Hello Twentyten Daily Readers,

Below, we reported how President Muhammadu Buhari has presented a total of N54.41 trillion as proposed budget for the year between 2016 and 2021. However, between 2016 and 2021, a total of N55.71 trillion has been approved.This implies that the National Assembly has raised that budget, within the period under review, by N1.3 trillion. Recall that due to the COVID-19 pandemic in Nigeria, the 2020 budget was revised: that is represented and reapproved by the government. At the initial submission, N10.33 trillion was presented while N10.59 trillion was signed into law.

Special Report: Zuckerberg’s Monopoly And Its Consequences

Three major social media services owned by Mark Zuckerberg suffered an outage around the world on Monday, October 4, 2021, causing varying financial losses for not just the users but for Zuckerberg.

According to Bloomberg, Mark Zuckerberg lost more than $6 billion in personal wealth as the Facebook stock crashed by 4.9%, in addition to a 15% drop recorded two weeks ago.⁣

Explainer: VAT War Might Crush States Revenue

Value Added Tax, according to the Federal Inland Revenue Service, is a consumption tax paid when goods are purchased and services rendered. It is borne by the final consumer; that is all goods and services, both produced within or imported into the country, are taxable- except those exempted by the VAT Act. The VAT charge rate on goods is 7.5 percent contributing significantly to the total revenue generated by the government. In 2019, the VAT accounted for 16.2 percent of the Gross Domestic Product rate.

Five States Lead Subnational Debts In Q2 2020

Data from the Debt Management Office has revealed that Lagos, Rivers and Akwa Ibom are the three most indebted states within the country at the end of the second quarter of 2021. The domestic debts owed by state governments and the Federal Capital Territory Administration stood at N4.12tn, representing 18.94 percent of the country’s domestic debt stock of N21.75tn as of Q2 2021, up from N20.64tn in the previous quarter.

Volcanic Eruption In La Palma: Why Africa Should Be Worried

A severe volcanic eruption rocked the island of La Palma in the Canary Islands archipelago off northwest Africa, forcing the evacuation of 6,000 people on Sunday, September 19, 2021. While thousands of small earthquakes have erupted on the island with a population of 85,000 people, research experts are putting out words on the possible damage these natural disasters poses to the inhabitants of the island, the ocean and neighbouring continents.