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Nigerian govt makes u-turn, exempts ASUU from IPPIS

Femi Adeoya
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Nigerian govt makes u-turn, exempts ASUU from IPPIS

Nigerian govt makes u-turn, exempts ASUU from IPPIS

The Academic Staff Union of Universities (ASUU) has been exempted from the use of the Integrated Payroll and Personnel Information System (IPPIS) in paying salaries to its members.

ASUU had been at loggerheads with the federal government over the use of IPPIS. The union had presented its University Transparency and Accountability Solution (UTAS) as an alternative.

The federal government had, however, insisted on the use of IPPIS. This, among other issues, had led to the union’s ongoing strike, which is already over eight months.

But in a communiqué issued after its meeting with ASUU on Friday, Chris Ngige, minister of labour and employment, said the government has shifted ground on the compulsory use of IPPIS for paying members of the union.

Ngige also said the federal government has agreed to the union’s demand that its members’ salary arrears from February to June be paid through the Government Integrated Financial and Management Information System (GIFMIS), which is the old payment platform. He adds that he’s currently working with Adamu Adamu, minister of education, to lift the ‘no work, no pay’ directive earlier introduced by the federal government.




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Yet again Nigeria sinks into 2nd recession in 5 years

Femi Adeoya
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6
Yet again Nigeria sinks into 2nd recession in 5 years

Yet again Nigeria sinks into 2nd recession in 5 years

Nigeria, Africa’s biggest economy, has entered its 2nd recession in 5 years as official figures published on Saturday show that the economy shrank again in the third quarter of this year.

This year’s recession, ocassioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016.

The National Bureau of Statistics, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.

The NBS had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.




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READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

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Nigeria Shares N604bn Among Federal, States, LGs For October 2020

Femi Adeoya
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0
Nigeria Shares N604bn Among Federal, States, LGs For October 2020

Nigeria Shares N604bn Among Federal, States, LGs For October 2020

The Federal government, States and Local governments shared a total of N604bn in the month of October 2020, says Federation Accounts Allocation Committee (FAAC).

FAAC made this disclosure in a communique it issued in Abuja after its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed.

Out of the N604bn, the Federal Government received N220.751n, states got N161.8bn, while the Local Government Areas got N120.58bn.

The communique stated that the oil-producing states received N31.9bn as 13 per cent derivation.

It further stated that the gross revenue that available from the Value Added Tax for October was N126.46bn.

This was against the N141.85bn that was distributed in September 2020, hence VAT in October dropped by N15.39bn when compared to what was recorded in September.

A distributed statutory revenue of N378.14bn was received for the month of October and this was higher than the N341.5bn received in September by N36.64bn.

The communique stated that from this amount, the Federal government received N166.19bn; states, N84.29bn; Local Government Areas, N64.98bn: while 13 per cent derivation was put at N21.58bn.




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Nigeria’s Naira continues downward spiral, exchanges for 478/$

Femi Adeoya
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0
Nigeria’s Naira continues downward spiral, exchanges for 478/$

Nigeria’s Naira continues downward spiral, exchanges for 478/$

The Nigeria’s naira continues its downward spiral on Wednesday at the parallel market as the United States dollar was sold for N478.

The local currency, which traded at N475 per dollar on Tuesday, has come under pressure in recent days. It plunged to N475 on Monday from N470 at which it closed last Friday.

In the Investors’ and Exporters’ forex window, the naira declined by 0.31 per cent to close at 386 per dollar on Wednesday, according to data from FMDQ Group.

The CBN has kept the official exchange rate at N379/$1 since August, when the naira was devalued for the second time this year from 360 per dollar. It was first devalued to 360 in March from 306.

The nation’s forex reserves stood at $35.54bn as of November 17, down from $35.69bn on October 28, according to the CBN.




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READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

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Naira weakens deeper, plunges to 475/$ over high forex demand

Femi Adeoya
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1
Naira weakens deeper, plunges to 475/$ over high forex demand

Naira weakens deeper, plunges to 475/$ over high forex demand

The Nigeria’s naira weakened deeper yesterday 16th November, 2020, trading at N475 to the United States dollar in the parallel market, as Forex demand intensifies.

The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the start of this month.

In the Investors’ and Exporters’ forex window, the naira closed at 386 to a dollar on Monday, compared to 385.50 at which it opened, according to data from FMDQ Group.

The CBN has kept the official exchange rate at N379/$1 since August, when the naira was devalued for the second time this year from 360 per dollar. It was first devalued to 360 in March from 306.

“All the major sources of foreign exchange inflow to support the country’s forex reserves have declined,” the Group Managing Director/Chief Executive Officer, Cowry Asset Management Limited was quoted by Punch Newspaper as saying.

SKYTREND CONSULTING recalls that the forex reserves fell to $35.60bn as of November 13, 2020 from $35.69bn on October 28, according to the latest data from the Central Bank of Nigeria.

Johnson said while there had been some recovery in the price of crude oil, the decline in oil production caused by the OPEC cut deal meant that proceeds from crude sales had dropped.

The financial expert said foreign portfolio investment in the country had plummeted, adding that diaspora remittances had also declined significantly.

“There is a lot of unmet demand for dollars,” Johnson said, adding that pressure was mounting even as the CBN continued to intervene in the market.




