Nigeria Ratifies Agreements with Singapore and Switzerland

Following the approval of the Federal Executive Council (FEC), President Muhammadu Buhari has signed two instruments, ratifying agreements with Singapore and Switzerland.

The Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore covers the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

While the Instrument of Ratification of the Memorandum of Understanding (MoU) among the Government of the Federal Republic of Nigeria; the Swiss Federal Council and the International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be Restituted to the Federal Republic of Nigeria.

In a statement, the Special Adviser to the President on Media and Publicity, Mr Femi Adesina said: “With the execution of these instruments, Nigeria’s trade relations with Singapore and income therefore are expected to rise, while the return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.”

myfinancialintelligence.com