Dr. John Kayode Fayemi, the Governor of Ekiti State, presented to the House of Assembly on the state of the state. He summarized that Nigeria's economy relies heavily on oil revenues, which account for 95% of foreign exchange earnings and 80% of budgetary revenues. However, the Nigerian National Petroleum Corporation has failed to fully report and remit oil proceeds to the Federation Account, depriving states like Ekiti of over N481 million per month. As a result, the Governor requested that the House take actions like establishing independent offices of the Accountant and Auditor General of the Federation and reviewing revenue allocation formulas to remedy the underreporting of oil revenues.
Recent budgeting developments - Mohammed Reezal Amad, MalaysiaOECD Governance
This presentation was made by Mohammed Reezal Amad, Malaysia, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
STATE OF THE INDIAN ECONOMY BY Dr. Arvind Subramanian, Chief Economic Adviser Security Risks Asia
Copy of the Presentation made by Chief Economic Adviser, Dr. Arvind Subramanian during his Press Conference on 26 May on the occasion of the government completing one year in office.
Recent budgeting developments - Mohammed Reezal Amad, MalaysiaOECD Governance
This presentation was made by Mohammed Reezal Amad, Malaysia, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
STATE OF THE INDIAN ECONOMY BY Dr. Arvind Subramanian, Chief Economic Adviser Security Risks Asia
Copy of the Presentation made by Chief Economic Adviser, Dr. Arvind Subramanian during his Press Conference on 26 May on the occasion of the government completing one year in office.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
Stock Recommendation: Buy Punjab National Bank on dips for a target of Rs185IndiaNotes.com
In Q3FY15, PNB continued to disappoint on asset quality front and posted an overall lackluster performance. GNPA% and NNPA% have gone up sequentially from 5.65% and 3.26% in Q2FY15 to 5.97% and 3.82% in Q3FY15. NII remains almost flat y-o-y and q-o-q at Rs 4233 cr. Profitability was up 2.5% y-o-y and 34.6% q-o-q to Rs 774.6 cr. Provisions have declined 7.7% y-o-y and 17% q-o-q to Rs 1467.8 cr. Overall loan growth is up 11.2% y-o-y to Rs 372086 cr.
Dear Professional Friends,
Please find attached the "RJR Budget Bulletin 2019" containing summary of amendments made by Interim and Full Finance Bill, 2019.
Hope you find the same in order.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
This webinar will be presented by Jason Skrinak (Principal) and Mike Eby (Manager) of McKonly & Asbury’s State and Local Tax group. Jason and Mike will provide a look at proposals for the Pennsylvania budget and possible outcomes. They will also review recent Pennsylvania tax updates including the Department of Revenue computer modernization project as well as the current practices at the Board of Finance and Revenue.
Philippine Mining Taxation, Royalties and Government incentivesFernando Penarroyo
Lecture on the Philippine mining fiscal and taxation regime as part of the continuing professional development program of the Philippine Mineral Reporting Code Committee on the "Elements of Mining Feasibility Study"
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This recognition is a validation of your laudable hard work, dedication, focused leadership, passion for excellence, accountability and constancy of purpose that Ekiti State benefitted from in your less than three years in office as Governor.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
Stock Recommendation: Buy Punjab National Bank on dips for a target of Rs185IndiaNotes.com
In Q3FY15, PNB continued to disappoint on asset quality front and posted an overall lackluster performance. GNPA% and NNPA% have gone up sequentially from 5.65% and 3.26% in Q2FY15 to 5.97% and 3.82% in Q3FY15. NII remains almost flat y-o-y and q-o-q at Rs 4233 cr. Profitability was up 2.5% y-o-y and 34.6% q-o-q to Rs 774.6 cr. Provisions have declined 7.7% y-o-y and 17% q-o-q to Rs 1467.8 cr. Overall loan growth is up 11.2% y-o-y to Rs 372086 cr.
Dear Professional Friends,
Please find attached the "RJR Budget Bulletin 2019" containing summary of amendments made by Interim and Full Finance Bill, 2019.
Hope you find the same in order.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
This webinar will be presented by Jason Skrinak (Principal) and Mike Eby (Manager) of McKonly & Asbury’s State and Local Tax group. Jason and Mike will provide a look at proposals for the Pennsylvania budget and possible outcomes. They will also review recent Pennsylvania tax updates including the Department of Revenue computer modernization project as well as the current practices at the Board of Finance and Revenue.
Philippine Mining Taxation, Royalties and Government incentivesFernando Penarroyo
Lecture on the Philippine mining fiscal and taxation regime as part of the continuing professional development program of the Philippine Mineral Reporting Code Committee on the "Elements of Mining Feasibility Study"
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This recognition is a validation of your laudable hard work, dedication, focused leadership, passion for excellence, accountability and constancy of purpose that Ekiti State benefitted from in your less than three years in office as Governor.
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
Fiscal Institutions Fiscal Institutions and Macroeconomic Management in Arab ...Economic Research Forum
Jeffrey Nugent, University of Southern California
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Oil and Fiscal Policy
Fiscal institutions are critical links between oil prices, oil revenues, revenue volatility. As is currently witnessed, low oil prices raise questions about the sustainability of public spending and loose public finances. This is why Arab countries must now improve their budgetary institutions and overall fiscal discipline. This session will review the quality of budgetary institutions in resource-rich Arab economies. It will also examine the long-run effects of oil revenue and its volatility on economic growth, as well as the role of institutions in this relationship.
A digital copy of the Business News 24 (06 January 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
An update by the Department of Revenue on the FY21 & 22 revenue outlook and the oil tax credit obligations reverting to the state following the Supreme Court's rejection of HB331.
