Saturday, October 07, 2017 08:00 AM / Proshare
From the Editor’s Desk
Recently, the second quarter 2017 report was made available by the Budget Office of the Federation. As revealed in the report, revenue generated from value added tax in the second quarter stood at N243.31 billion, reflective of a 46% dip compare to budget projections. Revenue from Company Income Tax alone in the second quarter of 2017 stood at N206 billion, as it dipped by 52.6% compare to budget projections of N435.51 billion.
Custom and exercise duty revenue stream generated N153.84 billion alone in the second quarter, thereby falling short of budget projections by 9.26%. The independent revenue stream generated N11.08billion, which is below the budget projection of N25.44 billion. Lastly, the solid mineral and other minerals failed to generate income, even though initial budget projections showed that the duo can generate N30.5 billion and N1.05billion, respectively.
Fig 1: Non-Oil Revenue for the Second Quarter of 2017
OAF, Proshare Research
Gross non-oil generated stream accounted for N697.84 billion in the second quarter of 2017, which is 48.33% below the budget projection of N1.35 trillion. Holistically, N1.244 trillion was generated in the first half of 2017, depictive of 53.92 fall compare to the projections. Certainly most non-oil sources across board experienced an increase compare to the corresponding quarter. Such improvement was driven by improvement in corporate earnings and the wider tax base. Regardless of the accretion in non- oil revenue the wide shortfall between actual earnings and budget projection do call for adjustment on the expenditure side. Evidently revenue cannot provide the needed scaffold; pruning down the pump beyond fiscal cleaning is inevitable.
Monday, October 9, 2017
The Board of Harvard Business School Association of Nigeria (HBSAN) in partnership with the Lagos State Government will host the Lagos State Infrastructure Roundtable today, while the Institute for Public-Private Partnerships (IP3)’s training on PPP Fundamentals: Strategies, Methods, and the PPP Cycle will commence in Abuja today.
Stanbic IBTC Bank 2017 SME Capacity Building Series will hold today in partnership with the China Europe International Business School (CEIBS) on the theme “Time to Upgrade Your Business”, while Coronation Merchant Bank visits the Nigerian Stock Exchange to list its Mutual Fund.
Tuesday, October 10, 2017
The 23rd Nigerian Economic Summit (#NES23) themed “Opportunities, Productivity & Employment: Actualising the Economic Recovery and Growth Plan” will commence in Abuja today, while Mr. Abubakar Bello, the CEO, of the Nigerian Export Import Bank will visit the Nigerian Stock Exchange and sound the closing gong.
The National Association of Oduduwa Students (NAOS) will today honour Mr Olufemi Awoyemi, CEO, Proshare and the management of Proshare with the NAOS highest merit ward of excellence and induction into NAOS Hall of Fame as “Icon of Integrity” and “Most Outstanding Company in Nigeria 2017”, respectively.
Wednesday, October 11, 2017
The 5th Edition of Medic West Africa 2017, an event hosting more than 4500 healthcare professionals and medical laboratory professionals will commence today in Lagos.
Thursday, October 12, 2017
Data Science Nigeria will commence its 2nd Bootcamp with a National Big Data Economy Summit today in Lagos themed “Theme: Driving the Economy through Data Science: How Data is the new Oil”, while PZ Cussons Nigeria Plc holds its Annual General Meeting in Abuja.
The Minister of Mines and Steel Development, Dr. Kayode Fayemi will visit the Exchange today and sound the Closing Gong.
Friday, October 13, 2017
Saturday, October 14, 2017
The Businessday Banking Awards and the Lagos All Women SME Conference will hold today in Lagos.
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