Lagos Signs VAT Bill into Law

Image

By Adedapo Adesanya

The Lagos State Governor, Mr Babajide Sanwo-Olu, has signed into law a bill empowering the state government to collect Value Added Tax (VAT).

The Commissioner of Information and Strategy in Lagos, Mr Gbenga Omotoso, in a statement, said Mr Sanwo-Olu signed the VAT bill into law on Friday, September 10.

“The Governor signed the bill for a law to impose and charge VAT on certain goods and services at about 11:45 a.m. today, after returning from an official trip to Abuja.

“By this act, the bill has now become a law,” said Mr Omotoso.

This signing is coinciding with a judgement from a court of appeal sitting in Abuja which directed the Federal Inland Revenue Service (FIRS) and the Rivers State government to maintain the status quo over the controversies surrounding the collection of value-added tax (VAT) in the state.

The Lagos State House of Assembly had on Thursday passed the 6 per cent VAT bill on the value of goods and services with the exception of basic food items; medical and pharmaceutical products, medical services; books and educational materials; items covered under the Hotel Occupancy and Restaurant Consumption Law of the state, amongst others.

The appeal court at the nation’s capital asked the parties involved in the matter to maintain the status quo and refrain from taking any action that could give effect to the judgement of the federal high court or Rivers State, pending the hearing and determination of the instant suit.

More to follow…

Share
Related Stories
Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

More Stories
Image
31-August-2020

Nigeria Reduces Debt-to-GDP Ratio to 19%

By Dipo Olowookere The debt-to-GDP (gross domestic product) ratio of Nigeria has slightly reduced to 19.00 per cent from 19.09 per cent within a period of 12 months, Business Post investigation has shown. According to a document from the Budget Office sighted by Business Post, in 2019, the debt-to-GDP ratio, which measures the ability of the country to repay its debts when compared with the value of goods and services it produces, was trimmed to 19.00 per cent in 2019 from 19.09 per cent in 2018. This newspaper gathered that in 2018, the total debt profile of the country, according

Image
11-December-2018

Yuletide: NNPC Warns Against Panic Buying of Petrol

By Dipo Olowookere Nigerians have been advised not to engage in panic buying of Premium Motor Spirit (PMS) commonly known as petrol. The Nigerian National Petroleum Corporation (NNPC), which made this known, assured petroleum products consumers across the country that it holds 2.6 billion litres of the commodity and 90,000 metric tonnes of Dual Purpose Kerosene (Kerosene) that will last 52 days, assuming no single drop of products is imported from now. NNPC Group General Manager, Group Public Affairs, Mr Ndu Ughamadu, said in a statement that the purported shut down of operations by Depot and Petroleum Products Marketers Association

Image
22-June-2017

Etisalat Nigeria Denies Being Under Probe

By Modupe Gbadeyanka The management Etisalat Nigeria has refuted media reports suggesting a probe has been launched into how the $1.2 billion it took from a consortium of 13 banks was utilised. The lenders, led by Access Bank, was reported to have taken over the telecommunications firm after talks on repayment of the loan was stalled. After news of the takeover went viral, it was reported that the banks have asked the Economic and Financial Crimes Commission (EFCC) to probe Chairman of Etisalat Nigeria, Mr Hakeem Belo-Osagie, over the loan. Reacting to the issue on Thursday, the company said it

Image
14-December-2017

NSE Index Sheds 1.56% Despite 0.57% Rise in Market Capitalisation

By Dipo Olowookere The Nigerian Stock Exchange (NSE) All-Share Index (ASI) recorded another huge loss on Thursday, December 14, 2017, depreciating by 1.56 percent at the close of transactions after going down by 1 percent on Wednesday. However, the market capitalisation recorded a growth, appreciating by 0.57 percent with Year-to-Date (YtD) return standing at 41.15 percent at the close of business today. Business Post reports that the ASI went down by 600.94 points to settle at 37,933.70 points against the previous close of 38,534.64 points, while the market capitalisation increased by N77 billion to finish at N13.497 trillion from N13.420

