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Low Tax Collection Limits Nigeria’s Fiscal Flexibility – Report

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A very low tax collection has been pointed as the largest constraints on Nigeria’s fiscal flexibility, a report from the American credit ratings agency, Standard & Poor’s said.

The ratings firm predicted that Nigeria’s gross domestic product (GDP) will expand by 1.9%.

In a related development, the credit ratings firm predicted that Sub-Saharan Africa (SSA) is likely to be the World’s slowest region post-lockdown.

S&P economists said the expected recovery of the global economy and commodity markets, as well as easing of Covid related restrictions will cause the economic outlook for 2021 to be slightly more favorable.

In line with S&P Global Ratings’ oil price assumptions, improving crude prices in 2021 should support the Nigeria economic recovery, with GDP growth rebounding from -18% to 1.9% in 2021 and averaging 2.3% in 2022- 2024. Thanks to stronger export earnings, S&P said the current account deficit will fall to 1.2% of GDP in 2021 from 3.2% in 2020, shifting to a modest surplus of about 1.7% in 2023-2024.

On the fiscal side, it explained that the rise in oil prices will help the consolidated general government (center and states) fiscal deficits to narrow to 5.0% in 2021 from 5.5% in 2020 and to about 4.2% in 2022-2024.

On the downside, S&P believes that external financing gaps could emerge if economic assumptions weaken or if funding from official lenders or other sources is not as forthcoming as expected.“Fiscal and external pressure will remain high over the next few years as myriad of security risks also persist”, it added.

In addition, the American credit ratings, Nigeria’s fiscal flexibility is constrained by very low levels of revenue, even by regional standards, and a high interest bill as a percentage of general government revenue. “A tightly managed exchange-rate regime and high inflation limit the effectiveness of monetary policy transmission and constrain growth, while the banking sector remains vulnerable to asset quality problems, especially in the oil and gas sector”, the report said.

It highlighted further that Nigerian government increased its dependence on the central bank loans to fund the fiscal deficit due to low earnings.`it would be recalled that the nigeria apex  Bank of Nigeria has however halted Ways and Means funding channel to Federal Government.“One of the largest constraints on Nigeria’s fiscal flexibility is very low tax collection, with general government revenue as a percentage of GDP averaging around 7% GDP”.

“This highlights the limited tax-generation capacity, partly due to the high level of informal economy and the two-tiered federal and state-level tax system.“Nonetheless, we note the authorities’ recent endeavours to increase revenue streams, especially non-oil ones. Nigeria’s established democratic and federal system helps distribute wealth and power, but makes reform implementation and tax collection more difficult”. S&P concluded.

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Alliance For Youth Nigeria Equips Youth Across The Country For Employment

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Alliance For Youth Nigeria Equips Youth Across The Country For Employment

…Alliance for Youth Nigeria is investing in young Nigerians, equipping
them with the right skills, and information to thrive and succeed in the world of work – Uwadoka

Olushola Okunlade Writes 

Alliance for Youth Nigeria equips youth across the country for employment

Over 200 fresh graduates across Nigeria have received employability skills training facilitated by the Alliance for Youth Nigeria. The training comprised Building Winning Resumes, Career Positioning, Personal Brand Marketing, Personal Effectiveness, Time
Management, and Starting the Career Journey among others.

In addition, the best performers will benefit from internship and mentoring opportunities in the six companies that form part of the Alliance. At the end of the training, some participants of the training also had the unique opportunity of partaking in job interviews and placements, progressing on their career journeys.

Alliance For Youth Nigeria Equips Youth Across The Country For Employment
Left-Right: Mrs. Omomene Odike, CEO, U-Connect Human Resources Limited Edidiong Peters, Public Affairs Specialist, Nestlé Nigeria PLC Victoria Uwadoka, Corporate Communications, and Public Affairs Manager, Nestlé Nigeria PLC; Second Row Left-Right: Oyinlola Lawal, Youth Engagement Analyst, Jobberman Nigeria Damilola Odubanjo, Learning, and Development Associate, Jobberman Nigeria Olugbenga Alabi, Category and Marketing Manager, Coffee, Nestlé Nigeria PLC Uche Aso, Head, Learning and Development, U-Connect Human Resources Limited Lanre Coleman, Head, Recruitment and Outsourcing, U-Connect Human Resources Limited.
Alliance For Youth Nigeria Equips Youth Across The Country For Employment

Launched in August 2021, the Alliance is a business-driven movement of organizations passionate about working together to help young people around the country get the necessary skills to thrive in the world of work. Members of the Alliance for Youth Nigeria include Nestlé Nigeria, Jobberman Nigeria, Sterling One Foundation, Big Bottling Company, the United Nations Global Compact Network Nigeria, and U-Connect HR Limited, with Lagos State Employment Trust Fund and Activate Success International as partner organizations.

The member and partner organizations have positioned themselves to invest in joint and individual projects to give young Nigerians meaningful work experience, internships, readiness-for-work training, and mentoring opportunities in line with the United Nations Sustainable Development Goal 8 – to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all by 2030.

The employability skills training is one of the projects of the Alliance designed to meet the target of reaching more than 250,000 young Nigerians with employability and entrepreneurial skills to enable them to secure gainful employment or set up businesses of their own within 3 years. This objective, which was announced during the launch of the Alliance, is in line with their commitment to work together to address the challenges of youth unemployment in the country with the associated social and economic impact.

