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Business

Lagos State launches Joint Revenue Committee for efficient tax administration

Governor Sanwo-Olu has inaugurated the state’s Joint Revenue Committee to efficiently manage tax administration.

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Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Governor, Babajide Sanwo-Olu announced the inauguration of a seven-member State Joint Revenue Committee (SJRC) to implement decisions on the state’s Joint Tax Board and make tax administration more efficient.

This was disclosed by the Governor on Friday, as he urged the board to streamline all state revenue sources.

The seven-member committee would be lead by Mr Ayodele Subair, Chairman, Lagos State Internal Revenue Service (LIRS).

“I want to charge all of you that the assurance you have given us today is a demonstration that our revenues will be in good hands,” Sanwo-Olu said.

“You will help us to resolve all the bottlenecks that we have and ensure that all our revenue streams, at state and local governments, become seamless.

“You will bring about policies and ideas that will ensure that we can continue to remain relevant as the number one IGR state in the nation.

“I commend and thank you for agreeing to serve our state at this point in time,’’ he added.

The Committee members also include Council leader of Lagos Mainland Local Government Area, Mrs Omolola Essien; Sector Commander of Federal Road Safety Commission (FRSC) State, Mr Olusegun Ogungbemide; Mr Akinkunmi Alaja-Browne, Mr Alade Seyifemi, Mr Razaak Amodu and Dr Olusegun Wright.

What you should know 

  • Recall Nairametrics reported that Lagos States dwarfed other states to the top spot with an IGR of N204.51 billion between January and June 2020, accounting for 33.4% of the total states’ revenue during the period. 
  • The Lagos State Government announced last month that it projected a monthly target of N60.318 billion Internally Generated Revenue (IGR) for the 2021 fiscal year.

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Business

FG moves to appoint fund manager for $37 billion infrastructure company

The FG has arranged to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

The Federal Government has concluded plans to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd. (Infra-Co), to raise about N15 trillion ($36.7 billion) for projects and accelerate growth in Africa’s biggest economy.

This is coming barely 2 weeks after President Muhammadu Buhari approved the government’s N1 trillion initial seed capital for the Infrastructure company, which will be set up under a Public-Private Partnership.

According to a report from Bloomberg, a source who wants to remain anonymous said that the Central Bank of Nigeria (CBN) and its funding partners, Africa Finance Corporation (AFC) and state-owned Nigeria Sovereign Investment Authority, are seeking proposals from companies to independently manage the infrastructure company’s fund-raising plan.

The sought after fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company with the asset managers seeking the role expected to have been active in infrastructure financing.

The CBN Governor, Godwin Emefiele, had earlier said that the government needs to be innovative in its approach to developing infrastructure in the country and believes that InfraCorp will be a major game-changer in this regard.

Some firms such as PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in getting the role of transaction advisers on the deal with Ukiri Lijadu and Co. and Kenna Partners appointed legal advisers.

This is as the report says that the firms were either not available to confirm the development or could not make any comment yet.

What you should know

  • It can be recalled that President Muhammadu Buhari, had earlier approved the government’s seed capital of N1 trillion for InfraCo, an infrastructure company, which will be wholly focused on critical infrastructure investment in the country, under a Public-Private Partnership.
  • The President had said that InfraCo will be raising funds from the CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
  • This will help boost infrastructure investments to stimulate economic growth after exiting its second recession in 4 years in the fourth quarter and bridge the infrastructural gap in the country, with Nigeria needing at least $3 trillion over 30 years to close its infrastructure deficit.

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Business

Afreximbank sets up a $500 million fund to support Africa’s creative industries

African Export-Import Bank has set up a $500 million fund to support Africa’s creative industries.

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AfDB, Chinelo Anohu

The African Export-Import Bank (Afrexim Bank) has set up a $500 million fund to support Africa’s creative industries as the continent faces a challenge to effectively monetize its creative output.

This disclosure was made by Afreximbank President, Benedict Oramah at a virtual “fireside chat” on Tuesday organized by the Africa Soft Power Project, entitled “The New Face of African Collaboration.”

According to Africa Investment Forum Senior Director, Chinelo Anohu,

READ: Afreximbank set to commit $200 million to Africa’s export fund

“Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, and the African Development Bank flagship entity is providing advisory services and investment support to creative players.

“The Africa Investment Forum was working to promote content deals as well as digital infrastructure projects to advance creative industries, including support to smaller players.

“At AIF 2019, we had a very interesting entrepreneur scheme which saw those that were not as big get the kind of funding they needed to get beyond getting a feasibility study done.

READ: Tesla loses $200 billion in market value following Bitcoin investment

“Data is one of the African Development Bank’s strong points. They have a fantastic research division, and what we’re trying to do is mainstream that data culled from 55 countries and distill it in such a manner that the investors can easily access the information they need.

“Support for intellectual property rights and equipping investors with the data they need to tackle negative perceptions about investing in Africa are key priorities for Africa Investment Forum.

 What you should know

  • The event was held against the backdrop of the recent coming into force of the African Continental Free Trade Agreement (AfCFTA).
  • Discussion at the event primarily focused on the role of infrastructure and connectivity in advancing Africa’s creative industries, including film, textiles and design.
  • It is important to note that 2021 is also the African Union’s year of arts, culture and heritage.
  • In January 2020, Afreximbank set up a $500 million fund to support Africa’s creative industries.
  • It is strongly believed that AfCFTA would help address some of the key challenges to boosting Africa’s creative output.
  • The Africa Investment Forum, championed by the African Development Bank and its founding and institutional partners, works to accelerate the closure of the continent’s investment gaps. The Forum currently has a growing portfolio of 118 deals valued at $114 billion.

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