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  •  Sri Lanka slapped a tax on road accidents in a drastic austerity budget unveiled Friday as the country faces a major foreign exchange crisis Finance Minister Basil Rajapaksa said vehicle accidents will be taxed under new revenue proposals to keep the budget deficit at 8 8 percent of GDP in 2022 down from 11 1 percent this year It is proposed to impose a fee on vehicles meeting with accidents Rajapaksa told parliament Through this initiative it is expected to reduce the number of motor vehicle accidents He did not give details of the crash tax Sri Lanka s roads are among the most dangerous in the world with over 3 000 traffic fatalities and some 25 000 seriously injured every year Rajapaksa admitted that the country was facing a serious crisis with foreign reserves at 2 3 billion down from 7 5 billion when his brother Gotabaya took over as president two years ago We have to accept that the increase in prices is due to a shortage of goods the imposition of import restrictions the overreliance on imports the depreciation of the rupee together with the failure to adequately encourage manufacturers he said There were no measures to ease the import ban on a host of goods including vehicles spares tiles and even some essential food imports imposed in March last year However Rajapaksa increased taxes on cigarettes liquor and slapped a one off tax on companies earning profits of over 2 000 million rupees 10 million and raised the VAT on financial services from 15 to 18 percent He also announced raising the retirement age of public servants from 60 to 65 years a move that will delay the payment of terminal benefits to thousands of employees and thereby reduce government spending for the next five years The budget deficit of 1 628 billion rupees 8 14 billion will be bridged with borrowings including 5 08 billion in foreign borrowings according to official figures Central Bank officials have said the country is facing its worst foreign exchange crisis since the advent of a free economy in 1978 Ratings agency Moody s downgraded Sri Lanka s foreign debt rating last month The decision was fuelled by the absence of comprehensive financing to make looming debt repayments according to Moody s Sri Lanka s economy shrank a record 3 6 percent last year because of the Covid 19 pandemic The central bank expects growth of 4 5 percent this year with the gradual reopening of the economy and the roll out of a vaccine programme Source Credit TheGuardian
    Sri Lanka to tax car crashes in drastic budget
     Sri Lanka slapped a tax on road accidents in a drastic austerity budget unveiled Friday as the country faces a major foreign exchange crisis Finance Minister Basil Rajapaksa said vehicle accidents will be taxed under new revenue proposals to keep the budget deficit at 8 8 percent of GDP in 2022 down from 11 1 percent this year It is proposed to impose a fee on vehicles meeting with accidents Rajapaksa told parliament Through this initiative it is expected to reduce the number of motor vehicle accidents He did not give details of the crash tax Sri Lanka s roads are among the most dangerous in the world with over 3 000 traffic fatalities and some 25 000 seriously injured every year Rajapaksa admitted that the country was facing a serious crisis with foreign reserves at 2 3 billion down from 7 5 billion when his brother Gotabaya took over as president two years ago We have to accept that the increase in prices is due to a shortage of goods the imposition of import restrictions the overreliance on imports the depreciation of the rupee together with the failure to adequately encourage manufacturers he said There were no measures to ease the import ban on a host of goods including vehicles spares tiles and even some essential food imports imposed in March last year However Rajapaksa increased taxes on cigarettes liquor and slapped a one off tax on companies earning profits of over 2 000 million rupees 10 million and raised the VAT on financial services from 15 to 18 percent He also announced raising the retirement age of public servants from 60 to 65 years a move that will delay the payment of terminal benefits to thousands of employees and thereby reduce government spending for the next five years The budget deficit of 1 628 billion rupees 8 14 billion will be bridged with borrowings including 5 08 billion in foreign borrowings according to official figures Central Bank officials have said the country is facing its worst foreign exchange crisis since the advent of a free economy in 1978 Ratings agency Moody s downgraded Sri Lanka s foreign debt rating last month The decision was fuelled by the absence of comprehensive financing to make looming debt repayments according to Moody s Sri Lanka s economy shrank a record 3 6 percent last year because of the Covid 19 pandemic The central bank expects growth of 4 5 percent this year with the gradual reopening of the economy and the roll out of a vaccine programme Source Credit TheGuardian
    Sri Lanka to tax car crashes in drastic budget
    Foreign1 year ago

    Sri Lanka to tax car crashes in drastic budget

    Sri Lanka slapped a tax on road accidents in a drastic austerity budget unveiled Friday as the country faces a major foreign exchange crisis.

    Finance Minister Basil Rajapaksa said vehicle accidents will be taxed under new revenue proposals to keep the budget deficit at 8.8 percent of GDP in 2022, down from 11.1 percent this year.

    “It is proposed to impose a fee on vehicles meeting with accidents,” Rajapaksa told parliament. “Through this initiative, it is expected to reduce the number of motor vehicle accidents.”

    He did not give details of the crash tax.

    Sri Lanka’s roads are among the most dangerous in the world with over 3,000 traffic fatalities and some 25,000 seriously injured every year.

    Rajapaksa admitted that the country was facing a serious crisis with foreign reserves at $2.3 billion, down from $7.5 billion when his brother Gotabaya took over as president two years ago.

    “We have to accept that the increase in prices is due to a shortage of goods, the imposition of import restrictions, the overreliance on imports, the depreciation of the rupee together with the failure to adequately encourage manufacturers,” he said.

    There were no measures to ease the import ban on a host of goods, including vehicles, spares, tiles and even some essential food imports, imposed in March last year.

    However, Rajapaksa increased taxes on cigarettes, liquor and slapped a one-off tax on companies earning profits of over 2,000 million rupees ($10 million) and raised the VAT on financial services from 15 to 18 percent.

    He also announced raising the retirement age of public servants from 60 to 65 years, a move that will delay the payment of terminal benefits to thousands of employees and thereby reduce government spending for the next five years.

    The budget deficit of 1,628 billion rupees ($8.14 billion) will be bridged with borrowings, including $5.08 billion in foreign borrowings, according to official figures.

    Central Bank officials have said the country is facing its worst foreign exchange crisis since the advent of a free economy in 1978.

    Ratings agency Moody’s downgraded Sri Lanka’s foreign debt rating last month.

    The decision was fuelled by the absence of “comprehensive financing” to make looming debt repayments, according to Moody’s.

    Sri Lanka’s economy shrank a record 3.6 percent last year because of the Covid-19 pandemic.

    The central bank expects growth of 4-5 percent this year with the gradual reopening of the economy and the roll-out of a vaccine programme.

    Source Credit: TheGuardian

  •   The Federal Executive Council FEC approved the purchase of 46 units of vehicles for operational and administrative use by the Nigeria Customs Service NCS State Budget and National Planning Minister Clem Agba briefed State House correspondents after a virtual FEC meeting chaired by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa in Abuja The minister said the vehicles will boost the operational efficiency of the service and increase revenue generation Today the council approved the purchase of 46 units of vehicles these are intended for operational and administrative use by the Nigeria Customs Service This has been attributed to MM Elizade Nigeria Limited for a total cost of 1 5 billion naira and this amount includes 7 5 percent VAT Remember that the last round of vehicle purchases made for customs dates back to 2017 and 2020 And in 2020 we saw a lot of huge seizures made by Nigerian customs as well as revenue performance He said that in August 2021 the NCS exceeded the rate prorated to the target assigned to it So the council believes that with the provision of these additional vehicles it will also improve not only their effectiveness but their efficiency and then more revenue will be generated he said Femi Adesina the president s special adviser on media and publicity also briefed State House correspondents on other approvals made by the council Adesina said that there was an approval for the construction and furnishing of a new Senate building and a conference center with a capacity of 1000 at the University of Abuja at a cost of 2 3 billion naira He said the memorandum had been presented by the Ministry of Education and had been approved The special adviser said the council also approved contracts for the ministries of energy public works and housing There was also approval for the award of a contract for the construction of a 400 kW solar photovoltaic power plant at Jabi Federal Medical Center Abuja to Messrs Hilkam Engineering Consultancy Limited priced at 768 N 9 million by the Minister of Energy and it was approved And then there was an approval from the Minister of Works and Housing for the award of the contract for the rehabilitation of the Sokoto Illera road it is at the end of Nigeria and Birnin Konni end of Niger Republic in the State of Sokoto The contract amount is 8 4 billion naira awarded to Messrs Amirco Universal Concept Limited he said
    FEC approves N1.5bn for Nigerian Customs to procure operational vehicles
      The Federal Executive Council FEC approved the purchase of 46 units of vehicles for operational and administrative use by the Nigeria Customs Service NCS State Budget and National Planning Minister Clem Agba briefed State House correspondents after a virtual FEC meeting chaired by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa in Abuja The minister said the vehicles will boost the operational efficiency of the service and increase revenue generation Today the council approved the purchase of 46 units of vehicles these are intended for operational and administrative use by the Nigeria Customs Service This has been attributed to MM Elizade Nigeria Limited for a total cost of 1 5 billion naira and this amount includes 7 5 percent VAT Remember that the last round of vehicle purchases made for customs dates back to 2017 and 2020 And in 2020 we saw a lot of huge seizures made by Nigerian customs as well as revenue performance He said that in August 2021 the NCS exceeded the rate prorated to the target assigned to it So the council believes that with the provision of these additional vehicles it will also improve not only their effectiveness but their efficiency and then more revenue will be generated he said Femi Adesina the president s special adviser on media and publicity also briefed State House correspondents on other approvals made by the council Adesina said that there was an approval for the construction and furnishing of a new Senate building and a conference center with a capacity of 1000 at the University of Abuja at a cost of 2 3 billion naira He said the memorandum had been presented by the Ministry of Education and had been approved The special adviser said the council also approved contracts for the ministries of energy public works and housing There was also approval for the award of a contract for the construction of a 400 kW solar photovoltaic power plant at Jabi Federal Medical Center Abuja to Messrs Hilkam Engineering Consultancy Limited priced at 768 N 9 million by the Minister of Energy and it was approved And then there was an approval from the Minister of Works and Housing for the award of the contract for the rehabilitation of the Sokoto Illera road it is at the end of Nigeria and Birnin Konni end of Niger Republic in the State of Sokoto The contract amount is 8 4 billion naira awarded to Messrs Amirco Universal Concept Limited he said
    FEC approves N1.5bn for Nigerian Customs to procure operational vehicles
    Headlines1 year ago

