COVID-19 not excuse for Nigeria to slide into recession – Moghalu
Business
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Business
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COVID-19 not excuse for Nigeria to slide into recession – Moghalu

Webby - November 23, 2020

Nigerian political economist, lawyer, and former presidential candidate in the last general elections, Kingsley Moghalu has said the report that Nigeria has entered into another recession is…

Speculative practices will erode Naira’s value, BDC operators warn
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Business
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Speculative practices will erode Naira’s value, BDC operators warn

Webby - November 23, 2020

The Association of the Bureaux De Change Operators of Nigeria (ABCON) said speculative practices in the currency market would heap more pressure on the naira and erode…

Forget About 2023 Election, Current Recession Worse Than 2016 – Peter Obi
Business
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Business
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Forget About 2023 Election, Current Recession Worse Than 2016 – Peter Obi

Webby - November 23, 2020

The vice presidential candidate of the Peoples Democratic Party, PDP, in the last election, Peter Obi, has called on his fellow politicians to put issues of 2023…

What FG must do to kick start economy from recession – Atiku
Business
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Business
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What FG must do to kick start economy from recession – Atiku

Webby - November 22, 2020

Former Vice President of Nigeria, Atiku Abubakar has advised the federal government to expunge all non-essential line items in the proposed 2021 budget in order to kick…

Banks aiding corrupt agencies to divert government funds – Lawan
Business
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Business
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Banks aiding corrupt agencies to divert government funds – Lawan

Webby - November 19, 2020

Nigeria’s Senate President, Ahmad Ibrahim Lawan, Thursday, accused banks of aiding government agencies in funds diversion, saying officials of government couldn’t do that without their compromise. Lawan…

GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion
Business
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Business
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GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion

Webby - November 19, 2020

Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges. The 3rd Quarter…

Naira drops further as pressure for Dollar mounts
Business
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Business
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Naira drops further as pressure for Dollar mounts

Webby - November 19, 2020

Naira depreciated further against the United States dollar at the black market, exchanging at N478 as the momentum of increasing demand from traders and manufacturers for the…

FAAC shares N604bn to FG, States, LGAs As October Allocation
Business
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Business
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FAAC shares N604bn to FG, States, LGAs As October Allocation

Webby - November 19, 2020

By Brangyet Kabien The Federation Accounts Allocation Committee (FAAC), had distributed a total of N604.004 billion to the three tiers of government, as federation allocation for October…

FG to offer more tax incentives to businesses, individuals in new bill The federal government will be offering more tax incentives to Businesses in the country and individuals through the proposed Finance Bill 2020, a statement from the office of the Vice President has disclosed. In its continued determination to cushion the socio-economic condition in the country even as the Economic Sustainability Plan (ESP) is in progress, the Buhari administration will be offering more tax incentives to Nigerians especially through the forthcoming 2020 Finance Bill. The statement said some of the incentives include reduction in duties on tractors from 35 to 10 per cent, reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent and another reduction of levy on motor vehicles for the transportation of persons (cars) from 35 per cent to 5 per cent. Also, small companies will be exempted from payment of education tax under the Tertiary Education Trust fund (TETFUND)-companies with less than N25m turnover are eligible. There will be a 50 per cent reduction in minimum tax; from 0.5 per cent to 0.25 per cent for gross turnover for financial years ending between January 1st, 2020 and December 31st, 2021. The federal government is also planning to grant tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID). Briefing State House Correspondents after the Federal Executive Council (FEC) meeting in Abuja on Wednesday, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said the incremental changes referred to in the bill does not mean increasing taxes, but an improvement in the tax law, stressing that the country’s value added tax remains at 7.5 per cent. According to Ahmed, “you recall that we did a Finance Bill in 2019, through these finance bills, what we are seeking to do is to make incremental changes to tax laws relating to customs excise as well as other fiscal laws, to support the implementation of annual budgets.” The inclusion in the Finance Bill intended to grant tax relief to companies that donated to the COVID-19 relief fund is expected to serve as an acknowledgement and encouragement of such behavior. The Finance Act 2019, which is the template for the proposed 2020 Bill, sets five strategic objectives, which include: raising government revenue through various fiscal measures, reforming domestic tax laws to align with global best practice, promoting fiscal equity by mitigating instances of regressive taxation, supporting small business entities in line with Ease of Business Reforms and introducing tax incentives for investments in infrastructure and capital market.
Business
88 views
Business
88 views

FG to offer more tax incentives to businesses, individuals in new bill The federal government will be offering more tax incentives to Businesses in the country and individuals through the proposed Finance Bill 2020, a statement from the office of the Vice President has disclosed. In its continued determination to cushion the socio-economic condition in the country even as the Economic Sustainability Plan (ESP) is in progress, the Buhari administration will be offering more tax incentives to Nigerians especially through the forthcoming 2020 Finance Bill. The statement said some of the incentives include reduction in duties on tractors from 35 to 10 per cent, reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent and another reduction of levy on motor vehicles for the transportation of persons (cars) from 35 per cent to 5 per cent. Also, small companies will be exempted from payment of education tax under the Tertiary Education Trust fund (TETFUND)-companies with less than N25m turnover are eligible. There will be a 50 per cent reduction in minimum tax; from 0.5 per cent to 0.25 per cent for gross turnover for financial years ending between January 1st, 2020 and December 31st, 2021. The federal government is also planning to grant tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID). Briefing State House Correspondents after the Federal Executive Council (FEC) meeting in Abuja on Wednesday, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said the incremental changes referred to in the bill does not mean increasing taxes, but an improvement in the tax law, stressing that the country’s value added tax remains at 7.5 per cent. According to Ahmed, “you recall that we did a Finance Bill in 2019, through these finance bills, what we are seeking to do is to make incremental changes to tax laws relating to customs excise as well as other fiscal laws, to support the implementation of annual budgets.” The inclusion in the Finance Bill intended to grant tax relief to companies that donated to the COVID-19 relief fund is expected to serve as an acknowledgement and encouragement of such behavior. The Finance Act 2019, which is the template for the proposed 2020 Bill, sets five strategic objectives, which include: raising government revenue through various fiscal measures, reforming domestic tax laws to align with global best practice, promoting fiscal equity by mitigating instances of regressive taxation, supporting small business entities in line with Ease of Business Reforms and introducing tax incentives for investments in infrastructure and capital market.

Webby - November 19, 2020

The federal government will be offering more tax incentives to Businesses in the country and individuals through the proposed Finance Bill 2020, a statement from the office…

N69.4bn debt: AMCON takes over Jimoh Ibrahim’s assets, freezes accounts
Business
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Business
111 views

N69.4bn debt: AMCON takes over Jimoh Ibrahim’s assets, freezes accounts

Webby - November 19, 2020

The Asset Management Corporation of Nigeria (AMCON) has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, over N69.4billion debt. AMCON’s Spokesman, Jude…