Connect with us

Economy

Lagos Made N287b From Tax In 2016—Ambode

Published

on

Lagos Made N287b From Tax In 2016—Ambode

Lagos Made N287b From Tax In 2016—Ambode

By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State has disclosed that the state generated more revenue in 2016 despite the economic downturn experienced by Nigeria.

At a special evening of music and camaraderie held at the Lagos House, Ikeja on Sunday, to usher in the Yuletide season, Governor Ambode showered praises on tax payers in the state for performing their civic obligations faithfully.

Mr Ambode said as at December 16, 2016, Lagos State had raked in N287 billion IGR for the year under review as against N268.2 billion generated in 2015.

Speaking at a special evening of music and camaraderie held at the Lagos House, Ikeja, to usher in the Yuletide season, Governor Ambode said the taxes paid by the people have been judiciously utilized to upgrade infrastructures and provide various services, just as he said that Lagosians deserved to be appreciated for cooperating with government in that regard.

Speaking on the significance of the event which featured performances by array of evergreen musicians and was attended by top political leaders, captains of industries, media executives, professionals in various fields, members of the diplomatic corps, among others, Governor Ambode said the state government was greatly appreciative of the contributions of the people to the growth of the state in the year under review, adding that the event was principally to appreciate them.

He said: “You wonder what it is that we are doing? We said it is an evening with the Governor but the truth is I just set this up to appreciate all of you and to say a big thank you. Yes, people have been saying that Lagos is working but Lagos is only working because of the people who are seated here.

“The tax payers are the ones giving us the little energy that we have and even though when they say Nigeria is in recession, but somehow Lagos has been able to do it and it is because people are paying their taxes.

“The truth is that the people have been carrying out their civic obligations and somehow we have been returning those obligations with the services that we have provided and you found out that this year; we have actually made more IGR than last year under a recession.

“So, somehow, we need to appreciate all the people that have made this to happen and then I look at the way I could use Arts, Entertainment, Tourism and Hospitality not only to promote the excellence that Lagos has always been known for but to provide another sector of revenue for Lagos State and I felt one of the ways to go about that was to invite our old celebrities that we seem to have forgotten and spend an evening with them,” Governor Ambode said.

The event was attended by top leaders including National Leader of All Progressives Congress (APC), Asiwaju Bola Tinubu; Governor of State of Osun, Ogbeni Rauf Aregbesola; Lagos State Deputy Governor, Dr Idiat Oluranti Adebule; Minister of Information, Culture and Tourism, Alhaji Lai Mohammed; former Governors of Osun State, Chief Bisi Akande and Senator Isiaka Adeleke; former Governor of Cross River State, Donald Duke; Majority Leader of House of Representatives, Femi Gbajabiamila; Senator representing Lagos West at the Senate and his predecessor, Solomon Adeola Olamilekan and Ganiyu Olanrewaju Solomon respectively; Speaker of Lagos State House of Assembly, Mudashiru Obasa; Managing Director of Access Bank, Mr. Herbert Wigwe; South West APC Women Leader, Chief Kemi Nelson; Iyalode of Lagos, Alhaja Binta Tinubu, among others.

Some of the legendary musicians that performed at the event include Evangelist Ebenezer Obey, Sir Victor Uwaifo, Sir Shina Peters, Lagbaja, Queen Salawa Abeni and Adewale Ayuba.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Continue Reading
Click to comment

Leave a Reply

Economy

Naira Sells N419.02/$ at Spot Market, N615/$ at P2P

Published

on

Spot Market

By Adedapo Adesanya

The Naira appreciated by 0.31 per cent or N1.31 against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, May 20.

At the spot market, the exchange rate of the Naira to the greenback closed at N419.02/$1 in contrast to the N420.33/$1 it was traded in the previous session.

However, at the Peer-to-Peer (P2P) window, the local currency depreciated by N1 against the American currency to trade at N616/$1 compared with the preceding day’s exchange rate of N615/$1.

Equally, at the interbank segment of the market, the Naira depreciated against the British Pound Sterling by N2.15 to trade at N518.64/£1 versus the preceding session’s N516.49/£1 and against the Euro, it slid by N1.75 to close the day at N439.23/€1 compared with N437.48/€1 of the previous day.

Meanwhile, at the cryptocurrency market, things continued to go awry for Luna backed TerraUSD (UST) as investors saw their money continually burn. The crisis-hit coin plunged further by 31.2 per cent to trade at $0.0584.

It was not a different story for other tokens tracked by Business Post yesterday, with Ripple (XRP) recording a 5.7 per cent loss to trade at $0.4094.

