LCCI: Budget delay threatens ERGP target, investment

National Assembly...Insert- Buhari, Saraki, Adeosun and Udoma

The Lagos Chamber of Commerce and Industry (LCCI) has expressed fears that the late passage of the 2018 Budget could be a threat to achieving the Economic Recovery and Growth Plan (ERGP) target and Nigeria’s goal of becoming one of the top economies by 2020. Taiwo Hassan reports     When the Federal Government introduced the ERGP 2017-2020 in April last year, it was apt and decisive that the economy was on its way back after five consecutive quarters of contraction.   The ERGP was designed to improve performances of…

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New excise duty rates for tobacco, alcohol beverages take effect

Kemi Adeosun

Buhari signs new amendment today Effective from today, the new amendment to the excise duty rates for alcoholic beverages and tobacco comes into effect. The president is expected to sign the new amendment today, setting the stage for enforcement of the new excise duties on tobacco and alcoholic beverages. Minister of Finance, Mrs. Kemi Adeosun, confirmed the President’s approval of new excise duty rates for tobacco and alcoholic beverage over the weekend. She said the new excise duty rates were spread over a three-year period from 2018 to 2020 in…

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VAIDS: Deadline extension deepens investor confidence

With barely five weeks to the expiration of the deadline granted on tax amnesty compliance by President Muhammadu Buhari, there appears to be more confidence in the economy on the side of investors. ABDULWAHAB ISA reports   In a clime where citizens have the tendency to shun tax payment, every ingenious tool is encouraged for reasonable tax compliance to be achieved. Globally, Nigeria occupies the lowest cadre in tax to Gross Domestic Product (GDP) rating. With just six per cent tax to GDP, the country’s income from taxes is abysmally…

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Looming job loss over upward review of excise duty

adeosun kemi

In March, the Minister of Finance, Kemi Adeosun, announced on behalf of the Federal Government that new excise duty rates have been approved for alcoholic beverages and tobacco with effect from June 4, 2018. According to the minister, the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products. She said the new excise duty regimes followed all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.…

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NLC: Nigerian economy can sustain N66,500 minimum wage

Kemi Adeosun

…urges Amosun to pay seven years unremitted pensions   The Chairman, Nigeria Labour Congress (NLC), Ogun State Council, Comrade Akeem Ambali, yesterday declared that the nation’s economy can sustain a new national minimum wage demand of N66,500 per month. Ambali, who spoke in an exclusive interview with our correspondent in Abeokuta, rejected the idea that states should be allowed to determine their own minimum salary structure. He argued that all the 36 states of the federation are viable and capable of paying the proposed minimum wage, urging state governors to…

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FG, states, LGs share N626.827bn for March

Kemi Adeosun

The quantum of revenue from federation purse for sharing by three tiers of government for March dipped by over N20 billion, as Federal Account Allocation Committee( FAAC) yesterday approved N626.827 billion for federal, states and local government councils as against February’s figure of N647.390 billion. The Accountant General of Federation ( AGF) Mr. Ahmed Idris, who presided over the meeting, in absence of Minister of Finance, Mrs. Kemi Adeosun, confirmed the figures at a re-convened session of FAAC after Wednesday’s abrupt adjournment over Nigerian National Petroleum Corporation(NNPC) remittance hitches to…

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Adeosun, Emefiele: Why we were absent at U.S. confab

…say Nigeria’ll sustain positive growth outlook 17m Nigerians now pay tax $322m Abacha loot for Social Safety Nets Foreign reserves hit $47.9bn   Finance Minister, Mrs. Kemi Adeosun and Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele have explained why they were absent at the botched U.S. investment summit organised by the Federal Government in Washington D.C. The pair spoke yesterday at a joint press conference organised by the Ministry of Finance and CBN at the World Bank/International Monetary Fund (IMF) Spring Meetings in Washington D.C. The…

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Adeosun: Nigeria’s debt is sustainable

Kemi Adeosun

CBN: Economy now on track At 20 per cent debt to Gross Domestic Product (GDP), Nigeria’s foreign debt level does not pose any risk to her financial stability and economy, Minister of Finance, Kemi Adeosun, has said. This came hours after the Acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, said the measures taken so far by the institution to stimulate growth has put the nation’s economy on the right track. The pair spoke at the ongoing World Bank/ International Monetary Fund (IMF) Spring Meetings in…

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Senate summons Emefiele, Adeosun, Dan-Ali over $462m helicopter

The Senate on Tuesday summoned the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, for explanation on alleged withdrawal of 462 million dollars for purchase of helicopters from an American firm. Also summoned on the matter are the Minister of Finance, Mrs Kemi Adeosun and her Defence counterpart, Mansur Dan-Ali. The upper chamber’s resolution to invite the government officials was sequel to a Point-of-Order raised by Chairman, Senate Committee on Ethics and Privileges, Sen. Sam Anyanwu, at plenary. According to Anyanwu, I have it on good authority that…

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Whistleblowing: FG recovered N7.8bn, $378m, £27,880 –Adeosun

adeosun kemi

…says investigation framework to be reviewed   The Federal Government yesterday, said it recovered a total of N7.8 billion, $378 million, and 27,000 pounds through the whistle-blower policy. The whistle-blower policy was introduced sometime in 2016, to enable persons with information on looted funds, to disclose same to authorities, with rewards and protection. Minister of Finance, Mrs. Kemi Adeosun, made the disclosure in Abuja, at an evaluation workshop organised by the Presidential Advisory Committee Against Corruption (PACAC). Adeosun, who was represented by Dr. Dikwa, further disclosed that since the whistle-blower…

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