Nigerians should accept the fact that the country can no longer rely solely on revenue accruing from its natural resources to fund the budget, hence the need to embrace taxation as the new normal of national fiscal policy. Panelists and discussants on a webinar organized by a firm, OTISVIP, and which had in conversation, the Executive Chairman, Federal Inland Revenue Read More
Kwara state government executive council has approved the slashing of the 2020 budget to N114, 791,853,968, a 29.4% decrease from the approved budget of N162,487,666,170. The bud cut was a fallout of dwindling revenue arising from COVID-19 pandemic and steep global economic slowdown. At a virtual meeting presided over by governor AbdulRahman AbdulRazaq, the cabinet approved the presentation of the Read More
The building of the the Federal Inland Revenue Service (FIRS) in Katsina, Monday afternoon, went into flames. As at the time of filling this report, eyewitness said already officials of fire service were seen battling to quench the fire. Details loading…
The federal government has moved to recover a backlog of unremitted revenues accruing to it through the Stamp Duty Tax in the last six years.The government disclosed this on Tuesday at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the Launch of the FIRS Adhesive Stamp held at the Transcorp Hilton Read More
Prosecutors in Madrid said on Monday they had indicted Italian soccer coach Carlo Ancelotti on suspicion of avoiding 1 million euros ($1.12 million) in taxes due for revenues from image rights while coaching Real Madrid between 2014-15. Ancelotti, who now coaches English Premier League side Everton, could not be reached for comment. The Madrid Community Prosecutor’s office said in a Read More
Dangote Cement Plc, said first quarter revenue was boosted by a surge in sales from Nigeria, its home market. Revenue for the first quarter through March increased 3.8 per cent to N249.2 billion ($647 million) while net income was little-changed at N60.6 billion from N60.3 billion, it said in a statement to the Nigerian Stock Exchange. Sales from Nigeria rose Read More
The Nigeria Extractive Industry Transparency Initiative (NEITI) has warned the three tiers of government of dwindling revenue in 2020. The agency gave the warning on Monday in Abuja in the latest edition of its Quarterly Review. NEITI noted that the twin challenge of covid-19 pandemic and the resultant fall in the price of oil would be serious impact government revenue. Read More
British Airways is set to slash up to 12,000 jobs as part of a restructuring plan forced on the carrier by the fallout from the novel coronavirus, its parent company IAG said on Tuesday. The firm said its plans were still under consultation but it was “likely that they will affect most of British Airways’ employees and may result in Read More
The federal government has approved a a reduction in the 2020 budget by N1.5 trillion. The Coronavirus pandemic and the Saudi-Russia price war have combined to cut oil price to less than $30 per barrel. The situation is forcing Nigeria to adjust it’s 2020 budget considering that it heaavily relies on oil for 90 per cent of it’s revenue. President Read More
The plunge in oil prices is piling pressure on Nigeria to devalue the naira as export revenue depletes foreign-exchange reserves, curbing the central bank’s ability to support the currency. The central bank’s reserves have decreased by 20 per cent in the past two years to the lowest since November 2017, and may soon reach the $30 billion threshold set by Read More
All is not well with the decision of Oyo state government to establish a park management system using former officials of transport union allegedly notorious for their antecedents. Writes BAYO AGBOOLA If the antecedents of men of the now proscribed National Union of Road Transport Workers Union (NURTW) in Oyo state are anything to go by, then the Governor Seyi Read More
Governor Hope Uzodinma of Imo state Thursday sought President Muhammadu Buhari’s intervention on the refund of over N32 billion his predecessors spent on federal roads in the state.Fielding questions from State House correspondents after a meeting with the president, the governor said the intervention was necessary because Imo state is “financially distressed”. He said the funds if released would assist Read More
The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, Wednesday disclosed the Bureau’s resolve to raise N266.8 billion as net revenue from the sale and commercialisation of government assets to support the funding of the 2020 budget. Mr. Okoh made this known in Abuja while unveiling the Bureau’s 2020 Work Plan, Revenue and Expenditure Projections. He said Read More