    FEC approves N1.5bn for Nigerian Customs to procure operational vehicles

    The Federal Executive Council, FEC, approved the purchase of 46 units of vehicles for operational and administrative use by the Nigeria Customs Service, NCS.

    State Budget and National Planning Minister Clem Agba briefed State House correspondents after a virtual FEC meeting chaired by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa in Abuja.

    The minister said the vehicles will boost the operational efficiency of the service and increase revenue generation.

    “Today, the council approved the purchase of 46 units of vehicles, these are intended for operational and administrative use by the Nigeria Customs Service.

    “This has been attributed to MM. Elizade Nigeria Limited for a total cost of 1.5 billion naira and this amount includes 7.5 percent VAT.

    “Remember that the last round of vehicle purchases made for customs dates back to 2017 and 2020.

    "And in 2020, we saw a lot of huge seizures made by Nigerian customs as well as revenue performance."

    He said that in August 2021, the NCS exceeded the rate prorated to the target assigned to it.

    "So the council believes that with the provision of these additional vehicles, it will also improve not only their effectiveness but their efficiency and then more revenue will be generated," he said.

    Femi Adesina, the president's special adviser on media and publicity, also briefed State House correspondents on other approvals made by the council.

    Adesina said that there was an approval for the construction and furnishing of a new Senate building and a conference center with a capacity of 1000 at the University of Abuja at a cost of 2, 3 billion naira.

    He said the memorandum had been presented by the Ministry of Education and had been approved.

    The special adviser said the council also approved contracts for the ministries of energy, public works and housing.

    “There was also approval for the award of a contract for the construction of a 400 kW solar photovoltaic power plant at Jabi Federal Medical Center, Abuja, to Messrs. Hilkam Engineering Consultancy Limited priced at 768 N. 9 million by the Minister of Energy, and it was approved.

    “And then there was an approval from the Minister of Works and Housing for the award of the contract for the rehabilitation of the Sokoto-Illera road; it is at the end of Nigeria and Birnin-Konni, end of Niger-Republic in the State of Sokoto.

    "The contract amount is 8.4 billion naira awarded to Messrs. Amirco Universal Concept Limited," he said.

  •   The 2021 Conference of the Parties COP26 summit aims to protect and restore nature while tracking the best available science on climate change said Catriona Laing UK High Commissioner to Nigeria Represented Jones Deputy High Commissioner at the Commission Laing told a press conference the UK s ambitions for COP26 and what the UK expected to achieve at the summit reports that COP26 is the next annual United Nations UN climate change conference to be attended by the United Nations Framework Convention on Climate Change UNFCCC a treaty that entered into force in 1994 This year s event billed in Glasgow Scotland would be co hosted with the Italian governments from October 31 to November 12 2021 Laing said the summit which was to be supported by leaders and delegations had four clear goals to achieve including achieving global net zero by mid century and keeping 1 5 degrees close at hand Adapt our behavior to protect communities and natural habitats and mobilize the fis developed countries to keep their promise to mobilize at least 100 billion dollars in climate stronghold per year Finally work together to deliver and finalize the Paris Rulebook the detailed rules that make the Paris Agreement operational and accelerate actions to fight the climate crisis through collaboration between governments businesses and civil society She added that the outcome of the negotiations at COP26 should protect and restore nature follow the best available scientific data and enable inclusive action While commending the leadership shown by Buhari and her team led by the state Federal Environment Department Ms Sharon Ikeazor the British envoy said We look forward to seeing an effective implementation strategy for Nigeria s Nationally Determined Revised Contribution that will close the mitigation gap with support from the UK and other development partners to Ensure the decarbonization of the electricity sector for example find solutions for power plants blocked on the grid and stay the course on reforms of the electricity sector including tariffs reflecting costs the reduction network transmission and distribution losses and the removal of fuel subsidies Creating an enabling environment to boost large scale off grid solar energy eg and VAT rights on solar energy for home use Others are putting an end to gas flaring Agricultural reforms and adoption of climate smart agroforestry to help the Nigerian agricultural sector and many others she said Also speaking Minister of State for the Environment Ms Ikeazor said the Intergovernmental Panel on Climate Change IPCC had warned that the Earth s temperature was rising and the world was in Code red We got to this point because of the fossil fuel emissions which increased the carbon dioxide CO2 emissions there Climate change will transform our way of life causing water shortages and making food production more difficult Some areas could become dangerously hot and others uninhabitable due to rising sea levels Extreme weather events such as heat waves showers and storms will become more frequent and intense threatening lives and livelihoods and people in the poorest countries who are least able to survive adapt will suffer the most COP26 offers an opportunity to build back better and stronger especially after the COVID 19 pandemic It will be an opportunity to build a more resilient future One of the objectives of COP26 is adaptation which should be at the center of the concerns of developing countries such as Nigeria whose impacts have greatly affected Africa as a whole contributes only about 4 percent of global emissions she said She noted that in adapting to climate change Nigeria had developed a NAP 2020 framework aimed at establishing a framework for adaptation planning and governance for the country Nigeria recently developed an adaptation communication 2020 aimed at highlighting adaptation activities and efforts in the country in addition to receiving support for the readiness of the Green Climate Fund to advance its national adaptation plan process Nigeria s achievement ahead of COP26 is the Revised National Climate Change Policy NPCC approved in June 2020 which will enable us to implement mitigation measures and also strengthen adaptation towards a sustainable development path and climate change resilient for Nigeria she said Source NAN
    COP26: British Envoy calls for strategy on Nigeria’s Nationally determined contributions
      The 2021 Conference of the Parties COP26 summit aims to protect and restore nature while tracking the best available science on climate change said Catriona Laing UK High Commissioner to Nigeria Represented Jones Deputy High Commissioner at the Commission Laing told a press conference the UK s ambitions for COP26 and what the UK expected to achieve at the summit reports that COP26 is the next annual United Nations UN climate change conference to be attended by the United Nations Framework Convention on Climate Change UNFCCC a treaty that entered into force in 1994 This year s event billed in Glasgow Scotland would be co hosted with the Italian governments from October 31 to November 12 2021 Laing said the summit which was to be supported by leaders and delegations had four clear goals to achieve including achieving global net zero by mid century and keeping 1 5 degrees close at hand Adapt our behavior to protect communities and natural habitats and mobilize the fis developed countries to keep their promise to mobilize at least 100 billion dollars in climate stronghold per year Finally work together to deliver and finalize the Paris Rulebook the detailed rules that make the Paris Agreement operational and accelerate actions to fight the climate crisis through collaboration between governments businesses and civil society She added that the outcome of the negotiations at COP26 should protect and restore nature follow the best available scientific data and enable inclusive action While commending the leadership shown by Buhari and her team led by the state Federal Environment Department Ms Sharon Ikeazor the British envoy said We look forward to seeing an effective implementation strategy for Nigeria s Nationally Determined Revised Contribution that will close the mitigation gap with support from the UK and other development partners to Ensure the decarbonization of the electricity sector for example find solutions for power plants blocked on the grid and stay the course on reforms of the electricity sector including tariffs reflecting costs the reduction network transmission and distribution losses and the removal of fuel subsidies Creating an enabling environment to boost large scale off grid solar energy eg and VAT rights on solar energy for home use Others are putting an end to gas flaring Agricultural reforms and adoption of climate smart agroforestry to help the Nigerian agricultural sector and many others she said Also speaking Minister of State for the Environment Ms Ikeazor said the Intergovernmental Panel on Climate Change IPCC had warned that the Earth s temperature was rising and the world was in Code red We got to this point because of the fossil fuel emissions which increased the carbon dioxide CO2 emissions there Climate change will transform our way of life causing water shortages and making food production more difficult Some areas could become dangerously hot and others uninhabitable due to rising sea levels Extreme weather events such as heat waves showers and storms will become more frequent and intense threatening lives and livelihoods and people in the poorest countries who are least able to survive adapt will suffer the most COP26 offers an opportunity to build back better and stronger especially after the COVID 19 pandemic It will be an opportunity to build a more resilient future One of the objectives of COP26 is adaptation which should be at the center of the concerns of developing countries such as Nigeria whose impacts have greatly affected Africa as a whole contributes only about 4 percent of global emissions she said She noted that in adapting to climate change Nigeria had developed a NAP 2020 framework aimed at establishing a framework for adaptation planning and governance for the country Nigeria recently developed an adaptation communication 2020 aimed at highlighting adaptation activities and efforts in the country in addition to receiving support for the readiness of the Green Climate Fund to advance its national adaptation plan process Nigeria s achievement ahead of COP26 is the Revised National Climate Change Policy NPCC approved in June 2020 which will enable us to implement mitigation measures and also strengthen adaptation towards a sustainable development path and climate change resilient for Nigeria she said Source NAN
    COP26: British Envoy calls for strategy on Nigeria’s Nationally determined contributions
    Environment1 year ago

    COP26: British Envoy calls for strategy on Nigeria’s Nationally determined contributions

    The 2021 Conference of the Parties (COP26) summit aims to protect and restore nature while tracking the best available science on climate change, said Catriona Laing, UK High Commissioner to Nigeria.

    Represented -Jones, Deputy High Commissioner at the Commission, Laing told a press conference the UK's ambitions for COP26 and what the UK expected to achieve at the summit.

    reports that COP26 is the next annual United Nations (UN) climate change conference to be attended by the United Nations Framework Convention on Climate Change (UNFCCC), a treaty that entered into force in 1994.

    This year's event, billed in Glasgow, Scotland, would be co-hosted with the Italian governments from October 31 to November 12, 2021.

    Laing said the summit, which was to be supported by leaders and delegations, had four clear goals to achieve, including "achieving global net zero by mid-century and keeping 1.5 degrees close at hand."

    “Adapt our behavior to protect communities and natural habitats; and mobilize the fis-developed countries to keep their promise to mobilize at least 100 billion dollars in climate stronghold per year.

    "Finally, work together to deliver and finalize the Paris Rulebook (the detailed rules that make the Paris Agreement operational) and accelerate actions to fight the climate crisis, through collaboration between governments, businesses and civil society . "

    She added that the outcome of the negotiations at COP26 should protect and restore nature, follow the best available scientific data and enable inclusive action.

    While commending the leadership shown by Buhari and her team, led by the state, Federal Environment Department, Ms Sharon Ikeazor, the British envoy said:

    “We look forward to seeing an effective implementation strategy for Nigeria's Nationally Determined Revised Contribution that will close the mitigation gap with support from the UK and other development partners to:.

    “Ensure the decarbonization of the electricity sector (for example, find solutions for power plants blocked on the grid) and stay the course on reforms of the electricity sector, including tariffs reflecting costs, the reduction network transmission and distribution losses; and the removal of fuel subsidies.

    “Creating an enabling environment to boost large-scale off-grid solar energy (eg, and VAT rights on solar energy for home use).

    “Others are putting an end to gas flaring. Agricultural reforms and adoption of climate smart agroforestry, to help the Nigerian agricultural sector and many others, ”she said.

    Also speaking, Minister of State for the Environment, Ms. Ikeazor, said the Intergovernmental Panel on Climate Change (IPCC) had warned that the Earth's temperature was rising and the world was in " Code red ”.

    “We got to this point because of the fossil fuel emissions which increased the carbon dioxide (CO2) emissions there.

    “Climate change will transform our way of life, causing water shortages and making food production more difficult. Some areas could become dangerously hot and others uninhabitable due to rising sea levels.

    “Extreme weather events such as heat waves, showers and storms will become more frequent and intense, threatening lives and livelihoods, and people in the poorest countries, who are least able to survive. adapt, will suffer the most.

    “COP26 offers an opportunity to build back better and stronger, especially after the COVID-19 pandemic. It will be an opportunity to build a more resilient future.

    “One of the objectives of COP26 is adaptation, which should be at the center of the concerns of developing countries such as Nigeria, whose impacts have greatly affected. Africa as a whole contributes only about 4 percent of global emissions, ”she said.

    She noted that in adapting to climate change, Nigeria had developed a NAP (2020) framework aimed at establishing a framework for adaptation planning and governance for the country.

    Nigeria recently developed an adaptation communication (2020) aimed at highlighting adaptation activities and efforts in the country, in addition to receiving support for the readiness of the Green Climate Fund to advance its national adaptation plan process.

    Nigeria's achievement ahead of COP26 is the Revised National Climate Change Policy (NPCC) approved in June 2020, which will enable us to implement mitigation measures and also strengthen adaptation towards a sustainable development path. and climate change resilient for Nigeria, ”she said.

    Source: NAN

  •   The Federation Accounts Allocation Committee FAAC shared between the three levels of government 739 965 billion naira as the Federation s allocation for September According to a statement by Mr Oshundun Olajide Deputy Director Information Ministry of Fice Budget and National Planning on Thursday evening the meeting was held through a virtual conference Of the 739 965 billion naira including value added tax VAT and foreign exchange gain the federal government received 301 311 billion naira the states received 220 272 billion naira the LGs received 164 176 billion naira However the oil producing states received 54 206 billion naira as a bypass 13 percent of mining revenues The statement released after the meeting said the gross disposable VAT income for September was 170 850 billion naira distributed the previous month resulting in a decrease of 7 659 billion naira The breakdown is as follows Federal government received 23 864 billion naira states received 79 548 billion naira local government councils received 55 684 billion naira The statutory distributed income of 692 283 billion naira received for the month was higher than the 537 518 billion naira received the previous month by 154 765 billion naira Of this amount the federal government received 276 008 billion naira the states received 139 995 billion naira LGC received 107 930 billion naira and the bypass 13 of mining revenues received 53 831 billion naira The statement further revealed that the Oil Profits Tax PPT oil and gas royalties and excise duties have increased significantly while import duties and VAT and tax on corporate income CIT declined slightly However he revealed that the total distributable income for the current month included gross statutory income of 577 765 billion naira VAT of 159 096 billion naira and foreign exchange gain of 3 104 billion naira These brought the total distributable income to 739 965 billion naira However the surplus gross account balance to date stands at 60 860 million Source NAN
    FG, States, LGCs share N739.96bn for Sept
      The Federation Accounts Allocation Committee FAAC shared between the three levels of government 739 965 billion naira as the Federation s allocation for September According to a statement by Mr Oshundun Olajide Deputy Director Information Ministry of Fice Budget and National Planning on Thursday evening the meeting was held through a virtual conference Of the 739 965 billion naira including value added tax VAT and foreign exchange gain the federal government received 301 311 billion naira the states received 220 272 billion naira the LGs received 164 176 billion naira However the oil producing states received 54 206 billion naira as a bypass 13 percent of mining revenues The statement released after the meeting said the gross disposable VAT income for September was 170 850 billion naira distributed the previous month resulting in a decrease of 7 659 billion naira The breakdown is as follows Federal government received 23 864 billion naira states received 79 548 billion naira local government councils received 55 684 billion naira The statutory distributed income of 692 283 billion naira received for the month was higher than the 537 518 billion naira received the previous month by 154 765 billion naira Of this amount the federal government received 276 008 billion naira the states received 139 995 billion naira LGC received 107 930 billion naira and the bypass 13 of mining revenues received 53 831 billion naira The statement further revealed that the Oil Profits Tax PPT oil and gas royalties and excise duties have increased significantly while import duties and VAT and tax on corporate income CIT declined slightly However he revealed that the total distributable income for the current month included gross statutory income of 577 765 billion naira VAT of 159 096 billion naira and foreign exchange gain of 3 104 billion naira These brought the total distributable income to 739 965 billion naira However the surplus gross account balance to date stands at 60 860 million Source NAN
    FG, States, LGCs share N739.96bn for Sept
    Economy1 year ago

    FG, States, LGCs share N739.96bn for Sept

    The Federation Accounts Allocation Committee (FAAC) shared between the three levels of government, 739.965 billion naira as the Federation's allocation for September.

