….As Service Trains Officers On Harmonized System Coding The House of Representatives’ Public Accounts Committee on Tuesday queried officials of the Nigerian Customs Service (NCS) over alleged non-submission of audited financial statements for 2016, 2017, and 2018 financial years to the Auditor-General of the Federation. The Comptroller-General of Nigeria Customs Service (NCS), Mr. Adewale Adeniyi, […]
Nigeria has improved her ranking in the global Corruption Perception Index (CPI), moving five places up, from 150th position in 2022 to 145th out of the 180 countries just assessed by Transparency International (TI) in year 2023. The latest report from the organization also reflected that Nigeria gained one point in addition to moving up […]
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, on Wednesday hinted that the Committee had proposed the use of Unstructured Supplementary Service Data (USSD) and other digital channels for the payment of taxes and levies across the three tiers of government in the country. Oyedele, who disclosed this […]
Following the coming on stream of the Dangote Refinery a few weeks ago, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Dangote Group have set up a joint committee to harmonise the operations of the refinery in line with the provisions of the Coastal and Inland Shipping Cabotage Act 2003. The initiative was […]
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127.408 billion December 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils. A communique issued by the FAAC at its January 2024 meeting, chaired by the Accountant-General of the Federation, Dr. Oluwatoyin Madein, indicated that the N1,127.408 billion total […]
The Independent Petroleum Marketers Association of Nigeria (lPMAN) has said that the over 600% increase in tariffs from the Nigerian Midstream and Downstream Petroleum Regulatory (NMDPRA) between 2020 and 2023 is partly responsible for the current rising cost of petroleum products in the country. The marketers’ group, in a statement issued on Tuesday and signed […]
Morgan Stanley, a U.S multinational investment bank and financial services company, has reported that while reinsurance pricing remains robust this year, it is not as formidable as in 2023 as investors will be approaching the sector with caution based on current valuation multiples. The firm noted that reinsurers experienced a pullback towards the end of […]
Nigeria’s Vice President, Kashim Shettima, projected on Thursday that the African Continental Free Trade Area (AfCTA) agreement had the potential to raise Africa’s gross domestic product (GDP) by $450 billion in 2035. Shettima, who made this forecast at a breakfast event with African Heads of State to launch the Action Plan for AfCTA on the […]
The Federal Inland Revenue Service (FIRS) has expressed its readiness to boost its tax revenue collection by 57% to N19.4 trillion in the 2024 fiscal year. A news report from Bloomberg indicated that the federal tax agency hoped to increase its oil revenues to N9.96 trillion and the non-oil tax revenue component to N9.45 trillion. To […]
The Ministry of Finance Incorporated (MOFI) has been directed by the Federal Government to take over from the Bureau of Public Enterprises (BPE), its equity holdings in the 11 successor electricity distribution companies (DiSCos) of the defunct Power Holding Company of Nigeria (PHCN). To ensure this, the MOFI was instructed, in a memo signed by […]