The Federal Inland Revenue Service (FIRS) says it is targeting N8.5 trillion revenue for the country in 2020. Its executive chairman, Mr. Muhammad Nami, disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday, saying that the 2020 target was slightly lower than the 2019 target by about N300 billion. He said the N8.5 trillion target was broken Read More
The federal government conceived the new 2019 Finance Act signed into law by President Muhammadu Buhari recently with a view to meeting a number of challenges across the country, especially to curb increased borrowings by the three tiers of government Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, dropped this hint in his office when the Executive Read More
Acting Controller of the Federal Operations Unit (FOU) Zone A of the Nigeria Customs Service, Usman Yahaya, has promised to intensify the unit’s anti-smuggling operation just as he warned smugglers of the danger that lies ahead for them if they do not engage in legitimate trade. Yahaya, a Deputy Comptroller of Customs, reportedly gave the warning as the unit announced Read More
Nigeria Customs Service (NCS) generated N1,341,690,568,327.18 in 2019. The amount generated is over the target of N969,831,167.83 set for the year 2019 and N139,241,835,082.29 over the sum of N1,202,448,733,244.89 generated in 2018. Customs Public Relations Officer, Joseph Attah, who disclosed the figure in a press statement on Thursday, quoted the Comptroller-General of Customs, Hameed Ali, as saying that the revenue Read More
Sokoto state Governor, Aminu Waziri Tambuwal, has signed into law the Fiscal Responsibility Agency and for other Connected Purposes (FRAC) to provide for the establishment of Fiscal Responsibility Agency in the state. Tambuwal signed the document Tuesday.A Press statement by Muhammad Bello, Special adviser media and publicity to the governor indicated that the Sokoto State House of Assembly (SOHA) presided over by its Read More
The Chairman, Trade Union Congress (TUC), Anambra state chapter, Comrade Okechukwu Ifeanyi, has assured governor Willie Obiano that the state workforce were ready and committed to increase the state Internally Generates Revenue (IGR), beyond N3 billion in 2020. Obiano had while addressing civil servants in the state last December promised to not only pay the newly approved N30,000 minimum wage Read More
Unlike his colleagues in various states, Anambra State governor, Chief Willie Obiano, Tuesday, told civil servants to increase the Internally Generated Revenue (IGR) to N3 billion before he could pay recently approved N30, 000 minimum wage. Obiano, while addressing workers at the state secretariat during an event to mark civil service day, also assured workers he would pay beyond the Read More
The Centre for Social Justice, a non-governmental organization (NGO) has expressed concern over the failure in revenue generation and remittance of revenue by the Ministry Department and Agencies (MDAs). The Centre observed that 16 revenue generating agencies did not remit N19,025,384,100.29 to the CRF with the Bureau of Public Enterprises (BPE) leading the list in agencies with unremitted to the Read More
The House of Representatives has asked management of the Niger Delta Development Commission (NDDC) to offset existing liabilities through the implementation of its 2019 budget.This came Tuesday, when the NDDC Interim management led by its Acting Managing Director presented the Commission’s 2019 budget before the House Committee on NDDC. Chairman of the Committee, Olubunmi Tuni-Ojo, lamented that, the Committee has Read More
The state of Osun is in the news for the wrong reason as the imposition of tax on students by the state government is presently causing furore in many schools. LATEEF DADA writes. The fall in the price of oil resulting in the reduction of monthly allocation accruable to Osun state had led to the introduction of tax by the Read More
Arsenal have announced a £30million loss in matchday revenue for the year ending May 31 2019. As reported by The Mirror, having previously posted a pre-tax profit of £97.4million, Arsenal have now revealed a pre-tax loss of £23.5million, with matchday revenue going down to £69million. Without including deals from the summer transfer window, Arsenal made over £100million less in player Read More
Both chambers of the National Assembly Thursday, passed for third reading, N10.594 trillion 2020 budget which indicated an increase of N264 billion on the N10.330 trillion presented to them by President Muhamnadu Buhari for consideration and approval on October 8, 2019. The N264 billion increase as explained by Chairmen of Appropriation committees in both the Senate and the House of Read More
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