Alliance For Youth Nigeria Equips Youth Across The Country For Employment
Tosin Babasanya-Craig, Country Manager, Performance Fact Inc. facilitating one of the Alliance for Youth Nigeria sessions to equip youth across the country for employment.

Speaking at the opening session of the training, Victoria Uwadoka, Corporate Communications, and Public Affairs Manager, Nestlé Nigeria PLC said, “I am delighted that yet again, the Alliance for Youth Nigeria is investing in young Nigerians, equipping
them with the right skills and information to thrive and succeed in the world of work. At Nestlé, we believe that society cannot thrive if we fail to offer a future for the young generations. The Alliance will continue to work together with other stakeholders in line with the United Nations Sustainable Development Goal 8 in fulfilling the huge target we
have committed to and I encourage young people around the country to take advantage of the available opportunities”.

Also speaking at the training, Mrs. Omomene Odike, CEO U-Connect Human Resources Limited, congratulated the youth for their interest and dedication to achieving their career and business goals demonstrated by their participation in the training. She further highlighted the value-adding opportunity of job interviews and placements provided by her organization for participants of the training, urging them to take maximum advantage of the offer.

According to Innih Ikhide, Youth Engagement, and Learning Manager Jobberman Nigeria, “Jobberman is dedicated to creating increased pathways for young people to access dignified livelihoods for a better Nigeria”.

For Naomi Nwokolo, Executive Director, United Nations Global Compact Network Nigeria, “The active engagement of youth in sustainable development efforts is central to achieving sustainable, inclusive, and stable societies by the year 2030, and averting the worst threats and challenges to sustainable development, including the impacts of unemployment. The beneficiaries of the training have shown a willingness to improve their skills and attain professional development and are now more equipped for successful participation in job recruitment processes”.

On behalf of other participants, Adasa Okandiji, commended the member companies for the excellent upskilling platform provided to equip and better position young Nigerians for a productive career, now and in the future. She expressed her readiness and that of other participants, to fully utilize the value-adding information obtained in creating their desired future. She also called on youth across the country to be deliberate about seeking out and taking advantage of existing opportunities, particularly that provided by the Alliance.

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FBNHoldings Wins “Best Performing Stock And Best Stakeholders’ Communications Of The Year” At NIVA Awards 2022

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FBNHoldings Wins "Best Performing Stock And Best Stakeholders’ Communications Of The Year" At NIVA Awards 2022

…FBNHoldings Plc Wins NIVA Awards

Olushola Okunlade Writes

FBNHoldings Plc has won two awards, Best Performing Stock and Best Stakeholders’ Communications of the Year at the 2022 Nigerian Investor Value Awards (“NIVA”) which was held at Lagos Continental Hotel, Lagos last Saturday, May 14th, 2022.

According to the organizers, “Best Performing Stock and Best Stakeholders’ Communications of the Year Award” was conferred on FBN Holdings Plc for proven the resilience of its business model, and recovery capacity across all verticals it participates in, and strategic opportunism in new growth areas.

This award is in recognition of the indelible contributions of FBNHoldings Plc and its subsidiaries to the economic growth of Nigeria, throughout its 128 years of existence; representing all that is enviable about the financial services industry in Nigeria, reinventing itself to transform into a digital bank with sprawling footprints across the country and Africa.

FBNHoldings Wins "Best Performing Stock And Best Stakeholders’ Communications Of The Year" At NIVA Awards 2022
Left-Right: FBNHoldings Plc’s team at the event, Bode Oguntoke, Head, Internal Audit, FBNH, Opeyemi Okojie, Head, Strategy & Corporate Development, FBNH, Wale Ariyibi, Chief Financial Officer, FBNH receiving the award from Jude Chiemeka, Divisional Head, Capital Markets, Nigerian Exchange Limited, Ogho Okiti, MD/CEO BusinessDay Newspaper, and Simisola Salami, Team Lead, Communications & Shareholders Engagement, Investor Relations FBNHoldings Plc at the year 2022 Nigerian Investor Value Awards which held at Lagos Continental Hotel, Kofo Abayomi Street, Lagos last Saturday.

FBN Holdings Plc has been providing exceptional services to its customers, bringing mainstream banking to Nigeria’s 774 LGAs. Through its Agent Banking Platform, they empower people and transform lives. Its shareholders remain key to its success story and every day it strives to deliver quality returns on its investment whilst strengthening the fundamentals of the business through smart investment in technology, our people, and process. As a business, it also prioritizes Nigeria’s Economic, Social, and Governance practices to ensure the sustainability of the environment.”

The company has won many awards for its portfolio.

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Photo News: LIRS Meets FMCG, Gaming, And Multi-Level Marketing Sector On Deduction Of Withholding Tax On Commission

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Photo News: LIRS Meets FMCG, Gaming and Multi-level Marketing Sector on Deduction of Withholding Tax on Commission

Photo News: LIRS Meets FMCG, Gaming, and Multi-level Marketing Sector on Deduction of Withholding Tax on Commission

Olushola Okunlade Writes

Left-Right: Director, New Growth Areas, Mr. Olujimi Aina, Executive Chairman, LIRS, Mr. Ayodele Subair, Managing Director, O. M Associates, Mr. Olufemi Oguntade during a meeting on Deduction of Withholding Tax on Commission with Stakeholders within the FMCG, Gaming and Multi-level Marketing Sector held at Protea Hotel, Alausa, Ikeja on May 12, 2022.

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