The National Assembly (NASS) may pass the 2023 budget, which contains a new revenue sharing formula on Thursday December 22, 2022, Blueprint report. In the bill, the federal government proposed expanding the tax net and more equitable revenue sharing formula and allocation to state and local governments. Jude Onakaeme, an analyst in Lagos told Blueprint that the bill will likely Read More
The World Bank is to come up with $500 million facility to boost the distribution segment of power supply in Nigeria to boost the activities of the power Distribution Companies (DisCos). Similarly, the Nigerian Electricity Supply Industry (NESI) recorded N393billion in revenue in the first half of 2022, being its highest in eight years, while it also generated N74billion in the Read More
A coalition, the National Action on Sugar Reduction, has staged a peaceful display in Abuja to urge the government to increase taxes on sugary drinks and invest the revenue into public health. Recall that last year a 10 naira per litre excise tax on non-alcoholic, carbonated, and sweetened beverages were passed through the 2021 Finance Act, and the coalition commended Read More
By Amarachukwu Egwu-Agha, Abakaliki The uutra-modern shopping mall newly constructed by the Ebonyi State government has been opened for business. The recently opened mall has reportedly generated 300 jobs for youths in the state with investors operating in it. Manager director of 3rd Retail Africa, Eze Igwe, disclosed this to journalists during a press briefing at the mall on Monday. 3rd Retail Read More
The federal government’s borrowing costs on local bonds have jumped to a five-year high, adding pressure to a debt service burden that consumes more than two-third of the country’s revenue. Revenue in Nigeria has fallen short of the government target by at least 45 per cent since 2015, and shortfalls have been funded through increased borrowing. The World Bank warned Read More
Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. In its Gross Domestic Product Q3 2022 report, the National Bureau of Statistics (NBS) stated that growth rate declined from 4.03% in the third quarter of 2021. According to NBS, reduction in growth is attributable to the base effects of the recession Read More
Stakeholders in the African Fintech startups have called for more collaboration in the ecosystem to achieve a common goal of improving the payment system across the African continent. Speakers at the just concluded 5th African Fintech Forum in the Ivorian capital city of Abidjan said the collaboration will also help them sustain the current growth even as external funding slows. Read More
The right of African countries to use their natural gas reserves should be reflected in any deal at the COP27 climate talks, the president of the African Development Bank has said. This is just as developed economies push to see use of the fuel curtailed. AfDB’s President Akinwunmi Adesina, who said this on the sidelines of the COP27 conference, in Read More
Niger state government has set up a committee to investigate allegations of financial misappropriation against the chairman of Niger state Internal Revenue Service, Mohammed Madami Etsu. The Secretary to the State Government (SSG), Alhaji Ahmed Ibrahim Matane, stated this weekend at a briefing in Minna. He said the investigation became necessary following a petition over allegations of misappropriation of public Read More
To boost revenue into the federal government coffer from the aviation sector, the FG has engaged a service company to collect helicopter landing and take-off charges from over 250 landing platforms across Nigeria. The firm, NAEBI Dynamic Concepts Limited, according to it Managing Director, Mr. Stanley Chike will carry out the service in collaboration with Nigerian Airspace Management Agency (NAMA), Read More
In spite of the dwindling oil revenue, the federal government continues in its resolve to bridge the country’s huge infrastructure gap, which invariably has led to Nigeria’s high debt profile; BENJAMIN UMUTEME writes. In what has become the proverbial between the devil and the deep blue sea, the federal government continues to borrow to fund its infrastructure which is almost Read More
In its bid to mitigate the dwindling revenue and foster more non-oil revenue streams, the federal government Thursday said it was on the verge of deploying an Integrated Secure Track and Trace Solution to boost revenue earnings through excise and tax collection. This was made known when the Director General of the Infrastructure Concession Regulatory Commission (ICRC) Michael Ohiani presented Read More
