₦airaland Forum

Imustsurvive:
FRAUDSTAR SPOTTED

OriOko88:
Ole

Obviously, non of you bother to check out the link before casting aspersions on it. I forgive you.

Not good

Abba Kyari must have fallen into coma when Kemi made the post, anyway, God knows best.

Good one! Let's hope it will be delivered as schedule.

We need to build a nation, free of religious and ethnic sentiment.

I thought people working in the oil and gas sector are exempted? RVSG should release a statement to clear the air.

Government could facilitate quarantine facility at their bases and if they tested negative after two weeks, they can fly them down.

Kind of them, religion is about empathy and compassion.

The Federal government of Nigeria on Wednesday announced a reduction in its 2020 budget expenditure and projections, check out the eight major cuts made in the 2020 budget as passed earlier;

1. Capital expenditures by MDA’s were slashed by N312 billion from projects approved in the 2020 budget, the amount represents a 20% cut off from capital projects.

2. A reduction of the budget oil production volume from 2.18 million barrels per day to 1.70 million barrels.

3. Reduction of projected budget benchmark price from $57 per barrel to $30. The exchange rate was also adjusted from N305/$ to N360/$.

4. Projected oil revenue was reviewed downward from N7.67 trillion to N1.44 trillion.

5. The net non-oil revenue was also projected downward from N6.442 trillion to N5.84 trillion

6. Corporate tax and value-added tax contributions were slashed to N1.822 trillion and N.164 trillion down from the original N1.836 and 2.25 trillion respectively.

7. The redistributable Federal Government’s share of the Federation Account (52.68%) was reduced from N4.516 trillion to N1.648 trillion

8. Net ecological and derivation (after 10% transfer to NEDC) was reduced from N77.145 billion to N28.158 billion

Funds to be distributed to the three tiers of government from the federations account is expected to dip from N8.5 trillion to as low as N3.12 trillion.
The other arm of government, the National Assembly and the Judiciary are expected to independently determine the cuts to be made to their allocations.

https://www.naijabusiness.com.ng/news/2020/8-major-cut-off-from-fg-2020-budget-reduction/

Global lending body, The International Monetary Fund (IMF) has confirmed the request of the Federal government of Nigeria loan request amid COVID-19 pandemic.
In a statement issued by IMF Managing Director, Kristalina Georgieva on Nigeria, dated April 7, 2020

READ: BREAKING: Nigeria To Borrow $6.9 Billion To Offset Covid-19 Impact On Economy

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) issued the following statement:

“Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices. President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn.

“To support these efforts, Nigeria’s government has requested financial assistance under the Fund’s Rapid Financing Instrument (RFI). This emergency financing would allow the government to address additional and urgent balance of payments needs and support policies that would make it possible to direct funds for priority health expenditures and protect the most vulnerable people and firms. We are working hard to respond to this request so that a proposal can be considered by the IMF’s Executive Board as soon as possible.”

MEDIA RELATIONS
PRESS OFFICER: LUCIE MBOTO FOUDA
PHONE: +1 202 623-7100
EMAIL: MEDIA@IMF.ORG

https://www.naijabusiness.com.ng/news/2020/international-monetary-fund-imf-confirm-nigeria-government-request-for-loan/

Lalasticlala

Considering the latest dip in the crude oil price at the international market, the Federal government of Nigeria may have to review the oil price benchmark for 2020 budget as Nigeria’s premium crude grade (bonny light), yesterday, crashed to $20.59 per barrel, the lowest in 18 years.

The latest price is about 31.4 percent below the revised 2020 budget oil price benchmark of $30 per barrel, indicating that the Federal Government may be forced to go back to the drawing board and effect another cut on the benchmark, barely two weeks after the first downward review.

The initial benchmark was $57 per barrel but the committee reviewed it downward to $30 two weeks ago following the rapid decline in global demand and crude oil price. Effectively the new oil price of $20.59 per barrel has slashed about N1.68 trillion from the original expected oil revenue as contained in the 2020 budget, a development that may force further downward review of the expenditure provisions.

