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South Africa May Revise Tax Targets Upward For Budget Efficiency

There are strong indications that South Africa may be compelled to revise its tax targets upwards as experts foresee the country’s budget shortfall accentuating for a second consecutive year. According to the median estimate of 13 economists in a Bloomberg Survey , South Africa’s budget deficit is projected to reach 11% of gross domestic product […]

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How Finance Act 2020 Tax Exemptions Can Benefit Nigeria – CSEA

The Centre for the Study of Economies of Africa (CSEA), a leading economic research organization, has listed some steps for government to take in order to translate the humongous tax incentives provided in the Finance Act 2020 for businesses to national economic benefits. Researchers at the Centre, in the just published Nigeria Economic Update 1 […]

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Buhari Orders MDAs, OPS To Grant FIRS Access For Tax Assessment

President Muhammadu Buhari on Thursday directed ministries, departments, agencies (MDAs) and businesses to grant access to the Federal Inland Revenue Service (FIRS) to their systems for the purposes of tax collection nationwide. President Buhari issued the mandate on Thursday while delivering his address as the Special Guest of Honour at the First Annual National Tax […]

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Oil Prices Slide Amid Global Economic Uncertainty

Oil prices slumped on Monday as Coronavirus cases surge continues to trigger tighter restrictions in Europe and China. However, some signals of growth in gross domestic product (GDP) and industrial production data from China helped to thaw the downward slide in oil prices to some extent. Available data on the early trading in the international […]

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NNPC Reports $120.49Mn Crude Oil, Gas Export Earnings

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on the proceeds indicated that the export receipt represented a 16.28 percent […]

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Akwa Ibom Threatens To Sanction Oil Firms Over Tax Evasion

Akwa Ibom State Internal Revenue Service (AKIRS) has threatened to sanction oil companies operating in the state over unremitted taxes, saying that such fiscal dereliction by them will no longer be tolerated by the state government. The Chairman of the Service Board, Mr. Okon Okon, cautioned the oil firms against all forms of tax evasion […]

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Nigeria’s Debt Stock Rises To N32.22Trn In Q3, 2020

The National Bureau of Statistics (NBS’) latest report Nigeria’s domestic and foreign debt stock rose to N32.22 trillion ($84.57 billion) as at September 30, 2020. In the report titled ‘Nigeria’s Domestic and Foreign Debt Q3 2020’, the agency disclosed that that the debt stock represented an increase of 22.93 percent as against N26.21 trillion recorded […]

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FGN Disburses $324.6Mn Performance Grants To States

The Federal Government has disbursed another tranche of performance-based grants to states in the sum of N123.348 billion (USD324.6million) under its States Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Results. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who disclosed this in a statement signed by the Ministry’s Director of Press […]

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OPEC Quota Cut: NNPC To Explore Gas, Condensate To Boost Revenue

The Nigerian National Petroleum Corporation (NNPC) on Wednesday unveiled plans to focus more on increasing gas and condensate production as a strategic step towards boosting its revenue earnings in the months ahead. The move by the state-owned oil corporation to explore the gas and condensate resources option was sequel to the cut of Nigeria’s oil […]

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FG Committed N1.80Trn To Capital Projects In 2020 Fiscal Year – Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Tuesday said that the Federal Government spent a total of N1.80 trillion on capital projects in the 2020 fiscal year, The Minister, who made this disclosure on during the public presentation of the 2021 approved budget at the virtual presentation said the amount spent […]