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Benue to build N12bn airport with IGR

November 13, 2019 Editorial IV 0

Governor Samuel Ortom of Benue state Tuesday announced the decision of the state government to build an airport. The governor said the proposed airport will cost the state twelve billion naira N12 billion and will be funded with internally generated revenue (IGR). “From the proposals we have gotten, the cost of building the airport will be within the range of Read More

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Oyo targeting N4bn monthly IGR in 2020 – Official

November 6, 2019 Editorial IV 0

Oyo state government has said its plan to attain N4 billion monthly internally generated revenue by December 2020 is on course. A statement issued Wednesday by the state Ministry of Information, Culture and Tourism, indicated that the plan was not only on course but that the state has set its target of a minimum collection of N2 billion IGR monthly. Read More

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FG targets 80% non-oil revenue by 2022 – Fowler

November 5, 2019 Editorial IV 0

The Executive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler has said that Nigeria would earn at least 80 per cent of her revenues from the non-oil sector of the economy by 2022.  Fowler who spoke on Tuesday at the Nigeria-Canada Investment Summit in Abuja noted that the non-oil sector contribution to the Nigerian economy has risen to 60 per Read More

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FIRS nets N4. 012trn Jan – Sept 2019

October 25, 2019 Editorial IV 0

The Federal Inland Revenue Service (FIRS), said it has collected the sum of N4. 012 trillion in three quarters (January-September 2019), Executive Chairman, Tunde Fowler told the Senate Committee on Appropriations Thursday in Abuja. The amount is N77.89 billion above the N3.941 trillion collected between January-September 2018.  At the 2020 National Budget hearing before the Senate Committee on Finance, Comptroller Read More

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How NDIC fills FG revenue gap

October 25, 2019 Editorial IV 0

In the era of perennial shortfall in the revenue side of federal government’s budget proposals, the Nigeria Deposit Insurance Corporation (NDIC), which recently celebrated the 30th anniversary of its establishment, stands out as one of the few agencies that regularly and unfailingly remit billions of Naira into the federal government’s Consolidated Revenue Fund (CRF). The Consolidated Revenue Fund is the main Read More

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Leather industry makes $800m annually

October 8, 2019 Editorial IV 0

The Minister of Science and Technology, Dr. Ogbonnaya Onu, said The Nigerian leather industry generates revenue for the country valued between $600 to $800 million annually. The Minister disclosed this at the National Leather and Leather products policy implementation plan validation workshop in Abuja on Monday. Onu who  was represented by the Minister of state for Science and Technology, Barr. Read More

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How Nigeria lost N3trn to non-oil exports – NEXIM boss

September 24, 2019 Editorial III 0

The Managing Director/Chief Executive Officer of Nigeria Export Import Bank (NEXIM), Mr Abubakar Bello said Nigeria has lost about $10 billion (about N3.6 trillion) over the past five decades in non-oil export opportunities in crops such as cocoa, oil palm, cotton and groundnut. Bello, stated this in Lagos while delivering a keynote address at the Finance Correspondents Association of Nigeria Read More

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FIRS contributes 59.7% funds to Federation Account – RMAFC

September 6, 2019 Editorial IV 0

The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Chief Elias Mbam has commended the efforts of the Federal Inland Revenue Service (FIRS) towards revenue generation, stating that the agency contributed 59.7 percent, representing more than half of revenues to Federation Account in the last three months. Mbam, who said this when he led the Commission’s management to Read More

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A new revenue allocation formula? First things first

August 15, 2019 Editorial III 0

Here is a new buzz in town you would do well not to ignore. The chairman of the Revenue Mobilisation and Fiscal Commission recently hinted that the commission would begin the process towards reviewing the current revenue allocation formula. The last time the commission did that was in 2013 but its 2014 report lies gathering dust on the shelves where Read More

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Monitoring, verification of tax collections in order, RMAFC Insists

June 23, 2019 Editorial IV 0

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has insisted that its on-going monitoring and verification exercise on tax collections by Deposit Money Banks appointed by the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service was in order. The commission said this falls within its mandate as contained in Section 6(1) of the RMAFC Act, 2004 which provides Read More

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FAAC: FG, States, LGs share N616.19bn for April 2019

May 21, 2019 Editorial IV 0

The Federal Accounts Allocations Committee (FAAC) on Tuesday distributed to the federal, states and local government councils a total sum of N616.198 billion for the month of April, 2019. The communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) and signed by the Ag. Accountant-General of the Federation, Mr. M. K Usman at the end of the meeting Read More

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States can demand revenue sharing formula review — RMAFC

May 12, 2019 Editorial IV 0

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said state governments are right to demand a review of the revenue sharing formula of the Federation Account. Outgone Acting Chairman of the commission, Shettima Abba-Gana, said this while speaking with the News Agency of Nigeria (NAN) in Abuja. He, however, said that reviewing the formula was not the solution to states Read More

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FIRS seeks CBN’s support on foreign firms’ E-VAT payments

