U.S. coronavirus cases topped 4 million on Thursday, with over 2,600 new cases every hour on average, the highest rate in the world, according to a Reuters tally. A rise in U.S. jobless claims last week, for the first time in four months, also added to pressure on the dollar, as a persistent increase in COVID-19 cases has put an apparent recovery in the labor market on stall speed and dampened consumer demand. “The PTF remains conscious of the significant contributions of air travels to economic growth and shall continue to push for a safe resumption. According to Brewer, Trump through the US department intervened in the South Sudan catastrophe where thousands were dead and millions displaced as rival factions engaged in supremacy battles with the incumbent government. By contrast, the euro rose to its highest since early October 2018 after breaching the technically important $1.16 level on Wednesday and was up for a fifth straight day against the dollar, still basking in the glow of the European recovery fund approved earlier this week. Applicants are entitled to rely on published requirements in their applications; where there is discrepancy between the MDA’s actual practice and any published list relied upon by the applicant, the latter would prevail. At the time only 13% were filing tax returns; a year later 78% were. With the United States (U.S) presidential around the corner, the Donald Trump campaign team has pledged a robust engagement and productive partnership for the development of the African continent, while urging Africans in the Diaspora to cast their votes for Trump. “If China does limit its retaliation to closing the Wuhan consulate, the market will probably take it in stride, but if China instead decides to do something that escalates the tensions between the two countries, we could quickly switch to a ‘risk-off’ mood,” said Marshall Gittler, head of investment research at BDSwiss Group. He disagreed with the excuse by the government on shrinking revenue, saying, "It is only when you want to maintain your level of expenditure that the government becomes a serious problem but if you cut down on your expenditure, the revenue will not be a serious problem.". OCTOBER 19, 2020 Oil … News that Lagos State Government will soon start rebuilding the expressway to Murtala Mohammed International Airport cannot but be welcoming news, much as the decrepit on condition of the roads leading to Apapa ports – Nigeria’s premier port - is a huge let down. Only 5% of directors at leading companies were paying income tax themselves. Public debt has risen sharply. Aboki FX Live Daily Naira to Dollar Exchange Rates. Okechukwu, who has been a Trump supporter since 2016, painted a bleak picture of what could become of Africa, with respect to terrorist attacks, if president Trump was not re-elected. When the money is borrowed, we don't have the institutions to guarantee conversion to value. The United States gave China until Friday to close its consulate in Houston following allegations of spying. He noted that 2021 budget could not have been different in view of the yawning development gaps within limited resources and the impact of the coronavirus pandemic which has slowed down economic activities and reduced global energy demand resulting in downfall in the prices of crude oil which contributes 70% of government revenue. Brewer, however, assured that President Trump’s second term in office will see a more robust engagement and productive partnership with Africa, to return the continent to her pride of place. Yet this package only goes so far. The dollar index has lost nearly 8% since its March 20 peak, when a global dollar funding crunch saw a surge in demand. The IMF estimates that signing treaties with so-called “investment hubs”, like Mauritius, costs African countries an average of 15% of their corporate tax revenue without increasing investment. In the fiscal document, the government projected the sum of N12.65 trillion for the 2021 budget. ", Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, expressed concern over what he called "the penchant by the current administration to borrow money at the slightest provocation.". On Thursday, commercial banks quoted the currency of Africa's second largest copper producer at 18.1250 per dollar, from 18.2320 at close of trading a week ago. Tanzania's Shilling is expected to hold steady next week due to a balanced supply and demand of dollars in the market. No doubt, this is a revolutionary shift from what was obtainable previously, as it would further make Nigeria an attractive travel destination for tourists and investors. The euro EUR=EBS was up 0.34% at $1.1609, hitting a fresh 21-month high of $1.1601 hit earlier on Wednesday. It said that the projected debt service/revenue ratio at 47 percent (actual for 2019 was 58 per cent) raises some concern about the sustainability of FGN debt. "They met about N12.1trn debt in 2015, now we are talking of over N36trn and they are borrowing more. "A lot of Nigerians do not pay tax, so there is a need to drive more non-oil taxes. It has signed away its tax base.”. The ports plays a critical role in Nigeria’s economy and their historic sub-optimality has resulted in massive loss of revenues (e.g. It also projected the sum of N5.16 trillion as budget deficit for 2021 up from N4.98trn in the 2020 budget. Given the stresses associated with obtaining driver’s license and international passports, it is the height of inefficiency for them to have three (3) and five (5) year durations respectively. According to him, “international flight resumption date is not October. On Tuesday, the pound rose 0.05% to $1.3085 against the dollar and strengthened 0.12% against the European Union’s common currency to 90.09 pence. And this is not to say that some States have not been a purveyor of reforms. 01, LONDON (Reuters) - Sterling advanced on Tuesday thanks to a deepening dollar rout though concerns of a second wave of virus infections and a central bank policy meeting later this week capped gains. The CAC however, must build its capacity to attend to numerous applications filed on a daily basis. He wondered why Africans would have a problem voting for a man who is doing and has done more for Africa in three short years than a black man in the White House could in eight whole years! Despite the reports from the public on poor service delivery by MDAs – untreated/missing files, corruption, inefficiency to mention a few - to SERVICOM, no major corrective or disciplinary actions were taken against erring civil servants to produce envisaged culture shift. Nigeria has more than 300 times as many people as Luxembourg, but collects less tax. Thus, where an application to any MDA requires a supporting documentation issued (or to be issued) by another MDA, the onus of verification or certification lies with the MDA processing the application: a photocopy or any other prima facie proof would suffice for such application. The taxmen also chased government agencies. Against the safe haven Japanese yen, the dollar was flat at 107.15. “Those are all right. WHAT IS IT like being a taxman in Africa? The EO further reiterates the bindingness of such SLA while reposing the responsibility of adherence to the head of such MDAs. How much more could African governments collect? The pound was down 0.3% at $1.2605 GBP=D3 and at 91.06 pence against the euro EURGBP=D3. Another striking development is “default approvals”.