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Nigeria still in recession ―NBS

S-Davies Wande
NBS CODE partner Food prices push inflation rate, Nigeria’s inflation rate rises, NBS, Foundation to develop public sector performance index,Inflation drops by 0.37, Beyond the feel good, Inflation rate slowed, Nami enjoins W/African taxmen to step up revenue mobilization growth Sanya Adejokun - Abuja Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, has asked tax authorities across West Africa step up their efforts towards generating higher tax revenues for their respective countries to accelerate development in the region. Nami who spoke on Thursday at the opening ceremony of the “Regional Seminar on the Problems of Tax Transition in West Africa”, organised by the Steering Committee of Support Program for Tax Transition in West Africa (PATF) said the governments needed enhanced tax revenues to tackle development-related challenges they confront, especially in the areas of “health and security difficulties”. Nami congratulated Member-countries “for the relentless work you have done since January 2020, the date of the effective start of the PATF.” He noted that “since the establishment and effective holding of the first Steering Committee, the execution of the missions in progress has accelerated, making it possible to have results that can be shared by the actors of the Program and the beneficiaries. "Since then, we have come a long way, with results that are certainly mixed, but encouraging and which should encourage us to continue our work.” According to him, areas where the PATF needed to work on to achieve its set objectives include “establishment of the PATF Steering Committee; improving the management of tax expenditures in the region; providing a practical guide for Value Added Tax (VAT) management for West Africa; the creation of a regional methodology guide for the evaluation of tax expenditures; and the establishment of an information system specific to the UEMOA and ECOWAS Commissions.” To achieve these goals, Nami posited that “our countries must have national databases and a regional platform” even as he observed that “this indispensable steering body of our consultation system still lacks vitality, as it does not have institutional and financial guarantees.” He tasked participants “to complete your work as soon as possible, but above all to propose innovative, realistic and feasible recommendations. "Our various governments are facing health and security difficulties; in this context, they greatly need these results.” Also speaking, Director of Fiscal Affairs and Public Finance at WAEMU, Habbas Traoure, said since January 2020, experts have started working to provide technical support for 15 member countries and Mauritania. "Completing the task will help to fight domestic tax evasion and drive revenue mobilisation and fight illicit tax flows. This will help is develop capacity to do well in this area. "We've had study on VAT and the ECOWAS commission is proud of the result achieve so far and this seminar is a prove to show that we are on the right track. This meeting will help us review what has been done and help the actors to brainstorm on the measures to be out in place to addresses issues affecting taxation in the region. On his part, Director of Trade, Customs Union at ECOWAS, Tiemtore Salifou spoke of the imperative for tax authorities in the region to share experiences and move towards moving tax revenue and ensure that international tax standards are implemented, Breweries Beverages boost, Federal School of Statistics graduates charged Inflation, NBS,
NBS

NATIONAL Bureau of Statistics (NBS) on Tuesday released first quarter gross domestic product (GDP) figures, which confirmed that Nigeria is still in recession.

In the first quarter of 2017, GDP contracted by – 0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016.

This is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%) and higher by 1.21% points from rate recorded in the preceding quarter, (revised to –1.73% from –1.30%).

Quarter on quarter, real GDP growth was –12.92%.

During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06%.

This growth was higher relative to growth recorded in Q1 2016 (11.39%).

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