FG approves $500m Eurobond

Chidi Samuel || The Minister of Finance, Mrs Kemi Adeosun on Wednesday disclosed that the federal government has approved the $500 million Eurobond from the international capital market to fund the 2016 budget.‎

The Minister who disclosed the information to newsmen at the end of the Federal Executive Council meeting said the details concerning the issuance will be released later.

She also disclosed the the Executive council has instructed contractors and those doing business with the government to ensure that names of company directors and registered offices are listed on their letter headed papers. This she said is to enable tax authorities trace and collect revenue

According to her, “FEC gave a directive to the SGF to remind companies that there is an existing provision in the law that companies are supposed to have on their letter headed papers the names of their directors and their registered offices but what we have seen is that many bodies that are transacting business with government simply have the names of the company and no details of who the directors are.”

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“So for tax purposes, it is quite difficult to trace them, so the SGF will be issuing a circular reminding agencies and ministries of government that it is the law and therefore they are at liberty not to treat any document that doesn’t comply with the law.

“And equally the accountant general has been advised that payment will only be effected to companies that are fully in compliance with the law just to make sure that all those who are doing business with government and making from the government are paying the right taxes.”