Business
FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike
FG and ASUU seem to have reached a compromise as the former has agreed to address earned academic allowances and revitalization of universities.
The Federal Government has offered a cumulative sum of N65 billion to the Academic Staff Union of Universities (ASUU) to address earned academic allowances and revitalization of universities.
In addition, the government has also agreed to pay an additional N15 billion as revitalization fund which is being demanded by the ASUU in its bid to resolve its disagreement with the union. This is in addition to the sum of N20 billion that was paid earlier, bringing the total to N35 billion.
According to a report from Channels Television, this proposal was made by the Minister of Labour and Employment, Dr. Chris Ngige, on behalf of the Federal Government to the striking lecturers during their meeting on Friday, November 20, 2020, in Abuja.
While briefing the press at the end of the meeting, Ngige described the negotiation as fruitful as the government has decided to shift grounds on the lingering issues that have kept students out of the classroom for several months.
Details later…
Business
FIRS to commence recovery of all outstanding tax debts and penalties from January 1, 2021
The FIRS has stated that it shall recover all outstanding debt with penalties and interest from January 1, 2021.
The Federal Inland Revenue Service (FIRS) has disclosed that its waivers on penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations, or all other forms of tax assessment will close on December 31, 2020.
Hence, effective from January 1, 2021 the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws.
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This disclosure was made by Abdullahi Ismaila Ahmad, the Director of Communications and Liaison Department, Federal Inland Revenue Service, in a press release issued on December 2, 2020.
Consequently, the Executive Chairman, FIRS, Mr. Muhammad Nami, in a notice urged taxpayers to use the advantage of the remaining days of this month to settle their tax obligations in order to enjoy all subsisting waivers offered thereof by the Service.
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The Executive Chairman in the reminder notice tagged “Public Notice on the Recovery of Outstanding Taxes from Taxpayers”, disclosed that FIRS in recent times, has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes.
He explained that the Service had noticed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
READ: Taxes you should be aware of before starting a business in Nigeria
Mr. Nami, however, called the attention of taxpayers to the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service, which will close on 31st December 2020.
READ: These may be reasons Fowler couldn’t retain FIRS seat
What they are saying
Mr. Muhammad Nami, in the reminder notice, said:
“The Service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
READ: Nigeria’s records 6.1 percent tax to GDP as tax base for VAT rise to N23.7 trillion
“Furthermore, the Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.
“Consequently, all concerned taxpayers are hereby put on notice that after the expiration date of 31st December 2020, the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as ‘the power of substitution’ conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007.”
Business
Ngozi Okonjo-Iweala bags Forbes African of the Year, 2020
Nigeria’s Okonjo-Iweala has emerged the first African woman to win Forbes’ African of the Year award.
Ngozi Okonjo-Iweala, Nigeria’s former minister of Finance and former Managing Director of the World Bank, has been named the Forbes African of the Year, 2020.
Forbes Africa announced on its official Twitter handle on Tuesday as it tweeted, “The 2020 #AfricanOftheYear Award honoree is…Congratulations to Dr. @NOlweala! Board Chair @Gavi; Board Chair @ARCapicity, gracing the cover of @forbesafrica,”
The honouree of the award would grace the cover of Forbes Africa magazine.
Last year’s edition of the award was also won by a Nigerian, Dr. Akinwunmi Adesina, the President of the African Development Bank (2013 and 2019). Other Nigerians that have won include Muhammad Sanusi II (2011), Aliko Dangote (2014), amongst others.
In response to the tweet by Forbes Africa on its official handle, the 66-year-old replied through her Twitter handle saying she was thrilled to win the award and also dedicated the award to Africans suffering from the impact of the pandemic.
“Thrilled to be named @forbesafrica-CNBC 2020 African of the Year following in the footsteps of my great Brothers @PaulKagame and @akin_adesina,This award is for fellow Africans suffering the health & economic impact of Covid19. The energy and resilience of Africans inspire me!,” she tweeted.
The award is coming weeks after Okonjo-Iweala emerged the overwhelming choice for the post of the Director-General of the World Trade Organisation after gaining the support of the majority of the 164 member-nations.
Business
N117 billion approved by FG for road rehabilitation
Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.
The Federal Government has approved the sum of over N117 billion for the rehabilitation of roads across the country in 2021.
This was disclosed by Babatunde Fashola, Minister of Works and Housing, in a press briefing after the Federal Executive Council (FEC) meeting was held in Abuja on Wednesday.
READ: Federal Housing Authority gives debtors 21 days to pay up or have names published
READ: FG approves N3.9 billion variation in housing contracts, Abuja’s dam rehabilitation
What you should know
- Nairametrics reported last month that Mr Fashola had stated that the Ministry’s priority in its 2021 budget was to complete already ongoing road and bridge projects across the nation.
- Fashola also said that the Federal Government needed at least N500 billion annually for the next 3 years to develop and fix its 35,000 kilometres road network, as work continued on 13,000 kilometres of the network.
- Fashola stated last month that the Federal Government was committed to finishing the Lagos-Ibadan expressway, adding that the drop in crude oil prices could not be a barrier to its completion.
READ: Port Harcourt Refinery to get a facelift in Q1 2021 – NNPC
READ: Delta State House of Assembly passes N384 billion 2021 Appropriation Bill
Fashola disclosed on Wednesday that the sum of N18.9 billion, was approved for the rehabilitation of roads and bridges including the 26 km of Kano-Dambatta-Kazaure-Daura road, Anambra- Enugu Roads, Bridge construction Cross River, Nkumi bridge and others.
READ: Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA
“The other memorandum relating to roads also is for the total sum of N98.7 billion,” he added. This includes roads and bridges in Zamfara, Kebbi, Katsina, Anambra and Kano
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