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      "text": "Regulatory and policy development (2)",
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      "text": "Public debt: $113bn",
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      "text": "Foreign suppliers may not accept letters of credit amid unsettled $7 billion FX obligations to domestic lenders. This may have implications for imports and inflation. CBN Introduced new directives: Directives to banks to cease from utilising their FX revaluation gains for dividends and operational expenditures. Directives to all International Money Transfer Operators (IMTOs) operating within the country to strictly follow the allowable limit of -2.5% to +2.5% foreign exchange guideline. CBN introduces new policies: The reintroduction of Bureau De Change to increase the supply of foreign exchange. The launch of a Foreign Exchange (FX) Price Verification System (PVS) to enable importers gain access to forex.",
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      "text": "Public debt rose by 4.6% Q-o-Q to $113bn in Q2 2023 from $108bn in Q1 2023. The rise in public debt is attributed to the securitisation of ways and means (N22.7tn), a 67% depreciation of the naira which resulted in the increase of total debt by $5bn (see Page 6). Manufacturing, finance & insurance activities and information and communication accounted for 45% of total collection of CIT & VAT. It implies that revenue collection is not well diversified across the 21 sectors of the economy. This may have implications for reaching the targeted tax to GDP of 18% by 2026 and government revenue generation capacity in the short to medium term.",
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      "text": "Increased Tertiary Education Tax (TET) rate: The TET rate has been raised from 2.5% to 3% of a company's assessable profits for accounting periods ending on or after September 1, 2023. Repealed tax benefits: The Companies Income Tax Act (CITA) no longer provides benefits for investment allowances, rural investment allowances, and tax exemptions on income earned in convertible currencies by hotels from September 1, 2023 onwards. Imposition of a 0.5% levy on goods imported into Nigeria from outside Africa.",
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      "text": "Source: NBS, CBN, NGX, Proshare, PwcAnalysis",
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      "text": "Setting the context (2/2)",
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