₦airaland Forum

Nigeria’s database of Tax Payers hit 35m – JTB


The Joint Tax Board (JTB), says Nigeria’s data base of tax payers has expanded from 20 million to 35 million.

The Executive Secretary of the Board, Mr Oseni Elamah disclosed this in an interview with the News Agency of Nigeria (NAN), on Sunday in Abuja.

Elamah explained that the feat was achieved as a result of the ongoing database consolidation of JTB, an initiative being executed in collaboration with the Nigeria Inter Bank Settlement System (NIBSS).

He said that the figure of the taxpayers comprised both individuals and corporate bodies.

He said that this showed that there was massive expansion of database pointing out that one could imagine when that translated to actual taxes that were collected in Naira and Kobo.

“At the moment, we are trying to break them into classes of taxpayers and various jurisdictions where they reside, state by state.

“Hopefully, by first week of January 2019, this information will be communicated to all the states and then we will ask them to file their reports for tax assessment and it is then, we will tell Nigerians, how many are teachers, artisans, entertainers among others,” he said.

Elamah disclosed that on the average, about 22 per cent growth in tax revenue had been recorded in both state revenue services and Federal Inland Revenue Service (FIRS), when compared to 2017.

He added that this figure was collated as at third quarter; and by the end of last quarter, it would move to 30 per cent.

According to him, by end of the year, 2018 will be one of the best results ever posted by FIRS and most of the states.

He stated that with the advent of the Tax Identification Number (TIN), and Bank Verification Number (BVN), the tax authorities were currently tackling incomes of taxpayers and ensuring they paid their taxes as at when due.

He assured that the board would create more awareness in increase in voluntary compliance and also enhance the capacity of workers to be tax professionals.

Elamah also commended the Executive Chairman of FIRS and the JTB chairmanc, Mr Babatunde Fowler for his support in achieving the feat within a short period of time.

https://www.herald.ng/nigerias-database-of-tax-payers-hit-35m-jtb/

Everyone is invited to make a contribution.

Kazikazi, can you post those pictures about Tanzania's export here? And any other news about Tanzania's economy you have.

Kenyans! Knock yourself out.

Ghanaians! The floor is yours.


The thread is meant to be long serving, so let's keep it clean please.

https://www.nairaland.com/4940342/african-business-economy-infrastructural-development#74450952

The young African innovators to watch in 2019


In covering the continent, Quartz Africa pays keen attention to innovators on and from the continent who are breaking barriers. That thinking has informed an annual compilation of Quartz Africa Innovators lists in 2015, 2016, 2017 and 2018. Here’s a teaser of just a few of the most exciting young talent we’re keeping an eye on in 2019, they are all breaking ground in their respective fields and they’re are all under 30.

Sarah Diouf (Senegal)
In 2016, Sarah Diouf’s mission in starting Tongoro, a Dakar-based ready-to-wear fashion brand, was to fill a gap by offering an affordable African label in a market dominated by foreign brands. With a range of African print-based blouses, skirts and a popular Mburu handbag, Diouf, 29, is well on her way. After breaking even in the first year largely thanks to a strong customer base in the United States—including Beyonce—and the United Kingdom, Tongoro is looking to increase its footprint in major African cities. Tongoro also prides itself on being a wholly made in Africa fashion label, sourcing its materials across the continent and contracting local tailors.


Betelhem Dessie (Ethiopia)
In a tech space where excelling teenagers and women are both a rarity in Ethiopia, Betelhem stands out. Working with iCog, a robotics and artificial intelligence laboratory based in Addis Ababa, the 19 year-old Ethiopian is leading the charge to make artificial intelligence innovation and coding more mainstream among young Ethiopians. Betelhem leads several projects including Anyone Can Code, focused on teaching pupils aged between six and 13 the basics of artificial intelligence as well as Solve IT, a project that pushes teenagers to develop tech-based solutions to problems in their community. As she told Quartz Africa last year, “You have to be smarter than the machines that you’re using.”



