On that basis it thinks that African governments could increase their revenues by 3-5% of GDP, which is more than they receive in aid (see chart). Needless to say, the airports being investors and tourists’ first point of contact with Nigeria ought to have a welcoming ambience. Leveraged funds were shorting the British currency as of last Tuesday, but they had cut their positions in the last few weeks to hold just above $1 billion in shorts, according to latest CFTC data. Real estate reform – to optimise ease of acquisition, registration, disposal, secured lending, building approvals, etc across all the States will have dramatic improvement in Nigeria’s competitiveness rating. He said the government had not made serious efforts to reduce the cost of governance and block leakages. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services, How to Maximize Currency Conversion Abroad - TRANSITION ABROAD, A Dozen Protesters in Nigeria Reported Killed by Security Forces - THE NEW YORK TIMES, The scandal-hit market for passports and long-term visas is booming - THE ECONOMIST, Pound Surges Most in Six Months on Market Confidence Over Brexit - BLOOMBERG, Deaths From Nigeria Protests Now 56 With Crackdown, Amnesty Says - BLOOMBERG, Oil Falls After Report Shows Surprise U.S. Crude Stockpile Gain - BLOOMBERG, New export deal to boost non-oil earnings - THE GUARDIAN, CBN reads the riot act to shipping companies - THE GUARDIAN, The EU makes market history with record demand for its ‘social’ bonds - CNBC, Nigerians Kick As Govt Makes Move to Apply for $11bn Loan to Construct Lagos-Calabar ... (read more), Britain calls for an end to violence in Nigeria - REUTERS, Dollar broadly weaker as traders await U.S. stimulus breakthrough - REUTERS, Sterling jumps 1.7% as Brexit talks resume - REUTERS, New terminal to offload 5,000 containers from Apapa, ease congestion - THE GUARDIAN, Why Nigeria Is Now Erupting - NEW YORK TIMES, Nigeria protesters break curfew amid gunfire, chaos in Lagos - AP, BREAKING: The Nation newspaper head office on fire - THE CABLE, Amnesty International says there's 'credible but disturbing evidence' that Nigerian a... (read more), Bank to commence BVN registration for 774,000 SPW jobs - PUNCH, Clearing agents fret over non-refund of rent waivers - THE GUARDIAN, NDIC: Rising Public Debt, Bad Loans Threat to Financial Stability - THISDAY, Lagos Suspends State Activities for 3 Days Over #EndSARS - DAILY TRUST, UN chief calls for end to reported police brutality in Nigeria - XINHUANET, Dollar Down, Trump Willing to Go Bigger on Stimulus Than Democrats - INVESTING.COM, Nigerian Protesters Defy Curfew After Deadly Crackdown - BLOOMBERG, Delta Airlines Cancels Two More Flights Over #EndSARS Protests In Nigeria - SAHARA REPORTERS, Nigeria president calls for calm amid reports of protesters shot dead in Lagos - ... (read more), Sunak says of soaring borrowing: things could have been far worse - REUTERS, ‘AfCFTA an opportunity for Nigeria, others to re-configure supply chains’ - THE GUARDIAN. Reporting by Maiya Keidan and Saikat Chatterjee.
"We expect the Shilling to continue remaining stable next week due to the contribution of inflows from mining and commodities," said a senior trader in a commercial bank. Furthermore, MDAs can - unless put on their enquiry by any untoward occurrence rely on the presumption of regularity - rely on documents purportedly issued by sister MDAs. Irrespective of views whether Nigerian Presidents should use EOs in directing the policy of the Federal Government, such acts are constitutionally sanctioned - as exercise of inherent executive powers conferred on the President. Lagos State, the nation’s economic heartbeat, reformed its justice sector and property registration regime to popular acclaim, including digitalising its property records. Recall that the Minister of Aviation, Sen. Hadi Sirika, had said that no resumption date was announced for international flight operations. Okechukwu, who has been a Trump supporter since 2016, painted a bleak picture of what could become of Africa, with respect to terrorist attacks, if president Trump was not re-elected. At the time only 13% were filing tax returns; a year later 78% were. "And at present, debt service consumes virtually everything generated as revenue. Governments once turned to aid and natural resources to stay afloat. The EO puts added pressure on regulators - especially business facing ones (needing to approve new products, or transactions) and whose enabling law actually prescribes timeline for granting approvals, but who observe same in breach, rather than in compliance.
