“…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
FCMB Group Plc has announced its financial results for the year ended December 31, 2021. The leading financial services organisation has been able to sustain impressive performance across several key areas despite the challenges of the business environment. As a result, it declared a higher dividend of 20 Kobo per share to shareholders compared to 15 Kobo per share in Read More
Custodian Investment Plc has recorded a revenue growth of 14 percent for its financial year ended December 31, 2021. The audited accounts of the group, released in Lagos, indicated that gross revenue increased by 14 percent to N85.7 billion, after adjusting for non-recurring one-time gain from prior year’s result. Profits from continuing ordinary operations recorded 18 percent growth while net Read More
Your Excellency Governor A A sule, I am writing this letter to you through this medium with every sense of humility, respect and, by extension, high esteem for your exalted position as the number one citizen of Nasarawa state. My letter is necessitated by the fact that chairman, Revenue Board, Nasarawa State, Ahmed Yakubu Muhammad’s tenure, according to a reliable Read More
Nestlé Nigeria Plc has announced its financial results for the financial year 2021, posting a revenue of N 351.8 billion .The amount represents 22.6 per cent growth over N287.084 billion reported in previous year. Gross profit for the year stood at N 132.4 billion, compared to N 119.2 billion during the previous year. The company finance income up from N646.546 Read More
Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021. The results published on the Nigerian Group Exchange showed a 114 per cent growth in Revenue to N21.74 billion from N10.16 billion as of December 2020, while Gross Profit rose by 143 per cent to N16.23 billion from N6.67 billion. The Company’s results Read More
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its audited results for the full year ended 31 December 2021, recording a growth of its 2021 full-year gross profit by 128.9 per cent to N114.2 billion. The foremost indigenous energy company also announced a 38.2 per cent Read More
Management of the Federal Airports Authority of Nigeria (FAAN) has said the target of an estimated 50.4 per cent increase in its revenue generation could yield the agency it proposed Revenue Budget of N188 billion in 2022. The figure super cedes the previous N125.4 revenue the country’s airports management body approved for the year 2021, the Managing Director of FAAN, Read More
The management of the Federal Airports Authority of Nigeria (FAAN) has said the target of an estimated 50.4 per cent increase in it revenue generation could yield the agency it proposed Revenue Budget of N188 billion in 2022. The figure supercedes the previous N125.4 revenue the country’s airports management body approved for the year 2021, the Managing Director of FAAN, Read More
Turnovers from the sachet and small PET plastic and glass bottles are expected to plummet, hurting the finances of Guinness Plc, International Distillers Limited, Grand Oak and many other distillers of alcoholic beverages following a new policy by the federal government. The profits of the companies are expected to drop in the next two years as the Nigerian government seeks Read More
One thing that has continued to baffle Nigerians is that despite the well -documented issue of falling revenue, the government’s expenditure continues to rise; BENJAMIN UMUTEME examines the trend in this report. In mid-2014, when global price of crude crashed to less than $30 from an all-time high of $114 per barrel, market operators and watchers alike thought that it would be Read More
The Federal Airports Authority of Nigeria (FAAN) said potential new revenue generation avenues will be explore as the hitherto aeronautical sources are no longer dependable following the devastating effects of the COVID-19 pandemic on global aviation. Managing Director of FAAN Captain Rabiu Hamisu Yadudu adduced that non-aeronautical sources present the airports management agency the gold mine in the post pandemic Read More
Although Nigeria’s debt-service to revenue ratio has frequently exceeded 90 per cent in recent quarters; the proportion of external debt service costs is still relatively low, because a large component of the external debt burden (60 per cent) is owed to concessional lenders such as the World Bank, according to FBNQuest Research. The DMO’s latest quarterly publication on external debt Read More
Nigeria Customs Service (NCS) operates in a strange world that borders on a fool’s paradise. Revenue crunch has pushed Nigeria perilously close to bankruptcy, yet NCS is rolling out the drums to celebrate overshooting of a dubious import duty revenue target. The truth is that no one in the federal government has a clear picture of Nigeria’s import duty generation Read More
There seems to be needless competition in establishing aerodromes without due regard to the feasibility of the venture. In the circumstances, authorities are “forced” to spend revenues earned from four viable terminals in Lagos, Abuja, Port Harcourt and Kano to subsidise operations in the 20 other airports managed by the Federal Airports Authority of Nigeria (FAAN). Because of necessity, we are Read More
Nigeria must de-emphasise her considerations for paper qualifications in deciding choices of leaders at various levels of governments, vice chancellor, Al- Hikmah university, Ilorin, Prof Noah Yusuf, has said. He said paper qualifications was not a guarantee for good leadership performance and such should be de-emphasised.Instead, he recommended evidence of “proven intergrity and past records of leadership performance” as pre-requisites Read More
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