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NSIA, Others to Invest $600m in Mining Sector, Says FG

Jun 14 2017
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NSIA, Others to Invest $600m in Mining Sector, Says FG. Thisday Online

Acting President Yemi Osinbajo on Tuesday disclosed that the federal government was currently working with the Nigerian Sovereign Investment Authority (NSIA), the Nigerian Stock Exchange (NSE) and others to gather $600 million investment fund for the mining sector.


Osinbajo added that the federal government has also secured funding from both domestic and international sources for investment in the solid minerals industry from the public purse.


He noted that the Ministry of Mines and Steel Development had been granted access to the mining sector component of the country’s Natural Resources Development Fund amounting to N30 billion.  Read more


FIRS Generated N778.19bn in First Qtr of 2017. Thisday Online

The Federal Inland Revenue Service (FIRS) has said it generated N778.19 billion revenue in the first quarter of 2017.


This is according to a progress report by the FIRS sent to the Federal Ministry of Finance on Tuesday in Abuja.

The report, which showed the revenue performance for the first quarter of 2017, gave a breakdown of money collected.


According to the report, the FIRS collected N338.3 billion as Petroleum Profit Tax between January and March, as against the N176.7 billion collected in the period under review in 2016.

Similarly, Value Added Tax (VAT) revenue increased from N198.7 billion in first quarter of 2016, to N221.37 billion in first quarter of 2017.  Read more


N30trn Forex Probe: Senate gives CBN 7 days to recover N536bn non-remitted revenue. Tribune Online

The Senate on Tuesday gave Central Bank of Nigeria (CBN) seven days to recover monies collected by banks on behalf of Nigeria Customs Service but not remitted to it.


The order was given by the Committee on Customs, Excise and Tariff at an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), commercial banks and other stakeholders.


Chairman of the committee, Sen. Hope Uzodinma, who announced the ultimatum at the meeting, said the senate would involve the Economic and Financial Crimes Commission should the CBN fail to recover the money.  Read more


VAT revenue declines by N2.58bn to N204.7bn. Punch Online

The National Bureau of Statistics on Tuesday released the total revenue generated by the country through Value Added Tax in the first three months of this year, with receipts dropping from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of 2017.


The NBS stated in the report that the manufacturing sector generated the highest amount of VAT with N28.73bn, adding that this was followed by professional services and commercial trading, with N20.82bn and N12.89bn, respectively.


On the other hand, the report stated that the mining sector recorded the least VAT collection of N35.07m.  Read more


Senate flays 25-30% interest rate regime. Says it’s a yoke too hard for any real sector business …We’re targeting 11% inflation end 2017 — CBN gov. Vanguard Online

The Senate said, yesterday, that the present 25-30 per cent interest rate regime has become a yoke too hard for any real sector business to bear, stressing that it would be extremely difficult for an investor anywhere to survive on these rates.


The Senate said the Central Bank of Nigeria, CBN, has retained the 14 per cent Monetary Policy Rate, MPR, unlike other developing countries which have lower MPR, such as Kenya (10 per cent), Brazil (10.25 per cent), South-Africa (7 per cent), Rwanda (6.25 per cent), Bangladesh (6.75 per cent and in many sub-Saharan countries with single digit to as low as 2.95 per cent in Cameroon.


The Senate also accused the CBN of mopping up about N5.784 trillion in interest expenses for liquidity management, thereby sacrificing economic growth, development and employment in the name of targeting inflation.  Read more


FG approves eight agencies for ports. Guardian Online

The Federal Government has reviewed the number of agencies operating at the ports to eight, including the Nigerian Drug Law Enforcement Agency (NDLEA).Principal Manager, Public Affairs, Nigerian Ports Authority (NPA), Ibrahim Nasiru, yesterday said that eight agencies had now been approved to operate inside the ports as against the seven earlier announced by the Managing Director, NPA, Hadiza Bala Usman, during the stakeholders’ meeting on the presidential executive order in Lagos.


Nasiru said: “The NPA hereby reiterates the subsistence of a 2011 presidential directive for the reduction of the number of agencies that are to operate and have physical representation at the ports to eight.


“The directive listed the eight approved agencies as Nigerian Ports Authority (NPA), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Police, Department of State Services (DSS), Nigerian Immigration Service (NIS) and Port Health.”  Read more


FG’ll deal with hate-mongers — Osinbajo. Says govt is determined to ensure unity of Nigeria. Vanguard Online

Acting President, Prof. Yemi Osinbajo, yesterday, warned that the Federal Government would deal with individuals or groups spreading hate speeches capable of affecting the unity of the country.


Osinbajo, who stressed the determination of government to foster the unity of Nigeria, said the Federal Government would not allow such persons get away with their action.


The Acting President, who gave the warning when he met with Northern Elders, including Arewa Consultative Forum, at the Presidential Villa, Abuja, appealed to all Nigerians to come together.  Read more

Last changed: Jun 14 2017 at 5:08 PM