192 FIRMS HAVE CLOSED SHOP IN THE LAST TWO YEARS , ACCORDING TO MANUFACTURERS ASSOCIATION OF NIGERIA

…As real sector loses N62.184bn By Bimbola Oyesola Despite several efforts by the Federal Government to cushion the effects of recession on the economy, recent figures from the Manufacturers Association of Nigeria (MAN) have shown that about 196 manufacturing companies shut down their operations in the last two years due to the biting recession. This represents over 300 per cent increase compared to 45 companies reported to have closed down last year in the first year of the present administration. Figures coming from MAN shows that about 196 manufacturing companies…

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NIGERIA CANNOT BORROW ANY MORE – FINANCE MINISTER, KEMI ADEOSUN

Femi Asu with agency report Against the backdrop of the nation’s rising debt profile, the Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government must not borrow more to fund its budget. Adeosun said the government should instead raise the money needed by other means, calling into question planned foreign loans of $2bn from lenders like the World Bank, according to Reuters. The government had planned to borrow extensively from overseas to fund a record budget aimed at helping the country spend its way out of its first…

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ONLY 3MILLION OUT OF 180 MILLION NIGERIANS ARE INSURED- FINANCE MINISTER, KEMI ADEOSUN

The Minister of Finance, Mrs Kemi Adeosun, on Monday, said that only three million out of 180 million Nigerians possessed insurance policies to protect themselves from uncertainties. Adeosun, who made the disclosure at the ongoing 2017 National Insurance Conference in Abuja, noted that insurance was playing critical roles in the economy. The theme of the three-day conference is: “Nigeria Open for Business.’’ Represented by Alhaji Mammud Dutse, Permanent Secretary in the Ministry of Finance, Adeosun said that insurance was facilitating investments by reducing the amount of capital and savings needed…

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E-AUCTION: WHY WE EXCLUDED SOME INTENDING BIDDERS BY CUSTOMS

By Isaac Anumihe As the controversy over the inability of many bidders to participate in  the Nigeria Customs Service (NCS)  e-auction  exercise intensifies,  the Service yesterday explained why  only Jaiz Bank portal was used for the process. In a statement,  NCS spokesman, Mr Joseph  Attah, said all 23 customs duty collecting banks were not only carried along, but  were properly trained to participate in the bidding process. “When the platform was developed, it was subjected to user-acceptability test with all the banks, including the Central Bank of Nigeria (CBN). Throughout…

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CUSTOMS E-AUCTIONING FRAUDULENT AND ILLEGAL SAYS AUCTIONEERS

The Nigerian Customs Service (NCS) has come under attack for allegedly introducing e-auctioning in the country against what the auctioneers claim is the best practice globally. Nigerian Association of Auctioneers has claimed that the Customs ought to allow its members to handle the process and cannot throw the auction bid open to the public after imposing an annual registration fees of N5,000 on over 5,000 registered auctioneers. The Chairman, Caretaker Committee of Nigeria Association of Auctioneers (NAA) Alhaji Saliu Garba stated that what the Customs is doing with the eauctioning…

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EBONYI BEGINS CERTIFICATION OF YAMS FOR EXPORT

The Governor, David Umahi, who made the disclosure to journalists in Abakaliki, said the move was in line with the Federal Government’s efforts The Ebonyi State Government said on Friday that it has started discussion with the Federal Ministry of Agriculture and Rural Development for the certification of yam for export. The Governor, David Umahi, who made the disclosure to journalists in Abakaliki, said the move was in line with the Federal Government’s efforts to boost yam export to the United Kingdom and the United States. According to him, when…

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NIGERIANS HAVE DESIGNED WAYS TO EVADE TAX SAYS KEMI.ADEOSUN

There is currently a systemic breakdown of compliance with the tax system with various strategies used by citizens to evade tax obligations, the Minister of Finance, Mrs. Kemi Adeosun, has said. She said the country’s low tax revenues were at variance with the lifestyles of a large number of the citizens and with the value of assets known to be owned by Nigerians resident all over the world. Some of the strategies being devised by some Nigerians to evade tax, according to her, include transfer of assets overseas, use of…

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WE DON’T KNOW WHEN NIGERIA WILL COME OUT OF RECESSION, UDO UDOMA TELLS APC LEADERSHIP

Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said it will be difficult to specify when Nigeria will come out recession. The minister said this when he appeared before the National Working Committee (NWC) of the All Progressives Congress (APC), yesterday, to brief them on the National Economic team’s plans to take the country out of recession. “All I can say is that Nigeria will come out of recession this year, but I can’t say the exact period,” the minister said. In his welcome remarks, APC National chairman,…

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WHY HIGHER OIL PRICES CRIPPLE THE ECONOMY BY HENRY BOYO

Why higher oil prices cripple the economy   By Henry Boyo THE crash in crude oil price is usually identified as the major contributor to the prevailing parlous state of our economy; clearly, the drop in oil prices from over $120/barrel to a more humble price below $50/barrel and the significant drop in output, certainly reduced revenue inflow. Thus, one may be tempted to suggest that if “fortuitously”, oil prices soar well above $120/barrel, once more, with production also constantly exceeding 2.5mbd, our revenue base should expectedly flourish and all…

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NIGERIAN COMPANIES HAVE 29 PRIVATE JETS REGISTERED IN SOUTH AFRICA – FIRS CHAIRMAN

The Chairman of the Federal Inland Revenue Service ( FIRS) Babatunde Fowler has said about 29 private jets owned by Nigerian organisations are registered in South Africa. Fowler spoke while addressing the need for exchange of information for tax purposes  at a 3-day Automatic Exchange of Information Foundation course for selected African countries, which ended in Lagos weekend. He said: “As the Council Chairperson of the African Tax Administration Forum (ATAF), I found out that Nigerian organizations have 29 private jets registered in South Africa. The issue is that, how…

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