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Tax reform, digitization key to financing Africa’s development – ECA report

A new report by the UN Economic Commission for Africa (ECA) says it is urgent for African countries to broaden and deepen their tax and revenue collection bases while leveraging digital technologies to boost collection and compliance, to achieve pressing development goals. [Download your copy here: www.uneca.org/era2019] Launched today in Marrakech, Morocco, where ECA’s 52nd…

Oil prices dive on economic fears

Oil prices posted fresh four-month highs this week on tighter supply conditions before economic fears sent oil markets crashing. Venezuela and Iran continue to report outages, while the surprise drawdown in U.S. inventories had seemed to give oil bulls the upper hand. Signals from the Fed that it was going to hold off on interest…

Aisha Buhari commends Elumelu Foundation for transforming lives of African Entrepreneurs

The wife of the President, Aisha Buhari, commended the Chairman of Tony Elumelu Foundation (TEF), Mr Tony Elumelu, for transforming the lives of young entrepreneurs across the African continent. Speaking at the Fifth Cohort of the TEF Entrepreneurship Programme on Friday in Abuja, Buhari expressed hope that TEF entrepreneurs would grow to inspire confidence in…

NSA resolves NBC/DSO crisis

The Federal Government has resolved the brewing crisis that was threatening the implementation of the Digital Switch Over (DSO) from analogue television broadcasts in the country under the supervision in the country under the supervision of National Broadcasting Commission (NBC).  National Security Adviser, retired Major General Mohammed Baba Gana Monguno summoned the critical stakeholders in the…

Africa needs policies to protect its economies

African countries need policies that can help build resilience, raise potential growth and inclusiveness if the continent is to achieve the sustainable development goals and aspirations of Africa’s Agenda 2063. This was said Wednesday by Adam Elhiraika, Director of the Macroeconomics and Governance Division of the Economic Commission for Africa (ECA) in his presentation to…

FIRS refutes report of 50% VAT increase

The Federal Inland Revenue Service (FIRS) on Wednesday refuted report of planned increment of Value Added Tax (VAT) by 50 per cent to meet up payment of the newly proposed minimum wage. The Head, Communication and Servicom Department, Mr Wahab Gbadamosi, made this known in a statement in Abuja. The Minister of Budget and National…

Investors lose N16.06bn as sell pressure persists

Equities market closed on a negative note, as NSEASI depreciated by 0.14% to close at 31,430.50basis points as against 0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.11%. Market Breadth Market breadth closed negative as FIRSTALUM led 16 Gainers as against 18 Losers topped by PRESCO at the end of today’s session-…

Kwara debt profile stands at N30.2bn

The Kwara State Government has clarified that contrary to speculation in the social media, the state’s current debt profile stands at N30.2 billion with a monthly repayment of N496m. According to the state Commissioner for Finance, Alhaji Demola Banu, the debt stood at N31,481,082,712.95 in 2017 and N30,751,665,421.83 at the end of 2018, contrary to…

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