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FGN Bonds record first undersubscription in 2 years, More borrowing expected as DMO’s Oniha explains President Buhari’s thirst for loan 

 FG to sell $3.3 billion eurobond, appoints advisers 

Chidinma Nwagbara -
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Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more 

FG discloses plan to sell fuel at N97 per litre with new...

Chidinma Nwagbara -
2
World bank loans, Over 56% of 2019 budget expenditure was released for capital projects , FG changes decision to sell stake of oil assets in JVs, Finance Bill: Nigeria exempts small businesses from Company Income Tax , Finance Bill is for the good of Nigerians – Finance Minister, Zainab Ahmed, Nigeria, five other West African countries reject ‘Eco’ as ECOWAS single currency 

FG makes U-turn, to sell stake in oil assets

Chidinma Nwagbara -
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Yuletide: FG makes arrangement for air travelers  

Yuletide: FG makes arrangement for air travelers  

Chidinma Nwagbara -
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Nigeria Customs Service shuts 272 car marts over smuggled car sales , Automobile dealers, Customs at loggerheads over vehicle smuggling, import duty , January 2020 is no terminal date; Borders will remain shut after then - Customs , FG bans fuel supply to border petrol stations, order threatens businesses, jobs, Ban on fuel distribution to border filling station begins to affect network providers , Nigeria Customs Service wants FG to impose this tax on petrol importers , Experts lament rising inflation over border closure, Closure of border petrol stations lowers fuel consumption by 30% - Customs Boss , Customs redeploys officers in charge of anti-smuggling at border , Nigerian customs records N1.3tr revenue in 2019, exceeds target by N404bn , Customs denies spending N1.6 billion on recruitment exercise alone, Customs officers must declare their assets annually – Customs boss, Nigerian Customs move to go digital in 2022 

Closure of border petrol stations : Nigeria’s fuel consumption reduces by...

Joseph Olaoluwa -
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foreign, trade, Nigeria's top 10 exports, Top trading partners, Border Closure: Nigeria short of N338 billion worth of rice 

Manufacturers lament over N5 billion loss of goods 

Chidinma Nwagbara -
0
Tomato sellers in NIgeria, Nigeria’s tomato shortfall: What’s the way forward?     

Federal Government tasked to increase tariffs on tomato paste  

Chidinma Nwagbara -
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2020 Budget: 3,300 roads may not be completed - Senator 

2020 Budget: 3,300 roads may not be completed – Senator 

Joseph Olaoluwa -
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Should Nigeria worry as unprofitable oil era looms? 

OML11: Ogoni Community pushes for local oil producing company 

Joseph Olaoluwa -
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Nigeria concludes plan with Russia to modernize railway infrastructure, FG announces Ibadan–Kano Rail Project would begin First Quarter 2020 

Nigeria concludes plan with Russia to modernize railway infrastructure 

Chidinma Nwagbara -
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Recovered N31.8 billion Abacha loot was spent on the poor, says FG 

Recovered $104 million Abacha loot was spent on the poor, says...

Chidinma Nwagbara -
0
Zainab Ahmed, N24.9 trillion debt, FG to borrow N1.7 trillion to finance 2020 budget – Finance Minister , VAT Increment: Afrinvest exposes sharing formula of N479.7b expected revenue , Nigeria’s VAT Increase: Penny-Wise, Pound Foolish, Nigeria spends N1.11 trillion to service debt in half year 2019 , Nigeria needs $100 billion annually to fix infrastructural deficit – Finance Minister , Oil: Nigeria makes N5.4 trillion in 1 year , FG secures World Bank’s approval to borrow $3 billion , debt, FG to develop new economic development plan Vision 2040 , Nigeria’s infrastructure gap: Too little too late? , Again, Finance Minister argues that Nigeria is not in debt distress , FG defends $22.7 billion new loans from World Bank, others  , Finance Minister wants investors to curb Nigeria’s medical tourism through health investment

FG secures World Bank’s approval to borrow $3 billion 

Chidinma Nwagbara -
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FEC okays N5.4 billion for gas parks, airport security project, Land border closure, daily fuel consumption drops by 8 million litres 

