Business

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

Published

4 years ago

November 13, 2021

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.

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.

“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.

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.

“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.

“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.

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Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

20 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

20 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.