But in the past few years “there has been little progress,” says Papa N’Diaye of the IMF. They are probably right. They can no longer rely on aid or natural resources. We hope the EO will signpost similar efforts by the States, as the instant EO provisions are only binding on Federal MDAs. 01, Another important aspect of the EO is the reiteration of singularity of government MDAs. Investors are also awaiting the Bank of England’s policy meeting on Thursday where money markets are already pricing in the prospects of negative interest rates by early next year. Abuja and Lagos — Nigeria's debt burden will hit N32.91 trillion as the federal government has notified the National Assembly of a fresh plan to borrow N4.28 trillion to fund the 2021 budget. Those figures include some sensible allowances, like tax relief on medicines, as well as questionable ones, such as tax holidays for investors.
The government of the Democratic Republic of Congo is so penurious that its annual health spending per person could not buy a copy of this newspaper. So too are shifts in foreign aid. Yet this package only goes so far. So it is possible that we will see many more “paradigm shift, game changing” EOs from the Buhari administration. Despite the reports from the public on poor service delivery by MDAs – untreated/missing files, corruption, inefficiency to mention a few - to SERVICOM, no major corrective or disciplinary actions were taken against erring civil servants to produce envisaged culture shift. Another striking development is “default approvals”.
He said the debt component of 2021 budget has both negative and positive implications. Originally intended to eliminate double taxation, and later to attract investment, their practical effect is to limit taxation of cross-border income, such as royalties or service fees. By contrast, the euro rose to its highest since early October 2018 after breaching the technically important $1.16 level on Wednesday and was up for a fifth straight day against the dollar, still basking in the glow of the European recovery fund approved earlier this week. It has lost nearly 8% since its March 20 peak, when a global dollar funding crunch saw a surge in demand. Across the Atlantic, as at May 2017, USA’s President Trump has signed 36 EOs since his assumption of office in January, 2017. Nollywood actor and social influencer, Joseph Okechukwu took the floor and thanked the Trump campaign for the initiative, which he had prayed and hoped for, so long. Prior the issuance of the EO, the MITI had amended the Companies Regulations 2012 so that CAC can decide on name reservation applications within 12 hours of submission, whilst registration of companies, business name and incorporated trustees shall be within 24 hours from submission of completed forms. MARKET NEWS; OCTOBER; SEPTEMBER; AUGUST; JULY; JUNE; MAY; APRIL; MARCH; FEBRUARY; JANUARY; 2019; 2018; 2017; ... WEEKAHEAD-AFRICA-FX-Dollar dearth weighs down Kenyan, Nigerian currencies - REUTERS. “The PTF remains conscious of the significant contributions of air travels to economic growth and shall continue to push for a safe resumption. Buy = 465 / Sell = 470; Aboki forex Pounds to Naira Exchange Rate. The EO is however silent on the procedure for making such application and its supporting documentation. "The debt will be financed into the future which implies giving more burdens to posterity thereby undermining the need for sustainable development which is the development that takes care of the present without undermining the welfare of the future generation.
Politicians across Africa are asking ever more of their tax collectors, with good reason. It said that the projected debt service/revenue ratio at 47 percent (actual for 2019 was 58 per cent) raises some concern about the sustainability of FGN debt. The planned borrowing of N4.28trn was contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) forwarded to the Senate Tuesday by President Muhammadu Buhari for approval. The taxmen also chased government agencies.
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