‘Pay Lower Taxes And Expect Lower Quality of Life’ – Lagos Commissioner

EconomyNewsNigeria‘Pay Lower Taxes And Expect Lower Quality of Life’ – Lagos Commissioner

Adeola Oladipupo (Correspondent)July 5, 2020

The Lagos State Commissioner for Finance, Dr Rabiu Olowo, has advocated for the payment of higher taxes in Nigeria as oil has proven unreliable. Mr Olowo stated this at an online symposium organised by the Centre for Business Taxation, Oxford University, adding that economic crisis in the wake of the pandemic has made optimising taxation imperative. “Nigeria’s current tax to GDP ratio of between four to seven per cent is very far from satisfactory. This...

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IMF Says Nigeria, Other African Oil Exporters Will Lose $34bn Due to COVID-19

EconomyNewsOil & GasIMF Says Nigeria, Other African Oil Exporters Will Lose $34bn Due to COVID-19

Bada Yusuf Amoo (Correspondent)July 1, 2020

The International Monetary Fund (IMF) has said that Nigeria and other oil exporters in African will lose a total of about $34bn in revenue as a result of the COVID-19 pandemic. The IMF added that the projected decline in revenue is associated to the unstable global crude oil prices. The Director of the IMF in the African Department, Abebe Selassie, stated this at the Africa Ministerial Roundtable on COVID-19 impact on the energy sector in...

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FIRS Generates N66bn from Stamp Duties in 5 months

EconomyNewsNigeriaFIRS Generates N66bn from Stamp Duties in 5 months

PilotnewsJune 30, 2020

The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May. Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Tuesday. Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp...

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Johnson Promises Billions of Pounds to Revamp Economy

EconomyWorld NewsJohnson Promises Billions of Pounds to Revamp Economy

PilotnewsJune 30, 2020

Prime Minister Boris Johnson on Tuesday promised to spend 5 billion pounds (or 6.15 billion dollars) on infrastructure projects to kick-start Britain’s economic recovery. According to him, the plan is to help the country through the expected severe economic impacts of the coronavirus pandemic as well as Britain leaving the EU. “The spending programme will also tackle Britain’s great unresolved challenges of the last three decades. “To this end, we will build, build and build....

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Buhari Pledges Speedy Completion of $2.5bn AKK Gas Pipeline Project

EconomyNigeriaOil & GasBuhari Pledges Speedy Completion of $2.5bn AKK Gas Pipeline Project

PilotnewsJune 30, 2020

President Muhammadu Buhari on Tuesday in Abuja affirmed the Nigerian government’s commitment to ensure timely delivery of the landmark Ajakuota-Kaduna-Kano Gas (AKK) gas pipeline project within budgetary allocation and specifications. Speaking at the virtual flag-off ceremony of the project at the Ajaokuta, Kogi and Rigachikun, Kaduna State campsites simultaneously, Buhari said the project was very dear to the people of Nigeria and must succeed. He, therefore, directed the NNPC and partners to remain focused, noting...

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FEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

CoronavirusEconomyNewsNigeriaFEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

PilotnewsJune 24, 2020

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N2.3 trillion stimulus package to support the Nigerian economy in the face of the disruptions and challenges of the COVID-19 pandemic. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this to State House correspondents at the end of the Council meeting in Abuja, said the package was part of the Nigeria Economic Sustainability Plan (NESP) as...

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Enugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

EconomyNewsNigeriaEnugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

Ije Ulasi (Regional Correspondent)June 24, 2020

To cushion the impact of COVID-19 pandemic and lockdown on taxpayers in Enugu State, the Enugu State Internal Revenue Services, ESIRS, with approval of Governor Ifeanyi Ugwuanyi grants tax relief and incentives to taxpayers. This was contained in a press statement by the Chairman of the Enugu State Internal Revenue Services, Emeka Odo on Tuesday. The new tax packages are in addition to the already existing tax waivers for traders in the state; the personal...

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2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

CoronavirusEconomyNews2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

PilotnewsJune 23, 2020

Mr Isaac Nkole, the National Chairman, Isun Multipurpose Cooperative Society, Umuahia, which facilitates the disbursement of CBN COVID-19 loan in the South-East and South-South, said at least 2,000 persons had so far benefited from the facility. Nkole stated this in a statement made available to the News Agency of Nigeria (NAN) in Umuahia on Tuesday. He further stated that the facility had provided succour to benefiting small and medium enterprises (SMEs) and households in the...

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Fayemi Signs N91.1 Billion Supplementary Budget to Law

CoronavirusEconomyNigeriaFayemi Signs N91.1 Billion Supplementary Budget to Law

Adeola Oladipupo (Correspondent)June 22, 2020

… Governor says political office holders, others sacrificed 50 per cent of salary The Governor of Ekiti State, Kayode Fayemi, signed the 2020 Supplementary Budget into law on Monday. The State Government reviewed the 2020 Budget earlier passed by preparing a Supplementary Budget due to the COVID-19 pandemic which affected its revenue prospect. “The 2020 Supplementary Budget was designed, bearing in mind the dwindling revenue from the Federation Account, to focus on critical priority legacy...

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COVID-19: Bauchi State Cuts 2020 Budget By N39bn

CoronavirusEconomyNigeriaCOVID-19: Bauchi State Cuts 2020 Budget By N39bn

PilotnewsJune 17, 2020

The Bauchi State Government on Wednesday announced the slashing of its 2020 fiscal year budget from N167 billion to N128 billion to meet the new realities occasioned by the  COVID-19 pandemic. The   State Commissioner for Budget and Economic Planning, Mr. Aminu Gamawa, said at a news conference in Bauchi that the decision was as a result of the negative impact of the Coronavirus pandemic on the state’s economy. He said that the new budget...

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