Other premium oil grades including Brent and WTI recorded marginal price drops, trading at $25.74 and $20.11 against last Friday price of $27.95 and $21.51. Meanwhile, industry watchers are projecting further decline in Bonny Light to below $20 as the Coronavirus, (COVID-19) pandemic continues to ravage world.

https://www.naijabusiness.com.ng/news/2020/fg-may-further-cut-2020-budget-as-crude-oil-price-drops-to-20/

President Muhammadu Buhari on Sunday evening announces the restriction of all movements in Lagos, Ogun and the FCT for 14 days. The President, however, exempted some commercial activities and services; find below the List of Businesses and Services Exempted from Coronavirus Lockdown

1. Hospitals and all related medical establishments as well as organizations in healthcare-related manufacturing and distribution.

2. Food processing, distribution, and retail companies;

3. Petroleum distribution and retail entities

READ: Federal Contractor: Five (5) Certificate required to bid for Federal Tenders & Contracts in Nigeria (2020)

4. Power generation, transmission and distribution companies

5. Private security companies

6. Workers in telecommunication companies, broadcasters, print and electronic media staff who can prove they are unable to work from home.

7. All seaports in Lagos

8. Vehicles and drivers conveying essential cargoes from Ports to other parts of the country

43. All vehicles conveying food and other essential humanitarian items into Lagos, Ogun and Abuja from other parts of the country.

https://www.naijabusiness.com.ng/news/2020/list-of-businesses-and-services-exempted-from-coronavirus-lockdown/

https://www.naijabusiness.com.ng/wp-content/uploads/2020/03/List-of-Businesses-and-Services-Exempted-from-Restriction.jpg?w=800&ssl=1

United Bank For Africa (UBA) Announced Today That it Will Provide N5 billion(U$14 million) To COVID-19 Relief Support Across Africa

United Bank for Africa Plc (UBA) today announced a donation of over 5 billion Naira (USD14 million), through the UBA Foundation, to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic.

The donation will provide significant and much needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities, and financial support to Governments. The UBA support programme will be allocated as follows:

– N1 billion (USD2.8 million) to Lagos State Government in Nigeria

– N500 million (USD1.4 million) to Nigeria’s Federal Capital Territory, Abuja

– N1 billion (USD2.8 million) to the remaining 35 states in Nigeria

– N1.5 billion (USD4.2 million) to UBA’s presence countries in Africa

– N1 billion (USD2.8 million) for Medical Centres with equipment and supplies

– Free Telemedicine call centre facility

READ: Coronavirus Self-isolation Guidance for Nigeria

The pan-African bank will fund a medical centre immediately in Lagos, Nigeria, with beds for isolation and ICU facilities, managed and operated in partnership with Heirs Holdings’ healthcare subsidiary, Avon Medical Hospital.

In addition, UBA is providing a free telemedicine platform, that is physician-led, to provide direct access to medical advice to citizens, in compliance with social distancing requirements.

UBA Group Chairman Tony Elumelu, stated ‘This is a time when we must all play our part. This global epidemic must bring citizens, governments and business leaders together – and quickly. As we see a rapidly increasing number of cases of the coronavirus in Nigeria and Africa, the private sector has to work hand in hand with various Governments, in stemming the spread of the global pandemic.

We commend the efforts of governments and we are keen to partner and contribute our resources to the collective effort, that will ensure the response to the pandemic is swift and effective’.

https://www.naijabusiness.com.ng/news/2020/uba-donates-n5-billion-to-covid-19-relief-support-across-africa-lasg-gets-n1-billion/

Cc: Lalasticlala, mynd44

Lalasticlala, here is an article that highlighted how an home made hand sanitizer can be produced.

DIY: How to Produce Hand Sanitizer for your Home
As the world battle Coronavirus (Covid-19), the importance of handwashing has been emphasized as a major method of preventing the spread of infectious disease. The use of Hand sanitizer has also been advised for every home and workspace.
The Centers for Disease Control and Prevention (CDC) has advised we adopt the use of alcohol-based hand sanitizer that contains at least 60 percent alcohol if water and soap option are not available. The outbreak of covid-19 has increase demand for Hand Sanitizer in stores worldwide, leading to a sharp price increase and scarcity in some clime.

Below is the DIY guide to producing homemade hand sanitizer.

