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Sanwo-Olu Signs VAT Bill Into Law

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Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill.

By this act, the Bill has now become a Law to impose and charge VAT on certain goods and services.

Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.

The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.

It also states that “the value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.”

The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.

Meanwhile, a Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.

FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.

“Be assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,” FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.

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Access Bank Partners SME.NG To Launch Ebi Marketplace

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Access Bank Plc has partnered SME.NG, Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham and the Impact Investment Foundation Nigeria to launch the Ebi Marketplace.

This is contained in a statement by Access Bank made available to the AllNews Nigeria on Tuesday in Lagos.

Ebi Marketplace is a Nigerian innovation for female entrepreneurs, consisting of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitise their businesses.

The statement said that Ebi Marketplace was conceptualised and developed by SME.NG, as a tangible solution to the impact of COVID-19 on female entrepreneurs.

The Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s digital literacy and financial inclusion, while providing access to capital and markets.

Ms Thelma Ekiyor, “SME.NG is committed to investing in facilitating female entrepreneurs’ profitability, so that they are positioned for infusion of capital.”

According to her, this innovation is supported by Nigerian investors for the Nigerian market.

“We at SME.NG see ourselves as an indigenous solutions provider in Nigeria’s Small and Medium Enterprises ecosystem. Women in Nigeria establish businesses more than men but struggle to grow beyond a certain point.

“We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

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Dollar To Naira Exchange Rate Today 17 November 2021

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Dollar To Naira Exchange Rate Today 14 October 2021 (Black Market Rate)

Latest Dollar to Naira rate at the official and black market exchange rate Today November 17, 2021.

Official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates can be accessed below.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Wednesday, November 17, for $1 dollar to naira = ₦413.74/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦413.74/$1 on Wednesday 17, after it closed at ₦415.10 to a $1 on Tuesday, 16 November 2021.

How much is exchange rate of Dollar to Naira in Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Wednesday, November 17th sells between N535 and N540/1$, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.74/$1 on 17th November 2021 after closing at ₦415.10/$1 on November 16th. Showing a change of -0.20%.

According to data from FMDQ, forex turnover stands at $62.53 million.

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Headline Inflation Reduces To 15.99% In October — NBS

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Nigeria’s headline inflation declined for the seventh consecutive month to 15.99 per cent in October, Mr Simon Harry, the Statistician-General of the Federation has said.

He said this on Monday in Abuja at a media conference while presenting the October Consumer Price Index (CPI).

According to Harry, the headline inflation reduced from 16.63 per cent recorded in September, indicating a 0.64 per cent decline.

He said, “With this it means that the declining trend for about seven months portends a positive signal given the favourable economic conditions, that rate of inflation in Nigeria would come down to a bearable level.

“So we are hoping that necessary measures will be put in place by government policymaking bodies to maintain this trend.”

Harry, however, said that it was not expected that the downward trend of the inflation figures would be affected by disruptions to economic activities due to violence in some parts of the country.

He added that it was rather very difficult to have such consecutive decline in the trend affected, except there was a shock in the system.

“We pray that there would be no shock to change the narrative and as long as there is no shock we expect that the decline would continue and the inflation rate would continue to decrease rather than remain static or increase,” he said.

Headline Inflation Reduces To 15.99% In October

The report indicates that the headline index increased by 0.98 per cent in October, indicating a 0.17 per cent decline than the 1.15 per cent recorded in September.

It also said the percentage change in the average composite CPI for the 12 months period ending in October over the average of the CPI for the previous 12 months period was 16.96 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September.

It said, “The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

“On a month-on-month basis, the urban index rose by 1.02 per cent in October, down by 0.19 per cent than the rate recorded in September (1.21) percent, while the rural index also rose by 0.95 per cent in October, down by 0.15 per cent than what was recorded in September (1.10) per cent.”

The NBS said that composite food index rose by 18.34 per cent in October 2021 compared with 17.38 per cent in October 2020.

It added that the rise in the food index was caused by increase in prices of food products such as coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tuber.

However, on month-on-month basis, the food sub-index increased by 0.91 per cent in October, down by 0.35 per cent points from 1.26 per cent recorded in September.

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.24 per cent in October, up by 2.10 per cent points when compared with 11.14 per cent recorded in October.

According to the report, on month-on-month basis, the core sub-index increased by 0.80 per cent in October, down by 0.44 per cent point when compared with 1.24 per cent recorded in September.

“The highest increases were recorded in prices of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments and cleaning.

“Others are repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and Liquid fuel,” it said.

For state profiles, the report said that for the month under review, all items inflation on a year-on-year basis was highest in Bauchi at 19.63 per cent, Gombe at 19.33 per cent and Jigawa at 19.07 per cent.

Meanwhile, Kwara at 11.82 per cent, Edo at 13.31 per cent, and Rivers at 13.66 per cent recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, October 2021, recorded the highest increases in Cross River at 2.14 per cent, Benue/Kebbi tied at 2.02 percent and Yobe 1.71.

The slowest rise in inflation for all item occurred in Adamawa at 0.18 per cent with Kano and Kogi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).

The report also said that food inflation on a year-on-year basis was highest in Kogi at 23.69 per cent, Gombe at 23.29 per cent and Jigawa at 21.91 per cent, while Edo at 13.16 per cent, Rivers 14.46 per cent and Adamawa at 15.42 per cent recorded the slowest rise in year on year food inflation.

On month-on-month basis, food inflation was highest in Kebbi at 2.29 per cent, Yobe at 2.23 per cent and Akwa Ibom at 2.16 per cent with Kano, Kogi, Osun and Oyo recording price deflation or negative inflation.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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