Tag: Finance - Page 16 - African News Today

Petrol Subsidy Rises To N905.27bn, Oil Increases to $79.71

28Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Petrol Subsidy Rises To N905.27bn, Oil Increases to $79.71

The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian time), the landing cost of imported petrol and subsidy are expected to increase. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices. The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 f...

27Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

VAT: SANS Carpet AGF Malami

Chief Mike Ozekhome, SAN, and Ifedayo Adedipe, SAN on Sunday faulted the position of Attorney General of the Federation, AGF, Abubakar Malami on Value Added Tax (VAT). Ozekhome said contrary to Malami’s claim, VAT is in the residual list and is strictly within the purview of state governments. He said, “He (Malami) is dead wrong. There is nowhere VAT is reflected as a matter within the exclusive or concurrent list in the constitution of Nigeria. “If anything, it is residual and is strictly within the purview of state government in our federal set-up. “As of today, there is a judicial pronouncement on it by the Federal High Court, Port Harcourt, to the effect that only states can collect and administer VAT. “That remains the legal position today. Until that judgment is probab...

27Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

VAT: Northern Govs Set to Meet Today

The Northern Governors’ Forum will on Monday (today) hold an emergency meeting to discuss issues relating to the Value Added Tax. It was further gathered that the planned meeting, which would be hosted by the Kaduna State Governor, Mallam Nasiru El-Rufai, would be presided over by the Chairman of the forum and Governor of Plateau State, Simon Lalong. The Coordinator of the Northern Governors Forum Secretariat and Secretary to the Plateau State Government, Professor Danladi Atu, confirmed the planned meeting in an interview with The PUNCH in Jos on Sunday. Atu said this as some senior lawyers took on the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, over his recent statement that no state had the power to lay claim to the collection of VAT in...

More Banks Set to Publish Names of Forex Defaulters

26Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

More Banks Set to Publish Names of Forex Defaulters

There are indications on Saturday that more banks will publish names and account details of customers who purchased cheap forex from the banks for Business Travel Allowance and Personal Travel Allowance but did not embark on their foreign trips. Sources from some of the banks, in an interview, said this after the United Bank for Africa published the names of some individuals who benefited from the PTA but did not use it for the purpose they applied for. The account numbers and Bank Verification Numbers of the defaulters were included in the publication by UBA. Commercial banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trips two weeks after their scheduled travel...

SERAP Issues Buhari 14-Day Ultimatum To Publish Names of Suspected Looters Of N6Trillion Niger Delta Funds

26Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Niger Delta, Nigeria

SERAP Issues Buhari 14-Day Ultimatum To Publish Names of Suspected Looters Of N6Trillion Niger Delta Funds

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “direct the Attorney General of the Federation and Minister of Justice Abubakar Malami, SAN to widely publish the names of those indicted in the alleged misappropriation of over N6 trillion in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019, as documented in the recent Forensic Audit Report on NDDC”. This was contained in an open letter signed by SERAP's deputy director, Kolawole Oluwadare. The organisation urged Buhari to direct Malami and other appropriate anti-corruption agencies to promptly bring to justice, anyone suspected to be responsible for the missing N6 trillion and to fully recover any misappropriated public funds. According to SERAP,...

Five Banks Incurred N1.4bn Fine for Forex Infractions, Others

22Sep

By Obiajulu Joel NwoluNo Comments

Uncategorized

Five Banks Incurred N1.4bn Fine for Forex Infractions, Others

Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. The banks are the United Bank of Africa, Fidelity Bank, Access Bank, Guarantee Trust Bank and First City Monument Bank. This figure was arrived at from analysis of the H1 2021 financial statements of the banks obtained from their websites. Findings show that the penalties were as a result of contraventions and infractions of guidelines instituted by the Federal Government through the Banks and Other Financial Institutions Act, relevant CBN circulars and other regulatory requirements. The BOFIA Act is a regulatory framework that was introduced to guide...

Chinese Banks Set To Establish Operations In Nigeria

22Sep

By Obiajulu Joel NwoluNo Comments

Uncategorized

Chinese Banks Set To Establish Operations In Nigeria

China is making plans towards establishing Chinese-owned banks in Nigeria, according to the Chinese Ambassador to Nigeria, Cui Jianchin. Mr Jianchin this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday. Jianchin who said he was in talks with Chinese-owned banks, noted that among the world’s 10 biggest banks, six were in China. “Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries. “What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office...

Naira Dips To 575/$ two Days After Aboki FX Update Suspension

20Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Dips To 575/$ two Days After Aboki FX Update Suspension

The dollar exchanged for between N572 and N575 in different parts of the country on Monday barely two days after an online platform, Aboki FX, stopped providing updates on the exchange rate. A visit by Punch to the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for on Friday. In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday. The pound was sold for N780 as opposed to N770 last The Governor of the Central Bank of Nigeria, Godwin Emefiele, had accused the online foreign exchange update platform, Aboxi FX, of manipulating the forex market. Emefiele, had said the bank would shut down the operations of Aboki FX which it described as illeg...

FG recorded N150.36bn fiscal deficit in April- CBN

19Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

FG recorded N150.36bn fiscal deficit in April- CBN

The Federal Government recorded a fiscal deficit of N150.36bn in April, after recording an aggregate expenditure of N559.67bn and retained revenue of N409.31bn. Figures obtained from the Central Bank of Nigeria’s April report on ‘Fiscal operations of the Federal Government’ revealed on Saturday. Part of the report read “Federation revenue rose by 28.2 per cent in April 2021 to N1.12tn, relative to N862.79bn in March 2021, owing to improved non-oil earnings. “However, the retained revenue of the Federal Government of Nigeria at N409.31bn, was 38.5 per cent below target. Read Also: Insurgency: FG Commences Rebuilding Of Schools In Yobe “Similarly, the provisional aggregate expenditure of the FGN, at N559.67bn, was 50.6 per cent below the budget benchmark and 59.4 per cent shor...

Southern Govs Take Stand On State Collection of VAT, Open Grazing

17Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Southern Govs Take Stand On State Collection of VAT, Open Grazing

The Southern Governors Forum has backed the collection of the Value Added Tax by states. The governors made their positions known on Thursday, during their meeting in Enugu on Thursday. The disagreement over VAT started last month when the Federal High Court sitting in Port Harcourt, in a judgment in suit number FHC/PH/CS/149/2020, held that the Rivers State Government had the powers to collect VAT within its territory. Although Rivers and Lagos states have started the process of collecting VAT within their territories, the Court of Appeal in a ruling on September 10 stopped the collection pending the determination of an appeal filed by the Federal Inland Revenue Service against the judgment of the Federal High Court sitting in Port Harcourt. Apart from Lagos and Rivers states,...