INGREDIENT
Making your own hand sanitizer is easy to do and only requires a few ingredients:

- Rubbing alcohol/Isopropyl (99 percent alcohol volume) Don’t use other types of alcohol (methanol, butanol) they are toxic and could cause skin irritation
- Aloe vera gel (It prevent the hands from drying out from the alcohol)
- Essential oil (optional) e.g. lavender oil, or use lemon juice where not available
- Vitamin E oil (optional) adds moisturizing properties to the hand sanitizer
The key to making an effective, germ-busting hand sanitizer is to

Ensure you stick to a ratio 2:1 proportion of alcohol to aloe vera. This keeps the alcohol content around 60 percent. This is the minimum amount needed to kill most germs, (CDC Recommendation).

READ: Coronavirus Self-isolation Guidance for Nigeria

Instructions
- Ensure the alcohol used for the hand sanitizer is not diluted
- Combine all the ingredients in a bowl.
- mix, using a clean spoon and whisk, until all the ingredients are thorough and well blended.
- Make sure your hands do not touch the mixture until it is ready for use

To produce larger quantity of hand sanitizer, download the World Health Organization (WHO) formula for hand sanitizer.


https://www.naijabusiness.com.ng/productivity/2020/how-to-produce-hand-sanitizer-for-your-home/

https://www.naijabusiness.com.ng/wp-content/uploads/2020/03/home-made-hand-sanitizer.jpeg

Crude Oil Price Drops To $28, As Economic Council Warn of Recession

The crude oil price of Brent grade continues to decline at the International market on Tuesday, the brent was traded around $28 per barrel.
Brent oil fell by $1.40 to $28.65 per barrel as of 8:15 pm Nigerian time on Tuesday 17 March 2020, its lowest since January 2016.

The Nigeria 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was predicated on oil production of 2.18 million barrels per day with the price benchmark put at $57 per barrel.

READ: NIPEX TENDER OPPORTUNITIES

The Presidential Advisory Council on Economics has warned about the dire economic consequences for Nigeria if the raging coronavirus infection was not contained as quickly as possible.

The council, chaired by Prof Doyin Salami, met with the President Muhammadu Buhari at the State House, Abuja, said one of the immediate consequences, as shown in the crash of crude oil prices, was slower economic growth, adding that confidence in the economy would also be eroded.

The council “Recommending, among others, a possible revision of the 2020 budget, with priority spending on healthcare, re-prioritisation of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilising the private sector to strengthen health sector infrastructure, and boosting of government revenue, the PEAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.”


https://www.naijabusiness.com.ng/news/2020/crude-oil-price-drops-to-28-as-economic-council-warn-of-recession/

History was made, when the West Africa Container Terminal (WACT) received the First Maersk’s direct service container ship from Far East at the Onne Port in Rivers State.
The vessel, a gearless 4,800 24-feet Equivalent Unit (TEU) capacity carrier, sailed into Onne Port with Maersk Line flagship under its FEW3 service, thereby becoming the first Maersk vessel to call at Onne Port without first calling at any Lagos port.

WACT’s Commercial Manager, Noah Sheriff, said “It is important to note that this new service will call WACT Onne weekly, coupled with the benefit of a short transit time for cargo coming from Far East. This is a product many customers have been asking, and we at WACT shall ensure that we turn these vessels around quickly,” Sheriff said.

The East Nigeria Manager of Maersk Nigeria Limited, Chibuzor Ejiofor, said the ship call was historic and would benefit businesses in the area and its surroundings. She said there is a need to create awareness on the coming of KYPARISSIA not because she’s one of the largest vessels that ever called at Onne, but she is the first Far East vessel to call at Onne without calling at Lagos ports.

“Not to impact the Onne based customers or cargo destined for eastern Nigeria so much, Maersk decided to put Onne on a direct service from Far East, that doesn’t mean that Maersk doesn’t call Lagos. We are still calling Tin Can and Apapa but that is on another service altogether. We now have a service that comes all the way from the Far East to Onne without calling Lagos.

So, for Onne based customers, I think that’s something to be really attractive as it adds value to your business. You can get your cargo on time directly from Far East without adding 30 days of Lagos waiting time. You can turn around your money, your products and that’s why we are here just to recognise this unique offering to our customers,” she said.

