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Zenith Bank, in the 2022 financial year, lent a total gross loans of N4.12 trillion. The loan composition shows that corporates got 62.3 percent of the total loans disbursed for the 2022 financial year.
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In 2022, MSMEs contributed 48 percent to Nigeria’s gross domestic product (GDP), accounted for 96 percent of businesses and 84 percent of employment.
In April 2022, Nigeria’s President, Muhammadu Buhari, said that his government had done much to create an enabling environment for micro-, small- and medium-scale enterprises (MSMEs) to thrive.
“Whether you make sales or not, you will pay money daily for electricity,” a trader told Dataphyte, revealing that he and his boss (the owner of the business), depending on the business thriving and a lower cost of running the business to live daily.
More than four months after submitting an audit report on COVID-19 spending in Nigeria, the National Assembly and Auditor-General concealed the details.
About a fortnight ago a correspondence from the Federal Inland Revenue Services (FIRS) notified business owners on the modalities for payment of monthly tax returns (VAT). The correspondence directed that due to the COVID-19 lockdown, business owners should utilize the e-payment platform for tax payment. Also, in compliance to social distancing measures, business owners were directed to send a copy of the electronically generated bank invoice to a designated e-mail address against the usual physical submission of payment evidence to the tax office. However, many business owners consider the absence of tax breaks, an additional burden associated with the pandemic.
