Connect with us

Business

VAT War Between FG, States Affected Our 2022 Budget Proposal – Bauchi Govt

Published

on

The Bauchi State Government has said that the disagreement on who should collect Value Added Tax (VAT) between the Federal Government, Rivers and Lagos states affected its projections in the budget proposal for 2022 fiscal year.

This was disclosed by the state Commissioner for Budget and Planning, Alhaji Aminu Hammayo, while briefing journalists at the Government House, Bauchi, shortly after the State Executive Council (SEC) adopted a budget proposal on Friday.

Advertisement

According to him, while considering the proposed budget, the SEC took into consideration the VAT war, adding that this had an impact on the state’s projections for the 2022 fiscal year.

Hammayo said it was decided that the state government would only award new projects where they were absolutely necessary, adding that the state priority for next year was to complete all ongoing projects across the state, DAILY POST reports.

“The fight between the Federal Government and Rivers/Lagos as to who is responsible for collecting VAT was taken into consideration and that has affected our projection.

Advertisement

“We have also defined what our priorities are. Our focus is to try to complete every project that has been started. New projects will only be considered where they become absolutely necessary,” Hammayo said.

The commissioner said that the state governor, Senator Bala Abdulkadir Mohammed, would present the proposed budget before the Bauchi State House of Assembly next week.

While refusing to disclose the state’s budget estimate for the next fiscal year, the commissioner disclosed that the SEC put a lot of things into consideration before finally arriving at the proposed budget.

Advertisement

According to him, the state based its 2022 budget proposal on the assumption of the country producing 1.9 million barrels of oil per day and a benchmark of $57 per barrel.

READ ALSO: JUST IN: Appeal Court Grants Lagos Request To Join Rivers’ Suit On VAT

“We will look at those things that we consider critical to guide us in the budget. While it would be premature to state the amount of the budget at this stage, we considered a lot of things in arriving at our projections as to the proposed budget.

Advertisement

“We based our assumptions on the oil production benchmark at 1.9 billion barrels per day. We also assumed that the crude oil price would remain at $57 per barrel,” the commissioner disclosed.

Advertisement

Business

NNPCL Increases Fuel Price

Published

on

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

Advertisement

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

Advertisement

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Advertisement
Continue Reading

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

on

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

Advertisement

READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

Advertisement

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

 

Advertisement
Continue Reading

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

on

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

Advertisement

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Advertisement

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

Advertisement
Continue Reading

Trending