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CBN Releases New Regulation On E-Payments, Collections For Private, Public Sectors

The Central Bank of Nigeria (CBN) has released a new regulatory template guiding all forms of electronic payments and collections for public and private sectors in the country. The apex bank stated that the monetary policy measure, which was taken furtherance of its powers under enabling Act 2007, was a revision of the Guidelines on […]

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FG, Other Tiers Shared N1.92Trn In Q1, 2019 – NBS

The National Bureau of Statistics (NBS) has reported that a total sum of N1.92 trillion was disbursed by the Federation Account Allocation Committee (FAAC) to three tiers of government in first quarter of this year. The bureau, in its latest report on monthly disbursements to the tiers of government indicated in January, the Federal, State […]

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FIRS Targets N750Bn From Millionaire Tax Defaulters In 2019

The Federal Inland Revenue Service (FIRS) has projected that it would rake in about N750 billion from about 55,000 millionaire tax debtors in the current fiscal year. The Executive Chairman of the revenue agency, Mr Tunde Fowler, made this forecast on Tuesday  while addressing the House of Representatives joint committees on Finance, Appropriations, Aid, Loans […]

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President Ramaphosa Appoints New Commissioner For SARS

President Cyril Ramaphosa on Wednesday announced Edward Kieswetter as the new Commissioner for South African Revenue Service (SARS) with effect from 1 May 2019 for a term of five years. He said that the process for the appointment of the SARS Commissioner was informed by the SARS Act and was guided by the recommendations of […]

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FIRS Orders Banks To Lift Lien On Tax Defaulters’ Accounts

The Federal Inland Revenue Service (FIRS) at the weekend ordered banks in the country to lift  its earlier imposed lien on tax defaulters’ bank accounts, saying the measure will enable the banks to contact the affected customers for regularisation of their tax positions. The federal tax administration agency gave the directive in a letter dated […]

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Customs’ Strike Force Team Impounds Rice, Clothes Worth N137Mn

The Strike Force Team of the Nigeria Customs Service (NCS) on Wednesday announced that it seized 5,662 bags of suspected smuggled rice and 137 bales of second hand clothes both valued at N137 million. The National Coordinator, Headquarters of the NIS Strike Force Team, Abuja, Mr Abdullahi Kirawa, gave this hint while briefing journalists in […]

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Bi-Courtney Flaws FAAN’s Indebtedness Claims, Cites Court Order

Bi-Courtney Aviation Services Limited (BASL), operators of the domestic wing of Murtala Muhammed Airport Terminal Two (MMA2), Lagos, has flawed the Federal Airports Authority of Nigeria’s (FAAN’s) alleged claim of its indebtedness to the tune of N1, 943,323,516.50, saying the claim lacks merit In a statement issued on Monday to debunk the FAAN’s allegations, the […]

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Clearing Agents Decry Customs’ Multiple Clearance Units At Ports

Licensed freight forwarders have decried what they described as the proliferation of Customs units at the Lagos ports, alleging that the units are being used to extort them and make the cargo clearance procedures more cumbersome. In addition, the concerned agents also alleged that the multiple Customs units aside complicating the clearing process, but have […]

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Customs’ Niger, Kwara, Kogi Command Generates N1.788Bn

With just N1.788 billion raked in as revenue in nine months, there are strong indications that the Nigeria Customs Service (NCS) Niger/Kwara/Kogi Area Command may not be able to meet its N3.7 billion revenue target for this fiscal year. This is despite the command’s efforts targeted at curbing smuggling and other trade and economic vices […]

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Ogun Physical Planning Board Generates N1Bn In 8 Months

The Ogun Urban and Physical Planning Board on Friday reported that its internally generated revenue (IGR) stood at over N1 billion  from January to August this year. The state Commissioner for Urban and Physical Planning, Mrs Ronke Sokefun, made the disclosure when members of the state House of Assembly Committee on Lands and Housing  visited  […]