Atere Oluwashina

Passionate BI Developer, HSE professional and Supply chain expert, with a keen interest in Finance & Investment. I think we are all part of something larger.

[Cline @cline]

1/ The Model Context Protocol isn't just another dev tool - it's letting AI assistants break free from chat windows to directly manage your Git repos, run tests, and maintain project memory. Here's why MCP is a game-changer

🧵

[Ugodre @ugodre]

I think the biggest mistake we are making is to think CBN is the solution to Nigeria’s fx woes.

Without fixing Nigeria’s fiscal crisis inflation and forex will continue to be a challenge.

[Amaka Anku @AmakaAnku]

The pressure on the Naira is not about Nigeria’s (poor) fiscal position.

The problem is that Nigeria’s demand for $$ exceeds its ability to earn those $$ (which it primarily earns through oil exports). To increase supply of foreign exchange, Nigeria needs to export more stuff.

[StatiSense @StatiSense]

All 774 LGAs received ₦176.2bn from FAAC in Feb 2023.

Top 25 LGAs
All Lagos LGAs: 20 (Inc Top 16)
FCT LGAs: 4
Rivers LGA: 1

Top 5 LGAs Allocation
1 Alimosho: ₦1.08bn
2 Ajeromi Ifelodun: ₦847.3m
3 Kosofe: ₦835.6m
4 Mushin: ₦824.3m
5 Oshodi: ₦820.4m

#StatiSense

[NTANetwork @NTANewsNow]

BREAKING

FEDERAL ACCOUNT ALLOCATION COMMITTEE FAAC, SHARES N907.054 BILLION JUNE 2023 REVENUE TO FEDERAL GOVERNMENT, STATES AND LOCAL GOVERNMENT COUNCILS.

[NTANetwork @NTANewsNow]

JULY FAAC MEETING

The Federation Account Allocation Committee (FAAC) has shared the sum of 907.054 billion Naira June 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The total distributable revenue comprised distributable statutory revenue of 301.501 billion Naira, distributable Value Added Tax (VAT) revenue of 273.225 billion Naira, Electronic Money Transfer Levy (EMTL) revenue of 11.436 billion Naira and Exchange Difference revenue of 320.892 billion Naira.

The balance in the Excess Crude Account (ECA) was 473,754.57 Dollars.

The communiqué stated that Gross statutory revenue of 1.153 trillion Naira was received for the month of June 2023, higher than the sum of 701.787 billion Naira received in the previous month by 451.134 billion Naira.

According to the communiqué signed by Bawa Mokwa Director (Press and Public Relations) office of the accountant general of the federation,Companies Income Tax (CIT) recorded tremendous increase in the month under review.

Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.

[Taiwo Oyedele @taiwoyedele]

Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PwC shares his perspectives on the executive orders bothering on various tax changes recently signed by Nigeria's President Tinubu. https://t.co/ppCFfrn6OF

[Taiwo Oyedele @taiwoyedele]

Good news! President Tinubu has signed various executives orders to ease some of the tax burdens on businesses and individuals including: 

1. Customs, Excise Tariff (Variation) Amendment Order, 2023 to: 

a) Postpone the commencement date of the Fiscal Policy Measures as contained in the Customs, Excise Tariff, Etc (Variation) Order 2023 from 27th March 2023 to 1st August 2023 in line with the National Tax Policy. 

b) Suspend the 5% excise tax on telecommunication services 

c) Suspend the excise duties escalation on tobacco and alcoholic beverages. This means that the approved excise duties rates previously approved for 2022-2024 will continue to apply on these products

d) Suspend the newly introduced excise tax on Single Use Plastics

e) Suspend the green tax by way of Import Tax Adjustment levy on certain categories of vehicles. 

2. The Finance Act (Effective Date Variation) Order, 2023 to defer the commencement date of the changes contained in the Act from 28th May 2023 to 1st September 2023. This is to ensure compliance with the minimum of 90 days advance notice for tax changes as contained in the 2017 National Tax Policy.

[Atere Oluwashina @atere4ever]

@uchmania @dmightyangel @arsenalbabe_ @taiwoyedele You are right, COGS will skyrocket for manufacturing companies that depend on imports.

[OpenAI @OpenAI]

ChatGPT and Whisper are now available through our API (plus developer policy updates). We ❤️ developers: https://t.co/vpoyxZ7XnD

[Atere Oluwashina @atere4ever]

@suleimana This is thoughtfully crafted!

[Abubakar Suleiman - previously blue ticked @suleimana]

A message to my president-to-be.

It’s Monday 27th February, 2023. The results are in, the concessions received. You are now Mr President-in-waiting.

Congratulations, you have done it.

Now the real work starts, there’s no break for nation builders.

[Brian Feroldi @BrianFeroldi]

If you are new to investing, read this:

[Atere Oluwashina @atere4ever]

@NnamdiChife Please what do you mean by "he is currently at LARGE"?

What is LARGE?

[Atere Oluwashina @atere4ever]

@Mail4ibroUmar @brendancejay @toluogunlesi Interesting discussion here!

[Karl Sharro @KarlreMarks]

Two days ago: I don't know how a metal ship can float on water
Today: look I believe passionately that the bulbous bow design is partially responsible for the blockage in Suez

[Whit @whit4th]

Paul Graham: “do things that don’t scale”

Startup founders:

[Atere Oluwashina @atere4ever]

@DaystarNG
Leadership is so powerful, it can get you hypnotized!

[Atere Oluwashina @atere4ever]

MIT SMR Unlocked, March 2-4 https://t.co/TuQ9aUHrQF via @eventable

[Atere Oluwashina @atere4ever]

21 containers, that's 21 trailers off the traffic congestion. If, and only if this can be made to work effectively and efficiently

[Atere Oluwashina @atere4ever]

Finally! Finally!! Container moving out of Apapa. Let's hope Inland ports are ready.
"We shall overcome" This is a big achievement for this government. Good one!