    According to a statement by Mr. Oshundun Olajide, Deputy Director (Information), Ministry of Fice, Budget and National Planning on Thursday evening, the meeting was held through a virtual conference.

    “Of the 739.965 billion naira, including value added tax (VAT) and foreign exchange gain, the federal government received 301.311 billion naira, the states received 220.272 billion naira, the LGs received 164.176 billion naira.

    However, the oil-producing states received 54.206 billion naira as a bypass (13 percent of mining revenues).

    The statement released after the meeting said the gross disposable VAT income for September was 170.850 billion naira distributed the previous month, resulting in a decrease of 7.659 billion naira.

    “The breakdown is as follows; Federal government received 23.864 billion naira, states received 79.548 billion naira, local government councils received 55.684 billion naira.

    “The statutory distributed income of 692.283 billion naira received for the month was higher than the 537.518 billion naira received the previous month by 154.765 billion naira.

    “Of this amount, the federal government received 276.008 billion naira, the states received 139.995 billion naira, LGC received 107.930 billion naira and the bypass (13% of mining revenues) received 53.831 billion naira. "

    The statement further revealed that the Oil Profits Tax (PPT), oil and gas royalties and excise duties have increased significantly, while import duties and VAT and tax on corporate income (CIT) declined slightly.

    However, he revealed that the total distributable income for the current month included gross statutory income of 577.765 billion naira, VAT of 159.096 billion naira and foreign exchange gain of 3.104 billion naira.

    These brought the total distributable income to 739.965 billion naira.

    However, the surplus gross account balance to date stands at $ 60.860 million.

    Source: NAN

  •   The Federation Accounts Allocation Committee FAAC shared with the three levels of government 739 965 billion naira as the federation s allocation for September According to a statement by Oshundun Olajide Deputy Director Information Ministry of Finance Budget and National Planning Thursday evening the meeting was held through a virtual conference Of the 739 965 billion naira including value added tax VAT and foreign exchange gain the federal government received 301 311 billion naira the states received 220 272 billion naira the LGs received 164 176 billion naira However the oil producing states received 54 206 billion naira as a bypass 13 percent of mining revenues The statement released after the meeting said the gross disposable VAT income for September was 170 850 billion naira distributed the previous month resulting in a decrease of 7 659 billion naira The breakdown is as follows Federal government received 23 864 billion naira states received 79 548 billion naira local government councils received 55 684 billion naira The statutory distributed income of 692 283 billion naira received for the month was higher than the 537 518 billion naira received the previous month by 154 765 billion naira Of this amount the federal government received 276 008 billion naira the states received 139 995 billion naira LGC received 107 930 billion naira and the bypass 13 of mining revenues received 53 831 billion naira The statement further revealed that the oil profits tax TPP oil and gas royalties and excise duties have increased significantly while import duties and VAT and l corporate income tax CIT decreased slightly However he revealed that the total distributable income for the current month included gross statutory income of 577 765 billion naira VAT of 159 096 billion naira and foreign exchange gain of 3 104 billion naira These brought the total distributable income to 739 965 billion naira However the surplus gross account balance to date stands at 60 860 million NOPE
    FAAC: Nigerian govt, states, LGs share N739.96bn for September
      The Federation Accounts Allocation Committee FAAC shared with the three levels of government 739 965 billion naira as the federation s allocation for September According to a statement by Oshundun Olajide Deputy Director Information Ministry of Finance Budget and National Planning Thursday evening the meeting was held through a virtual conference Of the 739 965 billion naira including value added tax VAT and foreign exchange gain the federal government received 301 311 billion naira the states received 220 272 billion naira the LGs received 164 176 billion naira However the oil producing states received 54 206 billion naira as a bypass 13 percent of mining revenues The statement released after the meeting said the gross disposable VAT income for September was 170 850 billion naira distributed the previous month resulting in a decrease of 7 659 billion naira The breakdown is as follows Federal government received 23 864 billion naira states received 79 548 billion naira local government councils received 55 684 billion naira The statutory distributed income of 692 283 billion naira received for the month was higher than the 537 518 billion naira received the previous month by 154 765 billion naira Of this amount the federal government received 276 008 billion naira the states received 139 995 billion naira LGC received 107 930 billion naira and the bypass 13 of mining revenues received 53 831 billion naira The statement further revealed that the oil profits tax TPP oil and gas royalties and excise duties have increased significantly while import duties and VAT and l corporate income tax CIT decreased slightly However he revealed that the total distributable income for the current month included gross statutory income of 577 765 billion naira VAT of 159 096 billion naira and foreign exchange gain of 3 104 billion naira These brought the total distributable income to 739 965 billion naira However the surplus gross account balance to date stands at 60 860 million NOPE
    FAAC: Nigerian govt, states, LGs share N739.96bn for September
    Headlines1 year ago

    FAAC: Nigerian govt, states, LGs share N739.96bn for September

    The Federation Accounts Allocation Committee, FAAC, shared with the three levels of government, 739.965 billion naira as the federation's allocation for September.

    According to a statement by Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning Thursday evening, the meeting was held through a virtual conference.

    “Of the 739.965 billion naira, including value added tax (VAT) and foreign exchange gain, the federal government received 301.311 billion naira, the states received 220.272 billion naira, the LGs received 164.176 billion naira.

    However, the oil-producing states received 54.206 billion naira as a bypass (13 percent of mining revenues).

    The statement released after the meeting said the gross disposable VAT income for September was 170.850 billion naira distributed the previous month, resulting in a decrease of 7.659 billion naira.

    “The breakdown is as follows; Federal government received 23.864 billion naira, states received 79.548 billion naira, local government councils received 55.684 billion naira.

    “The statutory distributed income of 692.283 billion naira received for the month was higher than the 537.518 billion naira received the previous month by 154.765 billion naira.

    “Of this amount, the federal government received 276.008 billion naira, the states received 139.995 billion naira, LGC received 107.930 billion naira and the bypass (13% of mining revenues) received 53.831 billion naira. "

    The statement further revealed that the oil profits tax, TPP, oil and gas royalties and excise duties have increased significantly, while import duties and VAT and l corporate income tax, CIT, decreased slightly.

    However, he revealed that the total distributable income for the current month included gross statutory income of 577.765 billion naira, VAT of 159.096 billion naira and foreign exchange gain of 3.104 billion naira.

    These brought the total distributable income to 739.965 billion naira.

    However, the surplus gross account balance to date stands at $ 60.860 million.