Kelvin Doe (Sierra Leone)
Kelvin Doe’s early age curiosity for tinkering with electronics and electrical parts from scrapyards in his native Sierra Leone saw him go from being a self-taught engineer to becoming the youngest person to participate in the Visiting Practitioner’s Program at Massachusetts Institute of Technology and giving TEDx speeches. The 22-year old prodigy has grown in leaps and bounds since and has founded K-Doe Tech, a startup working on solar energy inventions. Doe also continues to support young people in Sierra Leone, providing educational resources and tools as well as hosting workshops.


Silas Adekunle (Nigeria/US)
Silas Adekunle’s profile has risen rapidly over the past year thanks to a robot uprising of his own making. With a first-class degree in Robotics from the University of West England, the Lagos-born engineer founded Reach Robotics and is a pioneer in gaming robots. The robots have proven big enough to snag an exclusive sales deal with Apple stores and have seen Reach Robotics secure $10 million in funding. It’s a far cry from when Adekunle, 27, was causing power outages while tinkering with batteries while growing up in Nigeria.


Elvis Chidera (Nigeria)
A lack of required resources is not always a hindrance, as Elvis Chidera, 19, proves. The self-taught software engineer learned on how to code on a feature phone with very limited functions while growing up in eastern Nigeria. These days however, Chidera is working with dot Learn, a MIT-backed startup focused on easing access to online education by providing data-lite resources. Education is clearly a passion for the teenager who has also built PrepApp, an exam preparation app for students which has been installed over 35,000 times.

https://qz.com/africa/1513086/young-african-innovators-to-watch-in-2019/amp/

Nigerian business snaps up Morecambe hotel

A Nigerian-backed hotel company has entered the UK market with its acquisition of the 29-bedroom Clarendon hotel in Morecambe, Lancashire.

The Statement Hotel Ltd, which was incorporated at Companies House in March 2018, has bought the hotel for an undisclosed sum off a guide price of £725,000 with the intention of turning the property into “a destination hotel with world-class standards”. The new owner was partly attracted to Morecambe by the proposals to develop the multimillion-pound Eden Project North in the seaside town.

The Clarendon, which was used as RAF headquarters during World War Two, was previously part of a portfolio of nine pubs and two hotels bought by Provincial Hotels and Inns, operated by management firm Onecall Hospitality, from Mitchells of Lancaster in 2016.

Nonso Ochinanwata of the Statement Hotel, said the acquisition of the property marked the company’s intention to build “a broader investment portfolio” in the UK.

“We targeted Morecambe as a location for various reasons, however, the proposals for the new Eden project, a venue intended to draw 500,000 to a million visitors every year, was a key factor.

“Now the transaction has completed we will be focussing our attention on transforming the Clarendon into a destination hotel with world-class standards.”

The deal was brokered by property company Fleurets.

https://www.thecaterer.com/articles/544048/nigerian-business-snaps-up-morecambe-hotel

Nigeria’s POS transactions rose by 95% in 2018 – NIBSS

The volume of Point of Sales (POS) activities via mobile devices in Nigeria rose by 95.4 percent in 2018, the Nigeria Interbank Settlement System (NIBSS) has said.

Volume of the transactions increased to 285.9 million in full year 2018 from 146.3 million in 2017, figures by NIBSS said in a report released Thursday.

The report also showed that the value of POS transactions rose by 64.3 percent to N2.3 trillion during the year, from N1.4 trillion in 2017.

Gbolahan Ologunro, an equity research analyst at Lagos-based CSL Stockbrokers attributed the rise to the increased digitalisation of traditional banking services.


“We see banks now shifting to digital channels in the form of online banking transactions and that has enabled customers to carry out their day-to-day transactions off those channels,” Ologunro said. “It is consistent with the general growth in non- interest revenue that banks recorded as at the first nine months of 2018.”

Additionally, the value of mobile transfers rose by 48.3 per cent to N291.6 billion in 2018, from N196.6 billion in the previous year.

Similarly, the volume of transactions of mobile transfers increased by 43.1 per cent from 5.1 million in 2017 to 7.3 million in 2018.

Nigerian banks are trying to catch up with their counterparts in other parts of Africa in the provision of online and mobile banking facilities as part of efforts to deepen financial inclusion in the continent’s most populous country. The Central Bank of Nigeria has set a target of 80 percent inclusion to be achieved by year 2020.

