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Nigeria collected N589bn from VAT in first quarter – NBS

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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.

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SERAP sues Buhari over alleged missing N11tn electricity fund

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President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.

The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”

In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”

This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.

 

 

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Toyota-Suzuki joint SUV coming in August, Africa listed

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The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.

The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.

The two companies are said to be planning to export the new model to markets outside India including Africa.

Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.

While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.

Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.

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Ford to end production of Focus in 2025

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Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.

Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.

Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.

 

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