Fans allowed to watch Premier League, other events inside stadiums

November 23, 2020 Editorial IV 0

Supporters will be permitted to attend events in stadiums in England when the national lockdown ends on December 2, says Boris Johnson. The decision will provide a major boost to governing bodies, which have been forced to postpone events or hold them behind closed doors during the coronavirus pandemic, as well as individual clubs that have been trying to survive Read More

Withholding tax, VAT: Senate queries FIRS over MDAs’ unremitted N1.4bn

November 15, 2020 Taiye Odewale 0

  The Senate has queried Federal Inland Revenue Service (FIRS) over unremitted N1.4 billion Withholding Tax and Value Added Tax deducted from the Ministries Departments and Agencies (MDAs). The query was issued by the Senate Committee on Public Account chaired by Senator Mathew Urhoghide (PDP Edo South) to the FIRS.  The query sighted by our reporter Sunday reads: “N700.2 million Withholding Tax (WHT) Read More

Dangote Cement reports N761.4bn revenue in 3Q

Africa’s largest cement producer, Dangote Cement has announced its third quarter financial year result, reporting revenue growth of 12 per cent. The Cement Group’s revenue increased to N761.4 billion compared to N679.8 billion in 2019 with domestic operations accounting for N535.51 billion which compared to N467.88 billion up by 14.5 percent. According to the result, Pan-Africa operations contributed N232.61 billion, Read More

2021: Udom presents N435bn budget in Akwa Ibom

October 20, 2020 Uko Etim 0

Governor Udom Emmanuel of Akwa Ibom state on Tuesday presented a budget estimate of N435.65 to the state assembly for the 2021 financial year.The budget which is N69.65 billion is more than the N366b revised budget of 2020 imade up of N158.40 recurrent expenditure, N226.96 capital expenditure and a consolidated revenue charge of N50.26 billion. Total projected recurrent revenue for Read More

Anambra state and unorganised public transport management

October 11, 2020 Editorial IV 0

A university graduate Jude offor says he went into intra-city commuter bus transport operation after years of searching for a white collar job without success.Offor said he had no money to purchase his own vehicle but was able to convince someone who gave him a bus on hire purchase as he was confident that all things being equal, he would Read More

Okowa restates call for review of revenue allocation formula

October 8, 2020 Editorial IV 0

  Delta Governor, Dr Ifeanyi Okowa, has called for a review of the existing revenue allocation formula in favour of states and local governments, in reflection of current socio-economic realities in the country. A statement by the Special Assistant to the AGON President, Mr Obiora Orji, Monday noted that Okowa made the call when he received the National Executive Council Read More

FEC approves N13.08 trillion 2021 budget proposal

September 30, 2020 Abdullahi M. Gulloma 0

The Federal Executive Council (FEC) Wednesday approved N13.08 trillion as the country’s 2021 budget estimates.Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed , disclosed this to State House correspondents at the end of the weekly FEC meeting presided over by President Muhammadu Buhari.“Today, the Ministry of Finance Budget and National Planning presented to Council the proposals for the Read More

Appeal to traditional medicine practitioners

September 22, 2020 Editorial IV 0

It is high time the traditional medicine practitioners in Nigeria adopted the Air doctor because Japan and China innovated the Air doctor which has prevented the symptoms of Covid-19: The two countries are more technologically developed than African countries which is why disregarding  their medicine is a retrogressive culture that is stifling our development.  Nigeria has a lot of plant Read More

Non-oil tax revenue increases as reforms take root at FIRS

September 17, 2020 David Agba 0

Despite the national and global economic upheaval caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) has continued to record significant increase in collectable tax revenue from the non-oil sector of the economy.  Executive Chairman, FIRS, Mr. Muhammad Nami, disclosed this on Tuesday in Abuja during a courtesy call on the Minister of Finance and National Planning, Mrs. Read More

