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ECONOMY-FINANCE

Why Did Kano Receive 100% Tax Revenue While Lagos Received 20% Despite Generating N46bn?

Talks about how the Value Added Tax (VAT), generated from the 36 states in the country, is being shared by the Federal Government, has dominated news space in recent time. Photo Credit: Premium Times. Recall that the Rivers State Government had approached a federal high court in Port Harcourt, seeking to stop the Federal Inland Revenue Service (FIRS), a tax collection arm of the FG, from collecting VAT in the state.

  2 months ago ago
Why Did Kano Receive 100% Tax Revenue While Lagos Received 20% Despite Generating N46bn?

POLITICS

"Northern Govs Should Collect Tax From Cow & Southern Govs Should Collect From Alcohol" - Deji Says

A well known human rights activist, Adeyanju Deji has once again spoken. According to a recent post he made on his verified Facebook page, he suggested that the northern Governors should start collecting tax from cows, since they love cows so much. Speaking further, he also suggested that the southern governors should also be allowed to collect tax from alcohol, by so doing, there will be no problem again.

  3 months ago ago

ECONOMY-FINANCE

Three Things You Should Know As CBN Prepares To Launch First Digital Currency (eNaira)

According to reports from several reputable sources, eNaira is expected to be launched before the end of 2021. Godwin Emefiele. Credit: Vanguard The Governor of Central Bank of Nigeria, Godwin Emefiele, said that the Central Bank Digital Currency (CBDC) would increase payment system efficiency, lead to faster and cheaper remittance inflow, and it would lead to targeted social interventions, out of many others.

  3 months ago ago
Three Things You Should Know As CBN Prepares To Launch First Digital Currency (eNaira)

SOCIETY

8 Taxes That Are Collected By The Federal Government

A tax is a compulsory charge placed by the government on the income of an individual, corporation, trust, as well as on the value of an estate or a gift. The purpose of tax collection is to benefit the public, by generating revenue to meet the government's expenditure.

  2 months ago ago
8 Taxes That Are Collected By The Federal Government

ECONOMY-FINANCE

VAT: FG Not Taking Niger Delta Money To The North - Buhari's Aide To Wike

The Senior Special Assistant to the President on Public Affairs, Ajuri Ngelale has on Monday slammed the governor of Rivers State, Nyesom Wike for insisting on collecting VAT in his state. He described the governor as being tribalistic and aggressive in his call for the collection of Value Added taxes by south-south states.

  2 months ago ago
VAT: FG Not Taking Niger Delta Money To The North - Buhari's Aide To Wike

ECONOMY-FINANCE

E-Naira: What You Should Know About the Central Bank of Nigeria's Digital Currency

On Monday, President Muhammadu Buhari unveiled Nigeria's digital currency at the Presidential Villa in Abuja. The digital currency was supposed to be unveiled on October 1 but was postponed due to other activities planned for the Fourth of July celebration. The CBN stated in announcing the launch of the e-Naira that the product, which was developed after many years of research, will advance the boundaries of the payment system to make financial transactions easier.

  1 month ago ago
E-Naira: What You Should Know About the Central Bank of Nigeria's Digital Currency

ECONOMY-FINANCE

The Tax Exemption Order By Ayade Is A Mere Mockery To Cross Riverians

The issue of high taxation in Cross River State remains a major challenge in the state. Over a year ago the Cross River State Governor, Sir Ben Ayade exempted the poor and low-income earners from paying tax as he felt they were suffering to raise money to run the family.

  3 months ago ago
The Tax Exemption Order By Ayade Is A Mere Mockery To Cross Riverians

POLITICS

VAT Not Mentioned in Nigeria's 1999 Constitution - Taiwa Oyedele

Taiwo Oyedele, (Fiscal Policy Partner and Africa Tax Leader at PwC) while speaking on Arise TV revealed that VAT is not enshrined in Nigeria's 1999 Constitution. He said we have a VAT which was a decree during the military era and it was decreed in 1993 whereas we are dealing with a constitution that is made in 1999.

  2 months ago ago
VAT Not Mentioned in Nigeria's 1999 Constitution - Taiwa Oyedele

ECONOMY-FINANCE

All you need to Know about e-Naira

On 25th of October 2021, President Muhammadu Buhari officially launch the Central Bank Digital Currency ( CBDCs) called eNaira. The journey to create a Digital Currency for the country started in 2017 as a result of global trend to create digital currencies. It is believed that the emergence of eNaira I'm the country will impact individuals and sectors of our economy with the following great benefits:

  1 month ago ago
All you need to Know about e-Naira

ECONOMY-FINANCE

Nigerian Fiscal Policy And Foreign Debt Experience.

Globally, in most economies, the mounting difficulty of rising fiscal deficits and high levels of public debt combined with the Eurozone has particularly stirred up interest from macroeconomic policy makers in the direction of a transformed focal point on fiscal policy and sustainability of public debts both in advanced and developing countries.

  1 month ago ago
Nigerian Fiscal Policy And Foreign Debt Experience.

