Auditor General, ICPC to probe revenue leakages in FIRS, others

March 5, 2020

The office of the auditor general for the federation and the Independent Corrupt Practices and Other Related Offences Commission will jointly audit the revenue generating agencies including the Federal Inland Revenue Service. The move is aimed at identifying areas of revenue leakages with a view to blocking them to enhance revenue generation into the federation […]

Reforms targeted at improving public finance efficiency – Idris

October 16, 2019

By Tola Akinmutimi Ahmed Idris, the accountant-general of the federation,  on Wednesday said that ongoing reforms in the country and other countries globally were being pursued by national governments to improve governance for efficiency and effectiveness. Idris made this remark when he received the Dasuki Arabi, director general of Bureau of Public Service Reform (BPSR)  […]

Buhari exempts firms with N25m turnover from VAT

October 9, 2019

Firms making a turnover of N25 million and below will be exempted from payment of the value added tax (VAT), president Muhammadu Buhari said on Tuesday. He stated this while presenting his N10.33 trillion 2020 budget estimates to the joint sitting of the National Assembly in Abuja. The federal government has raised VAT from five […]

Nigeria identifies 22 foreign exchange earning sectors to replace oil

July 8, 2019

About 22 sectors capable of generating foreign exchange for the federal government in place of crude oil have been identified, Segun Awolowo, the executivedDirector, Nigerian Export Promotion Council (NEPC), has said.   Awolowo disclosed this on Friday while speaking with State House correspondents after a meeting with President Muhammadu Buhari. He did not disclose the 22 identified sectors. He said […]

Nigeria’s capital importations rise by 216%, hits $8.48bn in Q1 

July 3, 2019

By Samson Echenim  Capital importations by Nigerian businesses rose by 216.03 percent in first quarter of 2019 with the total capital import value reaching, $8.48″ billion from $2.1 billion in fourth quarter of 2018, figures from National Bureau of Statistics have shown. In a report released by the National Bureau of Statistics (NBS), this figure […]

FG offers 2, 3-year savings bonds at 11.74%, 12.74% for May

May 7, 2019

The federal government has offered for subscription of two-year savings bond at 11.74 per cent and three-year savings bond at 12.74 per cent per annum, the Debt Management Office (DMO) has said. According to the offer circular obtained from the DMO website on Monday, the two-year bond will be due in May 2021, while the […]

Nearly half a million UK firms in ‘significant financial distress’

April 29, 2019

New research from British insolvency firm Begbies Traynor revealed that 484,000 U.K. businesses are in “significant financial distress,” which is 14% of all the economically active firms in the country. The “Red Flag Alert” data also showed that the number of firms in “critical” distress, often a precursor to formal insolvency, rose by 17% year-on-year in the […]

Reps to investigate CBN, banks, others over stamp duties non-remittance

April 25, 2019

The House of Representatives is to constitute an ad hoc investigative panel over the non-remittance of stamp duty  by the Central Bank of Nigeria (CBN), money deposit banks and other collection agents. The lawmakers alleged the banks and other collection agencies are shortchanging the nation by refusing to remit the duties into the Federation Account […]

Don’t increase VAT, Tinubu warns FG

March 28, 2019

Bola Tinubu, a national leader of the ruling All Progressives Congress (APC), has advised the federal government not to increase value added tax (VAT). Speaking at the colloquium held in commemoration of his 67th birthday, the APC leader said such action could lead to hardship among Nigerians. He counselled the government to widen the tax […]