Governments once turned to aid and natural resources to stay afloat. ", Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, expressed concern over what he called "the penchant by the current administration to borrow money at the slightest provocation.". EOs essentially are a set of commands directly given by the President to an executive agency, class of persons or body under the executive arm of government. WHAT IS IT like being a taxman in Africa? Graphic: Dollar's performance in 2020 - here. A rise in U.S. jobless claims last week, for the first time in four months, also added to pressure on the dollar, as a persistent increase in COVID-19 cases has put an apparent recovery in the labor market on stall speed and dampened consumer demand. News that Lagos State Government will soon start rebuilding the expressway to Murtala Mohammed International Airport cannot but be welcoming news, much as the decrepit on condition of the roads leading to Apapa ports – Nigeria’s premier port - is a huge let down. It follows that such applicant desirous of formalising the grant would forward an application showing that the relevant MDA’s requirements have been met and timeline has lapsed including any document submitted in the application to the MDA. The result is that the funds that we need to provide social services will go to debt service.". Against the safe haven Japanese yen, the dollar was flat at 107.15. Signs that dollar weakness have been the major driver of pound gains can be seen from the performance of the British currency versus the euro and the Japanese yen. We hope the EO will signpost similar efforts by the States, as the instant EO provisions are only binding on Federal MDAs. The former NFL safety and 3x team captain who played for the Vikings, Giants, Eagles and Cardinals, assured that Trump is passionate about development in Africa, while he listed a plethora of President Trump’s accomplishments on the continent of Africa. "Our currency keeps losing value. The IMF models the “tax capacity” of a country using variables such as average incomes, trade openness, and governance. The Zoom meeting hosted by the Director-General of Black Voices for Trump, Harrison Floyd, and Deputy Director, Gail Wilson, who is a senior member of Donald Trump for Resident Advisor Board and close friend of the Trumps, had Jack Brewer, who represented the president. =USD. He advised the Federal Government to expand its tax bracket by bringing more taxpayers into the tax net. Real estate reform – to optimise ease of acquisition, registration, disposal, secured lending, building approvals, etc across all the States will have dramatic improvement in Nigeria’s competitiveness rating. Okechukwu has relentlessly debunked misconceptions about Trump on the continent, using his Social Media platforms and at times making publications on National Newspapers in Nigeria. If you want to keep up with the forever volatile nature of the Naira against the dollar, then Abokifx which means friend in will help you do just that. Also touched by the senseless killing of Ambazonians in Southern Cameroon, president Trump, through the State Department moved to cut US funding running into millions of dollars to the Republic of Cameroon until the government acted responsibly and ensured the safety of all its citizens. However, same is unlikely to be challenged – not by public servants being enjoined to deliver improved services or applicants who are meant to be beneficiaries of the EO. The final draft of the budget would be prepared based on the parameters and fiscal assumptions of the approved 2021-2023 MTEF/FSP. It is neither feasible nor desirable to close all those gaps, so the realistic gains are smaller. The MITI has described itself as the “Ministry of Enabling Environment”. 2.1.4 Fast-Track Visa Application / Visa on Arrival. "If we continue to borrow ( which is clearly the case as we intend to embark on deficit spending), then our problem would likely become worse," he said. Thus, where an application to any MDA requires a supporting documentation issued (or to be issued) by another MDA, the onus of verification or certification lies with the MDA processing the application: a photocopy or any other prima facie proof would suffice for such application. It registered its biggest monthly rise in more than a decade in July even though prospects of a breakthrough in Brexit negotiations with Europe before a December deadline remain elusive. In the future, it should be possible for CAC clients to download and print incorporation certificates or CTCs of corporate filings, upon logging in to CAC’s website. But that statistic gives only a partial picture. While public servants may be regarded as ‘having nowhere to hide’ – since the EO compels MDAs to comply upon pain of sanctions, the ultimate effectiveness would also be a result of active citizens’ engagement in demanding compliance with the EOs in their interaction with MDAs. "So, any extra borrowing