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Adeosun Seeks Tax Compliance to Increase Non-oil Revenue

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Federation Account Allocation Committee
  • Adeosun Seeks Tax Compliance to Increase Non-oil Revenue

The Minister of Finance, Mrs. Kemi Adeosun, on Friday called for improvement in the rate of tax compliance as a means of shoring up non-oil revenue for economic development.

The minister, according to a statement by her Media Adviser, Mr. Festus Akanbi, stated that the level of non-oil revenue in the country was unacceptably low, adding that there was a need for concerted efforts to improve revenue generation.

She said, “Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With a tax to GDP ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Our data gathering programme over the last year has now given us the tools we need to be more aggressive at pursuing tax avoiders, both domestically and abroad.

“We are going to focus on tax in 2017 through an asset and income declaration scheme to address our low tax revenue collection and ensure improved compliance, a broader tax base and more sustainable revenue. This is fundamental to delivering on our reform plans.”

The minister, according to the statement, also highlighted the need for strong budget implementation and transparency to create trust and accountability in government.

Adeosun was quoted as saying, “While we focus on raising revenues and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency.

“Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens. This will be a core focus for us.”

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.

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Npower News Today 2020, Over 5m Applies for Npower Batch C, Selection to be Transparent -Farouq

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Npower News Today 2020 on Batch C, on Permanent Placement and Stipend Payment. Also, Npower News Today Private Sector Engagement

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, has said over 5 million applications were received for N-power Batch C and that the selection process will be transparent.

The minister, who spoke during an interaction with National Social Investment Program (NSIP) Focal Persons, Program Managers and State Operations Coordinating Unit (SOCU) officers in Abuja, said “We have also received over 5 million applications from proposed N-Power Batch C and we are currently in the process of selecting the qualified beneficiaries coming into the program, Farouq said.

“I assure all the applicants and Nigerians that the selection process will be transparent.

On Npower Batch A and B – Npower News Today 2020

She said Npower Batch A and B beneficiaries have been successfully exited from the program in June and July, respectively. The minister also noted that they are working on a permanent job for exited beneficiaries.

She said: “As we renew our commitment to the service of humanity, I will like to seize this opportunity to, once again, state that we have successfully exited Batch A and B of the N-Power beneficiaries in June and July, respectively, and we are still working towards ensuring a transition plan that will further engage or absorb them into other programmes.

“We have also received over 5 million applications from proposed N-Power Batch C and we are currently in the process of selecting the qualified beneficiaries coming into the programme. I assure all the applicants and Nigerians that the selection process will be transparent.

“Furthermore, I wish to reiterate that I have given approval for the payment of stipends for the exited beneficiaries of batches A and B up to the month of June 2020, including that of the independent monitors.

“Also, the final payment of stipend for Batch B is almost ready for transmission to the office of the Accountant General of the Federation for final checks and payment.

“I therefore appeal for patience and understanding from beneficiaries omitted for payment in previous months and those in batch B who are to get their final payment.”

“There is no doubt that the National Social Investment Programmes (NSIP) are critical components of the present Administration’s activities and are vehicles through which His Excellency President Muhammadu Buhari‘s vision of lifting 100 million people out of poverty in 10 years will be achieved.

“Since my assumption of office, I have remained focused on ensuring the sustainability and improvement of the programmes bearing in mind the high impact value they have to teeming Nigerians, whose lives have been significantly disrupted as a result of the present humanitarian and economic situation in the country.

“It is against this background that I urge everyone of you to continue to give in your best to ensure the lives of those we are called to serve are made better. We must not lose sight of the fact that each one of the vulnerable persons are not mere numbers or statistics but real people with dreams, hopes, aspirations and a desire to live decent lives in peace and safety.”

Government to Engage Private Sector to Absorb Npower Exited Beneficiaries

The government has said there is an ongoing engagement with private sector operators to absorb some of the exited beneficiaries of the Npower programme. Also, government said it is working to create space for them in the ministries and government agencies.

Job Opportunities for Npower Exited Beneficiaries

We have put together a list of jobs exited beneficiaries can start pending when the federal government will perfect its plan. We listed jobs and how you can get involved to avoid issues that may arise from the government usual failure to create a permanent job for exited beneficiaries.

N-Power Beneficiaries Receives N13.3 Billion Kwara State

In other news, beneficiaries in Kwara State were paid a combined N13.3 billion during the course of their engagement, according to Abdulrazaq.

Hajia Bashirah Abdulrazaq, the Focal Person of the programme in the state, said batch A beneficiaries were paid N7.4 billion for the 42 months period they were engaged.

“Non-graduates received the sum of N10,000 every month and were engaged for a period of 24 months with a total sum of over N24 million spent,” she added.

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Job Opportunities for Npower Exited Beneficiaries

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Aussie Job-Market

Jobs Npower Exited Beneficiaries Can Start

Following the Federal Government’s decision to let go of Batch A and B beneficiaries of the N-power program, it is important they engage in something productive and viable now that their monthly stipend has been stopped.

Investors King, that has been advocating for permanent placement for both exited batches, has compiled jobs exited beneficiaries can start doing or learn to do pending when the government will finalise their plans for permanent placement if they ever will.

First is self-assessment, what skills do you have or what do you have passion for? You need to know your strengths and weaknesses to venture into our list of businesses as it would help you better navigate the usual challenges that come with startups or self-employment. Nobody said is going to be a walk in the park.

