How weak economy shut down 2,877 firms in 4 years

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On February 19, 2016, South African retailer Truworths exited Nigeria, shutting down two remaining stores in Africa’s biggest market. The clothing retailer cited stringent import regulations and rising costs as key reasons for exiting the market. Many medium enterprises like Truworths exited the Nigerian market between 2013 and 2017 owing to sluggish growth, recession, regulatory…

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NDDC has failed Niger-Delta region – Osibanjo

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Vice President Yemi Osinbajo on Friday said the Niger Delta Development Commission (NDDC) has failed the people of the region as it had not been able to meet the expectations of the people.

Osinbajo said this during a courtesy call at the palace of the Ebenanaowei of Ogulagha Kingdom, HRM, Joseph Timiyan I, in Obotobo, Burutu Council Area of Delta State.

The Vice President lamented the inadequacy of the performances of the development agencies created to fill gaps in the region, promising to concentrate on the development of the region in the next four years.

The vice president, who was in Delta State to perform some official assignments, including the 20.29km Obotobo 1- Obotobo 11 – Sokebolou – Yokri Road in Ogulagha Kingdom, Burutu Council Area and the Main Axial Road in Okerenkoko, Gbaramatu Kingdom in Warri South-West Council Area, said the Federal Government would sit with the state government to determine areas in need of development.

“The NDDC in many respect has not met the expectations of the oil producing states; a lot of money is invested in NDDC and the Ministry of the Niger Delta because the real reason they were created is to speed up the development of oil-rich communities. We will sit with the Delta State Governor to look at specific areas to develop in the creeks,” he said.

Meanwhile, while commissioning the road in Ogulagha Kingdom, the vice president said “I want to commend Governor Okowa for his achievements in a neighbourhood and area that has not had this type of road.

“We commend him also on several other initiatives in this kingdom in particular, because this has been a very peaceful community and its a host to several of our oil and gas assets.

“So, its really is a …

Ondo Council Boss Sets Up Taskforce to Improve IGR

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The Caretaker Chairman, Okitipupa Local Government Area of Ondo State, Omo’ba Abayomi Adesanya, has inaugurated taskforce to improve on its Internally Generated Revenue (IGR).
Adesanya while inaugurating the Taskforce, charged members to do their best to ensure that the council received more funds for its developmental projects.
He added that the council would not only depend on the state or federal government allocations for its survival, but intensify efforts to ensure that more funds are generated from the public.
“The development of Okitipupa council area and delivering dividends of democracy to my people is my priority as their servant here.
“The council cannot depend on Federal or state government alone for survival, but should also look out on new ways of generating more funds for its developmental initiatives.
“I am inaugurating the taskforce on IGR to achieve all these and the taskforce must do its best for the council to enable it to reclaim its lost glory,’’ Abayomi said.
The taskforce is made up of nine members; three(3) Supervisors and six(6) local government staff.

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Emefiele urges military, police to patronise local textiles

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Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), on Thursday urged the Nigerian military, police and other uniformed organizations to patronize the local textile industry, which the apex bank is keen in resuscitating.

Emefiele met with Service Chiefs, and Chief Executive Officers of uniformed organizations, in Abuja, on how to drive President Buhari’s Executive Order 003 to yield meaningful results to the economy.

Signed by Vice President Yemi Osinbajo in 2017, Executive Order 003 requires federal government Ministries, Departments and Agencies (MDAs) to show patriotism by prioritising locally made goods inorder to boost the weak economy and create jobs.

Emeifiele raised the concerns that the MDAs has largely ignored the presidential order at the detriment of local textile manufacturers.

He said interactions with Stakeholders have shown that MDAs have not made any significant order for uniforms or clothing materials from our Nigerian textile manufacturers and garment companies and that the Governments’ efforts at resuscitating the textile industry will not be actualized if they are not supported through local patronage among other incentives.

“We have also observed that our textile factories are carrying huge quantities of unsold stock while our garment factories are idle due to lack of local patronage. We are optimistic that with your support, this trend can be reversed.”

He Service Chiefs, Chief Executives of Uniformed Services have what it takes to change the narrative and rewrite the history of Nigeria’s struggling Cotton, Textile and Garments (CTG) Sector.

“Crucial to this resolve is the call for patriotism and the need to support local manufacturers of textile through patronage by MDAs as entrenched in Executive Order 003.

“Mr President has directed full compliance with this Order as it will help in addressing the pressure on our foreign reserves through demands for forex … Read More...

FG, States, LGAs share over N8trn in 2018 as over N1trn generated from VAT in one year

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Nigeria distributed the sum of N8.496 trillion to its three tiers of government in 2018, some N1.807 trillion (27.01%) higher than the N6.689 trillion shared in 2017.

This, according to some data released on Thursday by the Office of the Accountant General of the Federation (OAGF) includes 13% derivation paid to oil producing states and cost of collection to all the revenue generating agencies.

Also, Value Added Tax (VAT) realized and distributed to three tiers of government in 2018 was N1.076 trillion as against N972.348 billion realized the previous year.

The statistics on the performance of the federal government finances and the OAGF was reeled out when the Head of Service of the federation, Winifred Ohio-Ita paid a peer review visit to the Accountant General of the Federation (AGF), Ahmed Idris and his team in Abuja.

The numbers also show that the federal government saves over N45 monthly in interest on ways and means advances, a method through which the Central Bank of Nigeria lends to government to make up for its revenue shortfall.

Also the government generated some N50bn revenue from funds mopped from commercial banks through its Treasury Single Account (TSA).

Figures indicate TSA has enabled government aggregate over N10 trillion cash collection through the scheme fully launched since 2015 to help government better manage its financial resources.

As contained in a OAGF peer review document seen by BusinessDay, the federal government has so far enrolled some 235,858 of its civil servants under the Integrated Personnel and Payroll Information System (IPPIS) and saved N98.34 billion through the process as at June, 2019.

Meanwhile, revenue and investment department of the OAGF was able to analyze and reconstruct operating statement of FGOEs which revealed that as at December 2017, over N1.656 trillion was outstanding against … Read More...