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President Buhari to present 2022 budget on Thursday at noon

President Muhammadu Buhari will on Thursday at noon present the 2022 budget to the National Assembly.
The presentation will be made during a joint session of both chambers.
President Buhari made this known in a letter dated October 5, 2021, and read during plenary by the Senate President, Ahmad Lawan.
The letter titled “Presentation of 2022 Appropriation Bill”, reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the a lot of 12:00 Hours on Thursday, 7th October, 2021, to formally present the 2022 Appropriation Bill to the Joint Session of the National Assembly.
“Please, Accept, Distinguished Senate President, the assurances of my highest regards, as I look forward to addressing the Joint Session.”
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NISS hails Oyetola on security intervention, making Osun model of socioeconomic development in Nigeria

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SANWO-OLU ASSURES LAGOSIANS OF ECONOMIC SUSTAINABILITY

Governor Babajide Olusola Sanwo-Olu has assured Lagosians that the State will continue to sustain its enviable status as the fifth largest economy in Africa and also achieve its vision to become Africa’s model megacity as well as a global economic and financial hub that is safe, secure, functional and productive.
Sanwo-Olu gave the assurance at the Year 2022 edition of the Punuka Annual Lecture with the theme:
“Taxation of the Digital Economy: The Challenges and Prospects for the Nigerian Economy”, held recently at Metropolitan Club, Victoria Island.
Governor Sanwo-Olu, represented by the
Commissioner for Finance, Dr. Rabiu Olowo, reaffirmed Lagos State’s commitment to improving the ease of doing business through the development of Small and Medium Scale Enterprises (SMEs) and ensuring overall prosperity for every citizen.
He averred that the Lagos State Government will continuously seek ways of improving revenue generation through a tax system that is modern, efficient and effective, noting that it is in this regard that the present administration considers the lecture timely and relevant.
Sanwo-Olu said the State faces major challenges in taxing income/profit accruing from e-commerce and digital activities as the transactions more often than not transcend borders, while the contracting entities usually do not have a fixed base (tax residence rule) in the State.
Explaining that the trend has made it difficult to trace, track and establish taxing rights over the huge profits made by multinational enterprises and individuals, the Governor said the inability to garner the requisite tax income from such e-commerce businesses is detrimental to revenue collection/generation.
According to him, the emerging trend requires laws to regulate their operations, just as monitoring will also help to establish the economic presence of these entities for tax purposes.
Mr. Governor reiterated that the State is always open to ideas, strategies and ways to effectively and comprehensively improve tax administration processes and procedures in line with emerging trends in the digital economy towards maximising its revenue generation capacity.
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EndSars: Osun govt compensates Police brutality victims, presents cheques of N53,290,000.00
