FINANCE - 18 MAY 2020

DB: Aviation agencies; SPE vs FG; VAT revenue

DB: Aviation agencies; SPE vs FG; VAT revenue
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Aviation

Minister orders relocation of aviation agencies

Hadi Sirika, Nigeria’s aviation minister has ordered the relocation of aviation agencies to the Federal Capital Territory within 45 days. The agencies include the Federal Airports Authority of Nigeria and the Nigerian Civil Aviation Authority. The order which is “to reduce governance cost” is backed with a 2012 presidential directive. Agencies are hesitant, citing that about 60% flight operations take place in Lagos — home of Africa’s 5th busiest airport in air traffic.

 

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Energy

SPE questions FG’s deregulation claims

The Society of Petroleum Engineers (SPE) has criticised the FG’s claims that the downstream petroleum sector has been deregulated. The SPE alleged that rather than deregulation, prices were fixed at price recovery level. The Minister of State for Petroleum, Timipre Sylva, also recently stated that the government will still set recommended retail prices for petrol. These actions create doubts over the government’s intervention in the sector and leave the opportunity open for subsidies to return when prices rise again. 



Economy

VAT revenue increased by 15.6% in a year

Total revenue from Value Added Tax (VAT) for Q1 2020, increased to ₦338.94billion - a 10% increase from Q4 2019 and a 16% increase from Q1 2019 due to the 50% VAT increase. Commercial services (₦38 billion), other manufacturing (₦37 billion) and Trade (₦17 billion) recorded the highest remittances - accounting for 54% of the total. Federal ministries and parastatals (-33%), state ministries (-16%) and local government councils (46%) all recorded declines in their VAT remittances.

 

 

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