Image
08-July-2018

NNPC Releases Numbers to Report Unprofessional Truck Drivers

By Dipo Olowookere The management of Nigerian National Petroleum Corporation (NNPC) has urged members of the general public to report any unprofessional acts committed by drivers conveying petroleum products in any part of the country through trucks bearing the NNPC Retail insignia. Group General Manager, Group Public Affairs Division of the NNPC, Mr Ndu Ughamadu, said in a statement that the move has become imperative to ensure that only authentic NNPC Retail tested and certified trucks bear the company’s logo and brand insignia. He said NNPC Retail Limited, the downstream subsidiary of the state-owned oil agency, with stake in supply

Image
17-December-2020

More Earnings for Nigeria as Brent Crude Trades $51

By Adedapo Adesanya The price of the Brent crude oil rose by 30cent or 0.59 per cent on Wednesday to trade at $51.07 per barrel at the global market for the first time since March. This will be good news to Nigeria, which depends largely on crude oil sale to generate revenue to fund its budget. The country set its oil benchmark for the year at $40 and at $51, it is making an extra $11. Yesterday, the Energy Information Administration (EIA) reported a decline in the United States stockpiles by 3.1 million barrels for the week to December 11

Image
03-May-2019

Lagos Technical Colleges Graduate 1,608 Students

By Modupe Gbadeyanka In furtherance of efforts at promoting the economic growth through the development of technical and vocational skills, the five technical colleges of the Lagos State Government have graduated a total of 1,608 students in various fields of technical and vocational studies. Lagos State Deputy Governor, Mrs Idiat Oluranti Adebule, while commending the graduands for their hard work and dedication to acquiring technical skills, urged them to enhance societal values by contributing their quota to the technological and economic development of the country. Mrs Adebule expressed optimism that the growth rate of enrollment for technical and vocational skills

Image
08-March-2021

Nestle, Nigerian Breweries Stocks Get Sell Rating

By Dipo Olowookere Analysts at Greenwich Merchant Bank have placed sell rating on the shares of Nestle Nigeria and Nigerian Breweries. However, they put a buy rating on Ecobank, Zenith Bank, FBN Holdings and UBA, while GTBank, Cadbury Nigeria, PZ Cussons, Guinness Nigeria and Unilever Nigeria all have hold rating. In a report released over the weekend, the firm said Nestle, which has traded as low as N764.90 per unit in the last one year and as high as N1,505.00 per unit, can be sold by holders at the present value of N1,350 because it has surpassed the target price

Ad
Ad
Recent Stories
Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
23-February-2024

Okpe Leaders Want Completion of Sapele Polytechnic, University in Orerokpe

By Henry Ovie The Delta State Governor, Mr Sheriff Oborevwori, has been tasked to make efforts to complete the Sapele Polytechnic, which was started by the administration of Mr Emmanuel Uduaghan. This call was made by some prominent leaders from the Okpe kingdom, who said the completion of the school and the establishment of a university in Orerokpe would assuage, “to some extent,” the people of the areas, who they said have been “historically neglected.” On Thursday, the leaders held a crucial meeting of the National Executive Council (NEC) of the Okpe Union worldwide. They commended Mr Oborevwori for responding

Image
23-February-2024

HabariPay Take-on-Squad Hackathon 1.0 Produces Three Winners

By Modupe Gbadeyanka Three winners have emerged in the inaugural Take-on-Squad Hackathon 1.0 coding event organised by HabariPay Limited after intense collaboration, innovation, and problem-solving at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State, from January 18 to 20, 2024. Business Post reports that the three winning teams are Team Within, Team X, and Team Storepoint. Each team was selected based on real-world applicability, technical creativity, user experience, and teamwork. Team Storepoint, represented by Haruna Faruk and Ladipo Samuel from the University of Lagos, secured third position and a prize of N1 million. Their winning solution, Storepoint, facilitates quick

Image
23-February-2024

Group Mourns OAU’s Veterinary Technologist Olabode Olawuyi

By Modupe Gbadeyanka The Nigeria Biodiversity Conservation Alliance (NBCA) has expressed sadness over the death of the Veterinary Technologist of the Obafemi Awolowo University, Ile-Ife, Osun State, Mr Olabode Olawuyi, a few days ago. Mr Olawuyi was fatally mauled by a lion at the Zoological Garden of the institution. In a statement signed by the National President of the Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP), Mr Dipo Bali, the group said the deceased was a man who was dedicated to his job and the organisations he belonged to in his lifetime. Mr Olawuyi, apart from being a

Image
23-February-2024

NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering

By Adedapo Adesanya Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country. The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit. Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the

Image
23-February-2024

SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and

Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,