N1trn conceded to import waivers in 5 years, says FG
Bussinessam Staff
December 20, 2019
The federal government says it conceded about N1trillion through grants of various import waivers to both public and private organisations between 2011 and 2015. This was disclosed by Hajia, Zainab Ahmed, the minister of finance, budget and national planning, on Friday at a stakeholders’ meeting for the introduction of E-Solution for the administration of import duty waivers […]
FG targets 15% Tax-to-GDP ratio with the Nigeria finance bill
Businessam StaffNovember 27, 2019
The federal government is targeting a tax-to-gross domestic product (GDP) ratio of 15 per cent by 2023, up from the six per cent it is presently, with the Nigeria Tax and Fiscal Law Amendment Bill (the Finance Bill) currently before the National Assembly, according to Zainab Ahmed, the minister of finance, budget and national planning. […]
Federal Government reimburses states N157.3bn in tax arrears
Businessam StaffNovember 8, 2019
The Federal Government of Nigeria has paid N157.35 billion to all the states in the federation. The money represents pay-as-you-earn tax liabilities owed by federal ministries, departments and agencies. Babatunde Fowler, the chairman, Federal Inland Revenue Service, said this on Thursday in Awka, Anambra State. Fowler, who is also chairman of the Joint Tax Board, spoke at […]
CBN to issue N1.5bn loan for youth led agric expansion in Plateau
Businessam StaffSeptember 5, 2019
The Central Bank of Nigeria is to give a loan of N1.5 billion to Plateau under the Accelerated Agriculture Development Scheme (AADS). Yusuf Duniya, branch controller, CBN Jos, said that the AADS was for the youth of between 18 and 35 years of age who were expected to work in clusters. He made the disclosure […]
South Africa may follow Nigeria’s steps as economists predict 25bps rate cut
Adesola AfolabiJuly 11, 2019
South Africa’s apex bank may reduce interest rate by 25 basis points next week, says economists who responded to a Reuters poll. The results of the poll released Thursday indicated that “twenty-four of 30 economists in the survey taken over the past three days said the repo rate would be cut by 25 basis […]
Prices of goods, services may rise as FG considers 50% increase in VAT
Chris IkosaMarch 20, 2019
The prices of goods and services may increase if plans by the Federal Inland Revenue Service (FIRS) to increase value-added taxes by 35% or 50% are approved. Speaking on Tuesday when he appeared before the senate committee on finance in Abuja to give details of the 2019-2021 medium-term expenditure framework and fiscal strategy paper, Babatunde […]
Nigeria’s collective growth sustainable through due process, says BPP DG
Nse Anthony-UkoJanuary 29, 2019
Mamman Ahmadu, the Director-General, Bureau of Public Procurement (BPP), says Nigeria’s development as a nation can be sustained through collective growth and only due process through public procurement can deliver that. Ahmadu said this while receiving the Edo State Public Procurement Agency (ESPPA) delegation on a study tour/visit for a weeklong procurement activity. […]
House of Reps hopeful in Jos proposes open contracting system
Hope IkweJanuary 23, 2019
By Hope Ikwe, Jos A candidate who is vying for the position of lawmaker representing Jo’s North Bassa Constituency in the House of Representative, Vitalis Lanshima, has proposed open contract system and transparency in governance. The aspirant who just completed a 10 year term in the United States as a council man said he intends […]
Abuja, Cross River, Kebbi residents pay highest transport fare in November
Nse Anthony-UkoDecember 27, 2018
Residents of FCT, Cross River and Kebbi states paid the highest bus fares within their cities in November, the National Bureau of Statistics (NBS) has said. The bureau, in its transport fare watch report for November, said residents of Abuja, the Federal Capital Territory paid an average of N395.00; residents of Cross River paid N320.00 […]
States lack sustainable fiscal plan, BudgIT
Adesola AfolabiSeptember 24, 2018
BudgIT, a social advocacy group, in a recent analysis of the fiscal condition of states, says Nigerian state governments lack sustainable fiscal plan. It noted that “it was critical that state governments embrace a high level of transparency and accountability, develop workable economic plans, take haircuts, especially on overheads, expand their internally generated revenue (IGR) base, […]
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