Solana (SOL) went down by 4.7 per cent to sell at $49.60, Bitcoin (BTC) recorded a 3.1 per cent slide to sell at $29,240.00, Ethereum (ETH) went down by 3.0 per cent to finish at $1,963.47, Dogecoin (DOGE) depreciated by 2.9 per cent to trade at $0.0841, Cardano (ADA) slipped to $0.5228 after a 1.9 per cent loss, Binance Coin (BNB) suffered a 1.8 per cent loss to settle at $303.10, Litecoin (LTC) declined by 1.5 per cent to quote at $69.27, while the US Dollar Tether (USDT) retreated by 0.03 per cent to $0.9987.

Continue Reading

Economy

FrieslandCampina, Capital Bancorp Chop Off N20.61bn from NASD

Published

on

FrieslandCampina

By Adedapo Adesanya  

The NASD Over-the-Counter (OTC) plunged by 1.95 per cent on Friday, May 21 as negative price movements in FrieslandCampina WAMCO Nigeria Plc and Capital Bancorp Plc chopped off N20.61 billion from the bourse.

Consequently, the market capitalisation of the unlisted stock exchange finished at N1.04 trillion compared with the preceding session’s N1.06 trillion, while the NASD Unlisted Securities Index (NSI) decreased by 15.74 points to wrap the session at 793.05 points compared with 808.79 points recorded in the previous session.

Business Post reports that the share price of Friesland went down yesterday by N11 or 9.24 per cent to N109.00 per unit from N120.00 per unit, while Capital Bancorp dropped 11 kobo or 3.54 per cent to settle at N3.00 per share in contrast to N3.11 per share of Thursday.

However, two stocks appreciated in value during the session and were led by Niger Delta Exploration and Production (NDEP) Plc, which gained N5 or 2.7 per cent to close at N225.00 per unit versus the preceding day’s N220.00 per unit. The second price gainer was NASD Plc, which rose by 12 kobo or 0.88 per cent to N13.72 share from N13.60 per share.

A total of 9.6 million units of securities were traded by investors on the last trading session of the week, lower than the 20.0 million units of securities transacted on Thursday by 51.9 per cent.

However, the value of shares traded went up by 90.4 per cent to N46.5 million from N24.4 million and was carried out in 24 deals, 380 per cent higher than the five deals executed in the preceding day.

At the close of business, AG Mortgage Bank Plc was the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion. Central Securities Clearing System (CSCS) Plc maintained second place with 661.7 million units valued at N13.9 billion, while Food Concepts Plc was in third place with 134.0 million units worth N114.9 million.

The most traded by value on a year-to-date basis was still CSCS Plc with the sale of 661.7 million units for N13.9 billion, VFD Group was in second place for trading 9.4 million units worth N2.9 billion, while AG Mortgage Bank Plc in third place has exchanged 2.3 billion units valued at N1.2 billion.

Continue Reading

Economy

Oil Market Bullish as Supply Risks Outweigh Demand Worries

Published

on

global oil market

By Adedapo Adesanya

The oil market was in the positive territory on Friday as a planned European Union (EU) ban on Russian energy imports and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand.

Yesterday, the price of the Brent crude rose by 87 cents or 0.78 per cent to $112.90 per barrel while the United States West Texas Intermediate (WTI) grew by $1.02 or 91 cents to $113.20 per barrel.

On a week-to-date basis, Brent was up about one per cent after falling about one per cent last week while WTI was on track for its fourth consecutive weekly gain for the first time since mid-February.

Analysts noted that the Chinese reopening and continued efforts towards a Russian oil embargo by the EU swayed the market to the positive zone.

In China, Shanghai did not signal any change to its planned end of a prolonged city-wide lockdown on June 1 even though the city announced its first new COVID-19 cases outside quarantined areas in five days.

Authorities have granted approval to 864 of the city’s financial institutions to resume work on Wednesday as it gradually eases a city-wide lockdown that began seven weeks ago.

The move is part of the financial hub’s plan to reopen broadly and allow normal life to resume after the lockdown was enacted to curb China’s worst outbreak since the coronavirus was discovered in Wuhan in late 2019 and halted the most economic activity.

The EU is hoping to clinch a deal on a proposed ban on Russian crude imports which includes carve-outs for member states most dependent on Russia such as Hungary.

In Europe’s largest economy, Germany, businesses are drafting a plan to use an auction system to help ration available supplies in the event Russia cuts off its gas.

However, China added some downward pressure to oil prices this week when it clearly signalled its intent to buy more discounted Russian oil.

China and India have become the destination for Russia as it races to pivot toward Asia as the EU attempts to ditch its oil.

In the US, energy firms this week added oil and natural gas rigs for a ninth week in a row, according to the Baker Hughes rig count, as most small producers respond to high prices and prodding by the government to ramp up output.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: