Lagos’ e-tax portal, July inflation… business stories to track this week

Here are the seven top business stories you need to track this week — August 12 to August 16.

JULY INFLATION
The Nigerian Bureau of Statistics (NBS) is expected to release the consumer price index (CPI) and inflation report for July 2024.

In June, Nigeria’s inflation rate rose to 34.19 percent — from 33.95 percent in May.

LAGOS TO LAUNCH ELECTRONIC TAX PORTAL AUGUST 15

The Lagos state government says it will launch its online tax platform on August 15.

The platform is called the ‘Lagos Revenue Portal (LRP)’, said Abdul-Kabir Ogungbo, special adviser to Babatunde Sanwo-Olu, Lagos governor, on taxation and revenue.

Ogungbo spoke at a media briefing on Thursday in Lagos, saying the online tax platform would be launched by Sanwo-Olu.

CBN SELLS DOLLARS TO 26 BANKS, DISQUALIFIES SIX

On August 8, the Central Bank of Nigeria (CBN) said it sold foreign exchange (FX) to banks worth $876.26 million at N1,495 per dollar.

According to the apex bank, the auction aimed to reduce demand pressure in the FX market and promote price discovery.

The CBN said the transaction was conducted through a retail Dutch auction system (rDAS).

The CBN said in total, 32 banks sent in bids valued at $1.18 billion during the auction.

However, only bids valued at $876.26 million from 26 banks qualified, while bids from six banks were disqualified.

According to the CBN, the six banks’ bids, valued at $313.69 million were disqualified due to late bid submission and/or use of the wrong template.

FG TO GIVE COMPANIES EMPLOYING MORE STAFF TAX BREAKS

The federal government says there will be tax breaks for companies that employ more staff.

Speaking during an interview on AIT on August 6, Wale Edun, minister of finance and coordinating minister of the economy, said the tax breaks will be included in the Inflation Reduction Act.

“The Inflation Reduction Act will now contain a range of import duty exemptions, such as lowering of tariffs and outright tax breaks, for instance, for employment,” Edun said.

“If you employ more people, you will be given a tax break against it. So that range of fiscal incentives will also be laid out in an executive order, which Mr. President will in due course sign.”

‘NNPC’S AUGUST DEADLINE FOR PORT HARCOURT REFINERY REALISTIC’

The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the August deadline for the commencement of operations at the Port Harcourt refinery is realistic.

Speaking in an interview on Channels TV, Zarama Mustapha, national operations controller of IPMAN, said the refinery would produce all required petroleum products when it begins production.

Mustapha said the NNPC would not miss the new deadline.

“I am confident and optimistic that this August deadline is going to be realistic,” he said.

On March 15, Mele Kyari, the group chief executive officer (GCEO) of the NNPC, had said the refinery would begin production by the end of March, but this has not happened.

DANGOTE VS NUPRC

The Dangote Petroleum Refinery says it is still unable to secure its full crude requirement from domestic producers, calling for the intervention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On August 8, the refinery had said since it commenced full operations, it has processed 50 million barrels of crude — with 60 percent of it coming from the Nigerian National Petroleum Company (NNPC) Limited.

However, reports claimed that the refinery’s position was different from its previous stance on crude supply by the NNPC.

Denying the claims in a statement, Anthony Chiejina, group chief branding and communications officer, said the company has never alleged that the NNPC is not supplying the refinery with crude.

The refinery also said it has not received 29 million barrels of crude allocated to it by the NUPRC.

FG LIFTS SUSPENSION ON ARIK AIR’S OPERATIONS

The federal government says it has lifted the suspension on the operations of Arik Air.

Michael Achimugu, the director of public affairs and consumer protection at the Nigerian Civil Aviation Authority (NCAA), announced the development in a post on social media on August 8.

The airline’s planes were grounded over a dispute between it and Atlas Petroleum.

However, Achimugu said the conflict has been resolved.