₦airaland Forum

jagabanban: Different organs of government collect different taxes.

For a state, the taxes they collect include PAYE (Personal Income Tax) which you pay to the state where you reside (Residency Law). There is also State tax of 5% on COT or Capitalized Interest in your Savings account. There are a few other charges. These two are the highest in terms of value for any state government.

So, sentiments asides, State governments do collect taxes.

Elliotwiz1: Are they indirectly telling Nigerians to deal with these banks alone?

Ayekotoo: Central Bank of Nigeria (CBN), Debt Management Office (DMO) and the Infrastructure Concession Regulatory Commission (ICRC), are exploring ways to use Sukuk to build airports, railways and refneries.
Speaking at the National Conference on Islamic Banking and Finance in Nigeria, Wednesday, in Abuja, CBN Governor, Mallam Sanusi Lamido Sanusi, said that in view of the potentials of Sukuk to develop economies in building infrastructure, the CBN, in conjunction with other sister institutions like the Securities and Exchange Commission(SEC), ICRC, DMO, had assembled a technical team to explore the prospects of alternative modes of finance and set out the procedures for using the modes in the development of infrastructure.

He stated that the team had identified, in its report, potential projects that could be financed by sovereign and sub-sovereign Sukuk.
“These projects include upgrade, maintenance, repairs and new construction of roads and highways; upgrade, renovation and new construction of airports, rehabilitation of the rail line and the building of a new rail line and railway stations. Part funding for the construction of the planned three refineries and mass housing and light rail for some states in the federation” he said.
This, he said, was in addition to the role that Sukuk issuance served in deepening domestic capital markets.

Sanusi noted that only recently, the Osun State government successfully issued a sub-sovereign Sukuk worth N10 billion for building public schools and the issuance was oversubscribed.
“The issuance which was oversubscribed and had a full up-take by the originator, shows the buoyancy of our capital market and its need to take up new alternative instruments” he said.
To further underscore the importance of Islamic Sukuk, the governor hinted that the Prime Minister of United Kingdom, David Cameron, announced the plan to make London not just a capital for Islamic finance to the Western world, but one that would stand along side Dubai and Kuala Lumpur as one of the great capitals of Islamic finance, anywhere in the world.

“Last week, I was at the 9th World Islamic Economic Forum in London hosted by the UK Government and at that function, the Prime Minister, David Cameron, announced his government’s plan to make London not just a. capital for Islamic finance to the Western world, but one that would stand along side Dubai and Kuala Lumpur as one of the great capitals of Islamic finance, anywhere in the world.
The UK plans to do this through the issuance of an Islamic bond sukuk, worth 200 million GBP by the UK Government which it intends to do as early as next year. It also plans to create an islamic index on the London Stock Exchange for Shariah compliant securities to attract more islamic investors.

“The UK is embarking on this plan, despite the fact that it is a non-Islamic country which illustrates what we have been saying, that Islamic finance, though based on sharia, is a financial product with clear goals and it is accessible to all” he said.


http://www.tribune.com.ng/news2013/index.php/en/news/item/25722-fg-plans-use-of-islamic-bond-to-build-airports,-refineries.html

wirinet: Good suggestion in theory, but impracticable in reality when applied to the Nigerian situation. First of all, the Nigerian constiution (which is the highest law of the land) does not make provision for referendums, so unless the national assemby change the constitution to reflect the use of referendums, the whole exercise would be an exercise in frutility. Secondly even a referendum cannot help the igbos or other minorities realize their goals, a nationwide referendum would suffer the same fate as regular elections, which gives the north and the south west at an undue advantage as a result of inflated population figures and skewed political arrangements. The votes of the north and the south west is enough to defeat any referendum not in their interest. So unless we correct the huge structural imbalances in the nigerian federation and have accurate cencus figures, a referendum cannot change the status quo.

dryakson: Good day nairalanders,
I posted how 800,000 naira was deposited into my account from an unknown person last week and the advices I got from my fellow nairalanders inspired me while some is the other way round.. Who no want money, I like it too but the consequences that will follow is the Wahala.. Lol.
I went to the bank and asked for my account
break down and the consumer icare lady break the account details including the last deposit of the 800,000 naira without any suspicious from her... Happy happy...
I asked her for the phone number attached to the teller that sent 800,000 naira last week and she did I thank her and went outside the banking hall.
I called the number and a female voice pops out of the speaker she asked who I was but I ignore her question and ask her if she made any deposit of money last week, but said NO.... ALERT! ALERT!....
2 minutes later she called and said her husband who is currently in USA sent money to his brother's account here in Nigeria before his journey last week and that the brother is also in USA with him according to her the brother (account owner) will be back to Nigeria in 1 week time, I also asked if she received any alert about the money with her number but she said she don't know why she stop receiving alert... ......... She was alerted too.
She asked if I was a banker but I said no, I asked her to send me her husband number but she hang the call.
5 minutes later a foreign number came in I assume it to be the depositor calling with USA number.
He asked who I was and how I got his wife phone number, I narrated how the money was sent to my account and how I got his wife's number. bla... Bla..... Bla
According to him, the teller is with him in USA, I returned to the bank and tell the lady all what had happened she was amazed at how my names as well as the account number is thesame except the difference of one number which is 7 in mine and 2 on his brothers own .
The manager arrived and ask the depositor to scan and send the copy of the teller for verification. It was concluded that the money was for him.
The manager thanks me and introduces me to the workers as well as the customers as a loyal and a good Patriotic Nigerian. According to the manager I made a good decision of reporting to the bank unlike other people who will withdraw and spent the money and later paid and charge for fraudulent.
In the other hand, the wife, her husband and the owner of the account thanks me then asked the manager to leave #20,000 while he transfer the remaining #780,000 to the other account, he promised to be calling me anytime.

What surprises me was how two guys from the banking hall curse me and my entire generation for returning a huge amount of money worth 800k. according to them, I should have withdraw the money and Run to outside country, I laughed and go my way.

I have no regrets what so ever
And if you were in my shoe, what will you do in this situation?


Let's hear your say


You can ask any question

ritababe: Why do other people enjoy killing nigerians? And why cant nigeria stay in their country

ayobase: On that single building opposite Sky Memorial Plaza, we have close to 5-6 churches!

Can u imagine what is gonna be like on Sunday.

It is so unnecessary and unethical as far as I'm concerned. Its so ungodly. God is not an author of confusion na!

Before u bite and rain curses and abuses, I am a christian. I don't call spade a shade!

No complaint!!! That is Lords doing. It is called God's building.

Real RELIGIOUS HOUSE OF COMMOTION!

stuffs4me: Most Christians don't even know their religion, hijab is not only a Muslim thing, even the Bible speaks against nudity. The life and time of Mary, mother of Jesus Christ explains all this.
Southern Christians have too much extremism in them sha.

Coldfeet: Christianity is all about loving ones neighbour na! Why all this bruhaha? Will the merger change the curriculum of the school? Honestly if there should be a protest I think it ought to emanate from the Muslims who have been uprooted from their own schools to join another! Because I don't think they are finding it palatable! Was the school board not aware of this merger? Were both parties not privy to the new marriage? And why is one side so aggrieved about it?

Ekawu: FG pls implement d agreement u entered with ASUU

greatgod2012: When have they announced surplus cash since the inception of GEJ's administration

Mtcheeeeew

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