Business

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

Published

4 years ago

November 13, 2021

Editor

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

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

3 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

3 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.