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READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

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Inflation rate climbs to 14.23% as food prices ascend; Nigerians groan

Femi Adeoya
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3
Inflation rate climbs to 14.23% as food prices ascend; Nigerians groan

Inflation rate climbs to 14.23% as food prices ascend, Nigerians groan

Nigerians have continued to groan over the incessant increase in prices of food commodities across the nation.

The climb in food prices and other individual consumption has further increased the rate of inflation to 14.23% in October 2020.

According to figures released by the National Bureau of Statistics (NBC) on Monday, the country’s inflation increased again in October, moving up by 0.52% when compared to 13.71% recorded in September.

The consumer price index (CPI) report published Monday by the (NBS) showed that price increases were recorded in all divisions that yielded the headline index.

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in September 2020.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats,” the report stated.

Analysis of the report showed that on a month-on-month basis, the headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020 over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22 percent point rise from 12.44 percent recorded in September 2020.

The report revealed that urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29 percent in October 2020.

This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.

On food inflation, analysis showed that on a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020.

 




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READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

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Nigeria to exclude small businesses from tertiary education tax

Femi Adeoya
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0
Nigeria to exclude small businesses from tertiary education tax

Nigeria to exclude small businesses from tertiary education tax

Nigeria is set to exclude small businesses from the payment of tertiary education tax.

This is according to the draft Finance Bill 2020 being proposed by the Fiscal Policy Reforms Committee, established by the Ministry of Finance, Budget and National Planning.

The committee is chaired by the Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu.

The Chairman, Drafting Sub-committee and member of Fiscal Policy Reforms Committee, Mr Ajibola Olomola, said the proposal for Finance Bill 2020 “is to introduce an amendment to the Tertiary Education Tax Act to exempt small businesses from Tertiary Education Tax”.

According to the committee, currently, all companies registered in Nigeria are required to pay TET at two per cent of assessable profits for each year of assessment.

“However, in line with the Federal Government objective of incentivising small businesses, there is a need to introduce similar exemption for TET,” Olomola said at a virtual consultation and stakeholder engagement on Friday to discuss the economic and fiscal policy drivers underpinning the bill.

SKYTREND CONSULTING recalls that the Finance Act 2019 introduced companies income tax exemption for small businesses.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
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READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

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FG backs down, tenders apology for asking account holders to register again

Femi Adeoya
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3
FG backs down, tenders apology for asking account holders to register again

FG backs down, tenders apology for asking account holders to register again

The Federal Government has apologised for asking all account holders in the country’s financial institutions to register their details again.

Recall SKYTREND CONSULTING earlier reports that the Nigerian govt asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.

The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders on Thursday.

Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.

The order to fill another Self-Confirmation form, despite the existing BVN and NIN, had attracted condemnations on social media.

However, in a tweet on Friday, the government apologised for misinformation.

It tweeted, “We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”

We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly pic.twitter.com/KBiPh0lCwJ

— Government of Nigeria (@NigeriaGov) September 18, 2020



Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
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READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

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Nigeria Shares N682.06bn Among Federal, States, LGs For August 2020

Femi Adeoya
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0
Nigeria Shares N682.06bn Among Federal, States, LGs For August 2020

Nigeria Shares N682.06bn Among Federal, States, LGs For August 2020

The federation accounts allocation committee (FAAC) shared N682.060 billion among the three tiers of government for the month of August.

The three tiers of government met virtually for the monthly FAAC meeting.

This is the highest allocation made since April when N780.9 billion was shared between the three tiers of government.

According to Mahmud Isa-Dutse, permanent secretary at the federal ministry of finance, the federal government received N272.905 billion, state governments shared N197.648 billion while the 774 local government councils jointly shared N147.422 billion.

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He said the gross statutory revenue of N531.830 billion received for August 2020 was lower than the N543.788 billion received in the previous month by N11.958 billion.

However, the gross revenue from value-added tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.

Of the total VAT generated, the federal government received N20.957 billion, state governments received N69.857 billion, while the local government councils received N48.900 billion.

The permanent secretary said the cost of revenue collection and transfers collectively had an allocation of N10.516 billion.

Oil-producing states also received N30.881 billion as 13 percent derivation revenue while N33.205 billion was allocated for revenue collection agencies as cost of revenue generation and transfers.

According to a statement released after the meeting, oil and gas royalty, companies income tax (CIT), import and excise duty and VAT increased considerably, while petroleum profit tax (PPT) decreased significantly.

The balance in the excess crude account (ECA) as of September 17, 2020, was $72.409 million.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
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READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

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FG orders all account holders to register again or forfeit access to bank

Femi Adeoya
-
4
FG orders all account holders to register again or forfeit access to bank

FG orders all account holders to register again or forfeit access to bank

The Federal Government has ordered all account holders in the nation’s financial institutions to re-register their details.

The order says all bank account holders are to obtain and fill self-certification forms despite the possession of the Bank Verification Number (BVN) and the National Identification Number by account holders.

The directive contained in a series of tweets on Thursday stated that each account holder must submit the filled forms in their respective financial institutions.

“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions,” it stressed

The government, however, stated that the exercise is part of due diligence exercise mandated by the banks and other financial institutions in line with the Income Tax Regulations 2019.

According to the directive, the forms have been categorised into three: Form for Entity, for Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc); and form for individual

The directive by the government warned that “failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

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