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Local investment in  agric rises to 70%

Local investment in agric rises to 70%

“We have ended the dominance of government and I am optimistic that the private sector will lead Nigeria in restoring its past glory in agriculture. “ He continued “On this ground, we are together inaugurating the Agribusiness Investment Inter-Ministerial (AIM) Working Group today as a show of our commitment in delivery on our promise to facilitate your investments from early stage and throughout the investment life cycle.

Rail line rehabilitated with N1.6bn overgrown with bush

Rail line rehabilitated with N1.6bn overgrown with bush

By Jonah Nwokpoku & Ediri Ejoh The Federal Government’s newly rehabilitated rail loop lines linking various oil tank farms at Apapa, Lagos have been overtaken by thick bush, eight months after rehabilitation, Financial Vanguard investigation has revealed. The project which was handled by China Civil Engineering Construction Corporation, CCECC, has remained unused after it was completed. […]

Trapped dollars in Nigeria, money nobody wants

Trapped dollars in Nigeria, money nobody wants

For Nigerians who are old enough to remember the currency change in 1984, what is happening now is similar, though different in nature and context. In 1984, the Nigerian military government of Muhammadu Buhari in an attempt to legitimize its interruption of the democratic process through a military coup d’état directed the CBN to cause a change in the colours of the Nigerian currency. The exercise was designed to render the money alleged to have been stolen by Nigerian political leaders useless in their hands.

Value Added Tax (VAT), Voluntary Compliance

Value Added Tax (VAT), Voluntary Compliance

Section 8(q) of the Federal Inland Revenue Service Establishment Act, 2007, directs the Service to issue a taxpayer identification number to every taxable person in Nigeria in collaboration with State Boards of Internal Revenue and the Local Government Revenue Boards. Section 8(1) of the Value Added Tax Act (VATA) Cap V1 LFN, 2004 as amended in 2007 also requires taxpayers (individuals, enterprises or corporates) to register for VAT.