Ishaku seeks enhanced revenue allocation to Taraba

September 8, 2020 Andrew Ojih 0

  Taraba state governor, Darius Ishaku, Tuesday requested the Revenue Mobilisation, Allocation and Fiscal Responsibility Commission (RMAFRC) to consider the state’s natural endowment for the purpose of enhancement of revenue allocation to the state. Ishaku made the request at a two day sensitisation and advocacy tour of the state by RMAFRC to Taraba. The governor, who was represented by the Head of Read More

‘Insolvent’ states: The way out

August 31, 2020 Zayyad I. Muhammad 0

On August 24, 2020, the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) raised the alarm over the ‘extremely poor’ Internally Generated Revenue (IGR) by state governments. Thus, Katsina, Kebbi, Borno, Bayelsa and Taraba states are declared as ‘insolvent’. Figures from the National Bureau of Statistics (NBS) also indicate many states struggle to generate internal revenues and record a decline in Read More

COVID-19: Air passengers to pay N2, 000 PSC from Sept 1 – FAAN

August 27, 2020 Agi Onda 0

Ahead of resumption of international flights into the country from August 29, the Federal Airport Authority (FAAN) has reviewed upward air travellers’ Passenger Service Charge (PSC) from N1, 000 to 2, 000; effective from September 1, 2020. Making the decision of the federal aviation agency public during a press briefing, Thursday at the FAAN corporate headquarters in Abuja, its Managing Read More

NASENI gets Senate nod to remit 1% from federation account

August 26, 2020 Taiye Odewale 0

After twenty years of non- implementation of the extant laws empowering the National Agency for Science and Engineering Infrastructure (NASENI) from drawing 1% allocation from the federation account, the Senate Tuesday ordered compliance. The upper legislative chamber specifically directed the Accountant General of the Federation (AGF), Ahmed Idris, to effect commencement of the remittance into NASENI’s coffers from September this year.  The Read More

FG, States, LGs share N676.407bn for July

August 20, 2020 David Agba 0

The Federation Accounts Allocation Committee (FAAC). Thursday at its virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse, shared to the three tiers of government, a total sum of  N676.407 billion as federation allocation for the month of July, 2020. From this amount, inclusive of VAT, the Federal Government received Read More

The corruption factor in low tax revenue

August 17, 2020 Jerry Uwah 0

The federal government is facing what probably is Nigeria’s most calamitous financial crisis in the last 30 years. Even when the kleptomaniac Sanni Abacha was selling oil at $10 per barrel and stealing $5 billion from the dwindling income, government was not as broke as it is today. The revenue crunch is so excruciating that government lost N1.2 trillion in the first quarter of Read More

Tell Nigerians why you can’t stop borrowing, HURIWA urges finance minister

August 11, 2020 Chizoba Ogbeche 0

The Human Rights Writers Association of Nigeria (HURIWA) has challenged the Minister of Finance, Zainab Shamsuna Ahmed, to tell Nigerians why the Muhammdu Buhari-led administration can’t stop borrowing. HURIWA handed down the charge in a press statement by its national coordinator, Comrade Emmanuel Onwuboko, and director, National Media Affairs, Miss. Zainab Yusuf, Monday in Abuja.  HURIWA juxtaposed the revenues claimed Read More

Taxation is the new normal – FIRS Webinar

July 26, 2020 David Agba 0

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 revises 2020 budget to N115bn

July 23, 2020 Umar Bayo Abdulwahab 0

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

Breaking: FIRS building on fire!

July 20, 2020 Editor 0

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…

FG moves to recover 5-year stamp duty backlog

June 30, 2020 Benjamin Umuteme 0

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

Iwobi ’s coach Ancelotti accused of tax fraud in Spain

June 22, 2020 Editorial IV 0

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 reports record cement sales in Nigeria

May 24, 2020 Blessing Anaro 0

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

FAAC disbursement to FG, States, LGs to fall further — NEITI

May 11, 2020 Benjamin Umuteme 0

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 ‘sack 12,000 workers’

April 29, 2020 Editorial IV 0

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