Despite complaints by bank customers over excessive charges by banks, the Federal Government has approved the payment of Electronic Money Transfer Levy (EMTL) for all foreign currency (FCY) transactions. In recent years, customers of the deposit money banks (DMBs) and other financial institutions (OFIs) had been lamenting over sundry charges being imposed on them and […]
Revenue Agencies
JTB Seeks Nigeria Customs’ Collaboration On System Integration, Others
The Joint Tax Board (JTB) and the Nigeria Customs Service (NCS) chiefs met on Tuesday in furtherance of their drive to enhance tax administration and by so doing improved revenue collections for national development. The Executive Secretary of the JTB, Mr. Olusegun Adesokan, who paid a visit to the Comptroller-General of Customs, Bashir Adewale Adeniyi, […]
FIRS Targets 57% Improved Tax Collection In 2024
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 […]
MOFI Takes Over FG’s Stakes In 11 DisCos
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 […]
LIRS To Sanction Firms Over Tax Return Filing Default
The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers of labour in the state to submit their annual tax returns on or before the stipulated deadline of January 31, 2024, in accordance with applicable tax legislation. The Executive Chairman of the Service, Mr. Ayodele Subair, who conveyed this reminder in […]
Nigerian Customs Mulls E-Auction Platform To Enhance Transparency
The Nigerian Customs Service (NCS) has hinted of its plans to launch an electronic platform to streamline applications from importers, exporters and other stakeholders in the economy as part of its current moves to enhance transparency in its auctioning process. The Comptroller-General of NCS, Mr. Adewale Adeniyi, made this disclosure during a press conference on […]
2024: Maiden OMO Bills Auctions Record Mixed Subscriptions
The first Open Market Operations (OMO) bills auctions for 2024 have recorded mixed subscriptions with the 363-day bills recording N157 billion. However, the 97-day and the 181-day bills were not as attractive to investors, thereby leading to their under-subscription by N53 billion and N39.8 billion respectively. Although N300 billion in OMO bills were made available […]
DMBs To Begin EMTL Deductions On Foreign Currency Transactions
Deposit Money Banks (DMBs) in Nigeria will start the deduction of the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. According to the latest directive from the fiscal authorities to the banks, the deductions will cover transactions between 2021 and 2023. As expected, […]
Nigeria’s All-Commodity Import, Export Indices Rise In Q3 2023
The National Bureau of Statistics (NBS) has reported that Nigeria’s All-Commodity Group Import and All-Commodity Group Export Price indices increased in the third quarter of this year. In its ‘Commodity Price Indices and Terms of Trade (Q3 2023)’ report just published on its website, the Bureau indicated that the All-Commodity Group Import Index on average […]
W/Bank Forecasts Nigeria’s Diaspora Remittances To Exceed $20Bn In 2023
The World Bank has projected Diaspora remittances into Nigeria to exceed $20 billion and estimated total remittances into the Sub-Saharan Africa (SSA) region to grow by 1.9% at the end of this year. The Bretton Woods institution, in its latest ‘Migration and Development Brief’, predicted that the global remittance flows would continue to grow in […]