The Federal Government has disclosed that it is currently reviewing regulations in the nation’s mining sector, particularly those relating to the mining of lithium minerals in view of the increasing interests of foreign mining companies in the minerals. As part of the regulatory measures, it maintained that no company would be allowed to mine and […]
The Vice Chairman of Basic Metal Sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye, has described the new CBN policy directive removing the restriction on foreign exchange (FX) access to 43 items for imports as undesirable for struggling manufacturing industry businesses. The industrialist made this remarks during an interview on TVC Business […]
….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 […]