    NOPE

  •   Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas LPG prices Experts also advised the Nigerian Liquefied Natural Gas Company NLNG to allocate enough gas to meet local consumption demand up to 1 2 metric tons to eliminate the impact of foreign currency Experts made this known in separate talks with Nigeria s news agency Abuja on Thursday while reacting to the continued rise in the price of LPG otherwise known as cooking gas reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality an effect that is unbearable for households and businesses due to its general use Dr Olanrewaju Aladeitan an oil and gas expert said he was surprised that 60 of our LPG comes from imports while Nigeria is more of a gas producing country than an oil producing country In view of this Aladeitan instructed the government to invest in the sector or better yet the Central Bank of Nigeria CBN to provide intervention funds to private investors to cushion the effect By doing this we would prepare for the Energy Transition which is there anyway It will also help in our decarbonization campaign he said Also speaking with economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country According to him the annual local consumption of LPG is around 1 2 million metric tons but NLNG only allocates 350 metric tons for local consumption while the rest is imported He said the imported product is subject to a 7 5 percent value added tax VAT The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar Often due to port congestion these imported gases attract demurrage which increases the cost he explained To find solutions to this price hike he said the government needs to tackle all of the aforementioned causes in order to bring the prices down He further advised that NLNG should allocate enough to meet local consumption demand up to 1 2 metric tons the impact of currency forex and import as well as the associated costs will be eliminated Ekechukwu said Mr Promise Ajujumbu an LPG retailer said 80 of the gas consumed locally is imported He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange NLG only supplies 20 percent of gas for domestic consumption while 80 percent comes from abroad And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price in the end it will affect the price and also make room for adulterated gas The rise started in April when a kilogram Kg was sold around N280 and N300 until the price is currently triggering up to N708 per Kg Currently 20 tons of LPG are sold at 9 5 million naira against 4 million naira before the increase Basically Nigeria is already blessed and can produce enough gas for domestic consumption If there were to be storage and exchange facilities as well as a removal of VAT the price would drop he said Mr John Abuchi another retailer urged the government to address the issues responsible for the high cost of gas Worried about the price going up every week Abuchi said there had been no gain in the market since then adding that he had suffered losses Ms Shade Akpan a gas consumer called the continued rise in prices absurd She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country It s really telling on the pocket and affects the purchase of a lot of other consumables she said Another consumer Ms Catherine Onyeka revealed that despite the price increase its quality has depreciated Onyeka added that before the looming crisis his 12 5 LPG cylinder when recharged for home use could last over a month She said now the gas was sold for N8 500 it could barely last three weeks I also use another 12 5 cylinder for my fast food business I am not happy because there is no more gain in my business The expense of gas refill alone has affected production costs and customer participation is also declining she said Meanwhile a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down www Source NAN
    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike
      Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas LPG prices Experts also advised the Nigerian Liquefied Natural Gas Company NLNG to allocate enough gas to meet local consumption demand up to 1 2 metric tons to eliminate the impact of foreign currency Experts made this known in separate talks with Nigeria s news agency Abuja on Thursday while reacting to the continued rise in the price of LPG otherwise known as cooking gas reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality an effect that is unbearable for households and businesses due to its general use Dr Olanrewaju Aladeitan an oil and gas expert said he was surprised that 60 of our LPG comes from imports while Nigeria is more of a gas producing country than an oil producing country In view of this Aladeitan instructed the government to invest in the sector or better yet the Central Bank of Nigeria CBN to provide intervention funds to private investors to cushion the effect By doing this we would prepare for the Energy Transition which is there anyway It will also help in our decarbonization campaign he said Also speaking with economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country According to him the annual local consumption of LPG is around 1 2 million metric tons but NLNG only allocates 350 metric tons for local consumption while the rest is imported He said the imported product is subject to a 7 5 percent value added tax VAT The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar Often due to port congestion these imported gases attract demurrage which increases the cost he explained To find solutions to this price hike he said the government needs to tackle all of the aforementioned causes in order to bring the prices down He further advised that NLNG should allocate enough to meet local consumption demand up to 1 2 metric tons the impact of currency forex and import as well as the associated costs will be eliminated Ekechukwu said Mr Promise Ajujumbu an LPG retailer said 80 of the gas consumed locally is imported He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange NLG only supplies 20 percent of gas for domestic consumption while 80 percent comes from abroad And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price in the end it will affect the price and also make room for adulterated gas The rise started in April when a kilogram Kg was sold around N280 and N300 until the price is currently triggering up to N708 per Kg Currently 20 tons of LPG are sold at 9 5 million naira against 4 million naira before the increase Basically Nigeria is already blessed and can produce enough gas for domestic consumption If there were to be storage and exchange facilities as well as a removal of VAT the price would drop he said Mr John Abuchi another retailer urged the government to address the issues responsible for the high cost of gas Worried about the price going up every week Abuchi said there had been no gain in the market since then adding that he had suffered losses Ms Shade Akpan a gas consumer called the continued rise in prices absurd She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country It s really telling on the pocket and affects the purchase of a lot of other consumables she said Another consumer Ms Catherine Onyeka revealed that despite the price increase its quality has depreciated Onyeka added that before the looming crisis his 12 5 LPG cylinder when recharged for home use could last over a month She said now the gas was sold for N8 500 it could barely last three weeks I also use another 12 5 cylinder for my fast food business I am not happy because there is no more gain in my business The expense of gas refill alone has affected production costs and customer participation is also declining she said Meanwhile a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down www Source NAN
    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike
    General news1 year ago

    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike

    Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas (LPG) prices.

    Experts also advised the Nigerian Liquefied Natural Gas Company (NLNG) to allocate enough gas to meet local consumption demand, up to 1.2 metric tons, to eliminate the impact of foreign currency. .

    Experts made this known in separate talks with Nigeria's news agency , Abuja, on Thursday while reacting to the continued rise in the price of LPG, otherwise known as cooking gas.

    reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality, an effect that is unbearable for households and businesses due to its general use.

    Dr Olanrewaju Aladeitan, an oil and gas expert, said he was surprised that 60% of our LPG comes from imports, while Nigeria is more of a gas-producing country than an oil-producing country.

    In view of this, Aladeitan instructed the government to invest in the sector or, better yet, the Central Bank of Nigeria (CBN) to provide intervention funds to private investors to cushion the effect.

    “By doing this, we would prepare for the Energy Transition which is there anyway. It will also help in our decarbonization campaign, ”he said.

    Also, speaking with, economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country.

    According to him, the annual local consumption of LPG is around 1.2 million metric tons, but NLNG only allocates 350 metric tons for local consumption, while the rest is imported.

    He said the imported product is subject to a 7.5 percent value added tax (VAT).

    “The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar.

    "Often, due to port congestion, these imported gases attract demurrage which increases the cost," he explained.

    To find solutions to this price hike, he said the government needs to tackle all of the aforementioned causes in order to bring the prices down.

    He further advised that NLNG should allocate enough to meet local consumption demand, up to 1.2 metric tons.

    ", the impact of currency (forex) and import as well as the associated costs will be eliminated," Ekechukwu said.

    Mr. Promise Ajujumbu, an LPG retailer, said 80% of the gas consumed locally is imported.

    He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange.

    “NLG only supplies 20 percent of gas for domestic consumption, while 80 percent comes from abroad.

    “And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price, in the end it will affect the price and also make room for adulterated gas.

    “The rise started in April when a kilogram (Kg) was sold around N280 and N300 until the price is currently triggering up to N708 per Kg.

    “Currently, 20 tons of LPG are sold at 9.5 million naira against 4 million naira before the increase.

    “Basically Nigeria is already blessed and can produce enough gas for domestic consumption.

    "If there were to be storage and exchange facilities as well as a removal of VAT, the price would drop," he said.

    Mr. John Abuchi, another retailer, urged the government to address the issues responsible for the high cost of gas.

    Worried about the price going up every week, Abuchi said there had been no gain in the market since then, adding that he had suffered losses.

    Ms. Shade Akpan, a gas consumer, called the continued rise in prices absurd.

    She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country.

    “It's really telling on the pocket and affects the purchase of a lot of other consumables,” she said.

    Another consumer, Ms. Catherine Onyeka, revealed that despite the price increase, its quality has depreciated.

    Onyeka added that before the looming crisis, his 12.5 LPG cylinder, when recharged for home use, could last over a month.

    She said now the gas was sold for N8,500, it could barely last three weeks.

    “I also use another 12.5 cylinder for my fast food business.

    “I am not happy because there is no more gain in my business.

    “The expense of gas refill alone has affected production costs and customer participation is also declining,” she said.

    Meanwhile, a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike.

    The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down. (www.)

