Telecoms contribution to GDP increases by 10% "" Punch
The contributions of telecommunications to the nation's real Gross Domestic Product increased by 10.52 per cent year-on-year to hit N7.28tn in the first nine months of 2022. In the corresponding period of 2021, the sector contributed N6.58tn to real GDP. According to the National Bureau of Statistics, the sector contributed N11.99tn to nominal GDP within the period under review, a 17.83 per cent y-o-y increase from the N10.18tn it was in the corresponding period of 2021. The NBS explained the gross output of telecoms and information services as, ...Revenue from telephone, telex, facsimile, telegraph, and other income from satellite and internet services. ...Intermediate consumption: Transit fees, operational expenditure, minor repairs and maintenance, and other expenses." The statistics body categorises telecoms under the information and communication sector which comprises of telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting. Read more @ Telecoms contribution to GDP increases by 10% (punchng.com).
Tax on beverages "Ëœll contract output, drop revenue by 40% ""Manufacturers "" The Sun
Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN), have raised the alarm that the Federal Government's proposed 20 per cent Ad-valorem Excise Tax on non-alcoholic Beverages, was likely to cause a 0.43 per cent contraction in output and about 40 per cent drop in total industry revenues in the next five years. They lamented that such move will spell doom for the sector as the effect of the prevailing N10 per litre tax regime is already crippling the sector with its biting effects on their businesses. The stakeholders are of the view that the carbonated soft drinks sub-sector appear to be having its last decade and may go into extinction sooner than it can be imagined. They said If this happens, it would not be the first time the Federal Government under the current dispensation would fold its hands and watch a strategic segment of the country's industrial sub-sector slide into oblivion. ...It has happened with the once budding textile. Read more @ Tax on beverages "Ëœll contract output, drop revenue by (sunnewsonline.com).
SEC Warns Fund Managers On Holding Client's Funds, Securities "" Leadership
The Securities and Exchange Commission(SEC) has warned some fund managers still in the habit of holding on to client's funds and securities to desist from the act or face the wrath of the apex regulator. Director-general of SEC, Mr. Lamido Yuguda stated this at the Post Capital Market Committee Press Briefing held in Lagos at the weekend. Yuguda noted that holding on to clients' funds and securities is a clear violation of the Commission's Consolidated Rule. Fund managers were reminded that all funds and securities of clients being managed by their firms must be vested with the custodians. The SEC DG also drew the attention of Fund Managers to issues that arose from the commission's recently concluded inspection of Fund/Portfolio Management operations whereby several Fund Managers managing discretionary and non-discretionary products and portfolios were yet to seek a "ËœNo Objection' of their products and portfolios.. Read more @ SEC Warns Fund Managers On Holding Client's Funds, Securities (leadership.ng).
NDIC declares 100% liquidation dividend in 20 failed banks "" The Sun
The Nigeria Deposit Insurance Corporation (NDIC), on Monday, said it declared a 100 per cent liquidation dividend in 20 liquidated banks as at September, in its desire to ensure quicker and orderly resolutions of liquidated insured institutions. The Corporation further disclosed that it had cumulatively paid N11.83 billion to over 443,949 insured depositors and over N101.37 billion to uninsured depositors of all categories of banks in-liquidation as at June 2022. The Managing Director of NDIC, Mr Bello Hassan, made the disclosure at the 2022 edition of the Financial Correspondents and Business Editors' Workshop in Port Harcourt themed; Boosting Depositors' Confidence Amidst Emerging Issues and Challenges in the Banking Industry" . According to Hassan, the Corporation has pooled a cocktail of strategies designed to boost service delivery. Read more @ NDIC declares 100% liquidation dividend in 20 failed banks (sunnewsonline.com).
Farmers warn Nigerians of impending hunger, higher food prices "" The Sun
Farmers under the aegies of Smallholder Women Farmers Organisation in Nigeria (SWOFON) have sounded the alarm on impending high cost of food and increased hunger owing to the devastating flood that ravaged parts of the country recently. The organisation has, therefore, urged the Federal Government to take deliberate steps to alleviate the effect on farmers to avert nationwide food crisis. National President of SWOFON, Mary Afan, who gave the hint, recently in Abuja, at an event organised by International Budget Partnership, warned that failure of relevant agencies to improve security and financial aid for farmers will result in high cost of food, increased hunger and worsened food security status of the country. ...The implication of this massive flooding is that the prices of food will be yet higher, owing to unavailability. Read more @ Farmers warn Nigerians of impending hunger, higher food prices (sunnewsonline.com).