Every day, we bring you the best stories the media is reporting about the Government of Nigeria.
“Last week, the Minister of Finance, Mrs Kemi Adeosun, disclosed that the Federal Government is proposing an amendment to the Company Income Tax aimed at reducing the Right of Tax on Micro, Small and Medium Enterprises (SMEs) from 20 to 15 per cent. She said the proposal, when approved, would also promote Micro, Small and Medium Enterprises and protect most vulnerable persons in the society. Daily Trust reports that the new national tax policy also states that Value Added Tax (VAT) will no longer be applicable on residential properties, leases and rent houses, public transport and life insurance. Throwing more light on the new policy, Adeosun said “Although in the short term, it is a loss for the government but in the long run, we feel that is the right thing to do to improve the ease of doing business and to ease tax burden on the people which is one of the objectives of the government.”
According to Business Day “Apapa Port, according to Q1 2018 trade statistics released by the Nigerian Bureau of Statistics (NBS), accounted for 79 percent of total Nigeria foreign trade by ports. Total value of exports through the port was N4.18 trillion, while total import stood at N1.4 trillion. Compared with the Apapa Port, total value of foreign trade via the Tin Can Island Port in Q1 2018 was N539.09 million, Port Harcourt (3) N523 billion, Port Harcourt (1) N53.5 billion, and Warri Port N35 billion, representing 8 percent, 7 percent, 1 percent and less than 1 percent share of total trade by port operation in the quarter under review.
Business Day reports that “the financial results of Nigeria Stock Exchange (NSE) released three days ago showed that the boost in transaction and listing fees pushed 2017 NSE total revenues to N5.87 billion. Transaction and listing fees accounted for 88 percent of total revenue for the period, showing that NSE earnings are highly dependent on the performance of their transaction and listing businesses. Trading volumes were up only 5 percent in 2017 but the value of the trades jumped from N577 billion to N1.07 trillion, an increase of 86 percent. The small change in trading volume and large increase in trade value implies that market prices were significantly higher as sentiments turned bullish in 2017 from the bear market of 2016. NSE ASI returned 42 percent in 2017 compared to 6.2 percent negative return in 2016.”
“The Federal Government is currently working on resolving the perennial Right of Way (RoW) challenges that has hindered improved connectivity in Nigeria and stalled drive for ubiquitous broadband revolution in the country. Besides, there are also indications that the Federal Government planned laying 18, 000 kilometer fibre optic cables to further help the country in meeting and surpassing the 30 per cent broadband penetration target set for 2018.” Guardian “learnt that this new drive is being championed by the Presidency and that four operators have been selected to lay the fibre cable. They include MainOne; IHS Nigeria Limited; Broadbased Limited and Phase3 Communications.”
Business Day reports that “the Central Bank of Nigeria (CBN) on Tuesday injected a total of $210 million, to meet customers’ demand for foreign exchange in the wholesale segment of the market. The apex Bank in its desire to enhance liquidity and meet customers’ needs offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million. According to figures obtained from the Bank on Tuesday, June 12, 2018, customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. Consequently, the nation’s currency continued its stability, exchanging at an average of N362/$1 in the BDC segment on Tuesday, June 12, 2018.”
“The Special Presidential Investigation Panel (SPIP) for the Recovery of Public Property has recovered $7 million illegally kept in Heritage Bank. Chairman of the panel, Okoi Obono-Obla, disclosed this while briefing President Muhammadu Buhari on activities of the panel. Spokesperson of the SPIP, Lucie-Ann Laha, made this known in a statement on Tuesday.” The Independent reported this.
Daily Trust reports that “the Nigerian Electricity Regulatory Commission (NERC) says it has granted 9.5 megawatts (MW) embedded electricity generation licence to Ariaria Market Independent Power Plant Ltd in pursuit of overriding interest. In a statement by the Media Head, Vivian Mbonu, the commission also granted a distribution licence to Ariaria Independent Energy Distribution Network Ltd to distribute the generated energy in the market, near Aba in Abia State.”