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NLC Demands Review of Tax Policies

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  • NLC Demands Review of Tax Policies

The Nigerian Labour Congress (NLC) has asked the federal government to review its tax policies, noting that it currently favours wealthy Nigerians and corporate organisation over workers.

Speaking in Abuja at a gathering of labour union leaders over the weekend, the NLC president, Mr. Ayuba Wabba said that the government never fails to tax public and civil servants, whereas it overlooks high net-worth individuals and corporate organisations, who engage in illicit financial transactions to escape paying correct taxes.

“You will remember that last year, we led a campaign to the Ministry of Finance to advocate for tax justice and to stop illicit financial flows from Africa; because in the context of taxation in Nigeria, it is only workers that pay the correct tax, through Pay As You Earn (PAYE),” Wabba said.

He added: “In other climes, it is the high and the mighty that are supposed to pay tax to subsidise for the poor. But in Nigeria, it is the poor that is subsidising the rich. This is why we are demanding for tax justice. Resources can only be made available if people are able to pay their correct taxes.”

Wabba also noted that the Panama Papers leak has exposed the manner in which tax resources are being diverted away from the Nigerian state towards tax havens and urged the government to do something about it. “Part of our campaign this year is to halt illicit financial flows and also to demand for tax justice, where workers and citizens, especially the high and mighty, should pay the correct tax”, he said.

He added: “As an outcome of the NLC’s visit to the Ministry of Finance, some progress has been made; the federal government has set up a presidential committee to address illicit financial flows and also to ensure that issues of tax are appropriately addressed.”

South African Bankers Excited With LBS Training

South African Investment Bankers have lauded the Lagos Business School for hosting the International Executive Development Programme (IEDP) for the Banking Sector and Training Authority (BANKSETA), held in Lagos Nigeria.

The five-day programme which started on June 19, 2017, brought together high potential leaders from the investment banking sector in South Africa and immersed them into the best praticea of the Nigerian economy, culture and environment.

Thebe Mabiletsa, of Absa Capital, South Africa, commended the Lagos Business School for hosting them in Nigeria, an experience he said had broadened the delegation’s horizon on the uniqueness of the Nigerian economy and market.

He revealed that Nigerian businesses “have created a niche space in terms of their innovation and expertise which can make them partner favourably with South African banks as well as other banks on the continent.”

Lead Professor/Orchestrator, Duke University, Jared Bleak said that the key learning from the week-long programme was evident in the prospects for Nigerian banks becoming more international and how they could collaborate with other markets on the continent and even the rest of the world. “The internationalisation of Nigerian banks is happening, and even the South African groups here have learned from the economy and possibly thinking about partnerships,” he stated.

He commended the Lagos Business School for exposing the team to a fast emerging market on the African continent, as well as the warm reception.

A Senior Lecturer, Strategy, Finance and Risk Management, Lagos Business School, Dr. Franklin Ngwu remarked that it was a great feat helping the South African Investment bankers to understudy the Nigerian financial sector to see areas of opportunity, investment and collaboration with the two countries. “We have exposed them to both the formal and informal aspects of the economy and we envisage a possible cooperation and investment between the two economies,” he said.

CEO of the Nigerian Stock Exchange (NSE) Mr. Oscar Onyeama commended the Lagos Business School for the IEDP initiative, he stated that opportunities such as this affords the stock exchange an avenue to share relevant information which boosts confidence in the Nigerian capital markets and in turn the Nigerian economy.

Dean, Lagos Business School, Dr. Enase Okonedo expressed appreciation to all organisations that welcomed the LBS/IEDP-BANKSETA participants during their tour for showing support during the programme and wished the South African bankers a safe trip back home.

Some of the activities included visits to the International Centre for Commerce (ICC) Balogun Market, Lagos; NIKE Art Gallery; SLOT Systems Limited; Computer Village, and interactive sessions with Afri Invest, Ecobank and Fintech CEOs (Konga, Venture Garden, Interswitch etc.) Also included in the activities was a visit to the Nigerian Stock Exchange (NSE), where they got an expose into the Nigerian economy, the capital markets and participated in the activities of ringing the closing bell on the NSE trading floor. The participants were given adequate exposure to the Nigerian economy, culture and environment.

Banking Sector Education and Training Authority (BANKSETA) is a South African statutory body interested in promoting knowledge and skill acquisition in the financial sector

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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