ECONOMY-FINANCE

Digital Currency: CBN Suspends eNaira Launch

Photo Credit: Google The Central Bank of Nigeria (CBN) suspended the launch of its Digital Currency (CBDC) – the eNaira, earlier scheduled for October 1, 2021. Recall that the Apex Bank fixed October 1st for the launching of the Digital Currency. The CBN Spokesman Osita Nwanisobi, was quoted saying "the planned unveiling was suspended due to other key activities lined up to commemorate the country’s 61st Independence Anniversary."

  2 months ago ago
Digital Currency: CBN Suspends eNaira Launch

ECONOMY-FINANCE

Opinion: How Is FIRS Planning To Collect The Projected N10.1 Trillion Tax From Nigerians In 2022?

The Federal Inland Revenue Service (FIRS) has said that it is protecting to collect N10.1 trillion as tax from Nigerians and others in 2022. This was made known by the Chairman of the Federal Inland Revenue Service, Muhammad Nami yesterday when he was addressing the House of Representatives Committee on Finance on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

  3 months ago ago
Opinion: How Is FIRS Planning To Collect The Projected N10.1 Trillion Tax From Nigerians In 2022?

ECONOMY-FINANCE

Reasons Nigerians May Need to Join Force with Rivers and Lagos in the VAT Rift with FG

Photo: Value Added Tax, culled from Texas Tax A Value Added Tax (VAT) is a flat-tax levied on a consumed product or rendered service. It is similar in some respects to a sales tax, except that with a sales tax the full amount owed to the government is paid by the consumer at the point of sale.

  2 months ago ago
Reasons Nigerians May Need to Join Force with Rivers and Lagos in the VAT Rift with FG

ECONOMY-FINANCE

Buhari's Financial Minister Reveals How Much FG Will Borrow to Fund 2022 Budget Deficit.

The minister of finance, budget and national planning Zainab Ahmed, has given reasons why the federal government would borrow more funds. This is as a result of the present economic situation of the country, Ahmed, on Wednesday, October 6, said that the federal government will borrow to fund the N6.258 trillion deficit in the 2022 Budget.

  2 months ago ago
Buhari's Financial Minister Reveals How Much FG Will Borrow to Fund 2022 Budget Deficit.

ECONOMY-FINANCE

Hon. Fakeye: Self-employed Nigerians Should Pay Tax

A member of the house of representatives, Fakeye Olufemi, says owners of small and medium sized enterprises, including carpenters and taxi drivers, should be made to pay tax. The honorable disclosed this while speaking on the floor of the house on Wednesday. Fakeye, who was contributing to the 2022 budget debate during the plenary session, said this will enable the federal government to boost its revenue generation.

  1 month ago ago
Hon. Fakeye: Self-employed Nigerians Should Pay Tax

JUSTICE

Federal Government Announces Continuous Collection Of Tax By FIRS

Following the ruling of the Court of Appeal in the issue of Value Added Tax (VAT), the Federal Government has declared that the Federal Inland Revenue Service (FIRS). According to a statement disclosed by Mr. Abubakar Malami, The Attorney- General of the Federation (AGF), and minister of Justice, the matter was due to the disagreement over the collection of Value Added Tax between FIRS, and Rivers State government.

  2 months ago ago
Federal Government Announces Continuous Collection Of Tax By FIRS

ECONOMY-FINANCE

FIRS: Nigeria Not Generating Enough Revenue From Stamp Duty

Muhammad Nami, the executive Chairman of Federal Inland Revenue Service (FIRS), has criticized the inefficiencies in the current stamp duty and capital gain tax collection system. The chairman said, these inefficiencies have led to poor revenue generation from these taxes. He made this known at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.

  1 month ago ago
FIRS: Nigeria Not Generating Enough Revenue From Stamp Duty

POLITICS

Lawmaker advocates payment of tax by self-employed Nigerians

A member of the House of Representatives, Olufemi Fakeye, has advised the Federal Government to begin to tax self-employed Nigerians because, according to him, they earn lots of money. He made this known on Wednesday, October 13,2021, while commenting on the 2022 budget, stressing that it would help the Federal Government of Nigeria boost its revenue.

  1 month ago ago
Lawmaker advocates payment of tax by self-employed Nigerians

ECONOMY-FINANCE

We are borrowing sensibly and responsibly, Finance Minister reassures Nigerians amid huge debts

Zainab Ahmed, the Minister of Finance, Budget and National Planning has said that Nigeria's borrowing rate is still at 23% of the Gross Domestic product, highlighting that federal government borrowing is responsible and sensible. According to Sahara Reporters, Zainab made the statement on Monday, 30th August, 2021, in Abuja while addressing Pressmen on the recent rise in the Country's GDP.

  3 months ago ago
We are borrowing sensibly and responsibly, Finance Minister reassures Nigerians amid huge debts

ECONOMY-FINANCE

Why FG Would Not Lose Money If States Are Allowed to Start Collecting VAT - Taiwo Oyedele.

Taiwo Oyedele, (Fiscal Policy Partner and Africa Tax Leader at PwC) who was a guest on Channels TV on Politics Today on Wednesday revealed that Federal Government would not lose money if the position is sustained for States to start collecting VAT because last year the Federal Inland Revenue Services (FIRS) collected 1.53 trillion from VAT.

  2 months ago ago
Why FG Would Not Lose Money If States Are Allowed to Start Collecting VAT - Taiwo Oyedele.