Better Tax: NESG launches Citizen Report as stakeholders chart new path for non-oil revenue
Afolabi Oluwaseun
May 21, 2019
Nigeria Economic Summit Group’s Fiscal Policy Roundtable (NESG) has launched its Citizen Perception Report, a first of several research pieces to be published in support of its tax reform and advocacy vehicle “Better Tax”. Better Tax seeks to close knowledge gaps in fiscal policy and create a sustainable framework to actualise the federal government’s inclusive […]
Combined FAAC allocations for 2017, 2018 inadequate to fund 2019 budgets of 35 states – NEITI
Businessam StaffMay 13, 2019
The combined net disbursements from the Federation Allocation Account Committee (FAAC) to the 36 states and the Federal Capital Territory, Abuja, in 2017 and 2018, can hardly fund the 2019 budgets of 35 states, the latest report by the Nigerian Extractive Industries Transparency Initiative (NEITI) has shown. Also, NEITI said total FAAC disbursement to the […]
Senate backs NFIU’s directive on Local Government finance
Businessam StaffMay 8, 2019
The senate on Wednesday, threw its weight behind financial guidelines for local governments recently introduced by the Nigerian Financial Intelligence Unit (NFIU). The Senate has also resolved that relevant stakeholders like state houses of assembly and the presidency should expedite action on the nagging issue of granting financial autonomy to local government councils across the […]
SEC restates commitment to fight money laundering, terrorism financing in capital market
Businessam StaffMay 2, 2019
The Securities and Exchange Commission (SEC) on Thursday expressed commitment to ensuring that the capital market was not used for money laundering and terrorism financing. Mary Uduk, SEC acting director-general, stated this in her opening remarks at the anti money laundering (AML) training for compliance officers of capital market operators (CMOs) in Lagos. Uduk, represented […]
SEC partners Pencom to deepen financial literacy
Adesola AfolabiApril 23, 2019
The Securities and Exchange Commission, SEC, and the National Pensions Commission, Pencom have pledged to work together to ensure more Nigerians are brought into the financial literacy net. This was disclosed in a statement by the SEC as part of the resolutions at a meeting between the |”Technical Committee” on Financial Literacy (FLTC) and Pencom […]
Dollar broadly higher in thin post-holiday trade; euro, Aussie dip
Businessam StaffApril 23, 2019
The dollar edged up against a basket of key rivals on Tuesday, while the Canadian dollar was supported by rising crude oil prices due to U.S. plans to tighten a clampdown on Iranian oil exports from next month. Financial markets in Australia and New Zealand reopened after the long Easter holiday and were set to […]
FIRS to charge VAT on lottery, betting, automate collection
Businessam StaffApril 8, 2019
The federal government on Monday said plans are afoot to charge Value Added Tax (VAT) on lottery and gaming activities and automate collection from operators. The federal government disclosed this in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organized by the Federal Inland Revenue Service (FIRS) in conjunction with […]
NDIC begins verification, payment of depositors of revoked MFBs, PMBS Licences
Businessam StaffApril 4, 2019
The Nigerian Deposit Insurance Corporation (NDIC) has commenced the process of verification and payment of depositors of 154 microfinance banks (MFBs) and six primary mortgage banks (PMBS) whose licences were recently revoked by the Central Bank of Nigeria (CBN) in the last quarter of 2018. Umaru Ibrahim, managing director and chief executive of NDIC, disclosed […]
Experts at PCL. ONSA maiden meeting advise Nigerian firms to align with global digital trends for improved productivity
Adesola AfolabiApril 3, 2019
Experts with Microsoft, Phillips Consulting Limited (Pcl) and the Office of the National Security Adviser (ONSA) have encouraged Nigerian firms and industries; both small and large towards getting more familiar with digital trends that drives global innovation. Their opinions were expressed at the maiden edition of Pcl’s quarterly Chief Information Officers (CIOs) breakfast meeting that […]
NPL: AMCON wants failed bank act reintroduced
Businessam StaffMarch 21, 2019
Worried by the resurgent huge toxic loans in the banking sector, Ahmed Kuru, managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), has called on the Nigerian authorities to revisit the Failed Bank Act so that operatives in the banking sector would be made to account for their actions, just as he urged banks […]