream Petroleum Regulatory Commission reports a significant rise in output, with January 2024 production at 1.64 million barrels/day, up from 1.55 million barrels/day in December 2023, indicating a positive trend in oil production.

US urges Senegalese President Sall to restore Senegal’s electoral calendar
U.S. Secretary of State Antony Blinken urges Senegalese President Macky Sall to reinstate Senegal’s electoral schedule and presidential transition timeline.

Blinken expresses “serious concerns” over Senegal’s political situation after the abrupt postponement of the Feb. 25 vote to December.

The delay sparks a crisis, fueling backlash amid fears of extending Sall’s mandate and undermining democracy in coup-affected West Africa.

The call underscores international pressure for electoral transparency and democratic processes in Senegal.