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has said that deployment of tax revenues for the common good of the citizens will increase tax compliance by citizens who see the direct benefit of the taxes they pay. According to a statement by Johannes Oluwatobi Wojuola, Special Assistant (Media & Communication to the Executive Chairman, FIRS, Read More
Nigeria is facing serious financial crisis with government revenue dwindling on daily basis. The high rate of debt running into trillions of naira incurred by government which exceeds its revenue states the obvious. Though, the price of crude oil has risen in the international market, the country is yet to benefit from the largesse due to the twin evil of Read More
Mrs Zainab Ahmed, Nigeria’s docile minister of finance, budget and national planning, made a casual remark last week that inadvertently exposed the gross ineptitude and selfishness of Nigerian rulers. While presenting the 2023-2025 medium term expenditure frame work to the finance committee of the House of Representatives, the minister warned her audience not to draw an analogy between Nigeria and Read More
“…The government of Nigeria, from the financial perspective, is facing an existential threat…” That is the verdict from the World Bank. Nigeria is financially bankrupt. Everyone knows it. The federal government knows it, but it is only ignoring the reality on the ground and borrowing to sustain the ostentatious lifestyle of its officials. Nigeria’s financial path is decadent and treacherously Read More
United Capital has recorded revenue of N9.118 billion in the first half of 2022 financial year. The amount represents an increase of 32.92 per cent compared with N6.854 billion recorded in the comparable period of 2021. The company with the period reported profit before tax of N4.436 billion from N3.740 billion made in the preceding year, representing a growth of Read More
Unilever Nigeria Plc has recorded revenue of N23.246 billion in its six months financial year ended June 30, 2021. The company’s interim financial statement submitted at the Nigerian Exchange showed that the revenue grew by N6.908 billion or 42.28 per cent compared with N16.338 billion reported in the corresponding period of 2021. The cost of sales during the period stood Read More
Acting chairman, Kogi State Internal Revenue Service (KGIRS), Sule Salihu Enehe, has charged the staff of the agency to be committed in ensuring that the Service meets its 2022 target of revenue generation. Enehe gave the charge Friday during the unveiling of the maiden edition of the agency’s quarterly newsletter published by the corporate communications unit of the Service. He Read More
Nigeria has lost a staggering $1 billion in revenue in the first quarter of 2022 to oil oil thieves, energy top official said. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission in a statement seen by Reuters, said, Nigeria loses millions of barrels of crude oil each year to theft and vandalism, including the theft of crude Read More
As authorities continually depend upon revenue from oil which over the years has been on a downward slide, experts say the federal government should focus more on the non-oil sector to loosen the noose; BENJAMIN UMUTEME reports. When oil was discovered in 1956 in Oloibiri in the present day Bayelsa state, after half a century of exploration, it was believed Read More
As Nigeria rations its scarce foreign exchange, foreign operators operating in the country are paying heavy price as they are blocked from repatriating a sum of $450 million (N188.6 billion) ticket revenue to their respective countries. The International Air Transport Association (IATA) has expressed concern over the decision by the Federal Government of Nigeria to block the airlines from their Read More
In spite higher oil prices in the global market for sometimes now, revenue accruable to the purse of the federal government has slowed considerably on account of Nigeria not being able to meet its quota. The Central Bank of Nigeria (CBN) has revealed that federal government earnings from oil sales dropped to a four-month low. CBN stated this in its Read More
The International Monetary Fund (IMF) has warned authorities in Nigeria that, unless revenue is increased, the incoming president, President Mohammadu Buhari will hand over power to May next year may spend almost total revenue accruable to the Federal Government (FG) in debt servicing alone by 2026. Currently, the Federal Government is spending over 80 per cent in servicing debts alone, Read More
The International Monetary Fund (IMF)’s 2021 Article IV estimates that giant of Africa, Nigeria spends 85.5 per cent of total revenue to service its total deb of $95.17 billion in 2021. But worrisome part of the scenario is that its peer country, South Africa spend a mere 20 per cent to service it much bigger debt of $261 billion during Read More
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