VAT pulls N1.53trn into Nigeria’s coffers in 2020, despite pandemic
Charles Abuede
January 28, 2021
By Charles Abuede Records 7.06% q/q growth to N454.68bn in Q4’20 Despite the coronavirus pandemic that brought in its wake low revenue generation power for most enterprises in the economy, total Value Added Tax (VAT) generated in 2020 by Nigeria surged 29.26 per cent year to date to hit N1.53 trillion within twelve months. […]
Covid-19 ensures company income tax dips 18.3% to N1.4trn in 2020
Charles AbuedeJanuary 27, 2021
By Charles Abuede Pressures from the Covid-19 pandemic showed its ugly head in Nigeria’s revenue earnings from income tax paid by companies operating in the country as data from the National Bureau of Statistics just released shows there was a dip of 18.31 per cent year-on-year to N1.41 trillion for the year 2020. […]
Lagos opens gateway to 1000 potential youth entrepreneurs with coconut-based art and craft training
Onome AmugeJanuary 26, 2021
By Onome Amuge The Lagos State government, on Monday, flagged off the coconut shell art and craft training of not less than 1000 youths and women at the Farm Service Centre, Agege, Lagos themed under the “waste to wealth” programme being facilitated by the Lagos State Coconut Development Authority (LASCODA). Abisola Olusanya, the Lagos […]
Fiscal financing threatens Nigeria’s macroeconomic stability, says Fitch
Charles AbuedeJanuary 20, 2021
By Charles Abuede Says FGN’s repeated recourse to its WMF with CBN shows signs of weaknesses on public finance management Fitch has said Nigeria’s sustained use of direct monetary financing could raise risks to the country’s macroeconomic stability given the current weak institutional protection that preserve the policymaking credibility of the central bank, as […]
Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA
Chris IkosaJanuary 20, 2021
By Tobias Pius Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) has termed Nigeria’s domestic Liquefied Petroleum Gas (LPG) consumption as laudable following figures that clearly indicated a steady and sustained growth pattern, as 2020 saw LPG consumption for the first time in the nation’s history reach one million metric tonnes threshold following an appraisal of […]
Agusto & Co. says opportunities abound for Nigeria amidst pandemic risks
Charles AbuedeJanuary 20, 2021
By Charles Abuede Amidst increasing economic risks that could raise Nigeria’s risk profile in 2021, which sector has the bright spot? A new study by Agusto & Co, a research, credit ratings and credit risk management firm, says that amidst the myriad risks from the global health pandemic, which could increase economic risks globally, […]
Nigeria’s railway e-ticketing platform launch set for next week
Arakunle KayodeJanuary 15, 2021
By Arakunle Kayode Rotimi Amaechi, Nigeria’s minister for transportation, has through a tweet post on his official Twitter handle on Wednesday, revealed that the federal government of Nigeria will commence an e-ticketing platform for the Nigerian Railway Corporation (NRC) one week from now. This followsearlier disclosures that the government has started test bookings on […]
Rivers receives N78.9bn refund from FG as Wike plans more projects with funds
Ben EguzozieJanuary 15, 2021
Gov assembles top politicians to commission plethora of road projects But opposition says projects impressionistic, lacking economic growth ingredients Oil-rich Rivers State has finally received the N78.9 billion federal government refund promised it by PresidentMuhammaduBuhari in May last year, following a federal executive council decision to undertake refunds to five states totalling […]
Nigeria recession exit unlikely in Q1, says Chukwu, CAML chief
Ben EguzozieJanuary 7, 2021
Minister Ahmed’s exit date only ambitious statement Economy may further contract as several economies are just reopening Appropriate policy choices urgently required to stimulate recovery Nigerians should expect ‘V-shaped Curve’ Economy to witness slow growth all through like in previous years Given the current policy choices of the federal government, Nigeria cannot possibly […]
Nigeria makes unused funds in dormant bank accounts loan to government
Charles AbuedeJanuary 7, 2021
By Charles Abuede Broke government borrowing funds to plug financial holes The Nigerian government has turned to unclaimed dividends and unused funds in dormant bank accounts belonging to investors and savers, in a desperate bid to plug huge financial holes in the federation. It has succeeded in doing this by pushing through a legislation […]