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Self-Assessment Practice in Nigeria

The self-assessment tax system was introduced in the Nigerian tax laws in 1991 with operational effect in 1992 and initially restricted to a threshold of taxpayers and extended to the rest in 1998. However it was not until 2011 that its implementation became effective, through a Project based system. The Self assessment system requires that:-

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Why we want to make cassava bread available nationwide – Elemo

Dr. (Mrs.) Gloria Nwakakego Elemo is the first female Director General/Chief Executive Officer of the Federal Institute of Industrial Research, Oshodi (FIIRO). She talked to Financial Vanguard on why the Federal Government introduced the cassava bread policy. She also explained why the Institute wants to go into commercial production of cassava bread and the impact of the Institute’s Resarch and Development on the industrial sector, among other issues.

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Insurance

Shareholders’ apathy, NUBAN policy escalate value of unclaimed dividends

The low value of dividend currently being paid out to shareholders is further increasing the amount of unclaimed dividend in the vaults of companies listed on the Nigerian Stock Exchange. Several retail shareholders are ignoring the dividend companies have declared because the value is negligible. Some are N50, N100 and N500. These, many say they can not waste their time to claim.

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NBS puts inflation rate at 12.8% in July

The nation’s inflation rate declined by 0.1 from the 12.9 per cent in June to 12.8 in July, according to the latest figures released by the National Bureau of Statistics (NBS). The figures are contained in a statement issued by Dr Yemi Kale, the Statistician-General of the Federation, on Friday in Abuja. It said that the monthly change in the composite Consumer Price Index (CPI) was due to persistent change in the prices of some item classes such as oils and fats, and gas.

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Nigeria arrests ship carrying stolen oil

Nigerian authorities have seized a ship carrying 300 tonnes of illegally refined diesel and arrested 11 people on it. They said on Thursday, as part of efforts to curb oil theft that officials estimate siphons off up to a fifth of the country’s output. Oil theft from Africa’s top producer is a major cause of complaint from oil companies and the finance ministry, both of which lose revenue from thieves hacking into pipelines in operations known as “bunkering”.

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