Connect with us

News

FG to Introduce Excise Duty on Soft Drinks

Published

on

Kindly share this post

Federal Government is considering introducing excise duties on carbonated drinks, according to the Mrs Zainab Ahmed, minister of Finance, Budget and National Planning.

 

Ahmed who gave the indication in an interview with newsmen on Thursday on the sidelines of the ongoing World Bank/IMF Annual Meetings in Washington DC, United States, said the idea was one of other areas, besides the proposed increase in VAT, that the the government was looking at to broaden its revenue base.

 

The minister explained that the government was working hard to ensure efficiency in existing revenue streams while searching for new ones. She said the government would consult with all stakeholders on the proposal in line with standard policy formulation process.

 

“Any tax that you are introducing will involve a lot of consultations and also amendments of some laws or introduction of new regulations,” she said.

 

Carbonated drinks include soft drink brands such as Coca Cola, Sprite and Fanta, while excise duty is a tax levied on locally produced goods. Ahmed said her ministry was working with all the agencies to ensure that collaboration was strengthened in revenue generation.

 

“The government is trying to ensure that the work of the agencies are complementing each other as opposed to the past where everybody is working in silos.

 

“Efforts are ongoing to improve the monitoring performance of the revenue generating agencies, especially government-owned enterprises.

 

“We have now in place a rigorous monthly reconciliation of revenues and that is ensuring that the leakages are minimised.

 

“There is several cost cutting measures in the SRGI and a number of cost cutting measures initiatives such as innovation and automation as well as capacity building of our people,” she said.

 

The minister reiterated government’s resolve to sanction revenue generating agencies that fail to meet their targets.

 

“Mr President has said that targets will be set for ministers as well as heads of agencies and that when targets are met there will be recommendations and when there are not met there will be consequences.

 

“So, what was missing in the past was that there were no consequences, so if an agencies underperformed there is no consequences for doing do.

 

“But now there will be consequences and we will be pushing to make sure that we provide all the support that the agencies will require to enable them perform,” she said.

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Published

on

Kindly share this post

Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

News

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Published

on

Kindly share this post

While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


Kindly share this post
Continue Reading

News

President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

Published

on

Kindly share this post

President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


Kindly share this post
Continue Reading

Trending