Lagos State governor, Mr. Babajide Sanwo-Olu, has said the current tax revenue being generated by the Lagos State Government is too low to government’s actual projection and the state’s tax revenue potential. The governor, who made this remark when he hosted members of Presidential Committee on Fiscal Policy and Tax Reforms, led by the Chairman, […]
Accounting & Financial Reports
OPEC Retains 2.2Mn B/PD Oil Demand Growth For 2024
The Organization of Petroleum Exporting Countries (OPEC) has retained its oil market forecast in 2023 for 2024 amid forecasts by analysts of bright economic outlook. In its Monthly Oil Market Report (MOMR) released on Wednesday, the oil cartel maintained that for 2024, world oil demand would grow at 2.2 million barrels per day (b/pd), for […]
Crude Oil Production, Price Benchmark For 2024 Budget Feasible -NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday told lawmakers in the National Assembly that the projections on crude oil production and price benchmark used for the 2024 budget computation were realizable. The Group Chief Executive Officer (GCEO) of the company, Mr. Mele Kyari, gave the assurance on Wednesday during an interactive session with […]
FG Mulls Sale Of 40% Stake In Discos, Others
….Targets N298.4Bn Revenue The Bureau of Public Enterprises (BPE) on Tuesday hinted of its intention to sell remaining 40% shares of the Federal Government in electricity distribution companies (DisCos) and offer for listing other enterprises on the capital market in 2024. The Director-General of the Bureau Mr Alex Okoh, who made this disclosure this […]
CAC May Delist 91,000 Firms Over Annual Returns Filing Default
The Corporate Affairs Commission (CAC) has stated that it would delist 91,843 companies from its registry following their failure to file their annual returns as and when due in line with regulatory requirements. The current list of the affected entities, published on the commission’s website, showed a reduction of 2,738 companies from the initial 94,581 […]
BudgIT Identifies N3.42Trn Discrepancy In 2024 Appropriation Bill
BudgIT, one of the frontiline civic society organisations promoting transparency, accountability and effective service delivery in Nigeria, has raised some concerns over the proposed 2024 Appropriation Bill now before the National Assembly. In a statement issued by the organization on its observations in the fiscal document, it lamented that the President Bola Tinubu’s administration had […]
CBN Extends Letters Of Credit Issuance, Form M & NXP Registration Timeline
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of Letters of Credit from 24 hours to five working days as foreign exchange (FX) scarcity continues to constrain business activities nationwide Also, the apex bank extended the timeline for the registration of Form M and NXP from 24 hours to two […]
Bello-Koko Debunks Alleged Missing $1.8Bn In NPA
The Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello- Koko, has refuted the rumour about $1.8 billion allegedly missing from the Authority, describing it as ill-founded and false. According to him, the inability of the NPA to remit substantial part of the amount which is considered irrecoverable is due to faulty concession. Bello- […]
CAC, FIRS To Strengthen Collaboration For Nigeria’s Economic Growth
The Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS) have agreed to reinvigorate their existing collaboration towards fulfilling their statutory roles. The two agencies indicated this laudable plan on Wednesday during a visit by the CAC Registrar General/CEO, Hussaini Ishaq Magaji, to the FIRS Executive Chairman, Mr. Zacch Adedeji, at Revenue House in […]
Africa Re Reports Net Profit of $75.4Mn In 9 Months
The African Reinsurance Corporation has announced its financial results for the first nine months of this year, which reflected a strong growth in Net Nrofit to $75.4 million and a “remarkable improvement” compared to the loss recorded at the end of the same period of 2022. A news report from Reinsurance News, an online medium […]