The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account. This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja. […]
Oil prices in the international oil market rose to near six-month highs on Tuesday as the United States tightened sanctions on Iran, thereby sending shares of energy companies higher and boosting currencies of several major crude producers. For instance, Brent crude oil futures rose 0.7 per cent to $74.57 per barrel by 0630 GMT, their highest since […]
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 […]
The Federal Ministry of Transportation has said that revenue collection by state and local government agents along federal highways is illegal and called on the law enforcement agents to halt the practice. The position of the ministry on collection of revenues on federal highways, through erection of road blocks by the sub-national governments agents, was […]
The Lagos Chamber of Commerce and Industry (LCCI) has called on the government to consider immediate review of the nation’s Automotive Policy in view of its flaws that are not reflective of the current realities in the industry and attendant negative implications for the development of the local industry. The organized private sector (OPS) group […]
The International Monetary Fund (IMF) has advised the Nigerian government on the need to reduce its tax exemptions and incentives list for companies as a strategic option of boosting non-oil tax collections. In addition, the Fund also tasked government on tax reforms, including raising excise taxes and expanding its scope to cover more goods The […]
The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have initiated processes for the automation of Value Added Tax (VAT) collection in the lottery and gaming businesses in the country. The Head, Communications and Servicom Department of FIRS, Wahab Gbadamosi, in a statement quoted the Executive Chairman, Tunde Fowler, as making […]
Workers of the South Africa Revenue Service (SARS) on Tuesday called off their four-day strike following their acceptance of the fiscal authorities’ offer of eight percent wage increase in 2019 and a CPI-plus-2-percent rise for 2020-21. The deal was struck following negotiations with the authorities by a union representing about half its employees, National Education, […]
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, at the weekend described the Appeal Court judgement in the case between the agency and the Nigerian Liquefied Natural Gas (NLNG) Limited over levies payable to the maritime regulator as desirable to the nation’s justice system. The Court of Appeal […]
The Federal Government and other tiers of government shared the sum of N619.85 billion from the total revenue generated in February, representing an increase of about N9.49 billion over the distributions to the three tiers of government in the preceding month. The Accountant-General of the Federation (AGF), Mr. Ahmed Idris, gave this hint on […]