The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing of annual tax returns to 30 June. This was contained in a statement issued on Tuesday by spokesperson, Monsurat Amasa. Annual returns for individuals – both employees and self-employed persons – that were initially due on 31 May 2020, can now be filed on or before June 30, 2020. Ayodele Subair, executive chairman of LIRS, was quoted as saying that the decision to extend the deadline a second time was part of efforts to ease the effects of the COVID-19 pandemic on taxpayers in the state. Taxpayers were urged to take advantage of the new extension to duly file their returns, which they could do via the LIRS eTax platforms for all tax administration matters, including the filing of annual returns, generation of assessment and payment schedule and payment of the liabilities.
Nigeria’s economy grew 1.87 percent in real terms in the first quarter of 2020 year-on-year, the National Bureau of Statistics said on Monday, shrinking from the previous quarter as oil prices and international trade fell due to the coronavirus pandemic. It is the slowest quarterly growth rate in one-and-a-half years even as the country is yet to recover from a 2016 recession that led to more than 13 million job loss. On the contrary, The total value of capital inflows into the country stood at $5.854 billion in the Q1’20, representing a 53.97 percent increase compared to $3.802 billion recorded in Q4’19. However, there are fears that the numbers might drop in the coming quarters as the impact of COVID-19 pandemic begins to set in. The NBS data showed that the largest amount of capital importation by type was received through Portfolio investment at $4.309 billion, accounting for 73.61 percent of total capital importation, followed by other Investment, which accounted for 22.73 percent at $1.33 billion of total capital, and Foreign Direct Investment which accounted for 3.66 percent $214.25million of total capital imported in Q1 2020. In the Q2’19, the country’s real GDP at basic prices grew by 2.12 percent on a year-on-year basis. Growth accelerated further in Q3 and Q4 by 2.28 percent and 2.55 percent respectively. The steady increase in quarterly growth resulted in an annual growth rate of 2.27 percent for 2019. This is compared to 1.91 percent in 2018 on a year-on-year basis. Compared to Q2’18, the performance in 2019 indicated an increase of 0.61percent while the Q3 and Q4 were 0.47 percent and 0.17 percent higher respectively than the corresponding quarters of 2018. For the quarter-on-quarter assessment, real GDP growth was –14.27 percent compared to 5.59 percent recorded in the preceding quarter. In the quarter under review, aggregate GDP stood at ₦35.65 trillion in nominal terms. This performance was higher when compared to the Q1 2019 which recorded ₦31.82 trillion, with a nominal growth rate of 12.01 percent year on year. Relative to the Q1’19, the nominal growth rate was higher by 0.11 percent but lower than the preceding quarter by – 0.32 percent. During the Q1’20, Nigeria’s crude production was 2.07 million barrels a day, the statistics office said, the country’s highest level in more than four years. But a global oil price crash due to reduced demand from the pandemic threatens to offset those gains, with annual growth in the oil sector contracting 1.3 percent from the previous quarter to 5.05 percent. The non-oil sector was also hit: growing by just 1.55 percent, which was down 0.72 percent from the last three months of 2019, the statistics office said. The World Bank expects the coming recession to be “much more pronounced” than in 2016 and potentially Nigeria’s worst financial crisis in four decades.
Nigeria’s July programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet an OPEC-led deal to cut output as coronavirus lockdowns weighed on fuel demand. The Nigerian National Petroleum Corporation on Friday raised June official selling prices for both Bonny Light BON-E and Qua Iboe crude oil QUA-E to dated Brent minus $1.05 per barrel. The May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92. Exports of Nigeria’s key crude oil grades Forcados and Qua Iboe will jump in July, while Bonny Light will edge slightly lower, loading programmes showed on Tuesday. Forcados crude oil exports are set to jump to 272,000 barrels per day (bpd) in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from only 95,000 bpd in June. The Agbami and Escravos programmes will have five cargoes each in July. Nigeria’s Bonga crude oil export terminal has begun a two-week routine maintenance, operator Shell said on Tuesday, that began on May 21. Several cargoes of June loading Nigerian crude were on offer. BP was showing Escravos at dated Brent plus $2.50 and Forcados at dated Brent plus $2.85. Eni offered a June loading cargo of Saxi at dated Brent plus $1.90 and Brass River at dated Brent plus $1.50 a barrel.
Burundi’s ruling party candidate, Evariste Ndayishimiye, won a presidential election held last week, securing 68.72 percent of the vote, the electoral commission said on Monday. Ndayishimiye, a retired general, 52, will take over from President Pierre Nkurunziza, after he beat the main opposition candidate Agathon Rwasa, and five others, avoiding a runoff by securing more than 50 percent of the vote. Nkurunziza has been in power since 2005, and had decided not to stand for a fourth term and had dubbed him his “heir. The main opposition candidate, Agathon Rwasa, president of the National Council for Liberty, has already described these results as “fanciful” and accused the government of “cheating” and “pure manipulation”. According to partial results compiled by AFP covering 105 communes, Ndayishimiye obtained an absolute majority of the votes in 101 communes. In the four communes where he is defeated, he never gets less than 43 percent of the vote. He obtains at least 70 percent of the votes in 66 communes and more than 50 percent in 35 others. In the elections held despite the epidemic of new coronavirus, Rwasa thus obtains only 24.6 percent of the votes in Kabezi, a commune in the province of Bujumbura-rural (west) which is nevertheless considered one of its historical strongholds. The CNL is also outraged at the case of the Musigati commune (west), where Ndayishimiye received 99.9 percent of the vote. The turnout rate there is estimated at more than 102 percent, according to an AFP. Analysts expected a duel between General Ndayishimiye and Agathon Rwasa, which drew crowds during the campaign, which was marred by violence and arbitrary arrests. Evariste Ndayishimiye will be sworn in in August, at the end of Nkurunziza’s seven-year term. He has promised to make the economic recovery of the country his priority. Burundi is ranked among the three poorest countries in the world according to the World Bank, which estimates that 75 percent of the population lives below the poverty line, compared to 65 percent when Nkurunziza came to power in 2005.