The Senate has mandated its Committee on Gas to review upwards and recommend immediately penalties for defaulters of the nation’s gas flaring laws. The legislative move is intended to be a desirable step towards deterring abuses by operators and exploring the opportunities in the gas sub-sector of the hydrocarbon resources to national development advantage The […]
The Executive Chairman, Federal Inland Revenue Service (FIRS) Mr.Tunde Fowler, has projected that at least 80 percent of federally generated revenues would accrue from the non-oil sector of the economy in the next three years. Fowler, who made the forecast at the Nigeria-Canada Investment Summit in Abuja, disclosed that the non-oil sector’s contribution to the Nigerian […]
The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, on Monday hinted of fiscal plans by the Federal Government, in form of tax incentives that will enable Micro, Small and Medium Enterprises (MSMES) in the country to minimize operational costs, post more profits and by implication, be able to contribute to the nation’s revenue […]
The Senate on Wednesday commenced debate on the N10.33 trillion Appropriation Bill 2020 presented by President Muhammadu Buhari a day earlier to the National Assembly. The proposed budget elicited comments from the lawmakers on its different aspects, particularly the revenue projections and their feasibility as well as the capital budget figures. Some of the lawmakers […]
President Muhammadu Buhari on Tuesday presented the 2020 Appropriation Bill of an estimated N10.33 trillion to a joint session of the National Assembly for consideration as the year’s budget. In the proposed budget, the President estimated that N2.14 trillion would be used for capital expenditure. N4.88 trillion for non-debt recurrent expenditure and N556.7 billion was for […]
The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Tunde Fowler has disclosed that the states have recorded a leap in their Internally Generated Revenue (IGR) from N800 billion in in 2016 to N1.16 trillion in 2018, representing 46.11% in four years. This is even as hinted on Thursday that the nation’s tax database […]
The Lagos Inland Revenue Service (LIRS) has advised individual and corporate taxpayers in the state to explore the opportunities availed by its just launched Enterprise Tax Administration System (e-Tax) to pay their taxes and get real time, accurate information about their tax payment status on real time basis. The Chairman of the Service, Mr. Ayodele […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its two-day meeting in Abuja on Friday with a decision to retain all the key benchmark interest rates. Specifically, the committee retained the Monetary Policy Rate (MPR) at 13.5 percent and other lending rate indices, including the asymmetric corridor around the […]
Barely 48 hours after she misinformed the global community that the Federal Government had proposed to increase Nigeria’s Value-Added Tax (VAT) rate from 5% to 7.2%, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, at the weekend adjusted the rate to 7.5%. Rather than apologizing for the misleading information she gave after […]
The Federal Inland Revenue Service (FIRS) has reported that 23,141 tax defaulters were owing currently N254 billion in tax liabilities. This is even as the Service disclosed that since the commencement of its tax substitution programme for banks, it had recovered over N97.7 billion from tax defaulters. Giving these hints at the 49th Annual Accountant […]