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Business News

FG calls for annual Finance Bill review to fund budget 

President Muhammadu Buhari now wants the Finance Bill to become an annual act passed to support the Federal Government’s budget.

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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 

Federal Government has called for the annual review of the Finance Bill to support it’s budget.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said every Appropriation Bill would be accompanied by Finance Bill under the Buhari’s administration.

President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , Economy: Reviewing FG’s 2019 revenue performance, Nigeria, and other African markets top destination for investments in 2020, Nigeria’s new visa policy to favour some categories of people 

Ahmed said this would enable the government to stimulate and manage economic growth. She explained that specific economic challenges would be addressed with the Finance Bill going forward. She added that it would also lead to immediate policy reforms, as well as incentives for identified sectors of the economy in line with the overall fiscal objective of the government.

What to expect from the next Finance Bill: According to Ahmed, the next Finance Bill, which will accompany the 2021 budget, will come with more incentives like the 2019 Finance Bill. She said the tax incentives would boost investments in the capital market.

It will also initiate and implement policies that will enhance the growth of the market. She revealed this plan relating to during her visit to the Nigerian Stock Exchange (NSE). There, Ahmed assured that the bill would further make the capital market more attractive to investors because it is the growth engine of any economy.

(READ MORE: Finance Bill designed for the good of Nigerians – Finance Minister, Zainab Ahmed )

The tax incentives come with a clause: Ahmed stated that the tax incentives for the capital market would only be available for investors that complied with capital market’s rules and regulations, invested and contributed to Nigeria’s economic growth, as well as contribute to employment opportunities.

“Going forward, we are committed to moving away from blunt and expensive fiscal incentives – like import duty waivers or lengthy tax holidays that reward investors merely for their intention to invest.

“Rather, we will design, and implement targeted and more efficient fiscal incentives that reward investors after they have kept their promises to invest, create jobs, deepen our capital markets, and abide by applicable rules and regulations,” Ahmed said.

Ease of doing business: She said the Nigerian government was making efforts to improve ease of doing business in Nigeria. Ahmed added that the target now is to ensure Nigeria move into the top 100 on the 2020 World Bank’s Doing Business Rankings.

It is our expectation that this enabling business environment will spur the industry, innovation, and investment that our people, world over, are renowned for and accelerate our industrialisation in the light manufacturing, agro-processing, petrochemicals and construction sectors, which seek capital for investment from the NSE.”

Meanwhile, she called for government and private support to unlock the latent potential of Nigerians and other natural endowments through fiscal, trade and monetary policies, as well as developmental programs and projects, in line with the developmental aspirations under the Economic Recovery and Growth Plan (ERGP) and successor economic plans.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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