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LCCI tells FG to fix structural issues to reduce operating costs for investors

LCCI has advised the Federal Government to fix structural issues to reduce production and operating costs for investors.

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LCCI, NECA warn FG on endangering productivity of Nigerians, LCCI DG offers equity financing as solution to President Buhari’s cravings for loan
The Lagos Chamber of Commerce and Industry (LCCI) said the Federal Government should show greater commitment to the fixing of structural issues to reduce production and operating costs for investors, in a bid to help Nigeria come out of recession.
This was disclosed by LCCI Director-General, Dr. Muda Yusuf, after the recent NBS report on Nigeria’s GDP which indicated Nigeria has entered a recession.
Mr. Yusuf disclosed that Nigeria’s economy in 2020 was in one of its worst moments in history due to a poor economic environment and double-digit inflation.
From an economic perspective, 2020 has been a very bad year, the worst in recent history. We are faced with the double jeopardy of a stumbling economy and spiraling inflation.
“The October inflation numbers of 14.23 per cent was the highest in 10 months, a condition which in economic parlance is characterized as stagflation. The effects of these developments are evident in businesses and in households.
“Regrettably, and as if these were not bad enough, the business community continues to grapple with unfavorable policy, institutional, and regulatory challenges impeding investment,” Yusuf said.
He added that to help rescue the economy, Nigeria must prioritize investment-led development, including the port system and also other structural issues that can help increase production capacity in Nigeria.
“The ports system, especially the key institutions in the international trade processes need to be more investment friendly.
“We should show greater commitment to the fixing of the structural issues to reduce production and operating costs for investors in the economy,” he said.
What you should know 
Nairametrics reported that Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).

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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.

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FG apologizes, says Self-Certification directive is not for everyone, FIRS introduces stamp duty on house rent and C of O transactions

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.

READ: NIPOST in disagreement with FIRS, says its stamp duty collection account is legal

READ: Why the FG should reverse 6% tenancy, lease stamp duty – NLC

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.

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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.

READ: How N343.95 million got missing in Water Ministry

READ MORE: FIRS issues deadline for to obtain Tax Identification Number

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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

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What they are saying

Mr. Muhammad Nami, in the reminder notice, said:

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“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.”

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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.

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Ngozi Okonjo Iweala, World Bank, Davos, World Economic Forum, WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt,WTO:  Happy to be in final rounds of DG Campaign- Okonjo Iweala

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.

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“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.

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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.

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N117 billion approved by FG for road rehabilitation, Second Niger Bridge will be completed in 2022, project, Minister of Power works and housing Babatunde Fashola, Shell Nigeria Exploration and Production Company, SNEPCo Bayo Ojulari, Power supply in Nigeria

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

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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

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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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