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Unclaimed dividends, a persistent challenge in Nigeria’s capital market, have sparked frustration among shareholders. The issue remains unresolved despite the introduction of electronic systems and reforms by the Securities and Exchange Commission. TEMITOPE AINA addresses questions about systemic inefficiencies, lapses by registrars, and the impact of dead shareholders. Introduction The Nigerian capital market, which has
YouTuber-turned-boxer, Jake Paul, has defeated former heavyweight boxer, Mike Tyson, on Saturday in their highly-anticipated boxing showdown. The keenly contested fight, which was held at AT&T Stadium in Arlington, Texas, is part of a Netflix extravaganza expected to draw millions of viewers worldwide. 58-year-old Tyson struggled against 27-year-old Paul in most rounds of the fight as
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YouTuber-turned-boxer, Jake Paul, has defeated former heavyweight boxer, Mike Tyson, on Saturday in their highly-anticipated boxing showdown. The keenly contested fight, which was held at AT&T Stadium in Arlington, Texas, is part of a Netflix extravaganza expected to draw millions of viewers worldwide. 58-year-old Tyson struggled against 27-year-old Paul in most rounds of the fight as
The federal government has proposed a major shift in the distribution of funds from the Federation Account Allocation Committee, FAAC. Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, revealed this via his X handle on Sunday. Oyedele said the federal government was set to take only 10 percent of the
Nigerian govt proposes reduction in FAAC share
The federal government has proposed a major shift in the distribution of funds from the Federation Account Allocation Committee, FAAC.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, revealed this via his X handle on Sunday.
Oyedele said the federal government was set to take only 10 percent of the total FAAC allocations while states and local governments will receive a combined 90 percent.
This represents a drastic departure from the current sharing formula, which allocates 52.68 percent to the federal government, 26.72 percent to states, and 20.60 percent to local governments.
Oyedele said under the new proposal, the distribution formula for the states and local governments would include a clause stipulating that 60 percent of their share will be based on the principle of derivation.
He further explained that the change was part of broader reforms aimed at eliminating numerous nuisance taxes and streamlining the tax collection process.
According to him, the federal government had to make this concession to get states on board with a centralized and more efficient tax collection system.
“The new approach not only simplifies tax collection but also lays the foundation for fiscal federalism, giving states and local governments more autonomy over their revenues,” Oyedele said.
He added that the proposed reforms represent a bold step towards decentralizing revenue collection and promoting a more balanced fiscal structure in Nigeria.
Oyedele emphasized that the full impact of the proposed tax overhaul would be monitored in the coming months as discussions continue between the federal government and other tiers of government.
The New Nigeria People’s Party, Ogun State has said that it would not hesitate to take legal actions against the Ogun State Independent Electoral Commissions if it suspected any foul play in the electoral process of the forthcoming November 16 local government election. The Chairman of the party, Olufemi Aina, stated this during the party
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The New Nigeria People’s Party, Ogun State has said that it would not hesitate to take legal actions against the Ogun State Independent Electoral Commissions if it suspected any foul play in the electoral process of the forthcoming November 16 local government election. The Chairman of the party, Olufemi Aina, stated this during the party
