Opening speech and introduction of members of board of directors by @VFDGroup Chairman Olatunde Busari (SAN) #VFDGROUPAGM6
Company secretary Gbeminiyi Shoda read the Notice of the 6th annual general meeting @VFDGroup#VFDGROUPAGM6
We are proposing a dividend of N10.79 per ordinary share, based on the groups strong performance and dividend policy. #VFDGROUPAGM6
@VFDGroup we recorded our highest gross earnings with growth at 49.4% year on year to N9.9bn (2020: N6.7bn) #vfdgroupagm6
Deloitte & Touche auditors mentioned the group @VFDGroup has kept proper books of account, so far as appears from our examination of those books. #VFDGROUPAGM6
We are creating an ecosystem unlike any other. Our ecosystem provides a mechanism for entities to leverage technology and improve operations efficiency through shared services. - @NonsoMOkpala GMD @VFDGroup
The Presidential Committee on Fiscal Policy and Tax Reform has proposed a new Personal Income Tax Bill. This bill is focused on simplifying the tax system, especially for high-income earners.
Here is how much tax you might pay from your salary👉
Under the current tax system👇
✔️You could deduct 20% of your gross income + ₦200,000 as CRA.
✔️Other statutory deductions, like pension contributions, are allowed.
◾️For example, if you earned ₦6million annually, you could deduct 20% (1.2million) plus N200,000 as your CRA, your taxable income will reduce to ₦4.6million
In 2023, Nigeria’s President Bola Tinubu introduced significant economic reforms, including the removal of fuel subsidies and the liberalization of the forex market. While these moves aimed to strengthen Nigeria’s economy, their impact varied across sectors.
The banking industry, benefiting from forex market liberalization, saw a surge in foreign exchange asset values, boosting profits. In contrast, sectors like agriculture and manufacturing faced rising inflation and borrowing costs.
Given the banking sector’s windfall gains, a windfall tax on banks is seen as a justified measure to restore economic balance. This allows the government to capture profits driven by policy changes rather than innovation or productivity.
6 Reliable Ways to Save Money from your Monthly Salary and other Income
1️⃣ Visualize Future Finances:
👉 Picture yourself broke in old age to motivate saving and avoid regrets later. Learn from others who neglected savings and find inspiration to start now.
2️⃣ Calculate Net Worth:
👉Record spending, review bank statements, and question expenses. Calculate net worth regularly to track financial progress. Writing down expenses enhances financial awareness.
3️⃣ Value of Time vs. Income:
👉Understand the relationship between time and income. Calculate hours of work needed to afford items. This perspective helps analyze the value of purchases and limits unnecessary spending.
Navigating 2024: 9 Strategies to Thrive Amidst the Rising Cost of Living in Nigeria
1. Buy Essentials in Bulk:
👉Purchase frequently used items in bulk to save costs and budget effectively. Consider sharing costs with someone if it seems financially strenuous.
2. Automate Your Savings:
👉Emphasize the importance of saving to avoid future financial strain. Automation ensures a systematic approach to planning for unforeseen events.
3. Spread Your Income Sources:
👉Diversify income streams to comfortably meet family needs and generate residual income for profitable ventures.
4.Find Cheaper Alternatives:
👉Opt for cost-effective alternatives without compromising your lifestyle. Explore options like solar panels or switching to more affordable brands.
5. Live Below Your Earnings:
👉Resist the temptation to exhaust your entire income. Managing current resources sets the foundation for success when earnings increase.
CBN ‘Ways and Means’ loan to the FG rise to N20 trillion as of June 2022
The Central Bank of Nigeria has extended a total sum of N19.9 trillion circa (N20 trillion) in loans to the Federal Government under its Ways and Means provision as included in the CBN Act.
Thread 1/9
The Ways and Means provision allows the government to borrow from the Apex Bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
Provisions in the act cap monetary financing of fiscal deficits at 5%...
2/9
....of the prior year’s revenues.
However, since the government started experiencing a significant shortfall in revenue,
It has relied heavily on the central bank to finance its expenditure programs via Ways and Means.