VAT

The Federal Executive Council (FEC) has approved N5.72 billion for the construction of Nigeria Deposit Insurance Corporation’s (NDIC) zonal office in Bauchi and for 12 consultancy services for development of NDIC’s offices.

In order to reduce the high cost of governance involved in bi-cameral legislature, ActionAid Nigeria has called for the scrapping of the Senate or the House of Representatives.

A non-governmental and non-partisan organization, ActionAid Nigeria, AAN, Sunday, advised the Federal Government on the proposed 2020 Budget Appropriation Bill, Value Added Tax, VAT, Sexual Harassment in Tertiary Education Institution Prohibition Bill, and other national issues.

Members of the main opposition Peoples Democratic Party (PDP) in the House of Representatives at the weekend cautioned that the House should not rubberstamp the N10.33 trillion 2020 budget.

Chairman of Guinness Nigeria Plc, Mr. Babatunde Savage, has expressed concern over the proposed increased in Value Added Tax, VAT, rate, stating that it would negatively impact manufacturing firms in the country, increase the cost of doing business and further reduce the disposable income of Nigerians.

The All Progressives Congress (APC) has appealed to the Federal Government to withhold a N7billion Value Added Tax (VAT) refund to the Bayelsa State Government for people’s sake.

The All Progressives Congress (APC) has cautioned the Federal Government against plans to release N7 billion in VAT refund to the Bayelsa State Government, claiming that the state will deploy the fund into buying votes for the November 16 governorship election.

Some financial experts on Monday attributed the incessant lull on the Nigerian Stock Exchange (NSE) to various economic dislocations in the country.

A statement issued yesterday from the minister’s office, explained that he made these comments when he hosted a United Nations Industrial Development Organisation (UNIDO) delegation led by the Representative to the Economic Communities of West African States (ECOWAS) and Regional Director, Nigeria Regional Hub, Mr. Jean Bakole.

The Federal Government, 36 states and the Federal Capital Territory and 774 local government areas shared N693.529 billion as of September allocation disbursed by the Federation Account Allocation Committee (FAAC).

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council, as the Palestinian Authority faces a financing gap that could top $1.8 billion.

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the nation will not be able to reach 80 per cent revenue performance for 2019.

Human Rights lawyer Femi Falana (SAN) has told the Federal Government to embark on a drive to recover Nigeria’s looted wealth to garner resources to fund the 2020 budget.

In order to increase their Internal Generated Revenue (IGR), States must explore ways to boost its agricultural development and harness the entrepreneurial spirit of Nigerians, according to Vice President Yemi Osinbajo (SAN).

Nigeria Employers Consultative Association, NECA, yesterday critically appraised the 2020 national budget presented before the Joint session of the National Assembly, on October 8, and expressed reservations over its intentions.

Some senators, yesterday, dismissed projections of President Muhammadu Buhari’s N10.33 trillion 2020 budget proposal as unrealistic.

President Muhammadu Buhari has said that the Finance Bill 2019 he forwarded to the National Assembly when passed into law, will permit the government to raise the country’s Value Added Tax from 5 to 7.5 per cent.

Some economic experts have expressed concern over the Federal Government’s decision to base the estimated revenue from Value Added Tax in 2020 by 7.5 per cent instead of five per cent.