Lagos’ll implement VAT law despite A’Court’s ruling – Lawmaker – Newstrends
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Lagos’ll implement VAT law despite A’Court’s ruling – Lawmaker

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3 years ago

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A member of the Lagos State House of Assembly, Setonji David, has said the state would proceed with implementation of its recently assented Value Added Tax (VAT) Law nothwithstanding a stay of execution by the Appeal Court in Abuja last Friday.

The lawmaker, who represents Badagry II Constituency in the House, spoke on a television programme monitored in Lagos, yesterday.

Following Rivers State which signed its VAT bill into law last month, Governor Babajide Sanwo-Olu, last Friday, signed the state VAT Bill into law a day after it was passed by the House of Assembly.

On the same day, Lagos asked to be joined as a respondent alongside Rivers State in the appeal filed by the Federal Inland Revenue Service challenging the judgment of the Federal High Court, Port Harcourt which ruled that Rivers should commence VAT collection.

Justice Haruna Tsammani of the Appeal Court had adjourned to September 16 to hear the application by Lagos and asked all parties to “maintain status quo.”

But David said Lagos would continue the implementation of the VAT law pending any order by the Appeal Court ruling otherwise.

“In Lagos State, we have always clamoured for true federalism. This is consumption tax from the people of Lagos and it should be domiciled in Lagos and used for the people of Lagos. There are so many hassles that have to do with federalism that we are practising.

“We generate over 55% of the VAT in Nigeria and we get a paltry sum of 10%. Is that fair for a population of over 24 million. We are happy that the Rivers State Government went to court and the court was very clear that VAT was supposed to be a state affair. We have no choice but to follow suit.”

Asked whether Lagos State would go ahead with the implementation of the law despite the Court of Appeal’s ‘maintain status quo’ ruling, the lawmaker said, “The status quo is that we have enacted the law in Lagos and the law is in existent and I believe strongly that until another judgment is passed by the Court of Appeal to the extent that what we have done is wrong, the law subsists.

“By our own understanding, what subsists in Lagos is our own law, until that law is set aside by the Court of Appeal. So, as far as Lagos is concerned, VAT in Lagos will be collected by the Lagos State Government.”

He lamented that the state does not enjoy special status despite generating over half of the country’s VAT. “Anywhere we can get money to fund the infrastructural development of the state, we won’t hesitate to do it.”

He said that with the implementation of the VAT law in Lagos, the interest of small businesses has been taken care of by the law.

“The Lagos Internal Revenue Service is well-placed, doing excellently well and is well-equipped to collect VAT,” David noted, adding that Lagos assisted FIRS to develop its VAT collection through the deployment of the state personnel to Abuja.

On the prompt passage and enactment of the VAT law in Lagos, David said the bill passed through the normal process though it was passed and signed into the law in less than a week.

“It depends on the exigency of the situation, we have passed bills like that, there is nothing abnormal about it,” he said on the prompt passage of the bill.

Sun Online

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Naira opens 2025 on weak note against US dollar

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16 hours ago

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January 3, 2025

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Naira opens 2025 on weak note against US dollar

The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.

Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.

In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.

The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.

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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.

One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.

Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.

Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.

Naira opens 2025 on weak note against US dollar

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Jetour attributes Nigeria’s award to customers loyalty, innovation 

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22 hours ago

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January 3, 2025

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Jetour attributes Nigeria’s award to customers loyalty, innovation

 

Jetour has been declared the fastest growing auto brand in Nigeria.

The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).

Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.

Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.

It mainly produces crossovers and Sports Utility Vehicles (SUVs).

The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.

Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.

Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.

The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.

The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.

Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.

The firm celebrates the award on its Facebook page with the following comments:

“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.

“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.

“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”

Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.

Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.

As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.

Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.

National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.

Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.

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NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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1 day ago

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January 2, 2025

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Former President of Nigeria, Olusegun Obasanjo

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.

In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.

Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.

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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.

“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.

“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added

 

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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