The Federal Airports Authority of Nigeria has announced the withdrawal of its services; aviation security, firefighting and rescue operations, from the MMA2 terminal in Lagos, and other airports in Delta, Gombe, and Kebbi states, beginning from midnight Sunday, December 9, 2018. FAAN is taking this action in protest against a debt of ₦2.608 billion allegedly owed by the facilities. According to FAAN, MMA2 owes a debt of ₦1.9 billion for support services rendered from 2007 till date; the Gombe airport owes ₦607 million; Kebbi, ₦124 million; and Osubi airstrip, ₦77 million. The Osubi airfield, a private facility in Warri, Delta State, however, denied it owes FAAN, stating that it has not been dependent on the agency’s services in the last two years.
Nigeria has begun the sale of its second tranche seven-year ₦100 billion sovereign sukuk, through the Debt Management Office. The DMO is offering the debt instruments at a rental rate of 15.743 percent, which would be due in 2025 with interest paid semi-annually to subscribers. The bond is aimed at funding road infrastructure across the six geopolitical zones. The subscription for the bond, which is guaranteed by the government, will close on December 17. The DMO said subscribers could purchase ₦1,000 per unit subject to a minimum subscription of ₦10,000 and in multiples of ₦1,000 thereafter. In 2017, the FG issued the first tranche, where it raised ₦100 billion from the 7-year tenor with proceeds used to finance 25 road projects.
Nigeria’s GDP grew 1.81% in the third quarter of 2018, data from the NBS has shown, representing a 0.31% increase from the 1.50% growth recorded in the second quarter 2018. The report reveals that on a year on year (y-o-y) basis, GDP grew by 0.64% y-o-y from the 1.17% recorded in the third quarter of 2017. The oil sector recorded a growth rate of 19.64%, while the non-oil sector grew by 2.32% in real terms during the reference quarter. This is 0.28% point higher than the second quarter of 2018. In the quarter under review, aggregate GDP stood at ₦33,368,049.14 million in nominal terms, higher when compared to the third quarter of 2017 which recorded a GDP aggregate of ₦29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.
A director at the Lagos Inland Revenue Service, Shade Coker, has denied the existence of multiple taxation in Nigeria. According to Coker, taxation in Nigeria seems cumbersome due to inadequate information about system of taxation in the country. In order to remove the challenge, Coker advised Nigerians to demand their tax payment details and report any agency if transactions are not transparent. In July this year, Babatunde Fowler, chairman of the Federal Inland Revenue Services also said that multiple taxation does not exist in Nigeria.