Lagos Will Do More for Residents if VAT is Decentralized – Sanwo-Olu

BusinessEconomyTaxationLagos Will Do More for Residents if VAT is Decentralized – Sanwo-Olu

Beloved John (Staff Writer)September 27, 2021

LAGOS — The state government will be able to do more for residents if allowed to collect value-added tax (VAT), according to the Lagos state governor, Babajide Sanwo-Olu. The governor made his point on Sunday at the 61st Independence Day celebration service, held at the Chapel of Christ The Light, Alausa, Ikeja, Lagos state. The FIRS has been embroiled in a legal tussle over VAT collection with the Lagos and Rivers state government in the...

CONTINUE READING
eNiara: CBN Launches Website for First Digital Currency

BusinessEconomyMoneyeNiara: CBN Launches Website for First Digital Currency

Beloved John (Staff Writer)September 27, 20212

ABUJA — The Central Bank of Nigeria (CBN) has launched an official website for the operations of eNaira, the country’s first digital currency. According to a report by TheCable, the website, www.enaira.com, started running on Monday, despite been at still at the development stage. Godwin Emefiele, governor of the CBN, had said the pilot scheme of eNaira would commence on the 1st of  October 2021. “We have all the approvals and mandates to launch on...

CONTINUE READING
FG is Considering Taking Rivers, Lagos to Supreme Court Over VAT Collection – Malami

BusinessEconomyTaxationFG is Considering Taking Rivers, Lagos to Supreme Court Over VAT Collection – Malami

Beloved John (Staff Writer)September 24, 2021

ABUJA — The federal government is considering filing a suit at the supreme court to resolve the ongoing dispute about value-added tax (VAT) collection. Abubakar Malami, attorney-general of the federation (AGF), disclosed this to the News Agency of Nigeria on Wednesday in New York. According to the AGF, the federal government would like the matter to be determined once and for all. He maintained that the FIRS would continue to collect VAT following the directive...

CONTINUE READING
FG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

EconomyFG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

PilotnewsSeptember 21, 20212

LAGOS —  A power expert, Mr. Kola Balogun, says the first phase (Phase zero) of the National Mass Metering Programme (NMMP) can create 500,000 jobs for Nigerians. Balogun, who is the Chairman, Momas Electricity Meter Manufacturing Company (MEMMCOL), made the assertion on Tuesday in an interview with the News Agency of Nigeria in Lagos. NAN reports that the Federal Government launched the First Phase of the NMMP in respect of which the Central Bank of...

CONTINUE READING
eNaira: CBN to Own Major Stake in Bitt Inc.

EconomyMoneyeNaira: CBN to Own Major Stake in Bitt Inc.

Beloved John (Staff Writer)September 17, 2021

ABUJA — The Central Bank of Nigeria (CBN), will own a majority stake in Bitt Inc., its technical partner for digital currency eNaira, according to the apex bank governor, Godwin Emefiele. Emefiele announced this at the end of the CBN monetary policy committee (MPC) meeting on Friday. According to the governor, Bitts as a partner will establish their company in the country and the apex bank will own a majority stake in the company. “We...

CONTINUE READING
CBN Retains Benchmark Interest Rate at 11.5%

EconomyMoneyCBN Retains Benchmark Interest Rate at 11.5%

Beloved John (Staff Writer)September 17, 2021

ABUJA — The CBN’s monetary policy committee has decided to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The committee unanimously voted to retain the key lending rate of 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR. Godwin Emefiele, the apex bank governor confirmed this to journalists on Friday following the committee’s two-day meeting at the CBN headquarters in Abuja. The governor stated...

CONTINUE READING
Buhari Seeks National Assembly’s Approval for Fresh $4bn, €710m Loan

EconomyMoneyNewsBuhari Seeks National Assembly’s Approval for Fresh $4bn, €710m Loan

Beloved John (Staff Writer)September 14, 2021

ABUJA — President Muhammadu Buhari is seeking for the approval of the National Assembly to borrow fresh sums of $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan. The president is also seeking the national assembly’s approval for a grant component of $125 million. The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday. “I write on the above subject...

CONTINUE READING
Analysis: Lagos, Rivers Responsible For 70% of VAT Collected By FIRS in the Last Five Years

EconomyNewsTaxationAnalysis: Lagos, Rivers Responsible For 70% of VAT Collected By FIRS in the Last Five Years

Bada Yusuf Amoo (Correspondent)September 11, 2021

LAGOS — Analysis has revealed that in the last five years, Lagos and Rivers states have contributed about N3.9tn of the N5.6tn of Value Added Tax (VAT) realized by the Federal Inland Revenue Service (FIRS), a Federal Government agency responsible for the collection of VAT on behalf of states and the Federal Capital Territory. From the data available on the website of the FIRS, it was gathered that the agency generated N5.6tr VAT in the...

CONTINUE READING
Highlights of VAT Bill Proposed, Passed and Signed Into Law This Week In Lagos

EconomyNewsTaxationHighlights of VAT Bill Proposed, Passed and Signed Into Law This Week In Lagos

Bada Yusuf Amoo (Correspondent)September 11, 2021

LAGOS — This week, a bill sought to empower the Lagos State Government to collect Value Added Tax (VAT) was proposed, it passed the first and second reading in the State House of Assembly. 24 Hours after the bill was passed by the Legislature, the Lagos state Governor, Babajide Sanwo-Olu, signed the bill into law on Friday. In a statement by the State Commissioner for Information and Strategy, Gbenga Omotoso, “The governor signed the ‘bill...

CONTINUE READING
Lagarde Expects Current Surge in Inflation to be Temporary

EconomyWorld NewsLagarde Expects Current Surge in Inflation to be Temporary

PilotnewsSeptember 9, 2021

MOSCOW — The current inflation spike is expected to be largely temporary, as price pressures are building up only slowly, European Central Bank (ECB) President Cristine Lagarde said on Thursday. In August, inflation rate in the Eurozone jumped to a 10-year-high of 3 per cent according to Eurostat estimates. “The current increase in inflation is expected to be largely temporary and underline price pressures are building up only slowly. “The inflation outlook in our new...

CONTINUE READING

Newer Posts

Older Posts

WP2Social Auto Publish Powered By : XYZScripts.com