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EconomyMarketsNigeria’s Bond Issuance Oversubscribed by N139 Billion – DMO

Beloved John (Staff Writer)January 22, 2022

ABUJA — The Debt Management Office (DMO) has indicated that the country’s January bond issuance valued at N214.05 billion ended with an oversubscription of N139 billion. The debt office announced in the FGN bond result released on Wednesday. The agency noted that it offered two tranches of bonds worth N75 billion each. The auction ended on January 19 and has a settlement date of January 22, 2022. The agency offered a reopened 10-year bond at...

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EconomyOil & GasPresident Buhari Has Not Authorized Anyone To Remove Fuel Subsidy

Hassan Umar Shallpella (Regional Correspondent)January 20, 2022

ABUJA — Senate President Ahmed Lawan has said President Muhammadu Buhari did not direct anyone in his administration to implement the removal of petroleum subsidy. Recall that the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, had announced last October that the federal government made provision for petrol subsidy only for the first six months of 2022 as the government looked towards complete deregulation of the sector. She had said: “In our 2022...

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BusinessEconomyGovernor Tambuwal Rejects National Bureau of Statistics’ Ranking

Hassan Umar Shallpella (Regional Correspondent)January 17, 2022

SOKOTO — Governor Aminu Waziri Tambuwal has rejected the National Bureau of Statistics’ ranking of Sokoto as the poorest state despite being the largest onion producer in the country. Tambuwal spoke when he received the Chairman of Media Trust Limited (MTL), Malam Kabiru Yusuf, who paid him a courtesy call, commended the management of the MTL for establishing Trust Television, which would help in telling the rest of the world the truth about the North...

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EconomySoutheastChairman of Anambra State Board of Internal Revenue Service, Dr. David Nzekwu Speaks on the Board’s Drive for More Revenue to the State

Ebuka Onyekwelu (Staff Writer)January 15, 2022

AWKA — The Chairman of Anambra State Internal Revenue Service –AIRS, Dr. David Nzekwu has expressed the Board’s readiness to set a new record of revenue generation in Anambra State. Only in 2020, AIRS generated a total of about N28 billion in remittances to the state. That amount is the highest figure ever generated as revenue by the state. With the Board’s new revenue agenda, the Chairman has also set in motion, means to recover...

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EconomySoutheast2022 Budget Allocations Indicates Full Legislative Autonomy In Enugu Says ENHA Leader Ezeugwu

Ije Ulasi (Regional Correspondent)December 16, 2021

ENUGU — The Speaker of the Enugu State House of Assembly, Edward Ubosi, has charged his colleagues to intensify their oversight functions to Ministries, Departments and Agencies (MDAs). He argued that intensifying the oversight functions would ensure the 2022 budgetary allocations to MDAs are effectively implemented. The Speaker gave this charge on Tuesday in the Hallowed Chambers of the Enugu State House of Assembly during the second reading of the 2022 budget of ₦186, 635,...

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EconomyMoneyPresidency Denies Inclusion of Tax Number as Bank Requirement in its Finance Bill

Bada Yusuf Amoo (Correspondent)December 13, 2021

ABUJA — The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts. A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”. According to...

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EconomyBuhari’s Finance Bill Mandates Tax Number to Open or Continue to Operate Bank Accounts

Bada Yusuf Amoo (Correspondent)December 9, 2021

ABUJA — The Finance Bill 2021 proposed by President Muhammadu Buhari has made it mandatory for commercial banks to demand Tax Identification Numbers (TIN) from anyone who wishes to open bank account with them. The bill also empowers the banks to demand TIN from existing customers if they wish to continue to operate their accounts. This was stated by the Senate Leader, Yahaya Abdullahi, on Wednesday in his lead debate on the bill which was...

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EconomyMarketsNewsWe Will Continue Engaging Registrars, Stakeholders to Resolve Unclaimed Dividends — SEC

Beloved John (Staff Writer)December 8, 2021

ABUJA — The Securities and Exchange Commission (SEC) has said stakeholders will interrogate until the rising unclaimed dividends are solved. Director-general of the SEC, Lamido Yuguda, disclosed this during the presentation of the 2022 budget of the commission before the house of representatives committee on capital markets and institutions in Abuja on Tuesday. According to him, part of the problems of unclaimed dividends had to do with identity management. He noted that the agency is...

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EconomySoutheastGov. Ugwuanyi Presents N186.64 Billion 2022 Budget Estimates, Ongoing Projects To Be Completed

Ije Ulasi (Regional Correspondent)December 8, 2021

ENUGU — The Enugu State Governor, Ifeanyi Ugwuanyi on Tuesday revealed intentions to complete all ongoing projects in the state in year 2022 amongst other development strategies. Ugwuanyi declared this at the Hallowed chambers of the Enugu State House of Assembly while presenting the state’s year 2022 Budget proposal. A budget estimate of One Hundred and Eighty-Six Billion, Six Hundred and Thirty-Five Million, One Hundred and Thirty-Five Thousand, Seven Hundred and Seventy Naira (N186,635,135,770.00) was...

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EconomyInvestingFG Must Exercise Restraint in Tax Increment Despite Low Tax-to-GDP Ratio – AFDB

Beloved John (Staff Writer)December 1, 2021

ABUJA — President of the African Development Bank (AfDB), Akinwumi Adesina, has said, the fact that the country’s tax to gross domestic product (GDP) ratio is low does not justify the incessant tax increase. He indicated that although the country’s tax to gross domestic product (GDP) ratio is at 6.1 percent, the FG must exercise restraint in tax increment. The AfDB boss said this on Tuesday in Abuja while delivering a lecture at the 51st...

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