Land border closure, daily fuel consumption drops by 8 million litres 

Titobioluwa Okunade -
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FG moves to scrap hazard allowances earned by State Governors

FG moves to reduce allowances of all political office holders

Bamidele Samuel Adesoji -
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Mining

FG moves to clamp down on tax evaders in mining sector 

Chidinma Nwagbara -
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Why FEC meeting was postponed till Monday, FEC approves N727 billion budget increment, FEC approves N19.52 billion for road construction 

FG, States, LGs allocation to drop by N2.01 trillion in 2020 

Abiola Odutola -
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Nigeria to partner Britain on job creation 

Nigeria to partner Britain on job creation 

Chidinma Nwagbara -
0
Nigeria signs €70 million economy pact with Germany m Nigeria borrows fresh €500m from Credit Suisse, others, to finance industrialization , FG crafts ten-year economic plan to replace ERGP 

Nigeria signs €70 million economy pact with Germany 

Chidinma Nwagbara -
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LCCI, CBN, Cashless policy, World Bank’s $2.5bn loan will hurt Nigeria’s economy - LCCI , LCCI to produce data on Nigeria’s economy , LCCI urges FG to create favourable economic policies to drive growth , LCCI wants taxes scrapped on solar equipment, says its alternative source to power 

World Bank’s $2.5bn loan will hurt Nigeria’s economy – LCCI 

Chidinma Nwagbara -
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30,000 job loss recorded in steel sector , Russian company, MetProm Group, identifies problem of Ajaokuta Steel , Ajaokuta Steel capable of creating not less than 600,000 jobs – NIMMME boss 

30,000 job loss recorded in steel sector 

Chidinma Nwagbara -
0
FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards.

FG earns N28.6 trillion from VAT, others 

Damilare Famuyiwa -
0
FGN Bonds, FG lists N296 billion savings bonds on NSE 

FG lists N296 billion savings bond on NSE 

Damilare Famuyiwa -
0
FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards.

Bail-out Fund: FG negotiates with States Governors as NEC approves 100 billion...

Bamidele Samuel Adesoji -
0
Aliko Dangote

Dangote lauds Buhari over Economic Advisory Council 

Chidinma Nwagbara -
0
FG moves to curb leasing challenge faced by airlines 

FG moves to curb leasing challenge faced by airlines 

Chidinma Nwagbara -
0
₦5trn AMCON Debt: FG plans to go after debtors, ₦5trn AMCON Debt: FG sets up committee to recover debt 

₦5trn AMCON Debt: FG sets up committee to recover debt 

Joseph Olaoluwa -
0
Zainab Ahmed, N24.9 trillion debt, FG to borrow N1.7 trillion to finance 2020 budget – Finance Minister , VAT Increment: Afrinvest exposes sharing formula of N479.7b expected revenue , Nigeria’s VAT Increase: Penny-Wise, Pound Foolish, Nigeria spends N1.11 trillion to service debt in half year 2019 , Nigeria needs $100 billion annually to fix infrastructural deficit – Finance Minister , Oil: Nigeria makes N5.4 trillion in 1 year , FG secures World Bank’s approval to borrow $3 billion , debt, FG to develop new economic development plan Vision 2040 , Nigeria’s infrastructure gap: Too little too late? , Again, Finance Minister argues that Nigeria is not in debt distress , FG defends $22.7 billion new loans from World Bank, others  , Finance Minister wants investors to curb Nigeria’s medical tourism through health investment

Nigeria spends N1.11 trillion to service debt in half year 2019 

Bamidele Samuel Adesoji -
1
Infinity Mortgage Bank presents facts behind the figures

ITMB boss outlines challenges facing mortgage industry  

Abiola Odutola -
0
P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

$9bn fine is a scam – Federal Government 

Joseph Olaoluwa -
0
$9bn, P&ID, $9.6 billion award: UK Court grants Nigeria stay of execution, requests $200 million payment, Buhari secures fresh $308 million Abacha loot from US 

$9bn Fine: FG has commenced extensive investigations locally and internationally

Joseph Olaoluwa -
0
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