31 Oct

Daily Watch – External reserves hit $34 billion, VAIDS nets $50 million

  • The Chairman, Federal Inland Revenue Service, Babatunde Fowler, has said that the Voluntary Assets and Income Declaration Scheme has yielded over $50 million in revenue since the scheme was launched four months ago. Speaking at an event organised by the Nigeria Governors’ Forum in Abuja, Fowler said that VAIDS should not be taken lightly by taxpayers as the tax waiver they currently enjoy will cease by the end of March 2018.
  • The FG has released the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2018 to 2020 fiscal years. These set the tone for FGN’s 2018 to 2020 budget which are expected to be prepared in line with the agenda, policies and strategies described in the MTEF/FSP. The document highlights the FG’s plans for achieving its defined objectives which include a 7% GDP growth by 2020, in alignment with goals set out in the ERGP.
  • The NNPC has concluded moves to select firms to provide security services for its downstream assets. This was disclosed by a representative of the Nigerian Pipeline Security Company during the opening of bids by 32 firms short listed. The NPSC is a subsidiary of the NNPC in charge of the corporation’s depots and pipelines.
  • Nigeria’s external reserves have risen to $34 billion from $33.6 billion. Joseph Nnanna, deputy governor, financial system stability at the CBN said the figure has been rising quickly, based on a 30-day moving average, since hitting the $32 billion mark on September 18. Speaking about currency volatility and its effect on the economic cover the reserves provide, Nnanna said if managed properly, inflows could cater appropriately for government spending. Pointing to the impressive performance of the investors and exporter’s foreign exchange window, Nnanna said exchange rate convergence was the way forward.