    Source: NAN

  •   Enugu s electricity utility EEDC claims to have measured 92 000 customers in the southeast as part of the federal government s national mass measurement program NMMP Mr Emeka Ezeh Head of Corporate Communications EEDC revealed this when he spoke with Nigeria s News Agency in Enugu on Thursday Ezeh said customers were being measured as part of the program s phase zero He said EEDC was already finishing the phase ahead of the next phase of the program The NMMP meters have been distributed in the EEDC franchise coverage area in the southeast which covers Abia Anambra Ebonyi Enugu and Imo We anticipate that the next phase Phase 1 will start in no time EEDC has also launched its Meter Asset Provider MAP a metering system that allows customers to pay meters and be reimbursed as energy in 36 equal installments he said The EEDC spokesperson said the MAP which was reintroduced after its suspension in 2020 would complement the NMMP He said customers should see the new MAP as another way to access the meters and take advantage of the program as it would allow them to get the meters for free as the purchase cost will be reimbursed To get started customers should go to the customer service unit of any EEDC district office to pick up the meter request form or else log into the EEDC website www enugudisco com click on the MAP meter request button to complete the online form Once the customer has completed the form and returned it to the customer service representative with a copy of the last electricity bill and an ID driver s license voter card NIN or international passport the pre survey process will be initiated to determine the appropriate meter required for the installation Once the pre survey process is complete the customer will receive a demand ticket to make an upfront payment for the approved meter This document will contain the name of the MAP the amount to be paid by the customer the designated bank and the account details Once payment for the approved meter is made to the designated bank a copy of the bank teller must be presented to the customer service representative at the EEDC district office This will start the meter installation process and within 10 business days of payment the MAP is obligated to have the customer measured Regarding the cost of MAP meters a single phase meter costs 48 263 N while a three phase meter costs 89 069 N These costs are inclusive of VAT he said Ezeh added It is important to point out that the meter request form is not for sale and is issued free of charge Customers must make payment to a dedicated bank account as provided in the demand note and not to an individual or group MAP and NMMP must work simultaneously and customers are free to use any counting program For any inquiries or assistance customers are encouraged to contact customer service representatives in district offices call the MAP support service on 08150825365 the EEDC call center on 084700100 or send an e mail to customerservice enugudisco com NAN reports that the federal government has launched the NMMP which provides free prepaid meters to Nigerians to close the large metering gap and end the estimated billing scheme NOPE
    92,000 electricity customers metered in South East – EEDC
      Enugu s electricity utility EEDC claims to have measured 92 000 customers in the southeast as part of the federal government s national mass measurement program NMMP Mr Emeka Ezeh Head of Corporate Communications EEDC revealed this when he spoke with Nigeria s News Agency in Enugu on Thursday Ezeh said customers were being measured as part of the program s phase zero He said EEDC was already finishing the phase ahead of the next phase of the program The NMMP meters have been distributed in the EEDC franchise coverage area in the southeast which covers Abia Anambra Ebonyi Enugu and Imo We anticipate that the next phase Phase 1 will start in no time EEDC has also launched its Meter Asset Provider MAP a metering system that allows customers to pay meters and be reimbursed as energy in 36 equal installments he said The EEDC spokesperson said the MAP which was reintroduced after its suspension in 2020 would complement the NMMP He said customers should see the new MAP as another way to access the meters and take advantage of the program as it would allow them to get the meters for free as the purchase cost will be reimbursed To get started customers should go to the customer service unit of any EEDC district office to pick up the meter request form or else log into the EEDC website www enugudisco com click on the MAP meter request button to complete the online form Once the customer has completed the form and returned it to the customer service representative with a copy of the last electricity bill and an ID driver s license voter card NIN or international passport the pre survey process will be initiated to determine the appropriate meter required for the installation Once the pre survey process is complete the customer will receive a demand ticket to make an upfront payment for the approved meter This document will contain the name of the MAP the amount to be paid by the customer the designated bank and the account details Once payment for the approved meter is made to the designated bank a copy of the bank teller must be presented to the customer service representative at the EEDC district office This will start the meter installation process and within 10 business days of payment the MAP is obligated to have the customer measured Regarding the cost of MAP meters a single phase meter costs 48 263 N while a three phase meter costs 89 069 N These costs are inclusive of VAT he said Ezeh added It is important to point out that the meter request form is not for sale and is issued free of charge Customers must make payment to a dedicated bank account as provided in the demand note and not to an individual or group MAP and NMMP must work simultaneously and customers are free to use any counting program For any inquiries or assistance customers are encouraged to contact customer service representatives in district offices call the MAP support service on 08150825365 the EEDC call center on 084700100 or send an e mail to customerservice enugudisco com NAN reports that the federal government has launched the NMMP which provides free prepaid meters to Nigerians to close the large metering gap and end the estimated billing scheme NOPE
    92,000 electricity customers metered in South East – EEDC
    Headlines1 year ago

    92,000 electricity customers metered in South East – EEDC

    Enugu's electricity utility, EEDC, claims to have measured 92,000 customers in the southeast, as part of the federal government's national mass measurement program, NMMP.

    Mr. Emeka Ezeh, Head of Corporate Communications, EEDC, revealed this when he spoke with Nigeria's News Agency in Enugu on Thursday.

    Ezeh said customers were being measured as part of the program's phase zero.

    He said EEDC was already finishing the phase, ahead of the next phase of the program.

    “The NMMP meters have been distributed in the EEDC franchise coverage area in the southeast, which covers Abia, Anambra, Ebonyi, Enugu and Imo.

    “We anticipate that the next phase - 'Phase 1' will start in no time.

    “EEDC has also launched its Meter Asset Provider (MAP), a metering system that allows customers to pay meters and be reimbursed as energy in 36 equal installments,” he said.

    The EEDC spokesperson said the MAP, which was reintroduced after its suspension in 2020, would complement the NMMP.

    He said customers should see the new MAP as another way to access the meters and take advantage of the program as it would allow them to get the meters for free as the purchase cost will be reimbursed.

    “To get started, customers should go to the customer service unit of any EEDC district office to pick up the meter request form, or else log into the EEDC website ( www.enugudisco.com), click on the MAP meter request button to complete the online form.

    "Once the customer has completed the form and returned it to the customer service representative with a copy of the last electricity bill and an ID (driver's license, voter card, NIN or international passport) ), the pre-survey process will be initiated to determine the appropriate meter required for the installation.

    “Once the pre-survey process is complete, the customer will receive a demand ticket to make an upfront payment for the approved meter.

    “This document will contain the name of the MAP, the amount to be paid by the customer, the designated bank and the account details. Once payment for the approved meter is made to the designated bank, a copy of the bank teller must be presented to the customer service representative at the EEDC district office.

    “This will start the meter installation process and within 10 business days of payment the MAP is obligated to have the customer measured.

    “Regarding the cost of MAP meters, a single-phase meter costs 48,263 N, while a three-phase meter costs 89,069 N. These costs are inclusive of VAT,” he said.

    Ezeh added, “It is important to point out that the meter request form is not for sale and is issued free of charge.

    “Customers must make payment to a dedicated bank account as provided in the demand note and not to an individual or group.

    “MAP and NMMP must work simultaneously and customers are free to use any counting program.

    “For any inquiries or assistance, customers are encouraged to contact customer service representatives in district offices, call the MAP support service on: 08150825365, the EEDC call center on: 084700100 or send an e -mail to: customerservice@enugudisco.com.

    NAN reports that the federal government has launched the NMMP, which provides free prepaid meters to Nigerians, to close the large metering gap and end the estimated billing scheme.

