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Buhari Seeks National Assembly’s Approval For New External Loans

President Muhammadu Buhari has requested the National Assembly to approve $4,054,476,863 and €710 million external loans for funding ongoing critical projects and other expenditures of government. This is even as the Executive is also seeking the legislature’s approval for grant components of $125 million in the 2018-2020 as part of the 2018-2020 external rolling borrowing […]

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Biden Administration Proposes Tax Hikes For Businesses, Wealthy

The U.S. CongressPresident Democrats on Monday unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan. The Democrats proposed 39.6% tax rate on individuals earning more than $400,000, or $450,000 for couples, and there would be a 3% tax on wealthier Americans with […]

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Lagos To Commence VAT Law Implementation – Lawmaker

A member of the Lagos State House of Assembly, Hon. Setonji David, on Monday reiterated the state government’s determination to the implement the just signed Value Added Tax (VAT) Law in the state, despite last Friday’s Court of Appeal ruling for a stay of execution of a lower court order on the matter. The lawmaker […]

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VAT: LCCI Seeks Review Of Revenue Sharing Formula For States, LGs

Lagos Chamber of Commerce and Industry (LCCI) has canvassed the need for adjustment of the current revenue sharing formula at the sub-national levels to boost internally generated revenue (IGR) of the states and by so doing, facilitate broad-based grassroots development. The organized private sector (OPS) group in a statement issued by its Director General, Dr. […]

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CSOs Differ On Proposed Social Media Tax, As NASS Backs FIRS

Leading civil society organisations (CSOs) in the country have expressed divergent views on current moves by the Federal Inland Revenue Service (FIRS) to legalize collection of taxes on online businesses and social media organisations. Already, the revenue agency is seeking the consent of the National Assembly for further amendment of the just enacted 2021 Finance […]

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CSEA Tasks FG On Improved Capital Budget Expenditures

The Centre for the Study of Economies of Africa (CSEA), a research firm with focus on economic development trends in African countries, particularly Nigeria, has charged the Federal Government to commit more funds to capital projects for sustained improved economic outcomes for the country. The research firm, in its latest Nigeria Economic Update Issue 34 […]

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Senate Accuses CBN, NNPC Of Profligacy, Agencies Debunk Allegation

The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenue situation of the country and accused them of engaging in spending spree instead of remitting the appropriate funds into the federation account. The Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, made the allegation on Wednesday at a […]

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CSEA Tasks FG On Tax Administration Structure To Increase VAT Accruals

The Centre for the Study of Economies of Africa (CSEA) has described the increasing Value Added Tax (VAT) collections by the Federal Government in recent quarters as a welcomed development in the drive to boost non-oil revenue, stressing, however, that there is the need to improve tax administration structure for improved VAT collection. The research […]

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U.S Congress Approves Biden’s $3.5Trn Budget Blueprint

The United State (U.S) Congress has approved a $3.5 trillion (about £2.54tn) budget blueprint, thereby setting the stage for Democrats to fund President Joe Biden’s ambitious economic agenda. The rule, which was passed on Tuesday, permits the Biden-led Democratic Party, which narrowly controls both chambers of the legislature, to move ahead with key policy proposals. […]

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FG To Commence 5G Technology Deployment Soon – Pantami

The Federal Government has hinted of its plans to commence the deployment of 5G technology in the country in line with emerging trends in the international climes to boost Nigeria’s telecom connectivity standards for improved services. The Minister of Communications and Digital Economy, Dr. Isa Pantami, who gave this hint when he featured on a […]