Also, a lot of exited beneficiaries have skills they have not monetised or don’t know how to turn them to money just yet. Therefore, it is imperative to conduct a personal evaluation before venturing into another training when this set of people can focus on monetizing present skills. Please note that it does not matter what kind of skill you have, everything is sellable with the right strategy and approach.

Here is a list of jobs exited beneficiaries can start.

Freelancing

There are several Nigerians freelancing for businesses abroad and are earning a reasonable amount, especially with the Naira-dollar exchange rate at N386 (bank rate) and N465 on the black market.

How Can You Become a Freelancer

This is why I said self-assessment is imperative as you will need a skill to sell to potential clients in order to earn money online. The easiest, perhaps the most common is writing articles and creating content for businesses that are looking for creative writers to craft a unique content or tell a story that sells their brands better.

However, there are other jobs like administrative role, where you work with businesses or become a Personal Assistant to an executive person and help them with administration, like get there schedules right, remind them of appointments, fill orders, call clients, send emails, reply emails and do other administrative jobs for a salary. Please note that while this seems easy it is not as most of these businesses and executives prefer persons that are conversant with excels (expert level), ms word, google documents, pdf to word conversion etc.

Also, there are freelance jobs for graphic designers, app developers, programmers, web developers etc. if you already have the skills and if not, you may want to get one.

How Do You Apply for Jobs or Register for Offers

Open an account on any or all of the listed websites with a unique profile that sells your offerings.

www.upwork.com

www.Fiverr.com

www.Freelancer.com

Currency Exchange

This is perhaps the easiest niche exited Npower beneficiaries with little cash can get into and start making money because of the huge demand.

First, what is currency exchange? A currency exchange business is a business that sells and buys currencies. However, in this case, we are buying and selling digital currencies but the concept is not different from the regular bureau de change but easier given that all you need is your phone and to set up an account on free forums or join groups were people trade digital currencies like Bitcoin, Perfect Money, Payoneer, PayPal, etc without regulatory approval. It is a peer-to-peer business.

Like I always say, your biggest money is in the informal sector also known as the underground economy or gray economy. It is gray because despite its huge potential, it is not classified as a normal source of income. The next question is how do you get involved.

How to Start a Currency Exchange Business

Open bitcoin wallets on blockchain, LocalBitcoins and other bitcoin wallets. Also, open a perfect money account and set up a Paypal that can send and receive money in Nigeria (contact me on how to open it).

If you already have an account on Nairaland join currency exchange thread or sign up to join the forum so you can participate in trading. Also, join various chat groups of currency traders and post on your WhatsApp status, you will be shocked at the number of people that deals in digital currencies or those looking to sell their earnings from Fiverr and Upwork. I buy from them too and pay them in Naira.

Mini-restaurant

To be self-employed, you have to be creative. A lot of unemployed graduates think they need a shop or fancy space to get started. However, what I found out is that you only need your present space, yes that current place you live!.

Do a feasibility study to assess your vicinity and bridge the gap between eating out and having nicely prepared food delivered at home within a few minutes.

I discovered that most people that eat out, especially during this raining season won’t mind home delivery with extra cost.

Also, note that you do not need millions, you need just a few thousand to do flyers, buy takeaway packs and ingredients. Gbam off you go!.

Laundry Service

This is one of the easiest services to start but can be a bit tough without a washing machine. Still, if you are not scared to wash jeans, clothes and even rug this might be it for you.

As important, simple and in demand as dry cleaning service is, it is not readily available in most localities. Therefore, Npower exited beneficiaries can address this need by adding a little bit of class to the traditional dry cleaning service and make adjustments as they evolve in the business.

Forex Trading

Foreign exchange trading is the world’s largest market with over $5 trillion daily turnovers. Yes, you’ve heard that much before but also it is the most complicated and tough market to trade if you do not have the right instructor to walk you through market complexity.

However, this same complicated market holds numerous potential and after almost 20 years in the global financial market, I can tell you with the right training, discipline and dedication you can earn a living from foreign exchange trading.

If you want to learn how to trade forex ‘PROFESSIONAlly’, please note the word professionally, get in touch with me. I used the word professionally because the name forex has been bastardised in Nigeria, therefore, undermining the numerous opportunities in the forex market.

I will not just teach you how to trade but teach you how to be a real student/analyst of the market. This will give you an opportunity to be both an analyst and also a trader like myself and work for companies like investorsking, nairametrics, businessday, etc if you enjoy breaking down market complexity in a unique way. A clue, Nigeria has a lot of journalists but not a lot of business analysts/ writers that are now in demand.

You can contact me via samed@investorsking.com.

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Julius Berger Diversifies into Agro-processing

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Julius Berger pix

Julius Berger Steps into Agro-processing to Seize Diversification Opportunity

Julius Berger, a leading construction company in Nigeria, said its board of directors has approved a diversification opportunity for the firm in agro-processing.

The approval was done at a meeting held on September 22, the company stated in a statement filed with the Nigerian Stock Exchange on Thursday.

Julius Berger said the approval would help the company capitalised on diversification opportunities in the agro-processing industry, especially with the emerging developments in Nigeria and government ongoing reforms to make the nation self-sufficient.

The statement read in part: “We would advise the exchange and the capital market that the Board of Julius Berger at its meeting held on September 22, 2020 approved a diversification opportunity for the company in agro-processing.

“The Board of Directors and the executive management of Julius Berger strongly believes that this diversification direction would support the continued success of the group in the future and align with the strategic objective of the government to stimulate value creation in Nigeria.

However, Julius Berger reiterated its commitment to maintaining and strengthening its leadership in the nation’s construction sector.

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