Dbakre1's blog

    Gov. AbdulRahman Abdulrazak, NGF Chairman                   The Nigerian Governors Forum (NGF) has announced its support for the proposed tax reform bills, currently being reviewed by the National Assembly. In a meeting with the presidential tax reform committee on January 16, 2025, the governors also presented key recommendations, including a revised formula for sharing value-added tax (VAT). In a statement following the meeting, the NGF emphasized the need to modernize Nigeria’s outdated tax system, aligning it with global standards to enhance fiscal stability. The governors called for a VAT sharing structure that ensures fairness: 50% allocated equally among states, 30% based on derivation, and 20% determined by population. The NGF also opposed increasing the VAT rate or reducing Corporate Income Tax (CIT), citing concerns over economic stability. Additionally, they urged the continued exemption of essential goods and ag...

 In the world of cryptocurrencies, the term "node" frequently comes up. But what exactly are nodes, and why are they critical to the sustainability and value of a cryptocurrency blockchain? In this blog post, we’ll break down the concept of nodes in simple terms and delve into how they function in Bitcoin, Ethereum, and Pi Network—three notable cryptocurrencies with distinct approaches. What Are Nodes in Blockchain? In a blockchain network, a node refers to any computer or device that connects to the network to participate in its operations. Nodes store, validate, and distribute data about transactions and blocks. Their primary role is to maintain the integrity, security, and decentralization of the blockchain. Nodes can be categorized into: Full Nodes : Store the entire blockchain ledger and validate transactions and blocks independently. Light Nodes : Rely on full nodes for transaction validation but store only part of the blockchain. Mining Nodes : Special nodes that valid...

          Wreath laying ceremony Armed Forces Remembrance Day, observed annually on January 15th in Nigeria, is a solemn occasion dedicated to honoring the bravery and sacrifices of the nation's military personnel. This day pays tribute not only to those who have laid down their lives in service but also to veterans and active-duty members of the Nigerian Armed Forces. Historical Significance Originally commemorated on November 11th to align with the British Commonwealth's Remembrance Day (Poppy Day) for World War I and II veterans, Nigeria shifted the observance to January 15th. This date marks the surrender of Biafran troops to federal forces in 1970, effectively ending the Nigerian Civil War and symbolizing national unity and reconciliation.  Commemorative Activities The day's events are marked by solemn ceremonies at federal, state, and local levels. A central feature is the wreath-laying ceremony at the National Cenotaph in Abuja, where the President ...

            Central Bank of Nigeria  The Central Bank of Nigeria (CBN) has imposed heavy penalties on Deposit Money Banks (DMBs) for failing to ensure the availability of naira notes through Automated Teller Machines (ATMs) during the festive season, despite repeated warnings. Each affected bank has been fined ₦150 million for breaching the CBN's cash distribution guidelines, following spot checks on their operations. This enforcement action underscores the CBN’s commitment to addressing the cash scarcity that disrupted the festive celebrations for many Nigerians. The penalized banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines are to be deducted directly from the banks' accounts with the apex bank. Hakama Sidi Ali, the acting director of corporate communications at the CBN, stated, “Ensuring seamless cash f...