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Business

Oyo State IGR increased by over 26% without increasing tax burden – Gov Makinde

Makinde said the increase in IGR was also possible without increasing the tax burden on Oyo state residents.

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Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality, #EndSARS: State Governors should have necessary powers to control the Police Force - Seyi Makinde, Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde, disclosed that the State increased its Internally Generated Revenue (IGR) for this year by focusing on competitive advantage, while keeping the tax rate stable.

This was disclosed by the Governor via his official Twitter handle.

READ: Petrol price to increase as subsidies drain Government’s revenue

READ: Promotions, lay-offs as UBA effects corporate right sizing

Makinde said the increase in IGR was also possible without increasing the tax burden on Oyo state residents.

The Nigerian Bureau of Statistics (NBS) H1 2020 report shows that our IGR grew by 26.4% amidst this pandemic. We did this without increasing the tax burden on our citizens. What we have done so far is to focus on our competitive advantage,” Makinde disclosed.

READ: Rationalize public service jobs as a means to cut costs of governance – Rewane

READ: Kaduna Government expects N4billion Galaxy mall project to generate N1.6 billion revenue annually

What you should know 

Nairametrics reported last month that States in Nigeria including the Federal Capital Territory (FCT) generated a sum of N612.87 billion as Internally Generated Revenue (IGR) between January and June 2020. This was disclosed in the States IGR report recently released by the National Bureau of Statistics (NBS). Oyo State generated N17.77 billion in the same period.

READ: Minister discloses major driver of inflation rate in Nigeria

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Business

AfDB signs $400k grant with SEC to strengthen securities market regulation

The AfDB has signed a $400, 000 grant with Nigeria’s SEC to strengthen securities market regulation.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The African Development Bank, AfDB, has signed a $400, 000 grant with Nigeria’s Securities and Exchange Commission to strengthen securities market regulation.

This was disclosed in a statement by the Federal Government on Sunday, as it stated that the grant would also be used to broaden market instruments.

SEC boss, Lamido Yuguda said: “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region.”

READ: AfDB to assist West African countries deliver on carbon emission reductions

What you should know 

Nairametrics recently reported that the Japan International Cooperation Agency (JICA) and the African Development Fund (ADF) – the concessional arm of the African Development Bank signed a loan agreement of 73.6 billion Japanese yen ($668.1 million) to support the 15th replenishment of the African Development Fund (ADF-15).

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Business

Lagos seals 11 event centres, night clubs, in Ikoyi, Victoria Island, Ikeja, others

The Lagos State Government has shut down 11 facilities in the State for contravening Covid-19 directives.

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The Lagos State Government, on Saturday and Sunday, shut down 11 facilities which include event centres, lounges and night clubs among others,  for contravening Covid-19 directives.

This follows the reported gathering of a large number of people, beyond the expected number, at those facilities.

This disclosure was made by the Director-General of the Lagos State Safety Commission (LSC), Mr Lanre Mojola, after the sealing exercise in Lagos on Sunday.

According to a report from the News Agency of Nigeria (NAN), Mojola said though the affected event centres originally informed the agency of their intentions to organise parties and events, they failed to meet the expectations of the agency on complying with Covid-19 protocols.

READ: Lagos moves to reopen cinemas, bars, tourism centres as it issues guidelines to be met

He said that those facilities were sealed for non-compliance with Covid -19 Health Protection Regulations of the State and Federal Government.

Mojola, who was represented at the sealing of the property by Dr Wale Adeboje, the Events Safety Administrator of LSC, maintained that the enforcement exercise saw event centres, bars and lounge sealed between Saturday and Sunday.

The event centres, bars and lounges sealed between Saturday and Sunday include UBC Club, VGC, Sapearz Lounge, Awolowo road, Ikoyi, Bravo event centre, Ogba, Ronite Event Centre, Iju Road, Agege.

Other sealed centres are All Season Event Centre, Ipaja, OlaideAdeoluwa Memorial Hall, Carabana Lounge/Bar Isolo, Ajao Estate, DNA Victoria Island, Twist Lounge Kofo Abayomi Victoria Island, Carlsbad Lounge Adeniyi Jones Ikeja and Darts Event Centre, Grammar School, Ifako Ijaiye.

READ: Lagos, Chinese firm to rollout 1,000 SUVs as taxis, to complete auto assembly plant in 12 months

Mojola said, “The facilities were sealed for non-compliance with the Event Safety Clearance that was issued to them by the commission.

“The commission will continue to monitor and enforce compliance across the state while warning that all the Covid-19 violators and perpetrators will be summoned to the commission’s office in Alausa for further directives on what to do as far as their negligence and non-compliance is concerned.’

He urged event owners to register and obtain permits on www.lasgsafetyreg.com, adding that the event facilities visited applied for 50 guests inside and 150 guests outdoor.

The LSC boss said that to the commission’s surprise, they had 150 guests inside and more than 200 guests outside, without following the use of face masks and hand sanitisers.

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What you should know

  • In a bid to curb the spread of the virus in the state, the Lagos state government has taken stern actions which have affected the operations of key relaxation hubs.
  • The government, through the Lagos State Safety Commission, has been on an enforcement drive with the sealing of event centres, night clubs and even religious centres over non-compliance of Covid-19 protocols.

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