Connect with us
nairametrics
UBA ads

Business News

UPDATED: Senate passes Finance Bill

The Finance Bill which is targeted at amending six tax provisions in the country has been passed by the National Assembly.

Published

on

Stamp duty, Senate to probe PPPRA over non-remittance, blame systemic corruption for bad roads, Senate invites Bigi and Pepsi manufacturers, as stiff competition continues , Senate orders investigation of banks over withholding tax remittances

The Finance Bill which is targeted at amending six tax provisions in the country has been passed by the members of the upper legislative chamber of the National Assembly, according to Channels Television.

The Details: The bill was passed into law during today’s plenary session after it scaled the third reading on the floor of the Senate.

UBA ADS

The separate legislation under the bill include Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.

The bill was passed after the report of the Senate Committee on Finance was presented by Senator Adeola Solomon.

Members of the Senate took turns to debate the aftermath of the bill on the people as a whole.

GTBank 728 x 90

Senator Abdullahi Yahaya supported the passage of the bill while singling out revenue generation as a problem facing the country.

The problem of our economy is the problem of revenue; the issue of economy is one that is beyond politics to me,” the Senator said.

Former Ogun State Governor, Senator Ibikunle Amosun drummed support for the bill as he chose to stand with Senator Yahaya on the matter.

onebank728 x 90

This is not about party but about our country. I will support this bill and will urge my colleagues that we should do away with partisanship,” he expressed.

However, there were opposing voices over the separate legislation under the Finance bill like the Value Added Tax (VAT). Senator Enyinnaya Abaribe, Minority leader of the Senate was against the increment of VAT from 5% to 7.5%.

Senate President, Ahmed Lawan refused to take his prayer into consideration because Abaribe did not raise it on time. Lawan was the opinion that Lawan should have raised his concerns at the second reading of the bill.

app
GTBank 728 x 90

Lawan added that the bill is not to bring untold hardship to Nigerians but to generate revenue for the Federal Government.

With time, we should look at things to do in case some hard unintended consequences come up,” he added.

What you should know: The Finance Bill was presented to the joint session of the National Assembly on October 14 2019.

devland

The President forwarded the Finance Bill 2019 for passage into law in pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

The Finance Bill has four strategic objectives, in terms of achieving incremental but necessary changes to our fiscal laws. These objectives are:

app

• promoting fiscal equity by mitigating instances of regressive taxation;
• reforming domestic tax laws to align with global best practices;
• introducing tax incentives for investments in infrastructure and capital markets; and
• supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms.

 

Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate deals

Fairfax Africa Holdings enters purchase agreement with Helios Holdings Ltd 

Fairfax Africa Holdings Corp. agreed to merge with Helios Holdings Ltd.

Published

on

Fairfax Holdings through its African investment arm, Fairfax Africa Holdings has agreed to a merger with Helios Holdings limited, the Africa-focused private equity firm co-founded by Tope Lawani and Babatunde Soyoye for the purpose of investments in sub-Saharan Africa. 

When the deal is completed, Fairfax Africa Holdings will be renamed Helios Fairfax Partners Corporation and the company will remain listed on the Toronto Stock Exchange and the Helios co-founders will be joint Chief Executives of the new company. 

UBA ADS

Helios will exchange 45.6% of equity and voting interest in the new company and will contribute its performance and management fees through its present and future holdings under the Helios funds, making Helios Fairfax Partners Corporation one of the biggest Africa focused asset management firms, complementing the experiences and funds of both companies under one umbrella. 

The new company will also have a larger capital base for diversified investment inflows to the continent through years of experience in third-party investment management operations and the support of longer-term institutional shareholders. 

Tope Lawani disclosed that the deal will offer emerging market investors the opportunity to gain exposure to the continent through their portfolio. “We take a long-term view on our investments, and many have proved resilient even in this pandemic with a number of our investments in sectors such as telecommunications, payments, and food,” Lawani said. 

GTBank 728 x 90

He added that the transaction will offer Helios access to permanent capital from equity markets that can be used to accelerate its product and growth strategy.

Helios founded in 2004, has raised third party private capital for the past 15 years investing in Africa companies including First City Monument Bank (exiting in 2013), Interswitch, Vivo Energy and Helios Towers Plc. 

Fairfax was founded by Canadian Billionaire Prem Watsa and will own 45.6% of the Helios Fairfax Partners Corporation. Before the merger, Helios was raising $1.25 billion for its Africa focused fund and had landed a commitment of $100 million from the U.K’s CDC Group. 

Deal book 300 x 250
onebank728 x 90

Patricia
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.

UBA ADS

To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.

COVID-19 Case Updates- 10th July 2020,

  • Total Number of Cases – 31,323
  • Total Number Discharged – 12,795
  • Total Deaths – 709
  • Total Tests Carried out – 175,656

According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063),  Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402),  Imo (359), Jigawa (321).

GTBank 728 x 90

Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

onebank728 x 90

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

app
GTBank 728 x 90

 

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

devland
Patricia
Continue Reading

Economy & Politics

Nigeria only hit 56% of its target revenue in first five of months of 2020 

Nigeria’s earnings in the period were N1.48 trillion which is 56% off its main target.

Published

on

Nigeria only hit 56% of its target revenue in first five of months of 2020 , Zainab Ahmed, Pres. Buhari to review Finance Bill, tax reform yearly to finance budget 

Nigeria’s Minister of Finance, Zainab Ahmed revealed that Nigeria was only able to meet 56% of its target revenue from January to May as the global oil price crash affected government revenue due to the COVID-19 pandemic. 

Nigeria’s earningin the period were N1.48 trillion which is 56% off its main target, crude oil revenues accounted for half of Nigeria’s revenues, while non-oil revenues made up the rest in the first 5 months of the year. 

UBA ADS

On Friday, President Muhammadu Buhari signed the new 2020 revised budget of N10.8 trillion with the crude oil benchmark reduced from $57 per barrels in the earlier budget to $25 in the new budget.

The Minister said the budget had to be revised because of the effects of the COVID-19 pandemic on Nigeria’s economy. She added that Nigeria’s crude oil production would be an average of 1.86 million barrels per day next year and rise to 2.09 million the following year. 

Explore Economic Research Data From Nairametrics on Nairalytics

GTBank 728 x 90

 “Although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day — in compliance with the Organization of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7 million barrels per day,” she said. 

Patricia
Continue Reading