New VAT Rate Kicks Off Feb 1

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed on Thursday disclosed that the implementation of the 7.5% Value Added Tax (VAT) commences February 1, 2020, as all the necessary administrative procedures, especially the gazette of the Act by the Federal Ministry of Justice, would have been completed. Ahmed made the disclosure at the inauguration of the newly constituted board of the Federal Inland Revenue Board (FIRS). Before now, the Accountant-General of the Federation, Mr. Ahmed Idris told finance journalists that his office has commenced implementation since the…

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Kingsley Obiora Appoints As CBN Deputy Governor

President Muhammadu Buhari has nominated Dr. Kingsley Obiora as Deputy Governor of the Central Bank of Nigeria (CBN), according to a State House statement on Thursday. The nominee’s name has already been forwarded to the President of the Senate, Ahmad Lawan, for confirmation by the Senate. The statement reads, “President Muhammadu Buhari has sent the name of Dr. Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria. “In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the…

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First Bank Supports Schools With N10bn Loans

FirstBank, within the last year, has supported educational institutions in the country with loans in the sum of over N10 billion. The bank’s support is carried out through its FirstEdu product, an educational solution created to enhance the educational facilities in schools with a view to improving the quality of education across the country. A statement from the bank yesterday, explained that FirstEdu loan is targeted at private nursery, primary and secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides…

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Dec 2019: FAAC Shares N716.298bn Among FG, States, LG Councils

The Federation Accounts Allocation Committee (FAAC) has shared a total of N716.298 billion to the three tiers of government for the month of December 2019. Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse announced at the FAAC meeting on Thursday that the N716.298 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue. As of 15th January 2020, the balance in the Excess Crude Account (ECA) was $324.968 million. Gross statutory revenue for the month of December 2019 was N600.314 billion.…

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Nigerian Access Bank Breaks Into Cameroonian Market

Nigerian banking group, Access Bank, has created a subsidiary in Cameroon. With an initial capital of about XAF14.5 billion, the new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital. The administrative board of this subsidiary is constituted of seven members, with only one Cameroonian, the legal notice published for the creation indicated. These members are Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Ellis Nzo Azu. Created for a duration of 99 years, the bank has chosen Price Water House Coopers as its external auditor and…

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Nigerian Banks Comply With CBN New Charges On ATMs, E-Transfers

Nigerian banks have kicked off the implementation of the new Revised Guide to Bank Charges (RGBC) for customers on ATMs and electronic transfers. Nigerian banks comply with CBN’s directive over bank charges for customers. In December 2019, the Central Bank of Nigeria (CBN) mandated banks and non-bank financial institutions to reduce charges applicable to bank accounts, electronic transfers, and Automated Teller Machines (ATMs). CBN says the essence is to reduce the cost of banking services to customers and allow them to embrace electronic channels. The revised charges replaced the one…

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KPMG SME: Firstbank Named Biggest Mover In 2019

 By: Collins Nweze   Capital is crucial in driving sustainable Small and Medium Enterprises’(SMEs’) growth and uplifting the economy. First Bank of Nigeria Limited, as part of the launch of its specialised SMEs’ propositions, has continually supported SMEs through diverse initiatives. The bank says its support for SMEs is in line with the Central Bank of Nigeria’s directive on improved funding for SMEs to ensure economic growth and development. The economies of great nations thrive on the strength and performance of Small and Medium Enterprises (SMEs) seen as an engine…

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UBA Sack About 4,000 Staff On Festive Layoff

United Bank of Africa, One of Nigeria’s largest banks and largest by employees, UBA reportedly laid off several of its employees in a move viewed as corporate right-sizing. Hundreds of staff of the United Bank for Africa (UBA) will no longer be on the employment of the bank in 2020 after they were asked to resign in an on-going restructuring exercise being conducted by the bank recently. The reports indicated that the bank had sacked “thousands” of employees. A report has it that many of the affected staff are officers…

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Cross River: Ayade Signs N1.1tr 2020 Appropriation Bill Into Law

Governor Ben Ayade of Cross River State has signed the 2020 appropriation bill into law. Ayade, who signed the document at the Executive Chambers of Governor’s Office in Calabar, promised to complete the signature projects of the administration including Super Highway and Bakassi Deep Sea Port. The N1.1 trillion Appropriation Bill is christened “Budget of Olimpotic Merristamasis.” In 2019, the state budgeted the sum of N1.04trillion The sum of N911 billion, representing 82% of the estimates, will be for capital estimates while N188 billion, 18%, will be spent on recurrent…

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2020 Budget Implementation: LIRS To Generate N500b

The Lagos State Internal Revenue Service is to generate N500 billion toward the implementation of the 2020 budget, the state Commissioner for Economic Planning and Budget, Sam Egube, has said. Giving newsmen a ‘Detailed Analysis of the Year 2020 Budget’ of Lagos State in Ikeja, Egube said that the budget of N1.16 trillion would be funded from a total revenue estimate of N1.07 trillion. “A significant percentage of the projected Total Internally Generated Revenue of N500 billion is expected to be contributed by LIRS. “We shall achieve this by expanding…

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