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NAIJA NEWSPAPERS: TODAY'S THE GUARDIAN NEWSPAPER HEADLINES [27 NOVEMBER, 2017].


Below are the headlines found on The Guardian Online Newspaper for today, Monday, 27 November, 2017.




Mon, 27 Nov 2017
Tax status letters will be issued to no fewer than 500 high net-worth Nigerians by the Ministry of Finance today.It shows that the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS) is already paying off, according to Finance Minister Kemi Adeosun.

VAIDS is a government tax amnesty programme that allows a nine-month window for defaulters to voluntarily self-assess and declare their correct local and foreign assets/incomes for taxation purposes.

The project, which began on July 1 this year, is expected to end on March 31, 2018, after which defaulters will be treated as tax evaders in accordance with the country’s ‘criminal’ law, Adeosun stated.


Adeosun, during a chat with journalists in Lagos on Friday said that the policy was already paying off as the ministry received $110,000,000 from just two firms. “We have had very good response from companies, so far,” she said, stressing that data-driven compliance will, over time, ease Nigeria’s debt burden and cut budget deficits.

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“The problem was that before, for example, if you lived in Lagos or you ran a company, Lagos didn’t know that you were running a business in Abuja,” Adeosun said. “Lagos didn’t know that you had a property abroad; it didn’t know that you had moved money to Dubai. Lagos State, for example, didn’t have jurisdiction to go to those areas to claim you were resident in Lagos. So, there were so many loopholes that largely no one was really paying the right taxes, and that is why our analysis found out that only 241 people in the whole country were paying N200,000 or more. South Africa has 950,000 people paying that amount.”

In a subsequent statement from the ministry yesterday, Adeosun re-iterated that a list of 500 prominent Nigerians with property and trusts abroad had been compiled to determine their tax compliance status at home.
  
The 500 prominent Nigerians will receive their letters beginning from today, asking them to take advantage of the tax amnesty to regularise their status and avoid prosecution and fines.She also warned that non-receipt of a letter should not be taken as an indication that government had not identified a potential evader.
  
“The first 500 letters are ready and will go out this week, but there are many more. Receiving the letter is not an accusation of deliberate wrongdoing, but rather a notice that the data suggests possible underpayment and a prompt to check compliance.
  
Mon, 27 Nov 2017
Contrary to speculations that the Central Bank of Nigeria (CBN) is afraid of taking risks by retaining monetary policy rates (MPR) at the same level for the eighth time consecutively, the apex financial sector regulator has said its actions are based on researches that it conducted.  

CBN Governor Godwin Emefiele, who disclosed this in an exclusive interview with The Guardian in Abuja, also explained that industry operators actually preferred that be retained to avoid exchange rate fluctuations.

Emefiele, however, stated that once economic pressures — inflation, high exchange rate and unemployment — begin to ease and foreign reserves have been grown to comfortable levels, the CBN would respond by tweaking the rates.

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He equally urged operators to subscribe to The Guardian’s Financing the Economy Project, saying: “We must find out what role everyone is playing, because even those who are not playing any role, when you begin to ask them questions, they will know that everyone is becoming conscious.”

Mon, 27 Nov 2017
A fresh attempt is being made to resurrect, an ambitious development effort in the heart of Lagos under moves by the authorities in the state to meet growing demands of its mega city status.

At the centre of the new effort is the redevelopment of Oshodi into a transport interchange and create a world -class central business district, which will gulp $70 million.

The concept is not new as the Babatunde Fashola administration had launched a major urban renewal of the area, demolished markets and built bus parks. But under a fresh effort to redevelop the area, the state has entered into a partnership with Planet Projects through a Public-Private-Partnership (PPP) model to remodel Oshodi into a transport hub within 15 months. The project will be delivered by August next year.



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Currently, construction works on the three-multi storey bus terminal buildings are at advance state and works at the car and taxi parks are also on going, while massive construction of walkways and pile caps already are on top gear.
  
The interchange has three-multi-storey bus terminals with waiting area, loading bays, ticketing stands, drivers lounge, parking areas, conveniences, surveillance tower and CCTV gadgets.
Mon, 27 Nov 2017
From the nation’s deposit insurer- the Nigerian Deposit Insurance Corporation (NDIC) came another strong warning at the weekend, for those allured by the high gains promised by promoters of digital currencies, saying that it is meddling with “uncertainty.”

Besides, the corporation said that while deposit value of the Naira and other major currencies can be ascertained, the value of the digital currency, including Bitcoin, which now are in about 500 versions cannot be ascertained, as well as what influences its value.

The Deputy Director, Research, Policy and International Relations Department, NDIC, Dr. K. S. Katata, admitted that over the last 50 years, technology innovation has been fundamental financial service industry transformation, with majority of them positively converging to drive the next phase of the services.


Explaining digital currency, at the just concluded yearly workshop for financial journalists in Kano State by NDIC, he said that it is a means of payment that only exists electronically and like traditional money (such as banknotes), they can be used to buy physical goods and services.

However, private digital currencies combine new payments systems with new currencies that are not issued by any central bank, popularly among them Bitcoin, including LiteCoin, Ethereum and Ripple.He said that public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the financial system and the economy.

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Mon, 27 Nov 2017
According to the operators, who spoke exclusively with The Guardian, the illiquidity state of the market is evident in the low market capitalisation, and the few listed companies that characterise the stock market presently. 

Mon, 27 Nov 2017
Restructure to where' My view is that Nigerians are not confused. I do not believe Nigerians are confused. I think Nigerians are facing very challenging times that border on the realm of economy and cost of living. 


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Mon, 27 Nov 2017
Mutual Benefits Assurance Plc has reiterated its commitment to enhance the nation's insurance industry through youth empowerment, as part its corporate social responsibility services to the society. 

Mon, 27 Nov 2017
A group, the Mainan Zazzau Communication Committee, has implored the Kaduna State Governor, Malam Nasir el-Rufai, to allow the retraining of almost 22,000 teachers who failed the competency test for 12 months. 

Mon, 27 Nov 2017
Ekiti State Governor Ayodele Fayose has said that at least 10,000 indigent children in the state will be provided Christmas dress made from Ankara and other materials during the Yuletide season. 

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Mon, 27 Nov 2017
A non-governmental organisation, Attitude and Character Change Initiative (ACCHI), Nigeria, has urged Federal Government to discharge justice in the case of Bilyamin Muhammed Bello, who was allegedly killed by his wife, Maryam Sanda. 

Mon, 27 Nov 2017
A university don, Prof. Olugbenga Adebawo, has urged the Federal Government to arrest the money wasted annually on importation of 'raw cane and beet sugar' as caloric sweeteners for foods, beverages and pharmaceutical products. 


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Mon, 27 Nov 2017
The nation's foreign exchange (forex) reserves sustained its more than 12-month weekly winning streak, though in slow pace, as it added about $100 million, shoring it up to $34.5 billion. 

Mon, 27 Nov 2017
Though overall GDP growth in the third quarter (Q3) of 2017 rose to 1.4per cent from the -1.4per cent growth recorded at the end of 2016, in nominal terms, growth in the real estate sector was lower by -0.97per cent from the growth rate.... 

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Mon, 27 Nov 2017
The apparently seamless and bloodless transition programme in Zimbabwe, which has stunned the world, is one more testimony that Africa is indeed rising in positive direction. 

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