Companies in Nigeria to pay Police Trust Fund Levy of 0.005% of net profits
The Federal Government of Nigeria (FGN), recently made public the Nigeria Police Trust Fund (Establishment) Act, 2019 (The Act), which was signed into law on 24 June 2019 and will be in force for period of six years.
FRCN revokes rule requiring regulatory approval before recognising certain expenses
The Financial Reporting Council of Nigerian (“FRCN”) on Monday, 5 August 2019, issued a public notice which revoked its Rule 4, requiring regulatory approval for events/transactions having financial reporting implications prior to recognising same in the financial statements.
Nigeria to sign agreement establishing the African Continental Free Trade Area
The Federal Government of Nigeria has indicated its intent to sign the agreement establishing the African Continental Free Trade Area (AfCFTA) at the 12th Extraordinary Summit of the African Union slated for 7 July 2019.
Federal Executive Council approves new import levy
The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
Review of Combined Expatriate Residence Permit and Aliens Card fees
The Federal Ministry of Interior (FMI) recently confirmed approval by the Honourable Minister of Interior (the Minister) for the upward review of the Combined Expatriate Residence Permit and Aliens Card (CERPAC) fees from $1,000 to $2,000 per annum. The Minister also added that there would not be a further review of the CERPAC fees until three years after the implementation of the new fee. Further, it is expected that the review will not affect missionaries/student CERPAC fees. The review had already taken effect in December 2018 and branches of the only commercial bank designated to sell the forms are adhering strictly to the new price.
Career opportunities for Public Health Professionals
As part of the mandate received from The Global Fund (TGF) – a partnership organization designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics, The National Tuberculosis and Leprosy Control Programme (NTBLCP) seeks to recruit suitable, qualified and experienced public health professionals for The National Tuberculosis and Leprosy Control Programme (NTBLCP) which was established by the Government of Nigeria to coordinate tuberculosis and leprosy control efforts in Nigeria.
Federal Government of Nigeria’s 2019 Budget of Continuity
President Muhammadu Buhari provided a sneak peek into Nigeria’s fiscal direction for 2019 on Wednesday, 19 December 2018, as he presented the 2019 Budget of the Federal Government of Nigeria (FGN) to the joint session of the National Assembly. The FGN’s 2019 Budget is intended to continue Nigeria’s quest for inclusive growth, economic diversification and sustainable development.
Africa Oil & Gas State of Play
The African continent continues to boast a vast array of potential opportunities, particularly in the oil and gas (O&G) sector. The sector has historically been a primary driver of economic growth and is once again attracting investor interest as international energy prices recover. Africa’s proven oil and gas reserves account for 7.5% and 7.1% of global reserves respectively.
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