PRESENTATION OF THE DETAILED ANALYSIS OF THE YEAR 2015 BUDGET OF EKITI STATE TO THE PRESS AND THE GENERAL PUBLIC BY CHIEF TOYIN OJO THE HONOURABLE COMMISSIONER FOR FINANCE AND ECONOMIC PLANNING ON TUESDAY, 3RD FEBRUARY, 2015.
Rt. Hon. Friday Aderemi, Former Speaker and Former Acting Governor, Ekiti State.
Order of Funeral Service, Saturday, February 22, 2014.
11:00a.m.
St. Stephen's Anglican Church, Ayetoro-Ekiti
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
2024 is the point of certainty. Forecast of UIF experts
State Of The State Presented By Dr Kayode Fayemi
1. PRESENTATION TO THE HOUSE OF ASSEMBLY MEMBERS
ON THE STATE OF THE STATE
By Dr. John Kayode FAYEMI
Governor, Ekiti State
MONDAY, MARCH 03, 2014
1
2. Introduction
• The Nigerian economy is highly dependent on the proceeds
from sale of oil;
• Oil represents 95% of Nigeria’s Foreign Exchange Earnings;
• Oil also represents 80% of budgetary revenue for the
Federation;
• Revenue from Taxes, custom etc represents 20% of
budgetary revenue;
2
3. Introduction
Income from revenue generating Agencies are expected to be
transferred to the Consolidated Revenue account for
appropriation;
Annual budget is based on a predetermined oil output and a
benchmark oil price below the international oil price approved
annually by the National Assembly;
Nigerian Daily oil Quota is currently 1.96mbpd;
The Daily oil output is 2.6mbpd including condensates which
are excluded from Opec oil quota and allowance for pipeline
damage;
3
4. Introduction
The Average oil benchmark price for National budget are as
follows:
Year 2013 $79pb
Year 2014 $77.5pb
Every State Government in Nigeria depends largely on the
Allocation from the Federation Account;
The Annual Budget of the State is predicated upon earnings
from the Federation Account;
Consequentially, any major change due to poor handling /
depletion of the nations’ resources will usually have ripple
effects on the implementation of Budget at the State and Local
Government levels.
4
5. Introduction
The Average Actual oil production since January 2013 is not
less than 2.4mbpd;
Average actual oil prices received:
Year 2013 is $95 - $114;
Year 2014 is $110pb
At no time did Nigerian Oil sold less than $95 in 2013 and
$110 in 2014.
Conclusively, Nigerian earned more revenue from oil sales in
2013 and 2014 than budgeted;
This can be corroborate by a comparison of revenue reported
by CBN and the Federation Account Allocation Committee in
Tables 1- 3 below:
5
10. COMPARISON BETWEEN CBN REPORT & FAAC REPORT ON REVENUE GENERATED IN 2013
• Comparative of CBN
monthly economic report and the
Monthly report of FAAC indicates that revenue accruing to the
Federation Account were not fully reported;
• NNPC has continuously failed to fully account and remit
proceeds of all oil exports into the Federation Account;
• The Federation account Allocation Committee reported
underpayment of N3.03tn oil proceeds received by NNPC to
the Federation Account;
• CBN recently reported
Federation Account;
underpayment
of
$20bn
into
10
11. COMPARISON BETWEEN CBN REPORT & FAAC REPORT ON REVENUE GENERATED IN 2013
• Interest earned on funds accruing to Federation account are
not properly accounted for;
• Exchange rate used for receipts from sale of crude oil, gas
e.t.c is N154.70 to $1. This is below the budgeted exchange
rate of N160 to $1.
• The use of flat exchange rate of N154.70 to $1 for
computation of income accruing to the federation account is a
deliberate step to reduce the funds available to States and
LGAs;
• The Accountant General of the Federal Government is also the
Accountant General of the Federation. This negates the spirit
of a true Fiscal Federation requiring the separation of the two
11
roles;
12. Impact of depletion of Federation Resources on Ekiti State
The financial resources of the States and LGAs are made up of
the followings:
•Revenue Allocation from Federation Account constitutes
between 80% – 90% of total revenue for most states of the
federation;
•Internally Generated Revenue and other sundry sources
constitute between 10% - 20% depending on the available
opportunities in the respective states;
•Failure to fully account for revenue accruing to the federation
has significantly affected distributable revenue to States and
LGAs.
12
14. Impact of depletion of Federation Resources on Ekiti State
•
Report of earnings to the federation by CBN is an indication
that we earn more revenue than reported into the Federation
Account by the Federal Government.
•
The effect of the depletion of nations revenue has created
huge financial burden for State to meet its obligations;
•
Average monthly reduction due to our state is N481m per
month ;
•
Inability of the State Government to meet commitments as
and when due and increasing vicious circle of poverty in the
country.
14
15. Request for Action
Considering the current high level of depletion of revenue
accruing to the Federation account which is now a subject of
dispute between FGN, CBN and NNPC, it is desirable that
this august body is enjoined to critically assess revenue into
Federation Account and direct;
• That all revenue accruing to the Federation Account should
only be reported in the Consolidate Revenue Fund;
• The abolition of the Excess Crude Account which has allowed
the Federal Government to manipulate the proceeds of
earnings into the Federation Account;
• The creation of the Office of the Accountant General of the
Federation which shall be separate from the Office of the
Accountant General of the Federal Government;
15
16. Requested Action
•
Creation of the Office of the Auditor General of the Federation
which shall be separate from the Office of the Auditor
General of the Federal Government;
•
Audit of NNPC Account;
•
Immediate payment of all outstanding revenue due to the
Federation Account by NNPC;
•
Immediate review of the Revenue Allocation Formula which
was last done 15years ago;
•
Request the Supreme Court of Nigeria to expedite action on
pending constitutional cases with regards to Excess Crude
Accounts, Illegal Deductions and Sale of Sovereign Assets.
16