CBN directs banks to start deducting cybersecurity levies from customers
Business
Nigeria collected N589bn from VAT in first quarter – NBS
Nigeria recorded a growth of 18.58 per cent in its Value Added Tax (VAT) collection of N588.59 billion in the first quarter of 2022.
The National Bureau of Statistics stated this on Friday in Abuja, adding that the collections recorded a growth of 4.41 per cent on a quarter-on-quarter basis from the N563.72 billion collected in the last quarter of 2021.
It said on a year-on-year basis, VAT collections in Q1 of 2022 increased by 18.58 per cent compared to the collection in the corresponding quarter in 2021.
It explained that local VAT payments recorded N344.04 billion, while foreign VAT payments contributed N117.99 billion in Q1 of 2022.
The report showed that on a quarter-on-quarter basis, activities of extraterritorial organizations and institutions recorded the highest growth rate with 469.32 per cent.
“This was followed by water supply, sewerage, and waste management and remediation activities with 47.62 per cent.’’ The NBS noted.
The report showed, however, that agriculture, forestry and fishing had the lowest growth rate of minus 31.04 per cent, followed by real estate activities with minus18.74 per cent.
In terms of sectoral contributions, it showed the top three largest contributors in Q1 2022 as Manufacturing with 32.84 per cent; Information and Communication with 17.10 per cent; and Mining and Quarrying with 11.85 per cent.
The report showed that activities of households as employers, undifferentiated goods and services producing activities of households for own use recorded the least share with 0.04 per cent
“This was followed by activities of extraterritorial organizations and bodies with 0.08 per cent; and water supply, sewerage, waste management and remediation activities with 0.16 per cent,’’ it stated.
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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