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70% windfall tax, airlines’ navigation service fee... business stories to track this week

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Here are the seven top business stories you need to track this week — July 29 to August 2.

Busola AroThe monetary policy committee of the Central Bank of Nigeria , on July 23, raised the monetary policy rate , which benchmarks interest rates, toOlayemi Cardoso, governor of the apex bank, announced the rate adjustment on July 23 at the end of the committee’s 296th meeting in Abuja.Cardoso said the committee members voted to hike the rate by 50 basis points to 26.75 percent and adjust the asymmetric corridor to +500 and -100 basis points around the MPR.

A windfall tax is a higher tax imposed by the government on sectors or businesses that have benefitted from favourable market conditions.According to the amended Act, passed by the green chamber, “a levy of 70 percent on the realised profits from all FX transactions of banks within the 2023 to 2025 financial years would be levied and paid to the benefit of the federal government”.

Gbenga Komolafe, chief executive officer of NUPRC, spoke on July 26 during the house of representatives special committee’s two-day public and investigative hearing on oil theft and losses.Nigeria’s average daily crude oil production rose to 1.27 million barrels per day in June.

 

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