THE TAXAIDER NEWSLETTER VOL 1.7 (JULY 2019)

Taxiade's Intel and Comms Team | Friday 26th July, 2019

       

FIRST THOUGHTS


I saw the recently released Ministerial List and immediately I heard the news break, a wave of excitement came over me. I had been a little bothered after the inauguration of the new administration since 29th May 2019 about this and considering it was almost two months since then, I had cause to wonder if we would not be seeing a repeat of 2015 where it took about six months before the ministers were named. I believe an economy can only be steered properly when people are at the helm of affairs and every delay in setting this in motion only gives room for uncertainty and a loss of faith in the system. However, it is not enough to have people at the helm of affairs. It is more important to have the right people there.


I have taken a cursory look at the 43 names that were submitted by the President to the National Assembly for ratification and I have also followed the ongoing screening and I must say . . . On second thought, I reserve my comment! I got you there, didnt I? You were expecting me to say more? No, I wont. At least, not now. I have chosen to keep my thoughts to myself this time. Of course, the response the list has garnered especially on social media with series of hashtags have fluctuated from worrisome to hilarious and to outright derision among other qualifications.


It should come as no surprise anyway. What else would you expect from Nigerians? We always know how to bring drama at every slightest opportunity. We are the official meme kings and queens of Africa. Even the South Africans and Ghanaians know this and know where to draw the line when it comes to playing with us. The Jollof Wars and the recent sending the Bafana Bafana boys back home is still fresh in our memory. Even though we didnt win the AFCON, I believe beating South Africa was a very high point for us in the tournament.


Back to our national issues; lets watch as things unfold over the next few days and hope for the best as the new ministers take a bow and begin to steer the affairs of their ministries for the next four years or less. Indeed, time will tell if the President got it right with his choices this time around.


The seventh instalment of The TaxaideR drops and we heres what weve got cooking and ready to serve.

In this Issue:


  • Taxaides Jennifer Ezediaro shares an enlightening piece; Insights into the Nigerian National Housing Fund. In this piece, she demystifies the idea of the National Housing Fund and processes involved in accessing the Fund among other details. It is a must-read.
  • We bring one of our fantastic pieces from the crates; specifically, from 2016 written by Bidemi Olumide, CEO Taxaide. In Taxes in Africa: To Raise or To Rise, BD critically examines the tax situation in Africa and how among other variables, technology is a central and inevitable feature. This article is still relevant today, almost three years after it was written.
We also bring you some linked pieces from our mobile application, TBook. You can access these on TBooks web interface:

  • The Central Bank of Nigeria (CBN) has confirmed the licensing of three new banks. Read more here.
  • President Buhari sends list of ministerial nominees for confirmation. Click here to read.

  • The Federal Inland Revenue Service hints at a harmonised tax bill. Read more here.
  • In a rather unpleasant development, the CBN has also predicted Nigerias inflation to remain double digit. Read more here.
  • However, in a related development, the CBN maintains rates and keeps Monetary Policy Rate (MPR) constant at 13.5%. Read more here.

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