THE CABLE
Here are the seven top business stories you need to track this week — October 30 to November 3.
KADUNA REFINERY TO BEGIN OPERATIONS Q4 2024
Heineken Lokpobiri, the minister of state for petroleum resources (oil), says the Kaduna refinery will begin operation by the end of 2024.
In a statement by the Nigerian National Petroleum Company (NNPC) Limited, Lokpobiri gave the timeframe while assessing the progress of work on the ongoing quick-fix project on the Kaduna refinery on Saturday.
Lokpobiri, Mele Kyari, the group chief executive officer of NNPC, and other top executive directors of the national oil firm, inspected the Kaduna Refinery and Petrochemicals Company Limited (KRPC).
He said the timeframe was given due to the “significant level of progress” he witnessed on the tour.
TINUBU DIRECTS IMMEDIATE IMPLEMENTATION OF TAX COMMITTEE RECOMMENDATIONS
President Bola Tinubu, on Tuesday, directed the immediate implementation of recommendations of a report on the ‘quick-win achievements’ by the presidential fiscal policy and tax reform committee.
According to Ajuri Ngelale, the president’s special adviser on media and publicity, Tinubu gave the directive when Taiwo Oyedele, chairman of the committee, presented the report.
Some of the recommendations include; an increase in personal income tax exempt threshold and personal relief allowance; tax breaks for the private sector in respect of wage increases to low-income earners, suspension of VAT on diesel and tax waivers on CNG, CNG conversion, and renewable energy items.
‘NIGERIA EXPECTING $10BN FX INFLOW IN WEEKS’
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in the foreign exchange market.
Edun said this during a panel session at the recent Nigeria Economic Summit (NES) in Abuja last Monday.
He said the government has a clear view of the inflows into the country in weeks rather than months.
FG INAUGURATES CNG BUSES, WAIVES TAX
The presidential compressed natural gas initiative (PCNGI) has inaugurated a CNG vehicle pilot conversion centre as part of the federal government’s effort to curtail the petrol subsidy removal effect.
Micheal Oluwagbemi, chief executive officer (CEO) of PCNGI, described the step as a significant development.
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