Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery
Nigeria has rolled out another tax amnesty scheme. Backed by Presidential Executive Order No 8 signed on 8 October 2018, Voluntary Offshore Assets Regularization Scheme (VOARS) became the latest effort at combating money laundering and tax evasion.
World Bank Doing Business Report 2019 : Nigeria records mixed fortunes
The World Bank Group (World Bank) on Wednesday, 31 October 2018, published it’s 2019 Doing Business Report (the Report). This latest report sees Nigeria ranking 146 out of 190 countries on the ease of doing business index, a drop by one place from 2018 ranking of 145.
President Buhari signs 2018 Appropriation Bill into law
President Muhammadu Buhari, on Wednesday, 20 June 2018, signed the 2018 Appropriation Bill of the Federal Government of Nigeria (FGN) into law. The final assent came 7 months after the presentation of the 2018 Budget to a joint session of the National Assembly on 7 November 2017.
Guide to Fiscal Information – Key Economies in Africa 2018
The latest publication of the Guide to Fiscal Information – Key Economies in Africa 2018 is now available to download.
Public Private Partnership (PPP) as an anchor for diversifying the Nigeria economy
Lagos Container Terminals Concession as a Case Study Across Africa, the Public Private Partnership (PPP) model has become increasingly critical as both a funding and operational mechanism for social (e.g. hospitals and schools) and economic infrastructures such as ports, railways, roads and airports. The public partner is typically represented by the government at a national, state, or local agency level. The private partner can be a privately-owned business or consortium of businesses with a specific area of expertise.
CBN introduces special foreign exchange window for investors and exporters
The Central Bank of Nigeria (CBN) on 21 April 2017 announced that it has set up a special foreign exchange window for investors, exporters and end users. The announcement was made via a Circular referenced FMD/DIR/CIR/GEN/08/007.
Federal Government approves new policy to boost local production of tomatoes
The Federal Government (“FG”) of Nigeria has developed and approved the implementation of a tomato sector policy (“the Policy”) whose primary aims include – increasing the local production of fresh tomatoes; increasing local production of tomato concentrates and reducing post-harvest losses.
Taxation of High Net-Worth Individuals: Is this a chase after shadows?
The current economic landscape has forced several State Governments hitherto dependent on Federal Government allocations to look inwards for revenue. Personal Income Tax, especially those payable by high net worth individuals (HNWIs) is gradually attracting the attention of State Internal Revenue Services (SIRS). Against this backdrop, some SIRS are currently deliberating the tax revenue potentials of HNWIs.
Nigeria unveils its Economic Recovery and Growth Plan
President Muhammadu Buhari on 5 April 2017, formally launched the National Economic Recovery and Growth Plan (ERGP) for Nigeria.
Internally Generated Revenue: What are the short term options at State Level?
Internally generated revenues (IGR) are revenues generated by States within the Nigerian federation, independent of their share of revenue from the federation account.