….says sector contributes 0.63% to nation’s GDP in 2021 The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the Federal Government generated about N814.59 billion from the solid minerals sector in the past 15 years. The Executive Secretary of the organization, Dr. Ogbonnaya Orji, made this disclosure during the unveiling of its 2021 Solid […]
The Central Bank of Nigeria (CBN) has released its Consolidated Financial Statements for the past seven years spanning 2016-2022 financial years as the National Assembly, civil society organizations’ (CSOs) and stakeholders’ agitations for the apex bank to comply with the nation’s financial reporting guidelines remained unabated. The Consolidated Financial Statements showed that in the 2022 […]
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, on Monday flawed the current tax system in view of its multi-dimensional loopholes, especially for its multiplicity and other administrative incoherence, describing it as one of the militating factors responsible for under-performance of businesses and the nation’s economy. Oyedele, who […]
The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, has restated the need for appropriate fiscal policies and actions to improve the nation’s revenue generation capacity and sustainable growth of the country. The debt management expert, who noted that Nigeria’s debt to GDP ratio at below 25% remained among the lowest globally […]
The Federal Inland Revenue Service (FIRS) has announced that it raked in total tax revenue of N5.5 trillion for the half-year period of January to June 2023, representing the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year. The Executive Chairman of the federal revenue agency, Mr. […]
Nigeria’s inflation rate rose to 22.79% in June 2023, representing 0.38% points increase from the 22.41% recorded in the general price level of the economy in the preceding month. The National Bureau of Statistics (NBS) in its ‘Consumer Price Index June 2023’ report posted on its website on Monday, indicated that on a year-on-year basis, […]
BudgIT has launched its States Fiscal Transparency League (SFTL), an initiative which builds on the recently concluded World Bank’s State Fiscal Transparency, Accountability, and Sustainability (SFTAS) Programme, designed to promote fiscal transparency and facilitated accountability in public resource management. It would be recalled that the World Bank developed SFTAS (States Fiscal Transparency, Accountability, and Sustainability), […]
The Federal Inland Revenue Service (FIRS) has partnered the Market Traders Association of Nigeria (MATAN) to ensure improved Value Added Tax (VAT) collection and remittance, especially in the informal sector, to it from markets across the country,. The association, which membership is drawn from over 40 million traders across the 774 local government councils, is […]
The newly established Policy Advisory Council (PAC) by President Bola Ahmed Tinubu has proposed the merger of the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. The members of the (PAC), who include Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila […]
Economists at the Centre for the Study of Economies of Africa (CSEA), a leading think tank in economic research and consulting services with special focus on Africa, have canvassed the need for the Central Bank of Nigeria (CBN) to introduce monetary measures that could help to mitigate the negative impact of the rising inflation rate […]