{"id":27492,"date":"2020-08-17T08:57:32","date_gmt":"2020-08-17T08:57:32","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=27492"},"modified":"2020-08-17T08:57:40","modified_gmt":"2020-08-17T08:57:40","slug":"world-bank-gives-condition-for-2-5m-covid-19-grant-to-states","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=27492","title":{"rendered":"World Bank gives condition for $2.5m COVID-19 grant to states"},"content":{"rendered":"\n
\"Six<\/figure>\n\n\n\n

The World Bank plans to give states in Nigeria $2.5 million each as performance-based grants provided they execute tax relief schemes for individuals and business owners as a buffer against the coronavirus crisis by 30th September.<\/p>\n\n\n\n

The revelation was made in a statement signed by Abdulrazaque Bello-Barkindo, spokesperson of the Nigerian Governors Forum (NGF)<\/a> and released on Sunday.<\/p>\n\n\n\n

Among the incentives under the tax relief programmes are tax moratoriums, extension of filing and payment dates, waivers or reduction of penalties as well as interests over the extension period.<\/p>\n\n\n\n

Bello-Barkindo noted that the decision was reached at a virtual meeting which held on 14th August under the states\u2019 fiscal transparency, accountability and sustainability programme for results, organised by the World Bank and the NGF in collaboration with the Federal Ministry of Finance, Budget and National Planning.<\/p>\n\n\n\n

\u2018The 36 states of the federation are introducing tax relief programmes to mitigate the unending toll of the COVID-19 pandemic on businesses and individual taxpayers and ensure the speedy recovery of state economies,\u2019 the statement said.<\/p>\n\n\n\n

\u2018State governments are themselves currently experiencing a liquidity crisis of their own, and with limited capacity to borrow, it has become imperative that they find a balance between granting tax reliefs and maintaining revenues at a sustainable level.<\/p>\n\n\n\n

\u2018The extent to which government revenues will be impacted by these reliefs will depend on the type of relief that they grant and their ability to raise their tax efforts simultaneously, including offering incentives for greater tax compliance.<\/p>\n\n\n\n

\u2018These efforts are being incentivised by a new Disbursement Linked Indicator (DLI) under the Federal Ministry of Finance Budget and National Planning (FMFBNP) World Bank $750 million States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme for Results.<\/p>\n\n\n\n

\u2018Eligible States will be rewarded with USD2.5 million each in performance-based grants if they announce by 31st July, 2020 and implement by \u202a30th September, 2020, a tax compliance relief programme for individual taxpayers and businesses to mitigate the COVID-19<\/a> impact.\u2019<\/p>\n\n\n\n

Each state seeking to benefit from the World Bank largesse must fulfil some preconditions before it will be eligible for the $2.5 million grant.<\/p>\n\n\n\n

Among these is the declaration by the commissioner for finance or the executive chairperson of the state internal revenue service, which will be published on the state\u2019s website and in national dailies to ensure widespread awareness among taxpayers.<\/p>\n\n\n\n

Also, tax officials and tax collectors will be issued guidelines by the states for the execution of the reliefs in order to achieve consistent implementation.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Bank plans to give states in Nigeria $2.5 million each as performance-based grants provided they execute tax relief schemes for individuals and business owners as a buffer against the coronavirus crisis by 30th September. The revelation was made in a statement signed by Abdulrazaque Bello-Barkindo, spokesperson of the Nigerian Governors Forum (NGF) and released on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21,35],"tags":[],"yoast_head":"\nWorld Bank gives condition for $2.5m COVID-19 grant to states » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=27492\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=27492#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"World Bank gives condition for $2.5m COVID-19 grant to states\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"World Bank gives condition for $2.5m COVID-19 grant to states » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=27492","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=27492#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"World Bank gives condition for $2.5m COVID-19 grant to states"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a>","rttpg_excerpt":"The World Bank plans to give states in Nigeria $2.5 million each as performance-based grants provided they execute tax relief schemes for individuals and business owners as a buffer against the coronavirus crisis by 30th September. The revelation was made in a statement signed by Abdulrazaque Bello-Barkindo, spokesperson of the Nigerian Governors Forum (NGF) and released on…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/27492"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27492"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/27492\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}