• The World Bank’s “Economic Update” shows that Nigeria’s GDP growth is hovering slightly below two percent in 2018 on the back of non-oil industry and services. The report titled “Investing in Human Capital for Nigeria’s Future” reveals that Nigeria, like many other countries, has under-invested in human capital and its economy remains dependent on the small oil sector, under 10 percent of GDP, for the bulk of its fiscal revenues and foreign exchange earnings. Nigeria’s GDP in Q2 2018 was –0.45 percent points slower than 1.95 percent recorded in Q1 2018, where oil sector contracted by 4.0 percent, agriculture slowed significantly to 1.2 percent, an effect of the security challenges in the northeast and Middle Belt regions.
  • The Kaduna and Kano State governments through their Boards of Internal Revenue have taken some FG agencies to the North-West Zone of the Tax Appeal Tribunal for failure to remit taxes to them. The Kaduna State Board of Internal Revenue sued the Ahmadu Bello University, Zaria, with respect to unremitted Pay-As-You-Earn and withholding taxes, totalling ₦6.16 billion, unremitted between 2007 and 2012, and Kaduna Polytechnic for unremitted personal income taxes and withholding taxes, for the period, 2007 and 2012, totalling, ₦3.34 billion. The Kano State Board of Inland Revenue took before the tribunal, appeals to determine whether they were entitled to recover from the National Orthopaedic Hospital and another, the sum of ₦18.6 million for withholding and PAYE taxes due for the 2011 and 2012 year of assessment. Bayero University Kano, the Minister of Education, and the Minister of Finance were also brought before the tribunal with respect to withholding taxes and PAYE taxes for the 2004 to 2009 year of assessment in the sum of ₦1.82 billion.
  • The Guardian is speculating that the massive petrol subsidy currently reported by the NNPC, may be a reflection of petrol consumption by Nigerians and neighbouring countries. This is due to the sudden hike in daily petrol consumption for Nigeria from 35 million litres to 60 million litres, which is questionable. According to the paper, some oil marketers said the 60 million litres quoted was not possible for Nigeria’s current population and potential petrol users as the figure appears over bloated. However, regulatory agencies; the PPPRA, the NBS, and the Petroleum Equalisation Fund, have started looking into the sudden surge in the consumption levels. The NNPC now spends ₦1.4 trillion annually as subsidy on petrol according to the FG, yet there is no budgetary provision for subsidy in the 2018 budget.
  • The DG, Consumer Protection Council, Babatunde Irukera, has said the issue of power supply is top on the list of consumer complaints. Speaking at a customer engagement town hall meeting organised by Eko Electricity Distribution in conjunction with the CPC, Irukera said, “Power continues to be the greatest challenge our country is experiencing. In the CPC, complaint about power distribution constitutes the number one complaint we get. When I was going in to start working there, I suspected telecoms or banking will be the number one area where there would be most complaints. But I was surprised that those two are number two and three, behind power. But power is as much a problem for consumers as it is for government, business, investors and everyone else. Power is a national challenge.” Irukera expressed concern over arbitrary billing and group disconnection of electricity, among others.