- Senator Adeola reveals that low-income earners exempted from personal income tax under new law
- Dangote invests ₦720bn in CNG trucks, Targets ₦1.7tn annual savings for Nigerians
- Imo police uncover child trafficking ring, rescue 12 minors
- Nigerian stock market records ₦102.2bn in weekly trades as market capitalisation hits ₦75.96trn
- Cooking gas prices drop in Lagos, Abuja amid import waivers, Naira gains
Across Nigeria’s 36 states and the Federal Capital Territory, these are the top five Nigerian news stories you shouldn’t miss.
Senator Adeola reveals that low-income earners exempted from personal income tax under new law
Solomon Adeola, chairman of the Senate Committee on Appropriations, has announced that Nigerians earning ₦800,000 or less annually will now be exempt from paying personal income tax.
This development follows President Bola Tinubu’s recent assent to four tax reform bills, the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act.
In a statement released on Sunday, Adeola said the new tax laws are designed to promote fairness in the tax system, ease the financial burden on low-income earners, and streamline tax compliance processes. He described the exemption as one of the key benefits of the reforms aimed at fostering economic inclusivity and equity.
Dangote invests ₦720bn in CNG trucks, Targets ₦1.7tn annual savings for Nigerians
Dangote Petroleum Refinery has announced a major investment of ₦720 billion in the deployment of 4,000 Compressed Natural Gas (CNG) trucks to distribute fuel across Nigeria. The initiative, unveiled on Sunday, aims to cut fuel distribution costs and save Nigerians over ₦1.7 trillion annually.
According to the company, the CNG-powered trucks will help absorb more than ₦1.07 trillion in annual fuel distribution expenses. The move is also expected to benefit over 42 million Micro, Small, and Medium Enterprises (MSMEs) by lowering energy costs and boosting profitability.
By eliminating transportation costs for fuel marketers and bulk consumers, the initiative is projected to ease pump prices, reduce inflation, and enhance overall economic efficiency.
Imo police uncover child trafficking ring, rescue 12 minors
The Imo State Police Command has uncovered a child trafficking syndicate and rescued 12 minors who were being exploited for street begging.
Police spokesperson Henry Okoye disclosed in a statement on Friday that the operation was carried out on June 20 during a stop-and-search exercise along the Owerri-Aba expressway. The intelligence-led operation led to the arrest of 42-year-old Ann Ngozi Enyenwa, a native of Umudim Ohekelem in Ngor-Okpala Local Government Area.
Enyenwa was found in possession of multiple children under suspicious conditions. The case has been transferred to the Inspector General of Police (IGP) X-Squad for further investigation.
Nigerian stock market records ₦102.2bn in weekly trades as market capitalisation hits ₦75.96trn
Investors on the Nigerian Exchange Limited (NGX) traded 3.9 billion shares valued at ₦102.2 billion across 114,484 deals in the past week, according to the NGX’s weekly stock market report.
The report shows an 11.4% drop in the value of traded shares compared to the previous week, when ₦115.4 billion was exchanged for 3.5 billion shares in 99,960 deals.
Despite the decline in trade value, the market saw positive performance indicators. The NGX All-Share Index rose by 1.57%, while market capitalisation grew by 1.92%, closing the week at 119,995.76 points and ₦75.96 trillion, respectively.
Cooking gas prices drop in Lagos, Abuja amid import waivers, Naira gains
Prices of cooking gas have dropped significantly in Lagos, Abuja, and several other Nigerian cities, bringing relief to consumers after weeks of steady increases.
Previously, the product sold for as high as ₦1,050 per kilogram at many depots. However, recent market checks show a noticeable reduction in prices.
The decline has been largely attributed to the federal government’s recent approval of import waivers on cooking gas, as well as the naira’s ongoing appreciation against the dollar, which has helped ease importation costs.