    NOPE

  •   IMF team and authorities discussed the 2022 draft budget to achieve key program objectives WASHINGTON DC United States of America October 27 2021 APO Group Staff and the authorities reached a staff level agreement on the first review under the three year Extended Credit Facility ECF arrangement Increasing public investment and social spending depends crucially on continued efforts to increase revenues reduce non priority spending and ensure efficient and transparent use of public funds including the allocation of SDRs The authorities remain committed to building up reserves to guard against external shocks improve governance and the business climate and strengthen transparency including in the mining sector An international monetary team IMF led by Ms Mercedes Vera Martin conducted virtual discussions from October 4 to 13 and meetings with the authorities in Kinshasa from October 20 to 27 on the first review of the three year agreement under the Extended Credit Facility ECF At the end of the mission Ms Vera Martin made the following statement Following productive discussions the authorities of the Democratic Republic of the Congo and the IMF team reached an agreement at the staff level on the conclusion of the first review under the ECF arrangement subject to the IMF management approval The review by the IMF Executive Board is expected in December 2021 Despite the persistence of the COVID 19 pandemic the economy is recovering growth for 2021 2022 has been revised up to 5 4 and 6 2 respectively supported by higher than expected mining production and a rebound in non extractive growth Inflation remained stuck at around 5 percent Better than expected external developments supported by high commodity prices allowed a significant increase in gross international reserves to 3 3 billion in mid October 2021 compared to 0 8 billion at the end of 2020 This reflects more proactive currency purchases by the central bank and the general allocation of SDRs at the end of August The increase in tax revenue allowed additional spending mainly investment without jeopardizing the budget deficit at the end of 2021 The IMF team and the authorities have discussed the 2022 draft budget to secure the key objectives of the program In addition to realistic revenue projections the budget provides for an increase in public investment which will be financed to some extent by the partial use of the SDR allocation As the capacity and governance of the institution responsible for the implementation monitoring and execution of the project are strengthened additional guarantees to support efficient and transparent use of funds are needed The projected deficit which is expected to widen will remain in line with program objectives Strengthening revenue mobilization remains a key objective that must be supported by continued progress in tax reforms including the modernization and digitization of tax administration improving tax compliance restoring the good operation of the VAT system the implementation of the excise duty traceability system and the rationalization of tax expenditures and non tax charges The authorities are also committed to improving public financial management to limit non priority spending in particular by respecting the expenditure chain reducing the wage bill and limiting the budgetary costs linked to fuel pricing This is crucial to create space for growth friendly spending in priority sectors such as health education and infrastructure The Central Bank of Congo BCC has embarked on ambitious reforms strengthening its independence The program remains anchored to avoid reliance on central bank funding which would help keep inflation low and stable In the short term reforms will focus on regularizing outstanding loans to the government and revising the reserve requirement framework The BCC is also committed to strengthening guarantees and governance in particular by improving its internal audit The Commercial Banking Bill due to be submitted to Parliament by the end of November will help strengthen prudential regulatory and supervisory frameworks as well as formulation of crisis prevention and resolution Improving governance remains a cornerstone of the program with continued emphasis on strengthening the management of extractive resources improve the transparency accountability and efficiency of public finances and fight against corruption and money laundering The authorities are working on amendments to the law on combating money laundering and the financing of terrorism to meet global standard recommendations and the framework for the declaration of assets in accordance with article 99 of the Constitution Advancing structural reforms is essential to support recovery and promote higher and more inclusive growth The success of the program depends on prudent macroeconomic policies and an improved business climate to attract private investment The mission met the President of the Senate Modeste Bahati Lukwebo the Prime Minister Jean Michel Sama Lukonde Kyenge the Minister of State and Budget Aim Boji the Minister of Finance Nicolas Kazadi the Minister of Public Enterprises Ad le Kahinda Mayina BCC Governor Malangu Kabedi Mbuyi other senior officials development partners and representatives of the private sector The mission thanks the Congolese authorities for their close cooperation and open discussions
    IMF Team and Democratic Republic of Congo Authorities Reach Staff-Level Agreement on First Extended Credit Facility Review
      IMF team and authorities discussed the 2022 draft budget to achieve key program objectives WASHINGTON DC United States of America October 27 2021 APO Group Staff and the authorities reached a staff level agreement on the first review under the three year Extended Credit Facility ECF arrangement Increasing public investment and social spending depends crucially on continued efforts to increase revenues reduce non priority spending and ensure efficient and transparent use of public funds including the allocation of SDRs The authorities remain committed to building up reserves to guard against external shocks improve governance and the business climate and strengthen transparency including in the mining sector An international monetary team IMF led by Ms Mercedes Vera Martin conducted virtual discussions from October 4 to 13 and meetings with the authorities in Kinshasa from October 20 to 27 on the first review of the three year agreement under the Extended Credit Facility ECF At the end of the mission Ms Vera Martin made the following statement Following productive discussions the authorities of the Democratic Republic of the Congo and the IMF team reached an agreement at the staff level on the conclusion of the first review under the ECF arrangement subject to the IMF management approval The review by the IMF Executive Board is expected in December 2021 Despite the persistence of the COVID 19 pandemic the economy is recovering growth for 2021 2022 has been revised up to 5 4 and 6 2 respectively supported by higher than expected mining production and a rebound in non extractive growth Inflation remained stuck at around 5 percent Better than expected external developments supported by high commodity prices allowed a significant increase in gross international reserves to 3 3 billion in mid October 2021 compared to 0 8 billion at the end of 2020 This reflects more proactive currency purchases by the central bank and the general allocation of SDRs at the end of August The increase in tax revenue allowed additional spending mainly investment without jeopardizing the budget deficit at the end of 2021 The IMF team and the authorities have discussed the 2022 draft budget to secure the key objectives of the program In addition to realistic revenue projections the budget provides for an increase in public investment which will be financed to some extent by the partial use of the SDR allocation As the capacity and governance of the institution responsible for the implementation monitoring and execution of the project are strengthened additional guarantees to support efficient and transparent use of funds are needed The projected deficit which is expected to widen will remain in line with program objectives Strengthening revenue mobilization remains a key objective that must be supported by continued progress in tax reforms including the modernization and digitization of tax administration improving tax compliance restoring the good operation of the VAT system the implementation of the excise duty traceability system and the rationalization of tax expenditures and non tax charges The authorities are also committed to improving public financial management to limit non priority spending in particular by respecting the expenditure chain reducing the wage bill and limiting the budgetary costs linked to fuel pricing This is crucial to create space for growth friendly spending in priority sectors such as health education and infrastructure The Central Bank of Congo BCC has embarked on ambitious reforms strengthening its independence The program remains anchored to avoid reliance on central bank funding which would help keep inflation low and stable In the short term reforms will focus on regularizing outstanding loans to the government and revising the reserve requirement framework The BCC is also committed to strengthening guarantees and governance in particular by improving its internal audit The Commercial Banking Bill due to be submitted to Parliament by the end of November will help strengthen prudential regulatory and supervisory frameworks as well as formulation of crisis prevention and resolution Improving governance remains a cornerstone of the program with continued emphasis on strengthening the management of extractive resources improve the transparency accountability and efficiency of public finances and fight against corruption and money laundering The authorities are working on amendments to the law on combating money laundering and the financing of terrorism to meet global standard recommendations and the framework for the declaration of assets in accordance with article 99 of the Constitution Advancing structural reforms is essential to support recovery and promote higher and more inclusive growth The success of the program depends on prudent macroeconomic policies and an improved business climate to attract private investment The mission met the President of the Senate Modeste Bahati Lukwebo the Prime Minister Jean Michel Sama Lukonde Kyenge the Minister of State and Budget Aim Boji the Minister of Finance Nicolas Kazadi the Minister of Public Enterprises Ad le Kahinda Mayina BCC Governor Malangu Kabedi Mbuyi other senior officials development partners and representatives of the private sector The mission thanks the Congolese authorities for their close cooperation and open discussions
    IMF Team and Democratic Republic of Congo Authorities Reach Staff-Level Agreement on First Extended Credit Facility Review
    Africa1 year ago

    IMF Team and Democratic Republic of Congo Authorities Reach Staff-Level Agreement on First Extended Credit Facility Review

    IMF team and authorities discussed the 2022 draft budget to achieve key program objectives

    WASHINGTON DC, United States of America, October 27, 2021 / APO Group / -

    Staff and the authorities reached a staff-level agreement on the first review under the three-year Extended Credit Facility (ECF) arrangement; Increasing public investment and social spending depends crucially on continued efforts to increase revenues, reduce non-priority spending and ensure efficient and transparent use of public funds, including the allocation of SDRs; The authorities remain committed to building up reserves to guard against external shocks, improve governance and the business climate and strengthen transparency, including in the mining sector.

    An international monetary team (IMF), led by Ms. Mercedes Vera Martin, conducted virtual discussions (from October 4 to 13) and meetings with the authorities in Kinshasa from October 20 to 27, on the first review of the three-year agreement under the Extended Credit Facility (ECF).

    At the end of the mission, Ms. Vera Martin made the following statement:

    “Following productive discussions, the authorities of the Democratic Republic of the Congo and the IMF team reached an agreement at the staff level on the conclusion of the first review under the ECF arrangement subject to the IMF management approval. The review by the IMF Executive Board is expected in December 2021.

    “Despite the persistence of the COVID-19 pandemic, the economy is recovering; growth for 2021-2022 has been revised up to 5.4% and 6.2% respectively, supported by higher than expected mining production and a rebound in non-extractive growth. Inflation remained stuck at around 5 percent. Better than expected external developments, supported by high commodity prices, allowed a significant increase in gross international reserves to $ 3.3 billion in mid-October 2021 (compared to $ 0.8 billion at the end of 2020). This reflects more proactive currency purchases by the central bank and the general allocation of SDRs at the end of August. The increase in tax revenue allowed additional spending, mainly investment, without jeopardizing the budget deficit at the end of 2021.

    “The IMF team and the authorities have discussed the 2022 draft budget to secure the key objectives of the program. In addition to realistic revenue projections, the budget provides for an increase in public investment, which will be financed to some extent by the partial use of the SDR allocation. As the capacity and governance of the institution responsible for the implementation, monitoring and execution of the project are strengthened, additional guarantees to support efficient and transparent use of funds are needed. The projected deficit, which is expected to widen, will remain in line with program objectives.

    “Strengthening revenue mobilization remains a key objective that must be supported by continued progress in tax reforms, including the modernization and digitization of tax administration, improving tax compliance, restoring the good operation of the VAT system, the implementation of the excise duty traceability system and the rationalization of tax expenditures and non-tax charges. The authorities are also committed to improving public financial management to limit non-priority spending, in particular by respecting the expenditure chain, reducing the wage bill and limiting the budgetary costs linked to fuel pricing. This is crucial to create space for growth-friendly spending in priority sectors such as health, education and infrastructure.

    “The Central Bank of Congo (BCC) has embarked on ambitious reforms strengthening its independence. The program remains anchored to avoid reliance on central bank funding, which would help keep inflation low and stable. In the short term, reforms will focus on regularizing outstanding loans to the government and revising the reserve requirement framework. The BCC is also committed to strengthening guarantees and governance, in particular by improving its internal audit. The Commercial Banking Bill, due to be submitted to Parliament by the end of November, will help strengthen prudential regulatory and supervisory frameworks, as well as formulation of crisis prevention and resolution.

    “Improving governance remains a cornerstone of the program, with continued emphasis on strengthening the management of extractive resources; improve the transparency, accountability and efficiency of public finances; and fight against corruption and money laundering. The authorities are working on amendments to the law on combating money laundering and the financing of terrorism, to meet global standard recommendations, and the framework for the declaration of assets in accordance with article 99 of the Constitution.

    “Advancing structural reforms is essential to support recovery and promote higher and more inclusive growth. The success of the program depends on prudent macroeconomic policies and an improved business climate to attract private investment.

