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REVENUE MOBILIZATION: Federation Account Stressed- RMAFC

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REVENUE MOBILIZATION - Elias Mbam

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) on Monday raised the alarm that the Federation Account is stressed following demands made on the account by the three tiers of government.

Chairman of the Revenue Mobilization Allocation and Fiscal Commission, Elias Mbam called on state governments to develop strategies to boost their internally generated revenue (IGR) in a bid to reduce the stress. He made this known while receiving an Annual States Viability Index (ASVI) from the Editor-in-Chief of the Economic Confidential, Mr. Yushau A. Shuaib, in his office in Abuja.

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Elias Mbam further stated that according to the report has shown that, many states cannot survive without the monthly disbursement from the Federation Account as the indices showed that seven states are insolvent due to very poor IGR that were far below 10per cent of their receipts from the Federation Account.

Shuaib stated that the reports shows, apart from Lagos and Ogun states that ranked high in the revenue generation last year, more states recorded impressive IGR last year compared to the previous year while only Rivers, Kaduna, Enugu, Kwara and Zamfara states did well on revenue generation last year compared to their IGR in the previous year 2018 by improving more than 10per cent.

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Finance

LCCI Announce New Date For Lagos International Trade Fair

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Lagos Chamber of Commerce and Industry (LCCI), a leading voice in the organized private sector (OPS) in Nigeria, has postponed the 2020 edition of the Lagos International Trade Fair.

The trade fair earlier scheduled to hold from November 6-15, 2020 has been rescheduled to hold from December 4-13, 2020.

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According to the Chamber, the trade fair, which will feature both physical (In-person) and virtual (Online) platforms, will run for a total of ten days at the Tafawa Balewa Stadium (TBS).

The Director General of the Chamber, Dr. Muda Yusuf, explained that the postponement is occasioned by the economic disruptions brought about by the COVID-19 pandemic and the recent EndSARS protests across the nation.

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Finance

CBN Releases Guidelines for N75 Billion Nigeria Youth Investment Fund

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The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

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“The plan targets young people between 18 and 35 years and details the needed actions required to access the funds.

“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.

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Nigerian Economy Loses N700Bn to EndSARS Protest – LCCI

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Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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