without improving on our revenue sources will amount to excessive gearing," he said. JPY=. Mr. Boss Mustapha, Secretary to the Government of the Federation and Chairman, PTF-COVID-19, has called on Nigerians to disregard any “fake news” making the rounds, as the aviation sector was working out a protocol to resume international flight. One pastor on the list even started preaching about paying taxes. So too are shifts in foreign aid. In a default approval scenario, the applicant may within fourteen (14) days of the lapse of the MDA’s stipulated timeline to grant the approval, make an application to the relevant supervising Minister for the issuance of any necessary certificate or document to evidence such approval. The Kenyan shilling is seen weakening further after this week hitting a record low because of dollar demand from importers after the state eased lockdown measures, traders said. Ordinary Africans complain the system is rigged. More so, the port operation is to run on a 24 hour circle paving way for increased commercial activities, given the EO’s prescription for 48 hour cargo clearance timeline. It’s likely the most trusted site to find up to date prices of parallel dollar rate in Nigeria and the latest stock trends on the internet. “Sterling’s slump after Michel Barnier’s comments should come as no surprise as headlines reinforce how far both sides are away from a comprehensive free trade agreement,” said Simon Harvey, currency analyst at broker Monex Europe. Data from the OECD for 26 African countries show that over half of their tax revenues come from taxes on goods and services. The dollar briefly strengthened after U.S. Treasury Secretary Steven Mnuchin said the U.S. government will protect the stability of the currency. Any delay in unveiling more stimulus measures would fuel another round of selling in risky assets and drag the pound lower. Leveraged funds were shorting the British currency as of last Tuesday, but they had cut their positions in the last few weeks to hold just above $1 billion in shorts, according to latest CFTC data. One further point is that policy actions like EOs should have measurable benchmarks like the ones issued by the Federal Government - these would challenge the public service to pull their weight as everyone realises that non-compliance will raise a red flag and risk exposure to sanctions. “That downward pressure on the dollar is resuming partly because of the (Federal Reserve Bank’s) response to the coronavirus.”. Given the stresses associated with obtaining driver’s license and international passports, it is the height of inefficiency for them to have three (3) and five (5) year durations respectively. Irrespective of views whether Nigerian Presidents should use EOs in directing the policy of the Federal Government, such acts are constitutionally sanctioned - as exercise of inherent executive powers conferred on the President. How much more could African governments collect? Okechukwu, who has been a Trump supporter since 2016, painted a bleak picture of what could become of Africa, with respect to terrorist attacks, if president Trump was not re-elected. This was made known at a global zoom event tagged “MAGA Meet-UP”, hosted by the Trump Campaign’s Black Voices for Trump, which had hundreds of participants from all over the world. At 0948 GMT, commercial banks quoted the shilling at 3,695/3,705, compared with last Thursday's close of 3,690/3,700. "It should continue trading largely the same with support from dollar conversions as companies prepare to pay salaries and other month-end dues," one commercial bank trader said. Nollywood actor and social influencer, Joseph Okechukwu took the floor and thanked the Trump campaign for the initiative, which he had prayed and hoped for, so long. One of the requirements for a government bid is the submission of original copy of bidder’s Tax Clearance Certificate (TCC). One example is bilateral tax treaties. "If a borrowed fund is not applied to projects that can generate revenue in return, there is no way the fund will be able to fund itself. These agencies whose presence constituted an overhang of MDAs at the ports, had been expelled by presidential directive under the Jonathan administration (October, 2011), but somehow found their way back (or maybe never left the ports)! And this is not to say that some States have not been a purveyor of reforms. Most businesses say that tax breaks do not affect their decision to invest; in surveys, they tend to put greater weight on things like stability and roads, which a little extra tax might fund. When Ugandan tax collectors examined records for 71 government officials in 2013/14, they found that just one had paid any personal income tax. He said: "If the kind of money people are wasting in government agencies is anything to go by, it means we are borrowing to waste, so how can we be justifying borrowing in the first place.".

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