Mele Kyari to IOCs: Nigeria Will Produce Its Oil, Won’t Wait for You GCEO declares state of emergency on crude production Delay in concluding divestment detrimental to Nigeria, say producers
Emmanuel Addeh and Peter Uzoho in Abuja
The Nigerian National Petroleum Company Limited (NNPC) yesterday told divesting multinational oil
companies as well as International Oil Companies (IOCs) giving difficult conditions for oil exploration in the
country to rethink their strategies. Group Chief Executive Officer of the national oil company, Mr
Mele Kyari, told an audiences at the ongoing Nigeria Oil and Gas (NOG) conference in Abuja that
the era of non-ending negotiations Continued on page 10
Adelabu Seeks Full Commercialisation of Power Sector to Ensure Survival... Page 5 Wednesday 03 July, 2024 Vol 29. No 10675. Price: N400
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S'East Governors Press for Economic Integration, Nnamdi Kanu’s Release... Page 28
FG Issues Fresh Regulations on Deduction of Withholding Tax at Source Oyedele: New regulations to exempt SMEs from withholding tax Supply of Jet-A1, CNG, PMS, AGO, others to attract zero deductions
Ndubuisi Francis in Abuja
The Minister of Finance and Coor-
dinating Minister of the Economy, Mr. Wale Edun, has released fresh regulations on withholding tax
under the Capital Gains Tax Act, Companies Income Tax (CIT) Act, Petroleum Profits Tax (PPT) Act, and
the Personal Income Tax (PIT) ACT. Withholding Tax (WHT) serves as a prepayment of Income Tax, deducted
at rates between 5 and 10 per cent depending on the transaction – an advance payment of income tax, which
may be used to offset or reduce tax Continued on page 10
Shettima: FG Seeking Policy Framework, Roadmap to Revamp Manufacturing Sector Seeks prioritisation of local content, made in Nigeria goods Dangote faults CBN's over 26% interest rate LCCI commends apex bank's removal of price verification system Deji Elumoye, James Emejo in Abuja and Dike Onwuamaeze in Lagos Vice President Kashim Shettima, yesterday, said the federal government had joined forces with Manufacturers Association of Nigeria (MAN) to develop an actionable roadmap and policy framework that would refocus the country's manufacturing sector. Shettima assured that if developed, the roadmap would be speedily implemented to effect necessary changes for the revitalisation of the manufacturing sector. He made the disclosures while declaring open a three-day National Manufacturing Policy Summit at the Banquet Hall of State House, Abuja. But President of Dangote Group, Aliko Dangote, also speaking at the event, criticised the recent increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). However, the Lagos Chamber of Commerce and Industry (LCCI) at a different forum, commended CBN for discontinuing the Price Verification Continued on page 10
PUSHING FOR REGIONAL SECURITY AND ECONOMIC INTEGRATION of S'East...
L-R: Governor of Abia State, Dr. Alex Otti; Governor of Anambra State, Prof. Chukwuma Soludo; Chairman, South East Governors' Forum and Governor of Imo State, Senator Hope Uzodimma; Governor of Enugu State, Dr. Peter Mbah; and Governor of Ebonyi State, Hon. Francis Nwifuru, presenting a communique after a meeting of the forum at the Government House, Enugu, ... yesterday