Bismarck Rewane , M.D, Financial Derivatives Company Limited, said that the rise in volume of online transactions is a good thing to the economy

“People are shifting from cash transactions to online transactions for safety and convenience reasons and it has increased the circulation of the velocity of money which has as an impact on the number of transactions,” Rewane said.

Also, the volume of transactions on NIBSS instant payment (NIP) platform rose by 96 percent to 729.3 million in 2018 from 371.0 million in the previous year, while its value increased by 40.2 percent from N40.5 trillion in 2017 to N56.8 trillion in 2018.

The increased penetration of online banking services is already having an impact on the volume of cheque transactions as it reduced (year-on-year) by 16.7 percent

Ayodele Teriba, CEO, Economic Associates said this trend implied that more people are catching up with mobile transfers than before.

“In the past, before you could do any transfer, you would have to go to the bank. But now you can use a token at home to do your mobile transfer anywhere,” he said.


https://businessday.ng/nigerias-pos-transactions-rose-by-95-in-2018-nibss

Outlook 2019: Nigeria's desperate quest to banish oil sector inertia

HIGHLIGHTS
Egina field to push output by 10% in 2019

Energy bill key to sector's renaissance

Fiscal, militancy challenge ahead of elections

London — Nigeria's oil sector is in urgent need of entangling itself from the web of economic stagnancy, stalled reforms and a risk of rising militancy next year.

Nigeria's output will get a much needed boost with the startup of the 200,000 b/d Egina oil field which could take production, OPEC dependent, up to a decade high of 2.3 million b/d.

But the country faces uncertainties around a volatile presidential campaign season ahead of its February 2019 elections.

At first glance, oil production was a positive story in 2018. Output recovered to around 2 million b/d as President Muhammadu Buhari and his government found ways to keep the militants quiet through promises of development, money and an amnesty program.

But on closer inspection, the trend is one of oil output stagnation in recent years due to instability in the restive oil-rich Niger Delta and underinvestment in infrastructure.

Buhari's popularity is also on the wane especially in the south of the country where almost all of the oil in produced, analysts remain wary of attacks by militants.

"That early next year is an election period gives cause for concern, that of pockets of violence enough to disrupt operations," an official from an oil major operating in Nigeria said. "Politicians may want to use militants to score political points, so we can expect a couple of shut-ins, vandalization of pipelines and wellheads which can affect production," the official added.

In 2016, Nigeria output slumped to around 30-year lows of 1.1 million b/d due to attacks on its key oil infrastructure and the specter of fresh attacks still haunts the sector. The Nigerian National Petroleum Corp. recently acknowledged that sabotage on its oil pipelines was on the rise.

STALLED REFORMS
Nigeria has been starved of new investments in oil and gas projects and one of the reasons for this has been the inertia caused by the lack of progress of the Petroleum Industry Governance Bill (PIGB).

This PIGB is almost a metaphor for the problems in the industry, with many desperately hoping Buhari will approve the bill quickly after he withheld its assent in August.

"If the President signs the bill before the elections in February, the Nigerian oil outlook in 2019 will be brighter, the current cloud of uncertainty will be removed" Nigeria-based energy analyst Wunmi Iledare said.

"There is already uncertainty in the market, unstable oil prices, Nigeria cannot allow uncertainty in policies further engulf the industry," he added.

Analysts argue that the bill will better regulate upstream agreements, fiscal terms, and production-sharing contracts. The bill also aims to create efficient governing institutions with clear objectives, so as to diminish the powers of the stateowned NNPC.

"You cannot do major reforms on piecemeal policies without the fundamental plank that legislation provides," said Adeola Adenikinju, an oil analyst and professor at the University of Ibadan.

Oil majors including Shell, ExxonMobil, Total and Chevron are all losing patience with the slow progress of reform, particularly as regulatory changes in rival oil provinces such as Mexico prove more appealing.

"All of us have heard of the non- assent of the PIGB. It is important to state that the current state of the Nigerian oil and gas industry will likely remain the way it is for a long time to come unless there are reforms that will make it globally competitive and in line with current global practices," Andrew Ejayeriese, president of the Nigerian Association of Petroleum Engineers (NAPE), the umbrella body of Nigerian professionals involved in upstream activities, said.

