Agriculture Drives Surge in Company Income Tax with 474.50% Growth in Q2 2024 – NBS

The agricultural sector emerged as the top performer in Nigeria’s Company Income Tax (CIT) growth during the second quarter of 2024, achieving a remarkable 474.50% increase compared to the previous quarter, according to the latest report from the National Bureau of Statistics (NBS).

Overall, CIT revenue for Q2 2024 reached ₦2.47 trillion, a 150.83% jump from ₦984.61 billion in Q1 2024. Local contributions accounted for ₦1.35 trillion, while foreign CIT payments totaled ₦1.12 trillion.

“Agriculture, forestry, and fishing experienced the highest growth rate at 474.50%, highlighting the sector’s growing significance in Nigeria’s economy,” the NBS reported.

Following agriculture, the financial and insurance sector grew by 429.76%, and manufacturing saw a 414.15% increase. However, some sectors lagged behind, with household activities recording a -30.22% decline and extraterritorial organizations falling by -15.67%.

In terms of sectoral contributions, financial and insurance activities led with 15.53%, followed by manufacturing at 8.99%, and information and communication at 7.84%. Meanwhile, the household and water management sectors contributed the least, with shares of 0.00% and 0.02%, respectively.

Year-on-year, CIT collections in Q2 2024 rose by 59.52% from ₦1.55 trillion in Q2 2023, signaling strong economic recovery and growth across key sectors.

UNILORIN Partners with Chinese University for Academic Collaboration

The University of Ilorin (UNILORIN) has signed a Memorandum of Understanding (MoU) with North-China University of Water Resources and Electric Power, Zhengzhou, Henan, China, to foster academic collaboration between the two institutions. The agreement, formalized on September 5, 2024, aims to promote cooperation in education, research, and cultural exchange.

The MoU was signed during the First Exchange Mechanism Conference of the China-Africa Consortium of Universities and the China-Africa Higher Education Dialogue, held in Beijing from September 5 to 7, 2024. The event was co-hosted by the China Association of Higher Education and the Association of African Universities.

UNILORIN’s Vice Chancellor, Professor Wahab Egbewole, SAN, and his counterpart from the Chinese university, signed the agreement on behalf of their institutions. The collaboration will lead to joint research projects, student and staff exchanges, and other academic activities that will benefit both universities.

UNILORIN is one of 100 African universities selected to participate in this programme, which is designed to enhance educational ties between Africa and China. Professor Egbewole expressed his enthusiasm for the partnership, emphasizing the importance of cross-cultural academic exchanges in addressing global challenges, particularly in water resources and electric power. He affirmed UNILORIN’s commitment to maintaining a strong and honorable relationship with its Chinese counterpart.

Kwankwaso Misquoted, Will Join Efforts to Remove APC in 2027 – Atiku’s Aide

Abdul Rasheeth, Special Adviser to former Vice President Atiku Abubakar, has clarified recent statements attributed to Rabiu Musa Kwankwaso, the 2023 presidential candidate of the New Nigeria Peoples Party (NNPP). Kwankwaso was reportedly misquoted during an event in Katsina, where he was said to have claimed he would win the 2027 election and declared the Peoples Democratic Party (PDP) as “dead.”

Kwankwaso’s remarks were met with criticism from PDP leadership, with the party’s National Publicity Secretary, Debo Ologunagba, dismissing Kwankwaso as a “failed and inconsequential politician.”

However, Rasheeth took to social media to clarify that Kwankwaso never stated he would win the 2027 election, but instead, the former governor of Kano State remains focused on working to remove the ruling All Progressives Congress (APC) from power. He urged supporters of Kwankwaso, known as the Kwankwasiyya movement, to unite with Atiku’s followers in a broader effort to defeat the APC in the 2027 election.

Rasheeth emphasized that the goal for 2027 is to bring about change for the betterment of Nigeria and end the current administration’s “bad governance.”

Controversy Surrounds Fufeyin’s Church: Prophet Denies NAFDAC Allegations

Prophet Jeremiah Fufeyin of Christ MercyLand Deliverance Ministry has refuted accusations from the National Agency for Food and Drug Administration and Control (NAFDAC) alleging fraudulent use of the agency’s name. NAFDAC had earlier warned the public about Fufeyin’s church, claiming it misused NAFDAC’s reputation to deceive people.

In response, the church issued a statement on Sunday through its media representative, Sophia Iloyd, labeling the accusations as false and misleading. The statement emphasizes that the church adheres to the law and respects NAFDAC’s regulations, operating within the constitutional rights of freedom of religion and expression.

The church asserted that its use of spiritual items is a matter of religious belief and not for commercial purposes. It clarified that no consumable products have been sold under NAFDAC’s name.

