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
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
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
Some officials of Ministry of Foreign Affairs in Tel-Aviv, Israel, have been fingered in the alleged financial scandal of N848 million and $1.5 million respectively.The alleged financial fraud was uncovered by the Senate Committee on Public Account chaired by Senator Mathew Urhoghide (PDP Edo South) as contained in the 2015 audit report submitted to it by the Auditor General of Read More
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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