    “The mission met the President of the Senate Modeste Bahati Lukwebo, the Prime Minister Jean-Michel Sama Lukonde Kyenge, the Minister of State and Budget Aimé Boji, the Minister of Finance Nicolas Kazadi, the Minister of Public Enterprises Adèle Kahinda Mayina , BCC Governor Malangu Kabedi Mbuyi, other senior officials, development partners and representatives of the private sector. The mission thanks the Congolese authorities for their close cooperation and open discussions.

  •   Germany s government expects inflation to rise to three percent in 2021 before subsiding over the next years official estimates published on Wednesday showed Bottlenecks and recent sharp rises in global energy prices have pushed the rate of inflation up the economy ministry said in a statement The forecast increase in 2021 would be the highest since 1993 when inflation was 4 5 percent Inflation would subsequently fall to 2 2 percent in 2022 and 1 7 percent in 2023 the German government predicted The rate of inflation would already reach a significantly lower level by the turn of the year as one off effects driving inflation such as a temporary reduction in German VAT would no longer factor into the calculation the economy ministry said The government introduced the temporary VAT reduction in 2020 to mitigate the impact of Covid 19 lockdowns on the economy lowering the base against which current price rises are measured Other inflation drivers would also begin to lift German Economy Minister Peter Altmaier said in a press conference while the government expects energy prices to consolidate and partially sink Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid induced restrictions We hope that this development in energy prices has reached a ceiling Altmaier said In September prices rose in Germany by 4 1 percent year on year according to the federal statistics agency Destatis The economy ministry on Wednesday revised down its estimate for growth in 2021 to 2 6 percent from its previous estimate of 3 5 percent made in April Source Credit TheGuardian
    Germany expects inflation to peak at 3% before falling
      Germany s government expects inflation to rise to three percent in 2021 before subsiding over the next years official estimates published on Wednesday showed Bottlenecks and recent sharp rises in global energy prices have pushed the rate of inflation up the economy ministry said in a statement The forecast increase in 2021 would be the highest since 1993 when inflation was 4 5 percent Inflation would subsequently fall to 2 2 percent in 2022 and 1 7 percent in 2023 the German government predicted The rate of inflation would already reach a significantly lower level by the turn of the year as one off effects driving inflation such as a temporary reduction in German VAT would no longer factor into the calculation the economy ministry said The government introduced the temporary VAT reduction in 2020 to mitigate the impact of Covid 19 lockdowns on the economy lowering the base against which current price rises are measured Other inflation drivers would also begin to lift German Economy Minister Peter Altmaier said in a press conference while the government expects energy prices to consolidate and partially sink Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid induced restrictions We hope that this development in energy prices has reached a ceiling Altmaier said In September prices rose in Germany by 4 1 percent year on year according to the federal statistics agency Destatis The economy ministry on Wednesday revised down its estimate for growth in 2021 to 2 6 percent from its previous estimate of 3 5 percent made in April Source Credit TheGuardian
    Germany expects inflation to peak at 3% before falling
    Foreign1 year ago

    Germany expects inflation to peak at 3% before falling

    Germany’s government expects inflation to rise to three percent in 2021 before subsiding over the next years, official estimates published on Wednesday showed.

    “Bottlenecks and recent sharp rises in global energy prices” have pushed the rate of inflation up, the economy ministry said in a statement.

    The forecast increase in 2021 would be the highest since 1993, when inflation was 4.5 percent.

    Inflation would subsequently fall to 2.2 percent in 2022 and 1.7 percent in 2023, the German government predicted.

    The rate of inflation would “already reach a significantly lower level by the turn of the year”, as one-off effects driving inflation, such as a temporary reduction in German VAT, would no longer factor into the calculation, the economy ministry said.

    The government introduced the temporary VAT reduction in 2020 to mitigate the impact of Covid-19 lockdowns on the economy, lowering the base against which current price rises are measured.

    Other inflation drivers would also begin to “lift”, German Economy Minister Peter Altmaier said in a press conference, while the government expects energy prices to “consolidate and partially sink”.

    Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid-induced restrictions.

    “We hope that this development in energy prices has reached a ceiling,” Altmaier said.

    In September, prices rose in Germany by 4.1 percent year on year, according to the federal statistics agency Destatis.

    The economy ministry on Wednesday revised down its estimate for growth in 2021 to 2.6 percent from its previous estimate of 3.5 percent, made in April.

    Source Credit: TheGuardian

  •   By Wandoo Sombo Governor Nyesom Wike of Rivers said the state is not fighting the federal government or any of its agencies for the collection of value added tax VAT as being implied in some quarters Speaking on Sunday in Abuja at a public conference titled Tax Powers in a Federal System to mark the 60th birthday of Mr Ahmed Raji SAN Wike said the state is not trying to prosecute what was just and legitimate in the arms of the Constitution The governor represented by the state attorney general Mr Zacchaeus Adangor SAN argued that Rivers and the federal government were equal because they both derived their lives from the constitution I ve heard a lot of comments that we are fighting the federal government there is no desire or intention of the Rivers government to fight the federal government The principle of coequality is fundamental in a federal arrangement this principle leads to the principle of autonomy autonomy leads to physical autonomy and physical autonomy leads to physical federalism and when you put all the principles together it means that each level of government whether federal or state is co equal because none derives its life from the other They both derive their lives from the constitution because they have co equality This is the fundamental aspect of physical federalism and until we get it we will continue this journey of talking to no avail but I think the tribunal has a role to play the tribunal can end this crisis and to this controversy when he makes a statement Also speaking at the event Prof Abiola Sani called on the judiciary to make a final and final decision on the impasse surrounding tax collection in the Nigerian federal system Sani a professor of commercial law who was the guest speaker on the occasion called on the National Assembly to use the current constitutional amendment to bring out clear taxation powers between the three levels of government Source NAN
    Rivers not fighting FG over tax collection – Wike
      By Wandoo Sombo Governor Nyesom Wike of Rivers said the state is not fighting the federal government or any of its agencies for the collection of value added tax VAT as being implied in some quarters Speaking on Sunday in Abuja at a public conference titled Tax Powers in a Federal System to mark the 60th birthday of Mr Ahmed Raji SAN Wike said the state is not trying to prosecute what was just and legitimate in the arms of the Constitution The governor represented by the state attorney general Mr Zacchaeus Adangor SAN argued that Rivers and the federal government were equal because they both derived their lives from the constitution I ve heard a lot of comments that we are fighting the federal government there is no desire or intention of the Rivers government to fight the federal government The principle of coequality is fundamental in a federal arrangement this principle leads to the principle of autonomy autonomy leads to physical autonomy and physical autonomy leads to physical federalism and when you put all the principles together it means that each level of government whether federal or state is co equal because none derives its life from the other They both derive their lives from the constitution because they have co equality This is the fundamental aspect of physical federalism and until we get it we will continue this journey of talking to no avail but I think the tribunal has a role to play the tribunal can end this crisis and to this controversy when he makes a statement Also speaking at the event Prof Abiola Sani called on the judiciary to make a final and final decision on the impasse surrounding tax collection in the Nigerian federal system Sani a professor of commercial law who was the guest speaker on the occasion called on the National Assembly to use the current constitutional amendment to bring out clear taxation powers between the three levels of government Source NAN
    Rivers not fighting FG over tax collection – Wike
    General news1 year ago

    Rivers not fighting FG over tax collection – Wike

    By Wandoo Sombo

    Governor Nyesom Wike of Rivers said the state is not fighting the federal government or any of its agencies for the collection of value added tax (VAT) as being implied in some quarters.

    Speaking on Sunday in Abuja at a public conference titled: "Tax Powers in a Federal System" to mark the 60th birthday of Mr. Ahmed Raji (SAN), Wike said the state is not trying to prosecute what was just and legitimate in the arms of the Constitution.

    The governor represented by the state attorney general, Mr. Zacchaeus Adangor (SAN) argued that Rivers and the federal government were equal because they both derived their lives from the constitution.

    “I've heard a lot of comments that we are fighting the federal government, there is no desire or intention of the Rivers government to fight the federal government.

    “The principle of coequality is fundamental in a federal arrangement, this principle leads to the principle of autonomy, autonomy leads to physical autonomy and physical autonomy leads to physical federalism and when you put all the principles together it means that each level of government, whether federal or state, is co-equal because none derives its life from the other.

    “They both derive their lives from the constitution because they have co-equality.

    "This is the fundamental aspect of physical federalism and until we get it we will continue this journey of talking to no avail but I think the tribunal has a role to play, the tribunal can end this crisis. and to this controversy when he makes a statement. "

    Also speaking at the event, Prof. Abiola Sani called on the judiciary to make a final and final decision on the impasse surrounding tax collection in the Nigerian federal system.

    Sani, a professor of commercial law, who was the guest speaker on the occasion, called on the National Assembly to use the current constitutional amendment to bring out clear taxation powers between the three levels of government.

    Source: NAN

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