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The Minister of Finance, Budget and National Planning, Mrs Zainab Usman, disclosed in Abuja that the implementation of Value Added Tax (VAT) new rate of 7.5 per cent will commence on February 1, 2020, after all the necessary administrative procedures have been completed, especially the gazette of the Act by the Federal Ministry of Justice.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.
The Nigerian Stock Exchange (NSE) has expressed optimism that the current recovery at the stock market will be sustained. Its optimism is based on the improved macroeconomic conditions and favourable global economic outlook.
The increase of the Value Added Tax (VAT) rate from 5 per cent to 7.5 per cent has taken effect following the signing into law the Finance Bill, 2019, by President Muhammadu Buhari on Monday.
The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax.
Chairman, Senate Committee on Finance, Sen Olamilekan Adeola, on Thursday said the plan by the Federal Government to borrow about 30 billion dollars was a necessary step to catalyse development.
In the last couple of weeks, the economic and political news coming out of Nigeria has not been positive. It has been about doing things the wrong way, lack of due process, desecration of the rule of law, outright impunity for violators of rights and economic policies that have attracted negative ratings
The federal government has so far released more than 56 per cent of the approved expenditure for capital projects in the approved 2019 budget, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
The Federal Government has achieved 50 percent budget performance in 2019 with the release of N1.2 trillion capital expenditure.
The ninth Senate of the Federal Republic of Nigeria made history on Thursday, December 5, with the passage of the 2020 Appropriation Bill into law, thereby fulfilling the promise of the legislature to return the budget cycle to January - December period as it used to be.
Forty-two civil society organisations on Thursday raised concerns over Nigeria’s increasing debt profile, asking that efforts be made to stop the trend.
The President of Chartered Institute of Taxation of Nigeria (CITN), Dame Olajumoke Simplice, has blamed Nigerians’ outcry against the new tax regime on long period of apathy and lack of focus to make taxation the bedrock of government’s revenue mobilisation.
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Mrs Marian Onuoha, aka Mama Sure P, the candidate of the All Progressives Congress (APC) has emerged the winner of rerun election for the Isiala Mbano/Okigwe/Onuimo Federal Constituency seat conducted by the Independent National Electoral Commission on Saturday.
The Lagos State Government has arrested 14 illegal sand dredgers on the shoreline of Ikoyi-Lekki axis in Banana Island during a compliance enforcement exercise.
Nigerian professional football league side Akwa United has completed the signing of Chan Eagles defender Olisa Ndah.
Dakkada football club scored twice in the second half to beat Jigawa Golden Stars in the matchday 17 of the Nigeria professional football league game played at the Nest of Champions in Uyo on Saturday.
The Vice Chancellor Federal University of Technology (FUT), Minna Professor Abdullahi Bala has blamed challenges in the IPPIS implementation on the failure of the federal government and handlers of the scheme to involve university administrators before it was launched.
The Ogun State Police Command on Friday paraded four suspected kidnappers who abducted a member of the Local Government Transition Committee, inaugurated by Governor Dapo Abiodun recently.
Nigeria has slipped on Transparency International’s Corruption Perception Index 2019, scoring 26 per cent.
Abubakar Malami, Attorney-General of the Federation and Minister of Justice, has called for immediate disbandment of caretaker committees and restoration of elected local government representatives in Oyo State.
A candidate of All Progressives Congress (APC) in the Sokoto forthcoming rerun House of Assembly election, Alhaji Bature Dan Muhammadu Lili, has decamped to People’s Democratic Party (PDP).
Secretary General of the Nigeria Olympics Committee, Olabanji Oladapo, has downplayed the early setbacks with a number of missed tickets already following the latest failure of Nigeria’s table tennis team at the ITTF world team table tennis championship in Portugal yesterday where the table tennis team lost to Poland 3-2 in a competition which serves as qualifiers for the table tennis team event at the Olympic games.