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Nigeria Govt Grants 12 More Companies Tax Holidays

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The Nigerian Government granted 12 companies tax holidays in the first quarter of 2024.

The Nigerian Investment Promotion Commission, NIPC, disclosed this in its latest report on the Pioneer Status Incentive (PSI) initiative.

The new approvals brought the number of companies benefitting from the 3-year tax holiday to 104 at the end of Q1, 2024.

The 12 companies include Fouani Nigeria Limited; Neway Power Technology Company Limited; Starich Recycle Technologies Company Limited; Gerawa Rice Mills Limited; Shafa Energy Limited; Mafa Rice Mills Limited; A. A Rano Nigeria Limited (haulage); and A.A Rano Nigeria Limited (Natural gas supplier).

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Others are Basma Agric Processing Limited; Flex Films Africa PVT Limited; Addmie Nutrition Limited; and Dufil Prima Foods Plc.

The Head of Incentives Administration at the NIPC, Lovina Kayode, recently explained that the initiative is to boost foreign direct investment.

“The pioneer status incentive is a stimulus that allows a company to get three years of not paying corporate income tax, just to get more investments.

“This process is stringent because our parent ministry and the federal inland revenue service are involved to ensure the right investors get this incentive,” she said

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Meanwhile, the Federal Inland Revenue Service, FIRS, has inaugurated a joint committee with NIPC to review the implementation of the PSI.

The development comes as the Federal Government ramps up efforts to achieve its N19.4 trillion revenue target for 2024.

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New terror group Lakurawa offers N1m incentives to recruit Sokoto youths + Video

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The newly emerged terror group known as Lakurawa, is reportedly offering as much as one million naira to young men in exchange for their allegiance.

This was made known on Saturday by Zagazola Makama, a Lake Chad Basin counterterrorism and insurgency expert, in a post on his X handle.

Makama disclosed that an impeccable source informed him that Lakurawa, allegedly composed of individuals from Mali, Chad, Libya, Niger, and Burkina Faso, was actively recruiting local youths in Sokoto through substantial financial incentives.

He stated that according to witnesses’ accounts, the financial lure is part of an aggressive recruitment campaign aimed at attracting followers to their cause.

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The security expert said that Lakurawa, unlike traditional criminal gangs, reportedly adhere to extremist ideologies linked to the Khawarij sect, similar to the beliefs of Boko Haram.

Makama added: “Local sources suggest that they employ a combination of financial incentives and ideological influence to gain support among vulnerable communities.

“Beyond the recruitment, the Lakurawa reportedly confront and expel bandits and confiscate their cattle in areas under their control.

Watch video below:

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https://twitter.com/ZagazOlaMakama/status/1855319733282758848?ref_src=twsrc%5Etfw

 

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Food prices rise highest level in 18 months – FAO

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The Food and Agriculture Organization, FAO, has said global food prices rose in October to their highest level in 18 months.

The organisation said there was a sharp increase in the cost of vegetable oil.

The FAO Food Price Index tracks monthly changes in international prices.

It said the prices of food commodities reached 127.4 points last month, a two-percent increase from September.

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This was sald to be the highest since April 2023 but still 20.5 per cent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse, Ukraine.

Vegetable oil prices increased by 7.3 per cent in October, reaching a two-year high due to lower production.

Sugar prices rose 2.6 per cent, dairy was up 2.5 per cent and cereals gained 0.8 per cent.

Meat was the only commodity to fall, down 0.3 percent from the previous month.

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EndBadGovernance: Tinubu’s children, grand children motivated release of minors – AGF

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The Attorney General of the Federation, AGF, Lateef Fagbemi, has disclosed why President Bola Tinubu ordered the release of the 32 minors arraigned.

Fagbemi said Tinubu ordered that the charges against the minors be dropped because he has children and grand children.

Addressing journalists in Abuja, the AGF said there were suggestions that the minors be tried in a family court.

He maintained that no Nigerian law prevents the trial of minors.

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Recall that the Nigerian government had arraigned 72 protesters for engaging in the nationwide EndBadGovernance protest.

Out of the 72 protesters, 32 were minors and they were arraigned before an Abuja Federal High Court on charges of treason.

But the Nigerian government had withdrawn the charges against the minors following an outcry by Nigerians.

Fagbemi said: “No law in this country says a minor cannot be tried, and I have also heard suggestions that they should go to a family court.

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“But the President said, despite all this, ‘I have children, grandchildren,’ and that motivated his passion to release them.”

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