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Kogi State IRS Shuts Down Companies For Refusing To Pay Tax

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Kogi State IRS Shuts Down Companies For Refusing To Pay Tax

Two telecommunications providers, Forte oil, and the Bank of Agriculture are some of the companies that have incurred the ire of the Kogi State Internal Revenue Service and were shut down for what the tax service said was refusal to pay taxes. Collectively, the Kogi IRS says the companies owe almost half a billion Naira to the state government.

Kogi IRS official responsible for enforcement, Jamil Isah, says the two telecom providers jointly owe the state more than four hundred million Naira in taxes, while forte oil and bank of agriculture owe about eight million Naira.

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Japan’s Central Bank Sitting On Assets Worth More Than The Country’s Entire Economy

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Japan's Central Bank Sitting On Assets Worth More Than The Country's Entire Economy

An epic bond-buying spree by Japan’s Central Bank means it’s now sitting on assets worth more than the country’s entire economy.

Data released by the Bank of Japan on Tuesday show that its total holdings stand at about five-fifty-three trillion Yen that is 4.9 trillion Dollars. The figure is bigger than Japan’s annual Gross Domestic Product (GDP) at the end of the second quarter and more than five times the size of Apple’s market value.

The years of heavy stimulus have warped parts of Japan’s financial markets and left the central bank with dwindling options to juice growth if a new crisis hits. But the splurge is unlikely to end anytime soon.

The US federal reserve’s total assets are about one fifth of the size of US GDP, and the European central bank’s are around 40% of the Eurozone economy.

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PDP Responds To Osinbajo’s Debt Claims

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PDP Responds To Osinbajo's Debt Claims

The People’s Democratic Party, along with former President Goodluck Jonathan, has broken its silence over comments made last week by Vice-president Osinbajo, assailing the party on the way they handled economy and on alleged corruption.

Osinbajo said on Tuesday that the former president ruined the Nigerian economy and left the country with huge debt and hardship as a result of alleged corruption under his watch.

One of Jonathan’s aides released a statement that such accusations should not come from Osinbajo whom he claims was recently indicted by the House of Representatives for an alleged corruption.

The statement says fingers should not be pointed at Jonathan whom he says is celebrated internationally for his efforts at achieving Nigeria’s best rating in Transparency International’s Annual Corruption Perceptions Index.

He accused the current government of increasing the nation’s debt because it lacked the discipline of the former President.

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Mnangagwa Defends “Painful” Economic Reforms

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Mnangagwa Defends "Painful" Economic Reforms

Zimbabwean President, Emmerson Mnangagwa, has defended what he called painful economic reforms. He says the policies are necessary to get the country out of economic stagnation. He said, “yes, the medicine is harsh, but the patient requires it in order to live”.

Mnangagwa says his administration has identified privatisation of state institutions, broadening of the tax base and fighting corruption as key to turning the economy around.

He also defended a two percent levy imposed on electronic transactions which make up around ninety-six percent of all financial transactions. He said, that will enable them to reduce the budget deficit.

He highlighted increasing output in gold mines and privatisation of the agriculture sector as some of the positive developments in Zimbabwe since he came to power.

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