Business
FG Promises Tax Incentives For Capital Market Investments
As a way to encourage investment in the Nigerian economy, the Federal Government has promised tax incentives for investments in infrastructure and capital markets. The government did not, however, give details of the investment.
The Minister of Finance, Mrs Zainab Ahmed, made the disclosure recently in Abuja when she fielded questions on the 2020 Budget. She said that apart from reforming the domestic tax laws, the government would send a reform bill to the National Assembly to instituionalise the policy.
The bill, she said, would support micro, small and medium businesses in line with the government’s ease of doing business reforms.
Also, the government, said that the reform would introduce new performance management frameworks to revenue ratios.
“Our fiscal reforms shall introduce new performance management frameworks to regulate the cost to revenue ratios for government- owned enterprises which shall come under significant scrutiny. We will reward exceptional revenue and cost management performance while severe consequences will attend failures to achieve agreed targets,” she said.
According to her, when passed, the bill would promote fiscal equity by mitigating instances of regressive taxation.
The bill will equally reform domestic tax laws to align with global best practices.
Recall that the N2.18 trillion deficit in the 2020 Budget is expected to be financed mainly by new foreign and domestic borrowings, privatisation proceeds, signature bonuses and draw-downs on loans secured for specific purposes. This will further add to the already high debt profile of $81.274 billion.
According to experts, the deficit is 21.10 per cent of the overall expenditure of N10.33 trillion.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
