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FG PLANS 40% BUDGET ON INFRASTRUCTURE

FG PLANS 40% BUDGET ON INFRASTRUCTURE

FG PLANS 40% BUDGET ON INFRASTRUCTURE

PUAH OMOKHUALE
The federal government of Nigeria, (FG) has been urged to include a 40 per cent allocation in the 2018 budget as capital projects so as to boost development in the critical sectors of the economy.

This statement was included in the report presented by The Lead Director, CSJ, Mr. Eze Onyekpere, in Abuja on Monday.
He also called on the FG to allocate a 15 per cent of the annual budget to the health sector in order to reduce the high rate of medical tourism in Nigeria.

This was stated by the Centre for Social Justice and the United States Agency for International Development, in a report on the Health Sector Medium-Term Strategies for the 2018-2020 fiscal periods.

According to Mr. Onyekpere, there is a need to amend the National Health Insurance Scheme Act to make health insurance compulsory and universal, so as to help the government generate more funds in the health sector.

He added that while the improvement in the macro economic situation in Nigeria seems to be reducing, there is a need to increase the health’s investment to avoid worsening the national health and economic indices.

He also said in his voice “the current Nigeria’s health indices should be pillars of a robust investment plan in the MTSS, anchored on the macroeconomic standard f the country.

“The 15 percent of the total annual budget that should be allocated to the health sector should be in alliance with the Abuja Declaration of 2001. If the 15percent deal does not seem so possible, we could start with a minimum of 7.5 per cent allocation in 2018 and gradually increase by 1.5 percent until the 15 percent is attained in 2023.

“The bulk of the new resources should be allocated to the capital expenditure, so as to enhance access of equipment and health infrastructures. The plan is that nothing less than 40 percent of the allocation should go to capital expenditure in 2018 and highly increasing in subsequent years.

“Just as stipulated in the National Health Act, 2014; Not less than one percent of the consolidated revenue fund should be allocated to the Basic Care Provision Fund in the 2018 budget and beyond.   

“in generating more funding for the health sector, the National Health Insurance Scheme Act ought to be adjusted to make health insurance universally compulsory and also consider new sources for health insurance funding that will include two percent surcharge on all imports, a special tax on tobacco , alcohol and smaller tariffs on telecommunications services to be borne by the consumer”.

Mr. Onyekpere called on the government to help consider establishing a health bank to provide single-digit long term loans, in order to develop health institutions, infrastructure, research and human resources for the health sector.
He added, saying that while steps are been taken to establish the health bank, the government have to consider special ways of funding the health which should be established through administrative actions.

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FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

PUAH OMOKHUALE
The Federal government of Nigeria has said that the banks that imports gold and precious metals will start paying a 3 percentage fee to Goods and Services Tax (GST) which can be claimed as input tax credit.
In a bid to clarify issues on GST on gems and jewelry through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs (CBEC) said banks did not pay any VAT on import of precious metals previously. They only settled customs duty.

It has also been said that the Import of gold attracts a 10 per cent basic customs duty, following the fact that a 12.5 per cent countervailing duty (CVD) was levied prior to GST.
However, in the GST, "3 per cent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty, as the IGST paid can be taken as input tax credit by the banks."
The CBEC also said that banks would be liable to pay IGST on such import duties and not any overseas supplier in which ownership is vested during movement of gold or silver.

 Following the statement of the FAQ, "Ownership is not the material for determining if an import has taken place or not. Banks, as registered entities, would be liable to pay IGST on such imports but not the overseas entities, because they are not affecting the import," she said.
The CBEC also added her statement on the levy of GST where the total value of a gold ornament is Rs 30,000, including Rs 2,000 as making charge. In her words, "GST is payable at the rate of 3 per cent of the total transaction value of jewellery, whether the making charge is shown separately or not".
It was also said that since GST subsumed CVD, hence the GST rate on gold at 3 per cent ought to be paid at the time of imports in the form of IGST with effect from July 1.

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Fg embeds finance education in primary/secondary curriculum

Fg embeds finance education in primary/secondary curriculum

FG EMBEDS FINANCE EDUCATION IN PRIMARY/SECONDARY CURRICULUM

BY OMOKHUALE PUAH

In an attempt to improve the financial literacy of Nigerians, the Central Bank of Nigeria (CBN), in conjunction with the Nigeria Education Research Development Council (NERDC) would commence the teaching of financial education, for all levels of the Nigerian education system.