April 24, 2019 Editorial IV 0

The Federal Inland Revenue Service (FIRS) has indicated its intention to collaborate with the Central Bank of Nigeria (CBN) to track Value Added Tax (VAT) payments made electronically by foreign entities not registered in the country. This is one of the strategies being considered by the revenue agency in a document it submitted to the National Assembly as part of Read More

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Customs generates N311.2bn revenue in 3 months

April 22, 2019 Editorial IV 0

The Nigeria Customs Service (NCS) has generated revenue of N311.2 billion for the first quarter of 2019. A document released by the office of the Public Relations Officer of the service, Joseph Attah, to the News Agency of Nigeria (NAN) in Abuja showed that the revenue was generated between January and March. The federal government had set a revenue target Read More

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I’ll rebuild Jos terminus market to pay new minimum wage – Lalong

April 18, 2019 Editorial IV 0

Governor Simon Bako Lalong of of Plateau state said Thursday the state government would rebuild the abandoned Jos Terminus Market in order to generate enough revenue to pay the new minimum wage approved by President Muhammadu Buhari.  The governor said this while fielding questions from State House correspondents after close-door meeting with President Muhammadu Buhari at the Presidential Villa in Read More

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NASCON posts N4.4bn profits

March 25, 2019 Editorial IV 0

 The management of NASCON Allied Industries (formerly National Salt Company), a member of the Dangote Group Sunday released its financials for the year ended December 31, 2018 with N25.8 billion revenue and a profit after tax of N4.4 billion. The shareholders will however be paid a dividend payout of 100 kobo per share for every 50 kobo share held. Analysts Read More

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Julius Berger to pay N2.64bn as total dividend

March 24, 2019 Editorial IV 0

The board of Julius Berger Nigeria,  a construction giant has proposed  a total dividend of N2.64 billion.  The amount translated to N2.00 per share holding by investors. The company full year result released on Friday showed that revenue jumped by 37.16 per cent up from N141.89 billion in 2017 to N194.617 billion at end of December, 2018. The  cost of sales rose by Read More

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FAAN maps out plan to boost non-aeronautical revenue

March 20, 2019 Editorial IV 0

The Federal Airports Authority of Nigeria (FAAN) has set up a committee to map out plans to boost non-aeronautical revenue, to upgrade airports’ infrastructure nationwide. This is even as the agency said that it was going through some processes that would lead to the approval of its Aviation Security (AVSEC) to bear arms in 2019. The Managing Director of FAAN, Read More

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Minister charges revenue growth committee on results

February 14, 2019 Editorial IV 0

The Minister of Finance Zainab Shamsuna Ahmed, has charged the Strategic Revenue Growth Initiative (SRGI) Steering Committee on implementation and results delivery of the initiative. Ahmed gave the charge during the inaugural meeting of the SRGI, where the committee was tasked on ensuring the objectives and target areas as responsibility were achieved to provide good governance and strategic direction for Read More

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Buhari appoints chairman, 29 commissioners for revenue mobilisation commission

February 8, 2019 Editor 0

In accordance with the provision of Section 154(1) of the Constitution of the Federal Republic of Nigeria 1999 (as amended),  President Muhammadu Buhari has forwarded to the Senate for confirmation, the name of Mr Elias Mbam as chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).  The president also sent names of 29 other nominees selected from states across Read More

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Sand miner revenue rose to 22%

January 28, 2019 Editorial IV 0

Mineral sands miner Iluka Resources has reported a 22% increase in revenue for 2018, as zircon prices increased by 41% on the previous year. Iluka on Friday announced that zircon, rutile and synthetic rutile revenue reached more than A$1.24-billion in 2018, despite sales volumes being down by 7%, to 827 000 t, compared with 2017. Full-year zircon production increased by 12%, to Read More

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Anambra: Gov Obiano plans to impose tax on Pupils, Students

January 28, 2019 Editorial IV 0

The Anambra State Government has declared it’s readiness to include Tax payment in the school curriculum with a view to inculcating the ideals and practice of payment of taxes in the younger generation. The State Governor, Chief Willie Obiano, who disclosed this at the 2019 Internally Generated Revenue (IGR) Retreat held at Golden Tulip Hotel, Agulu, lamented that the state Read More

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Challarams Plc records N8.493bn revenue

January 27, 2019 Editorial IV 0

Chellarams Plc has recorded revenue of N8.493 billion for the third quarter financial result ended December 31, 2018. The amount represents a drop of N74.0 million or 0.86 per cent compared with N8.567 billion reported in the preceding period of 2017. Gross profit fell from N7.219 billion achieved in the corresponding period  to N401.660 million during the period under review. Read More

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Customs generates over N168m in Adamawa in 2018

January 8, 2019 Editorial III 0

Adamawa and Taraba states  Customs Command have generated N168,294,227 out of the revenue target of N197,301,635.98 given to the Command in 2018. This was disclosed yersterday by the Comptroller of the Command, Kamardeen  Olumoh  at a press conference in.Yola. He explained that though the amount generated by the command in 2018 fell short of the revenue target given to the Read More