LIGHT AND SWEET
Despite the unrest, Nigeria's crude oil, which is light and sweet and of high quality, could face a brighter future.

It is mostly low in sulfur and yields a generous amount of diesel, jet fuel, and gasoline, which are the most profitable products for global refineries.

Light sweet crude could stage a comeback as the International Maritime Organization's low sulfur cap on marine fuels comes into effect in 2020.

Nigeria's oil marketers and oil ministry need to increase the popularity of its crude amid global refiners and push more volumes in to the refining hubs in Asia, which are the heartbeat of oil demand.

Nigeria needs to find innovative ways to attract buyers from countries or regions where crude oil demand is rising--especially China, the world's largest crude oil importer--as exporters of US crude have recently done successfully. Nigeria has taken some steps to do this, but it needs to do more.

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/010219-outlook-2019-nigerias-desperate-quest-to-banish-oil-sector-inertia

Post about Business, Economy and infrastructure development in Africa.
Feel free to contribute!

FreddyKruger:
Don't let the military controlled media deceive u. Funds were long released.

Really? Which funds were released? The 1bn from ECA meant for the military has been blown by FG in three weeks!
https://www.premiumtimesng.com/news/headlines/302071-nigerias-excess-crude-account-depletes-73-in-three-weeks.html

nemesis8u:
L

Arrrrrrgh! This is really annoying. If you miss, you miss. Haba nemesis, why are you this stingy

darfay:
From kumashit to akara

Brother have mercy, you know they are our younger ones, we just have to be patient when dealing with them

chrisagyei: calling Nigeria Cursed. you with your oil, Gas and gold, what do you have to show for it?

In fact this is criminal! Your population is more than five times smaller than Nigeria, you produce

-100,000-200,000 of crude oil per day,

-100mil to 200mil cubic feet of natural gas per day,

-2.8 million ounces of gold

- 3 million tonnes of manganese ore

- 143 carats of diamonds

- second largest cocoa exporter in the freaking world.
All this with a population of about 28million!

Yet 10%pct of your population still live in extreme poverty!
Your infrastructural development is not that different from other African countries.
You can only boast of one city. F*ck me sideways but how you guys are not swimming in money is the 8th wonder of the world!
Your politicians are the greatest scammers of all time!

sufferNsmiling:
You are very shallow minded. One pacific in nigeria government has a stake in it. Dangote's oil refinery government has a stake in it. The privatized electricity companies government has a big stick in it. Abuja is fct there is hardly anything you do with in abuja when the government will not have a stake in it. Look what happened to air nigeria and air arik

Stop blabbering. I am talking about planned cities you are talking here talking about something else. Show me a planned city with a governmental stake in it.

Lagos

t1ann:
Okay but how are their affordable to the common citizen

It's private project, not government. So they will look to make profit. It's not meant for the common citizen.

Konza which is government lead by the way is also not meant for the common citizen.

Lagos

tylann:
It is not my money
But i see them becoming ghost cities if they get finished
How are they financed anyway
How many of those are done or finished

It doesn't matter though. It's private money, not government's. So if they want to build Nigeria from the scratch, they can go ahead.

rvp20182:
Insanity.You don't dam a river so you export electricity to downstream nation's.This so hilarioulsy Nigerian.I mean you got Niger river with enough hydro for all you needs but you are so jealous of small river flowing downstream.

Niger river enough?

Please give me an estimate, how many mw of electricity can be generated from Niger river?

sufferNsmiling:
At least kenya is much better this our millions in nigeria one project can be up to 5 billion us dollar abandoned.

You: you are a mass murderer

Me: you are a mass murderer too

You: I only killed 20

Sounds stupid to me.

Let's do it per capita then.
Abandoned projects per capita!
Sounds good!

PROVERBZ:
the last pic where is that ??

Abuja sunrise hills (I think)

sufferNsmiling:
I told you I'm going to expose you for who you are

Really? Then explain this.
https://www.nation.co.ke/news/Shame-of-projects-worth-millions-that-lie-in-ruins/1056-4589822-view-asAMP-14550rrz/index.html

1/3 local government project started is not completed in Ghana


https://www.youtube.com/watch?v=jUjPfYMNa_s

Even the Ghanaian president knows Nigeria is the Elder brother

When others are calling to congratulate buhari on his health, Ghanaian president came to see him personally

"I came from Accra today to visit my senior brother, President Buhari. All of us have been very anxious about his wellbeing and it was a very good news that he had returned. As an African, I have to come and see for myself how he is. I am very delighted to see that he is back, very vigorous as always, very engaging on the issues of our day.