At a press briefing on Tuesday in Lagos, Haijia Umar Dutse who is the Director, Consumer Protection, CBN, announced that the essence of this move is to teach children on how to be better financial managers.

In the words of Haijia Dutse, “I cease this medium to thank the CBN and the stakeholders for the support they have given to undertake this project.

“Of course we know that financial education is not an activity an individual or an organization can effectively carryout, because its framework has taken the approach and so, all hands must be on deck so as to achieve an expected result. I am very happy saying that with the commitment of the various stakeholders, I think this has a long way to go and at the end of the year, this country will be a reference point with the development of the curriculum”. She said.

The executive Secretary, Nigeria Educational Research and Development Council (NERDC), Professor Ismail Junaidu said that one of the greatest lessons learnt from the recent global financial crises, resulting to the collapse of the Nigerian financial system of course lack of consumer and we are aware that the Nigerian Consumers lack knowledge and skill to enable them to understand financial concepts and to enhance their financial wellbeing by managing their personal financial matters.

In his words “As part of the efforts to address the issue on ground, the Federal Government had launched a National Financial Inclusion Strategy in 2012 which placed a high premium amongst the rest on financial literacy which is a measure route to the achieving this goal.

“The development of a financial education in both the primary, secondary and tertiary school curriculum has to be inculcated, in order to imbibe a desired financial habit in the minds of the citizenry from a very young age to adulthood to enhance good financial decisions” she added.

“Due to this huddle, the project of developing a financial school curriculum for our Nigerian Education at both basic and secondary school level is taking place under the auspices of the financial Group regulators; CBN, NDIC, PENCOM, NAICOM, NSE, GIZ, bankers committee, MercyCorps, NGOs and other stakeholders” he continued.

According to Professor Junaidu, the innovative curriculum which has been approved by the Federal Ministry of Education comprises of various themes as, money, savings, credit, insurance, deposit insurance, pension planning and budgeting, capital market, financial landscape and entrepreneurship.

He further added “each of this theme contains various concepts, activities, contents, learning resources and evaluation guides, which are sequenced and graduated for an effective implementation and learning objectives in their various lessons and schools”- Thisday.

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Fg Explains How N2.73t Revenue Shortened To N2.53t

Fg Explains How N2.73t Revenue Shortened To N2.53t

FG EXPLAINS HOW N2.73T REVENUE SHORTENED TO N2.53T

BY OMOKHUALE PUAH

The News Agency of Nigeria (NAN) yesterday reported that the Federal, State and Local government have allotted a sum of N2.53 trillion, as proceeds of the revenue from the federation account of January to July.

This report was obtained from the documents filed by the ministry of Finance, which showed that the revenue was N2.73 trillion, but certain deductions were made for cost of collection, by the Nigeria custom service at seven percent, Federal Inland Revenue service at four percent and the Department of petroleum resources at four percent.

The funds usually, are distributed the next month, but as regards this for January and July, it was obviously generated between December 2015 and June 2016.

According to review, N1.1 trillion was allotted to just the Federal government, N727.5 billion was allotted to the State government, and N544.9billion was allotted to the Local government.

This allotment was based on the formula of the federal government, receiving revenue of 52.68 percent, a percentage of 26.72 for the state and 20.6 percent for the local government.

The oil producing state distributed an additional N148.1billion, which was based on the 13 percent derivation. This distribution was gotten from the mineral earnings of the Nigerian National Petroleum corporation (NNPC) and DPR and some none mineral revenues from the customs and FIRS.

Following the report, additional revenue came from Petroleum Profit Tax, import Duty, Exchange gains and NNPC refunds.

In May this year, N1.5 billion was distributed as excess bank charges, which was recovered into the Federation account and allotted between the three governmental tiers.

In the review, it was recorded that in January this year, N417.1billion was distributed, as the Federal government was allotted N180.3billion , as the state was allotted N113.5 billion and N85.4billion was allotted the Local governments, as N208.2 billion was distributed as the revenue derivation.

In February this year, N370.3 billion was distributed. The Federal Government received an allocation of N155.4 billion, the state government received N104 billion and the Local government received N77.8 billion.

In March this year, N345.1billion was distributed as revenue. The federal government received a sum of N144.5 billion, N96.4 billion was allocated to the state government and the Local government received N72.1 billion, while a list of oil producing states received N23.2billion in addition.

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