WACT has been handling gearless vessels, which previously could only be handled at the ports in Lagos, since 2019 after spending $14 million in its Phase 1 upgrade to acquire modern cargo equipment including two Mobile Harbour Cranes, 14 specialised terminal trucks and two reach stackers. The investment brought high operational efficiency and set WACT apart from other ports in Nigeria.

Stakeholders maintained that WACT, which has become the preferred container terminal outside the Lagos area, was fast gaining reputation as the gateway to eastern Nigeria and the alternative to the ports in Lagos.

https://www.naijabusiness.com.ng/news/2020/history-as-first-maersk-lines-direct-service-ship-berths-at-onne-port/

https://www.naijabusiness.com.ng/wp-content/uploads/2020/03/Onne-Port.jpg

The Cryptocurrencies market took a battering following a global sell-off in stocks, with bitcoin price seeing a near 40% plunge in value.
According to data from Coinmarketcap.com, the market capitalization of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time,

Bitcoin price was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk.

The overall fall in cryptocurrency prices comes as governments worldwide continue to grapple with the coronavirus that is spreading rapidly across the world. The number of global cases has now exceeded 128,000.

Investors are worried about the effect of the global economic fallout from the coronavirus pandemic as businesses are disrupted and cities are under locked down worldwide. Across the world, schools have been shut and people made to work from home.

https://www.naijabusiness.com.ng/news/2020/bitcoin-price-plunges-by-48-amidst-global-coronavirus-pandemic/

https://www.naijabusiness.com.ng/wp-content/uploads/2020/03/Bitcoin-Price-coronavirus.jpg

Really, the purging is massive

The Federal Government would from today begin the implementation of the 7.5 per cent Value Added Tax.
The Federal Government had said it would from today begin the implementation of the 7.5 per cent Value Added Tax. Federal Inland Revenue Service (FIRS) has therefore warned businesses and individuals against tax evasion.

The VAT increase which is meant to help government achieve its revenue projections for the 2020 budget is a part of the tax reforms included in the 2019 Finance Act.

Speaking during a breakfast programme on the Nigerian Television Authority, the Executive Chairman of the FIRS, Mohammed Nami, urged all businesses to ensure that they register with the FIRS for VAT purpose.

According to Mohammed Nami, any business that fails to obey the tax law would face the wrath of the tax authorities.

He said, “It’s your statutory responsibility whether you just registered today with Corporate Affairs Commission to come over to the Federal Inland Revenue to register as VAT agent. That is the first responsibility.

With the new Act, it is expected that there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure. Amongst the Finance Act strategic objectives is the supporting of micro, small and medium Enterprises in line with the ease of doing business reforms such as VAT threshold.

“The second responsibility is that you should keep good record of your transaction because if you don’t keep good records and eventually during the compliance process and monitoring process it is discovered that you have traded well above N25m, the taxes will be paid in arrears.”

The FIRS Chairman clarifies that the VAT Act already exempts pharmaceuticals, educational items, and basic commodities.

According to Section 46 of the Act, some of the basic food commodities that were also excepted include brown and white bread; cereals including maize, rice, wheat, millet, barley and sorghum and fish of all kinds.

Others are flour and starch meals; fruits, nuts, pulses and vegetables of various kinds; roots such as yam, cocoyam, sweet and Irish potatoes; meat and poultry products including eggs; milk; salt and herbs of various kinds; and natural water and table water.

https://www.naijabusiness.com.ng/news/2020/firs-begins-implementation-of-7-5-vat-today/

Latest figures from Nigerian National Petroleum Corporation (NNPC) showed that a total of 150.4 million barrels of crude oil valued at N3.04tn was swapped for refined petroleum products by the corporation between September 2018 and September 2019.
In terms of crude oil refining, Nigeria’s refineries are operating far below capacity and so the NNPC swaps crude oil with qualified companies, who in turn refine the commodity and supply refined petroleum products to the corporation.

The swap scheme is known as Direct Sale (of crude oil) and Direct Purchase (of petroleum products). The petroleum products that are delivered by the qualified companies are usually equivalent in value to the crude oil received from the NNPC.

Analysis of the NNPC’s most recent financial and operations report for October 2019 showed that the oil firm had been maintaining the DSDP scheme to ensure there is no disruption in domestic supply of refined petroleum products.