"We had a good half an hour together, reviewing matters both in Ghana and Nigeria as well as immediate matters about what is going on in the ECOWAS community. So, I am happy that I have this opportunity to come, and I am going back to Ghana very fortified to tell the Ghanaian nation that our big brother Nigeria is well and things are well," Akufo-Addo said.

https://allafrica.com/stories/201709130087.html

forgiveness:
Hahahaha! You dey mind the mofos.

Please, display the graph for dem to see.

2018 ranking

Nigeria - 100
Ghana - 124
Kenya - 130

https://epi.envirocenter.yale.edu/epi-topline

forgiveness:
I am showing you how Nigerians are better than both Kenya and Ghana combined in the same foreign language called English, you are here talking about environment.

Nigeria is far better than both Kenya and Ghana in English. That's all.

The Ghanian guy running amok here will be tamed soon. Now, I am busy.

And Nigeria ranked above Ghana and Kenya in environmental performance index

sufferNsmiling:
Nigeria does not export any electricity to any country not evil benin republic and togo the electricity was stopped in 2014

Ode, akuwa, jaki, dabba, Sashasha, dakiki, takadari, oyi, ondada!

That is 2007 data. Nigeria exports electricity because

1: some of the rivers that sustain our main source of power supply, the Kainji Dam, flow from these countries. So, in exchange for not damming those rivers and preventing them from flowing into Kainji, the countries got, well, mandatory sell of electricity to them.

2. Powers generated by Gencos are not utilised. Since it's a private investment, they look to sell their power elsewhere. They are looking for profit after all.

Next time research well before spewing rubbish.

You still haven't answered my questions!

The sheer size though.....

Eko Atlantic City

Abuja

Abeg anybody knows where I can stream online?

NairobiWalker:
Stop lying. You've been lying to us for too long and the Ghanaians are here to expose you now.

Suit yourself.

chrisagyei:
.He headed the foundation of the Organization of African Unity,CAF and many other African bodies.He was the face of Africa and ISS still is.He was voted the Greatest African who ever lived by the BBC ahead of Mandela, Lulumba,Kenyatta and other notable African legends.Till today,he alone has his huge statue erected at the Africa Union headquarters in Addis Ababa,Ethiopia.He was the face of Anti Imperialism and the poster boy of Pan African.America can be ten times bigger and have a larger GDP than Great Britain who is the former colonial masters buh the can never ever call UK their Junior brother no matter how close their friendship is.Ghana always refuse to act as the junior brother buh we still don't claim senior brothership although we are older.We refuse to play second fiddle because we lead most African countries out of bondage including Nigeria buh we hardly talk about it buh they are bullish in nature buh we can still handle them no matter their size.Afterall,we are brothers buh not the best of friends I can testify .I will continue my history

1. You did not lead nigeria out of bondage

2. Ghana/Ghanaian is not among the founding member of CAF

3. OAU was founded by 32 countries not by a single person. The famous speech delivered about Pan Africanism there was from a Gambian not a Ghanaian.

4. Please kwantinue, this history lesson is very entertaining

chrisagyei:
Fulanis and Hausas who don't value education and call it Haram(Taboo/Forbidden)

When you try to sound smart but ends up sounding stupid.

You don't know what you are talking about, research well before you run the tap you call mouth.

NairobiWalker:
Yet you print Ghana must go t-shirts and brag about them? That's a kind of hatred that's reached fatal levels. I guess you've already killed Ghanaians in your country which is unfortunate considering how many Nigerians have relocated to Ghana to escape poverty.

Yes we killed Ghanaians in Nigeria, we burn their shops, houses, we kicked them back to Ghana. Then we go to Ghana and do the same there!

You know nothing about Nigeria Vs Ghana. Intense Rivalry, yes. But killing and xenophobic attacks? Hell no!