Nigeria’s tax collection agency has attributed the low level of tax compliance in the country and others developing countries to the failure of the social contract between taxpayers and the government. According to the chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami. it is expected that if the citizens are committed to paying taxes, the government should be committed to using the taxes for the common good of all citizens. Nami, who spoke at the launch of the Public Finance Database by the Nigeria Governors’ Forum (NGF) in Abuja, noted that when governments deploy tax revenues for the…
Author: Elvis Eromosele
As part of efforts to foster a safer, more inclusive payments ecosystem, Interswitch, Africa’s leading integrated payments and digital commerce company, in collaboration with Providus Bank, has emphasized the need for heightened focus on security in the payments ecosystem. This submission was made at the official unveiling of the tokenization solution jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, where industry experts also gathered to discuss current and future trends in the payments space. One of the key trends highlighted at the event was the demand for more convenient, accessible, and secure means of conducting everyday financial transactions by…
The Federation Account Allocation Committee (FAAC) has revealed that N673.137 billion was shared among the three tiers of government as federation allocation for August. This was contained in a statement issued by the Director of Information and Press, Phil Abiamuwe-Mowete, on Friday. The statement revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion, and the Local Government Councils received N164.247 billion. Adding that the N673.137 billion was inclusive of Gross Statutory Revenue, Value Added Tax, and augmentation of Non-Oil Excess Revenue. The statement indicated that the Gross Revenue available from the VAT…
By Elvis Eromosele Universal access to financial services is today widely regarded as a fundamental human right. Firms helping to drive access to financial services are highly regarded as enablers of financial inclusion. “Financial inclusion,” according to the World Bank, “means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered responsibly and sustainably.” It is viewed as a key enabler in reducing poverty and boosting prosperity. Across developing countries, fintechs are at the forefront of bridging the financial inclusion gap. Over the…
Roger Federer said on social media last week that he was ready to retire, and now the fateful day is here: The 41-year-old tennis legend will take the court for the final time as a professional on Friday alongside Rafael Nadal in a doubles match in London at the Laver Cup, the international team tournament he cofounded in 2017. Federer, who has been sidelined by a knee injury since reaching the Wimbledon quarterfinals in July 2021, is among the most accomplished players in the history of the sport when judged by his on-court exploits. However, there’s no debate off the…
The Nigerian Electricity Regulatory Commission has said power consumers paid a total of N210.17bn to distribution companies in the fourth quarter of last year. It disclosed this in its Quarterly Report for Fourth Quarter 2021 released on Thursday, noting that the N210.17bn represented 9.34 per cent of the total electricity bill given to consumers by electricity distribution companies during the period. “The total revenue collected by all Discos in 2021/Q4 was N210.17bn out of N303.11bn billed to customers – corresponding to a collection efficiency of 69.34 per cent (70.89 per cent in 2021/Q3),” the regulator stated. It added, “Compared to…
The African Development Bank (AfDB) has issued a $100 million 7-year “Feed Africa” Theme Bond due September 2029 in a bid to ramp up food production in the continent. The new issuance was arranged by Citigroup Global Markets Limited and sold in a Private Placement format to a single Japanese investor, Norinchukin Bank, a strong supporter of the Agricultural, Fishery and Forestry industries, the bank said in a statement. Through this investment in the African Development Bank’s “Feed Africa” theme bond, the investor aims to support the Bank’s initiatives and contribute to the increase in food production in Africa. The…
Nasarawa State Emergency Management Agency (NASEMA), says no fewer than 361,000 persons have been displaced by flood following recent heavy rains in the state. Mr Zachary Allumaga, the Executive Secretary, NASEMA, told newsmen in Lafia, last week, that the flood affected about 23 communities in seven local government areas of the state. He said that there is a high probability that more than one million people could be displaced by flood in the state before the end of the rainy season. He said the agency had dispatched a search and rescue team and its officials to the affected areas and…
ThriveAgric, a fast growing technology-driven agricultural company, has unveiled an innovative initiatives tagged the ThriveAgric Marketplace, under its new strategy of ‘Farmer Obsession’. Through ‘Farmer Obsession’ the firm seeks to champion total wellbeing for smallholder farmers, with the end goal of promoting commercial over subsistence farming, and in turn, food security. The ThriveAgric Marketplace is aimed at increasing local food production, boosting aggregation of farm produce in high demand, and enabling access to premium markets through trade and supply to domestic & global offtakers. Beyond the company’s outgrower programme, its marketplace also offers farmers access to quality and affordable farming…
“Mere Anyi Ebere”, an outcry for God’s unfailing mercy has been released by Sister Elizabeth Ndubisi Eromosele. The song is based on the Bible passage that it’s by God’s mercy that we are not consumed, his compassion never fails. The steadfast love of the Lord never ceases. Indeed, his mercies never end. They are new every morning. It encourages us to approach God’s throne of grace with confidence, so that we may receive mercy and find grace to help us in our time of need. This is a time of need. According to Sister Elizabeth, “this song was born in…