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Nigerian press agog with controversy over regional currency, implementation of VAT

The crack in the ECOWAS caused by the conversion of the CFA Franc to Eco and the implementation of the new Value Added Tax (VAT) are some of the trending stories in the Nigerian press on Friday.The Daily Trust and many others reported that the six-member countries of the West African Monetary Zone (WAMZ) comprising Nigeria, Ghana, Gambia, Guinea, Liberia and Sierra Leone, have rejected the adoption of ‘Eco’ by the Francophone countries as the name of their currency.

ThisDay said that the federal government has commenced the immediate implementation of some aspects of the Finance Act with the implementation of 7.5 percent Value Added Tax (VAT) on delayed payments on government transactions.

The Accountant General of the Federation (AGF), Mr. Ahmed Idris, on Thursday said all approved payments transactions not concluded before the passage of the Act would now be subjected to the new VAT charge.

The Nation newspaper reported that an alternative source of fuel that will be cheaper than the N145 per litre of petrol is in the works, the government said on Thursday.

According to Minister of State for Petroleum, Mr. Timipre Sylva, the Compressed Natural Gas (CNG) will cost between N95 to N97 per litre, to make fuel more affordable.

The Punch said the there were concerns in Zamfara State on Thursday about the amnesty the state government granted bandits, following the killing of 31 people by hoodlums in two separate attacks on Tuesday.

Channels Television reported that President Muhammadu Buhari will depart Abuja on Friday for London to participate in the inaugural UK-Africa Investment Summit holding on Monday, January 20, 2020.

The Leadership newspaper said the national grid yesterday experienced its first collapse in 2020, resulting in blackout across the country.

The Sun quoted Minister of Science and Technology, Dr. Ogbonnaya Onu, as saying that the vision to launch Nigeria into space is still on course and will be achieved in no distant time.

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