The church also addressed a pending complaint from Martins Vincent Otse, known as Verydarkblackman, who is involved in ongoing legal disputes with the church. Fufeyin’s church confirmed receipt of a letter from NAFDAC on August 27, 2024, requesting an inquiry into their use of miracle and healing items but claimed they were given insufficient time to respond.

Additionally, the church alleged that the receipts presented by Otse were forged and are currently under police investigation. Despite these developments, the church has yet to receive feedback from NAFDAC regarding their correspondence.

Dollar to Naira Exchange Rate for September 9, 2024

As of September 9, 2024, the black market exchange rates for the dollar to naira are as follows: in Lagos, the buying rate is N1,640 per dollar and the selling rate is N1,650 per dollar, according to Bureau De Change (BDC) sources.

For comparison, the Central Bank of Nigeria (CBN) rates are: buying at N1,628 per dollar and selling at N1,629 per dollar.

NANS Urges Reversal of New ₦50 Transfer Levy

The National Association of Nigerian Students (NANS) has called for the repeal of a new ₦50 levy on electronic transfers of ₦10,000 or more, which fintech companies are set to enforce starting September 9, 2024. NANS Secretary Oladimeji Uthman criticized the regulation as an undue financial burden on students and the general public. He urged the government to explore alternative revenue sources, such as investments in agriculture, education, infrastructure, and job creation, rather than imposing additional costs on citizens.

Petrol Price Hike Pushes Nigerians to Breaking Point, Warn NLC and Atiku

Over the weekend, the Nigeria Labour Congress (NLC) and former Vice President Atiku Abubakar expressed concern over the federal government’s increase in petrol prices, now ranging between N855 and N1,000 per liter. They warned that this hike is pushing Nigerians to their limit.

The NLC called for collective action, encouraging Nigerians to resist the petrol price hike, while Atiku cautioned that the increase, along with a proposed hike in Value Added Tax (VAT) from 7.5% to 10%, will further strain the economy and deepen the cost-of-living crisis.

Additionally, human rights lawyer Femi Falana urged the government to complete refinery rehabilitations by September 2024 or take legal action against contractors for delays. The Socio-Economic Rights and Accountability Project (SERAP) also called for an immediate reversal of the petrol price hike, arguing it is unconstitutional and exacerbates poverty.

Both the NLC and Atiku highlighted the severe economic strain caused by rising costs of fuel, devaluation of the naira, and increased electricity tariffs, which have burdened Nigerian households and businesses. Falana emphasized the need for domestic refinery operations to mitigate the fuel price crisis, while SERAP urged the government to address corruption within the Nigerian National Petroleum Company Limited (NNPCL).

Stock Market Turns Bearish Amid Petrol Price Hike

The Nigerian stock market ended last week on a bearish note, driven by rising petrol prices, which surged from around N600 to between N855 and N1,000 per liter. The private sector raised concerns about the negative impact on businesses due to the energy crisis.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped by 0.2%, closing at 96,433.53 points, down from 96,579.54 points the previous week. Market capitalization also fell by over N83 billion, closing at N55.394 trillion. Notable stocks like Dangote Sugar, Zenith Bank, and WAPCO experienced declines, contributing to the overall market downturn.

Analysts remain cautious, with projections for mixed trading and profit-taking activities in the coming week as investors remain watchful.

Over 1,000 Soldiers Voluntarily Leave Nigerian Army in Four Years

More than 1,000 soldiers have voluntarily resigned from the Nigerian Army over the past four years, according to media reports. Between 2020 and 2024, a total of 1,008 soldiers left the force, including 196 who resigned in August 2024 alone. Many of these soldiers had not yet reached the mandatory retirement age or completed their required years of service. Addressing the trend, Army spokesperson Maj. Gen. Onyema Nwachukwu highlighted that military service is voluntary and explained that soldiers typically resign due to personal or medical reasons. He emphasized that such resignations are not unusual.

Wike Exploiting PDP’s Weakness, Says Former Akwa Ibom Deputy Governor

Former Akwa Ibom State Deputy Governor, Dr. Chris Ekpenyong, has attributed the actions of Federal Capital Territory Minister Nyesom Wike, including his threats to incite crises in PDP-led states, to the weakened state of the Peoples Democratic Party (PDP). In an interview, Ekpenyong lamented that the PDP has deviated from the founding vision of fairness and has been weakened by the dominance of state governors, leaving room for figures like Wike to challenge the party’s authority.

FCT Residents Struggle to Find Sales Points for Government’s N40,000 Subsidised Rice

Residents in the Federal Capital Territory are facing difficulties locating the sales points for the N40,000 subsidised rice launched by the Federal Government on September 5, 2024. Despite the fanfare surrounding the sale of 30,000 metric tonnes of rice, many citizens are still unsure where to purchase the rice, leading to frustration. Locals have reported paying double the promised price due to lack of access, while some fear middlemen are complicating distribution. Government officials have yet to clarify the situation.