It was also observed that the volume of crude swapped by the corporation in September 2019 was 5.95 million barrels higher than what was recorded in September 2018. In September 2018, the oil firm swapped 8.54 million barrels of crude oil, but this increased to 14.49 million barrels in September 2019.

The report further stated that in September 2019, the NNPC lifted 10,665,632 barrels of crude oil from the daily allocation for domestic utilisation translating to an average volume of 355,521 barrels of oil per day in terms of performance.

There had been concerns on the abysmal performance of Nigeria’s refineries, a development that had made the corporation to swap crude with other companies in order to get refined products.


https://www.naijabusiness.com.ng/news/2020/nnpc-swapped-n3-04tn-worth-of-crude-oil-for-refined-products/

More images

lalasticlala

The popular planks & building materials hub at the Olorunsogo area of Mushin is currently on fire. The fire was said to have started at the early hours of Saturday 25 January 2020 when businesses have closed.

Officers of the Lagos state fire service seem helpless as the over 18 numbers of trucks they came with are said to have run out of water.

MORE DETAILS LATER….


https://www.naijabusiness.com.ng/news/2020/breaking-amu-planks-building-materials-market-at-mushin-on-fire/


https://www.youtube.com/watch?v=hu3aoFaXwUE

The Federal government of Nigeria is no doubt the biggest spender in the country’s economy, the FG takes a whopping 52.68 percent of the total revenue accrued to the Federation Account. For the 2020 fiscal year, the Federal government aims to spend N10.66 trillion; N4.8 trillion for recurrent expenditure and N2.4 trillion for capital expenditure.
Aside from salaries/wages, the bulk of the expenditure goes to procurement/capital projects for the MDA’s. The procurement process will be open to the public, only companies/businesses that meet the criteria can however participate. Is your company eligible to bid for Federal tenders? Read the requirement to become a Federal contractor;

1. CAC Business Registration Certificate
It is mandatory for every business to register their company with the Corporate Affairs Commission (CAC). The agency is responsible for the registration of an organization that is willing to legally conduct businesses anywhere in Nigeria.

2. NSITF Compliance Certificate
The National Social Insurance Trust Fund – NSITF Compliance certificate is one of the major documents required by any contractors or supplier dealing with the Federal government of Nigeria.
The National Social Insurance Trust Fund (NSITF) is a Social Insurance Scheme designed to provide compensation to employees who suffer from occupational diseases. It also ensures compensation to the employee next-of-kin in case of death in the course of work. To obtain the NSITF certificate, there will be a physical assessment of your employees’ wages by NSITF in order to ascertain the amount you will for per month multiply by 12 months.

3. ITF Certificate
The Industrial Training Fund ITF Compliance Certificate is a major document required if you are applying for tenders, contracts in any Federal government MDA’s. Every employer having either 5 or more employees in its establishment or having less than 5 employees but with a Turnover of N50m and above per year, shall, in respect of each calendar year and or the prescribed date, contribute to the Fund one per cent of its total annual payroll. (Contact us if you have not transacted up to N50m and have less than 5 employees).

4. PENCOM Compliance Certificate
National Pension Commission (PenCom) compliance certificate is compulsory for employers of labour who wish to bid or solicit for any Federal government contract or business from any Federal Government Ministries Departments and Agencies (MDA). All organizations must provide proof of compliance with the provisions of the Pension Reform Act, 2014 (PRA 2014) by obtaining the compliance certificate.

5. BPP Federal Contractor Certificate
The Bureau of Public Procurement (BPP) is the agency responsible for registering companies as Contractors, suppliers, consultants or service providers with the Federal government of Nigeria. Their responsibility is to process any procurement involving the Federal government agencies only and does not extend to the state government. It is mandatory you obtain CAC, ITF, NSITF and PENCOM (which can be waved) before proceeding with BPP registration. Your company Tax Clearance certificate will be required.

For comprehensive guide about the five (5) Certificate and latest Federal Tenders

Source: https://www.naijabusiness.com.ng/featured/2020/federal-contractor-five-5-certificate-required-to-bid-for-federal-tenders-contracts-in-nigeria/