To Mitigate Risks, Boost Investments, CBN, IFC Sign $1 billion Deal to Support Local Currency Financing Cardoso: Initiative to unlock long-term financing for private businesses at economically viable rates
Nume Ekeghe and James Emejo in Abuja
The Central Bank of Nigeria
(CBN) and the International Finance Corporation (IFC), yesterday, signed an agreement to increase local currency financing
to enable private businesses in Nigeria to grow and thrive. The partnership was disclosed in a joint statement signed by
CBN’s acting director, Corporate Communications Department, Hakama Sidi Ali, and Hlazo Mkandawire for IFC.
The agreement will allow IFC, a member of the World Bank Group, to manage currency risks and increase its investment in the
naira across priority sectors of the economy, including agriculture, Continued on page 5
FG Pleads with States to Comply with New Minimum Wage Law...
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Tuesday, October 29, 2024 Vol 29. No 10793. Price: N400
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Proposed Tax Regulation Exempts Oil and Gas Exports, Agriculture, Military Hardware, Others from VAT
Electricity generation, distribution, others to benefit from tax reliefs Northern governors kick, urge National Assembly to reject tax amendment bill
James Emejo in Abuja and John Shiklam in Kaduna
A proposed new tax legislation seeks to provide Value Added Tax (VAT) exemptions to oil and gas exports,
crude petroleum oil and feed gas for all processed gas, as well as goods purchased for use in humanitarian
donor-funded projects. The Nigeria Tax Bill, 2024, also seeks to exempt baby products,
locally manufactured sanitary towels, manufactured uniforms supplied pads or tampons, military hardware, arms, ammunitions and locally Continued on page 5
Blackout in North: Tinubu Directs Speedy Restoration of Power, Summons Minister, NSA Seeks long-term solution to electricity problem Northern govs, traditional rulers, CDS meet over insecurity, poverty, power outage in region Obi: situation in N’east, N’west concerning NAF airstrikes kill many terrorists in Borno See story on page 5 Deji Elumoye, Chuks Okocha, Linus Aleke in Abuja, John Shiklam in Kaduna and Segun Awofadeji in Gombe President Bola Tinubu has expressed concern over the recent blackout in the northern region of Nigeria. Tinubu announced efforts to end the disruption that paralysed social and economic activities. He summoned Minister of Power, Adebayo Adelabu, and National Security Adviser (NSA), Nuhu Ribadu. The president, according to a release issued yesterday by his adviser on information and strategy, Bayo Onanuga, directed the minister and relevant agencies to speed up the pace of work to restore electricity to all the affected states in the north. Tinubu said he was saddened by the reports of vandalism and wilful destruction of power infrastructure and other public assets, which caused the blackout. In a meeting with Adelabu, who Continued on page 5
SOUTHERN GOVERNORS CONDOLE ENO...
L-R: Governors Francis Nwifuru (Ebonyi); Charles Soludo (Anambra); Umo Eno (Akwa Ibom); Dapo Abiodun (Ogun); Ademola Adeleke (Osun); Biodun Oyebanji (Ekiti) and Alex Otti (Abia), during a condolence visit by Southern Governors to the Akwa Ibom State Governor on the death of his wife, Mrs. Patience Umo Eno...yesterday