Joseph Bakare/Yemisi Izuora The Federal Inland Revenue Service (FIRS) said it generated N1.19 trillion from taxes in the third quarter of 2014, According to a report released in Abuja. The FIRS said the revenue was generated from oil and non-oil taxes. A breakdown shows that N594.79 billion, representing 49.6 per cent of the revenue, was generated from Petroleum Profit Tax (PPT), while N604.43 billion, representing 50.4 per cent, was collected from non-oil taxes. Also the collection from non-oil taxes showed that company income tax accounted for N273.13 billion, N192.08 billion from Value Added Tax (VAT), while N115.17 billion was realized…
Author: orientalnewsng
By Yemisi Izuora The Federal Government has expressed commitment toward the growth of Made-in-Nigeria market in line with the determination to create more jobs and generate wealth for Nigerians. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said Government’s policy on made in Nigeria products, which gave priority to the patronage of locally-made products, will, among many other benefits, help curb the waste of foreign reserve on what could be manufactured in the country. Aganga who spoke during the inspection of the Secure ID production plant for smart cards in Lagos, said, already, the launch of the Nigeria…
Source-Punch The naira is expected to lose more ground this week, hit by the slide in crude oil prices and a decline in dollar sales by oil companies operating in the country. Wider risk aversion to emerging markets in general is seen keeping other currencies on the backfoot as well. Reuters reports that the naira is seen trading lower this week, around the 183 level that it fell to on Friday, as sharp decline in oil prices continues to affect the economy. The naira traded around the 178 – 182 range against the dollar in volatile trading sessions last week,…
Yemisi Izuora/Agency Report Divers have found both the Cockpit Voice Recorder (CVR) and the Flight Data Recorder (FDR) crucial to the investigations into what led to the AirAsia plane that crashed in the Java Sea two weeks ago with 162 people aboard. Henry Bambang Soelistyo, head of Indonesia’s search and rescue agency, said the black boxes were brought to the surface by four divers early on Monday morning. Divers began to zero in on the site a day earlier after picking up intense pings from its beacons, but they were unable to get a visual on it due to strong…
By Angela Okisor Within weeks after the new rice policy of backward integration put together by the Federal Government came out, some groups in the industry have come out with false information and allegations aimed at halting or if possible reversing the project that seeks to make Nigeria self-sufficient in rice production in the shortest possible time of two years And although the protesters claim to be genuinely worried about the project derailing over one defect or another of the implementation instrument, truth of the matter is that the traducers are driven byinsatiable greed and poisonous disregard for constituted authorities. Undeniably, the rice policy is the creation of government and not at the behest of players in the industry. The Federal Government decided to use fiscal policy to help businesses already engaged in and others interested in growing, milling and packaging…
Yemisi Izuora Schneider Electric the global specialist in energy management has announced the introduction of a new range of innovative energy efficient maintenance-free Solar Streetlights called Villaya. Field Marketing and Access to Energy Manager, Anne Ezeh said the product offers sustainable lighting capacity for up to 10 years, adding, “Unlike others, the Villaya Solar Streetlights’ unique integrated concept makes installation very quick and easy because there is no need for trenching, cabling or on site assembling and the advanced LED technology and management system guarantees the lamps can last for up to 10 years”. In addition to its Smart…
Source-Thisday The persistent negative sentiments at the Nigerian equities market pushed indicators to new lows with the Nigerian Stock Exchange (NSE) falling to 30,420.54 yesterday. This indicated a dip of 12.2 per cent in four days. The ASI fell by 2.4 per cent yesterday, lower than the 4.2 per cent slide recorded the previous day. Similarly, market capitalisation shed N247 billion, which is lower than the N449 billion recorded the previous day. However, the plunge in the prices of blue chip stocks has eroded N1.407 trillion from the capitalisation in four days to close at N10.071 trillion. Market operators had…
Ijeoma Agudosi FORTY nine vessels with petroleum products as well as containers of foods and other goods are billed to arrive Lagos ports before January 30. According to the Nigerian Ports Authority, NPA daily publication -‘Shipping Position’ seventeen of the expected ships would arrive with containers of different goods. It explained that three other ships were expected to arrive with petroleum products like aviation fuel and diesel. The document noted that three other ships containing fresh fish were also being expected.It stated that the remaining 26 ships would arrive with vehicles, buckwheat, bulk charcoal, bulk salt, bulk sugar, bulk malt,…
Yemisi Izuora/Ijeoma Agudosi Amidst the crisis triggered by the plunge in crude oil prices and the corresponding pressure on the naira, analysts from the financial and investment advisory firm, Financial Derivatives Company, have put Nigeria’s inflation figure at 10-12 per cent this year. The research company, in a special publication last week titled: ‘2015 Election: It’s the Economy, Stupid,’ said although inflation stood within a single digit band for most part of 2014, a number of local and international economic developments will push Nigeria’s inflation to a new threshold in 2015. Current inflation figure, according to the National Bureau of…
Source-Vanguard Akpan Ekpo, Professor of Economics and Director General, West African Institute for Financial and Economic Management, WAIFEM speaks on the oil price drop and lesson for Nigeria. As 2015 begins, many investors doing business in Nigeria are still evaluating the events that characterised the last quarter of 2014 due to rapid drop in crude oil price. While some experts expressed fears that the multiplier effect of the crisis last year would cause hardship and sluggish growth in the first quarter of 2015, others advised the Federal Government to reduce the cost of governance in order to reduce wastage in…