Connect with us

Economy

Tax Amnesty: FG Gets N33.6bn From Two Firms

Published

on

minister-of-finance-kemi-adeosun
  • Tax Amnesty: FG Gets N33.6bn From Two Firms

The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday said the Federal Government was targeting a revenue of $1bn from its tax amnesty programme, adding that the target might be exceeded as two companies had already paid $110m (N33.6bn at the official exchange rate of N305 per dollar).

“On the amount expected, we projected $1bn and we have already got $110m and that is just from two companies. So, we feel we might exceed that target,” the minister told State House correspondents at the end of the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo.

Adeosun said she presented a memorandum on the Voluntary Asset Declaration Bill to the council.

She disclosed that N1.5bn would be spent on advertising campaign for the Voluntary Asset Declaration Scheme for nine months.

The minister stated that the sum would cover advertisements on radio, television, online and in newspapers.

On the tax amnesty programme, she said the government had sent out over 500 letters in the first batch, and that there were thousands of Nigerians being targeted.

The minister said many people had reached out to the government, pleading for more time to pay.

Adeosun stated, “Most of the governors have agreed to give more time for people to make arrangements for payments.

“This is indeed a very good news for Nigeria as it will help reduce over-reliance on oil. It will improve our tax revenue so that whether oil prices are high or low, we will be able to provide basic services for our people.

“Very high net worth people are now being brought into the tax revenue profile. We hope to exceed the target that has been set.”

As part of the criteria used to get the first 500 who had received their letters, Adeosun said the government got information on land registry details from state governments and the Federal Capital Territory Administration.

She stated that information was also obtained from the Bank Verification Number and registration with the Corporate Affairs Commission.

The minister added, “If someone lives in Lagos and has properties in Kaduna, London etc., but only declares part, with these information, we will get them. We also looked at people who had come out in the Panama and Paradise papers. We looked at people who have companies being paid by the government but are not paying the right taxes.

“Even if you have not got a letter yet, do not think we have forgotten you. These are just the first 500, others will soon follow. It does not mean that we do not have you on our radar.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Economy

NLNG Boosts Cooking Gas Production to 1.5 Million Metric Tonnes Annually

Published

on

cooking gas cylinder

Nigeria Liquefied Natural Gas Limited (NLNG) has announced a significant milestone in its operations, boosting its annual production of liquefied petroleum gas (LPG), commonly known as cooking gas, to over 1.5 million metric tonnes.

This surge in production underscores NLNG’s commitment to meeting the rising demand for clean cooking energy in Nigeria.

The entirety of NLNG’s 1.5 million tonnes production is now being sold domestically within Nigeria.

Moreover, the company has initiated a landmark shift by starting to supply LPG in naira, moving away from the traditional practice of trading in United States dollars.

This move aligns with calls from stakeholders in the oil and power sectors advocating for naira transactions, especially amidst the challenges posed by currency fluctuations.

During a panel session at the 7th Nigeria International Energy Summit in Abuja, NLNG’s General Manager of Finance, Fatima Adanan, highlighted the company’s dedication to enhancing LPG penetration across the country.

Adanan emphasized NLNG’s vision to make Nigeria a better place by promoting the use of cleaner energy sources like gas.

While NLNG’s production surge is commendable, Adanan acknowledged that Nigeria’s LPG requirements surpass the current output, necessitating imports to bridge the gap.

However, NLNG remains committed to expanding its production capacity to meet the nation’s energy needs and drive increased adoption of LPG as a cleaner cooking fuel.

Continue Reading

Economy

CBN Raises Benchmark Interest Rate by 400 Basis Points to 22.75%

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 400 basis points to a record 22.75%.

The decision made by the Monetary Policy Committee (MPC) comes amidst rising inflationary pressures and growing uncertainty in Africa’s largest economy.

Nigeria’s inflation rate rose to 29.90% in January 2024, the highest in over two decades while the nation’s unemployment rate quickened to 5% in the third quarter of 2023. Suggesting that the rising costs have continued to drag on both new job creation and the existing ones.

This coupled with a series of policy adjustments implemented by President Bola Ahmed Tinubu has plunged economic productivity and eroded consumer spending as citizens grapple with high fuel prices, electricity tariffs, a record-high foreign exchange rate, and insecurities.

Therefore, it is surprising that the Monetary Policy Committee (MPC) led by the CBN will further increase borrowing costs by 400 basis points at a time when job creation is paramount.

While the economy reportedly grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, this growth is yet to crystalise as businesses and citizens have taken to the street protest against the harsh economic situation.

Economic experts have started questioning the data from the National Bureau of Statistics (NBS) given its lack of correlation between the data and economic reality.

 

Continue Reading

Economy

President Tinubu Unveils Geometric Power Plant in Aba After 20-Year Wait

Published

on

Geometric Power Plant

After two decades of anticipation, President Bola Tinubu, through his representative Vice President Kashim Shettima, inaugurated the long-awaited Geometric Power Plant in Aba, a significant milestone in the city’s quest for reliable electricity supply.

The event, which also saw the commissioning of three rehabilitated roads by Abia State Governor Alex Otti, symbolizes the culmination of years of perseverance and determination to transform Aba’s power landscape.

Addressing the audience, Vice President Shettima hailed the project as a testament to the power of visionary leadership and unwavering commitment to progress.

He said the Geometric Power Plant exemplifies the transformative impact of strategic infrastructure investments on local communities.

Governor Otti echoed similar sentiments, emphasizing the importance of the power project in positioning Aba as a hub for national and international business ventures.

He commended the efforts of Geometric Power Limited while urging them to uphold transparency and avoid exploiting consumers.

The inauguration of the Geometric Power Plant comes amidst growing concerns over Nigeria’s power infrastructure and the need for sustainable solutions to address electricity shortages.

The project, with a capacity of 188MW, holds promise for significant improvements in power supply across Abia State, benefitting nine out of seventeen local government areas.

The Managing Director of Geometric Power Limited, Ben Caven, underscored the scale of investment involved, totaling $800 million.

He highlighted the comprehensive nature of the project, which includes the installation of new power substations and a 27km natural gas pipeline, signaling a comprehensive approach to enhancing Aba’s energy infrastructure.

In conclusion, the inauguration of the Geometric Power Plant represents a transformative moment for Aba, offering renewed hope for economic growth and prosperity powered by reliable electricity supply.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending