Connect with us

Business

FG Insists On VAT Increment, Gives Reasons

Published

on

The Federal Government, has insisted that Value Added Tax (VAT) has to increase.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this while noting that the nation will not be able to reach 80 per cent revenue performance for 2019.
Ahmed at the public presentation of the 2020 budget proposals, said that as at half year, the actual aggregate revenue for 2019 was N2.04 trillion, which was 58 per cent of the prorate target.
Ahmed said of the figure, oil revenue accounted for N900 billion, Company Income Tax (CIT) N349.11 billion, Value Added Tax (VAT) N81.36 billion and Customs Collections N184.10 billion.
“As to whether we will reach the N8.33 trillion at the end of 2019 is very unlikely and that is why we have to make special efforts to boost revenue performance.”
“It is clear that we can not reach even 80 per cent and that is why we have to do several things to make sure that revenue performance is enhanced.
“Releases did not start until late July and as at last week we had scheduled and releases are now up to N650 billion.”
According to the Minister, N294.63 billion was released for capital expenditure as at the end of September, but the target is to be able to reach N900 billion by the end of December 2019.
Ahmed said that of the total appropriation of N8.92 trillion, N3.39 trillion had been spent by June 30, as against the prorated expenditure budget of N4.58 trillion, representing 76 per cent performance.
The Tide reports that the 2019 Appropriation Bill was presented to the National Assembly by President Muhammadu Buhari on December 19, 2018, but was signed into law on May 27, 2019.
The N8.92 trillion budget had a revenue projection of N6.97 trillion, consisting of oil revenue projected at N3.73 trillion while non-oil revenue was estimated at N1.39 trillion.

Continue Reading

Business

ECOWAS Targets Central Electricity Grid Control By 2020

Published

on

A central control centre that will be used to manage and operate all electricity grids in West Africa will begin operations by 2020, the West African Power Pool announced on Wednesday.
WAPP is an agency of the Economic Community of West African States and is made up of 14-member countries in the sub-region. The agency is currently holding its 14th General Assembly in Abuja.
The Secretary-General, WAPP, Siengui Appollinaire, told journalists on the sidelines of the executive board meeting of the agency that there had been many remarkable feats by the group.
“The most important progress of the region is to complete the full interconnection of the 14-member countries of WAPP in West Africa. Two projects are currently ongoing to make this happen as fast as possible,” he said.
Appollinaire added, “The first one is the interconnection between Cote d’Ivoire, Liberia, Sierra Leone and Guinea. This one is ongoing and we will start the operation of this line in December.
“The second one is an interconnection between Senegal, Guinea, Gambia and Guinea Bissau and when this one is finished, we would have interconnected the 14-member West African countries in the WAPP. This will be a great achievement.”
On the central system that would control the grids, he said, “We are completing the control centre, which is the place where all the electricity grids of West Africa will be monitored and from where the electricity market of West Africa will be managed.”
When asked to speak on timelines for the projects, Appollinaire replied, “We intend to complete all of these by next year; that is, by the end of 2020, everything should be operational.”
Nigeria chairs the board of WAPP and the Executive Board Chairman of the agency, who doubles as the Managing Director, Transmission Company of Nigeria, (TCN), Usman Mohammed, said the intention of the body was to increase energy access across the continent.

Continue Reading

Business

GLO Rewards 60 Customers In Rivers

Published

on

Leading mobile operator, Glo has rewarded a total of 60 customers in Rivers State with various prizes ranging from tricycles, industrial sewing machines, power generating sets and grinding mills as part of its recharge and win big promo.
Five persons won the star prize of tricycles, popularly called Keke, 20 won sewing machines, another 20 won sumec power generating sets, while 15 others went home with grinding mills during a colourful ceremony held at the Rumuwoji, Mile one Market in Port Harcourt, Rivers State on Wednesday.
Speaking at the prize presentation of the consumer reward promo popularly called ‘My Own Don Beta’ Regional Manager of Glo, South-South, Augustine Mamuro said similar presentations were held in Ojuelegba, Lagos State and Wuse, Abuja respectively, where Glo kept its promises by delivering prizes won by lucky customers.
Mamuro further said the event was in fulfillment of the company’s pledge to continuously explore ways to delight its customers and add value to their lives.
He said, “In each of the locations, lucky subscribers who emerged from our transparent draws witnessed by the representatives of the Nigeria Communications Commission (NCC) and National Lottery Regulatory Commission went home with tricycles, industrial sewing machines, grinding mills and power generators.”
While congratulating those who received prizes in Port Harcourt, he said that Glo will continue to spread joy across Nigeria, noting that from Port Harcourt, “we will be going to Ibadan to redeem the prizes to winners who will emerge in today’s (Wednesday) draw.
“From Ibadan, we will move to other locations spread across the country in continuation of the promo. This promo which you all popularly call “My Own Don Beta!” is a demonstration of the power of N200. In this promo, with N200, you can own a tricycle, industrial sewing machine, grinding mill and power generator which are empowerment tools that will enable hundreds of Nigerians to create wealth and become employers of labour,” The Glo Regional Manager stated.
He further said that the gesture was in tandem with the company’s empowerment mantra that “It is better to give somebody a platform to earn a living than giving such a person handout,” adding that lives are being transformed through the promo and encouraged subscribers of the mobile operator to take advantage of the opportunity. Simply recharge with only N200 at once or cumulatively daily and you could be one of the winners of our fantastic prizes. Keep recharging to enhance your chances of winning,” Mamuro said.
In her remark, Head, Port Harcourt Liaison Office of the National Lottery Regulatory Commission (NLRC), Lady Kate Ibekwe, said the promo has the commission’s backing and lauded Glo for being ‘magnanimous to reward its customers with such mouthwatering prizes.
“There are some lotteries that you play yourself. There are others that you don’t even know you are playing. For example, you just recharge your phone and then Glo is being magnanimous to bless their customers with sewing machines, power generators, tricycles, and so on.
“This is one of those involuntary lotteries you have played. My advice is that when you are called on telephone, pick your calls, be patient and listen to the person on the other end. There are offices of these places where you reside. Go there are find out. If it is in the bank, call your account officer, they will be able to tell you,” the Head, Port Harcourt Liaiason Office of NLRC explained.
Lady Ibekwe advised Nigerians playing lottery to look out for the commission’s logo in any lottery in order not to fall into the hands of scammers.
In a chat with the Tide, one of the star prize (Tricycle) winners and 200 level undergraduate of the Niger Delta University, Bayelsa State, Chinedu Okoli says she has been a glo customer for seven years and thanked the company for the reward which she described as unbelievable.
Also, a public servant with the Nigerian Customs Service and three years Glo user expressed happiness, saying, “I thought it was a scam when a lady called me that I won, but thanked God it is real. I will continue to use Glo.”

 

Dennis Naku

Continue Reading

Business

Wike Accuses FG, NPA Of Neglecting Rivers Ports

Published

on

The Rivers State Governor, Chief Nyesom Wike, has accused the Nigerian Ports Authority (NPA) of reneging on its promise to dredge the Bonny channels to allow bigger vessels access the two seaports in the state.
The state hosts two major seaports in the country namely, the Rivers Port Complex located in the heart of Port Harcourt and the Onne Port, located at the Oil and Gas Free Zone, Onne Community.
Both ports are owned by the Federal Government.
Governor Wike made the accusation on Tuesday during the maiden delivery of Liquefied Petroleum Gas (LPG) to downstream investor, Stockgap Terminal by the Nigeria Liquefied Natural Gas (NLNG) in Bonny.
The governor said; “What is the Nigerian Ports Authority (NPA) doing? Rivers government should now be the one to dredge the channels and NPA is busy collecting levies and revenues from marine operators.
“Why should that be? You don’t expect me to dredge waterways for NPA to be collecting all the money.”
Wike also accused the Federal Government of building a new port in Lagos while rendering the ports in Rivers State idle and grounded with no development and attention.
“You are building a new port in Lagos, but those in Rivers you rendered idle, grounded with no development attention”, he said.
He appealed to the Federal Government “to forgive Rivers State people” for any wrong doing to warrant neglect by the central authority.
“Even if Rivers has done anything wrong, please we are begging; forgive us. But I don’t think we have done anything wrong as Rivers people. Rivers is the better place to invest”, he said.
The governor promised that the state government would continue to support every investment brought to the state by providing enabling environment to make it thrive.
He noted that key investors were embracing the confidence to invest in the state, but alleged that some people were de- marketing the state.
“We continue to support every investment brought here and the gratitude we get is that key investors are embracing our confidence to invest here, while some people are de-marketing the state,” he said.

 

Chinedu Wosu

Continue Reading

Trending