Business
Edu Begs National Assembly not to Thrash Tax Bill
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, urged the National Assembly to iron out the contending issues in the Tax Reform Bill rather than dumping it in its entirety.
Edun also disclosed that a total sum of ₦16.1 billion was disbursed to 22 manufacturing concerns from the ₦75 billion set aside by the Federal Government to stimulate real sector growth.
Mr Edun stated this, weekend in Abuja, during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024.
In his analyses, Edun stated that ₦3.5 billion was disbursed to 11,000 beneficiaries in five days from the Consumer Credit Scheme, which is targeting over 80 million Nigerians. In the same vein, he disclosed that 25 million people have so far been reached under the direct benefits transfer.
Edun projected that Nigeria needs to invest at least $20 billion per annum to achieve its economic targets and record a growth rate of about 6.3 percent by 2027.
Edun said, “We need significantly more growth. An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”
He highlighted that the government would rely primarily on increased revenue to meet this ambitious target and stressed the need for a robust tax revenue framework to secure the necessary funding, noting that sustainable economic growth hinges on this strategy.
He further stated that “To achieve this target and grow the economy, the government can only secure the funds from revenue.
Tax revenue needs to be increased to reach the desired levels.
“We are moving from stabilisation to accelerated growth with budget 2025 and the underlying Medium Term Expenditure Framework (MTEF) as our baseline,” he said.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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