The Senate on Thursday passed a federal budget of N10.59 trillion for the 2020 fiscal year in keeping with its major legislative agenda of returning the country’s budget cycle to a more predictable one as well as re-positioning the nation’s economy on the path of sustainable growth.. The passage of the annual 2020 budget before […]
Ogun State Governor, Mr. Dapo Abiodun, has presented an Appropriation Bill with a provisional value of N449.97 billion to the state’s Legislature for consideration as budget for the 2020 fiscal year. According to the budget proposal tagged ‘Budget to Build our Future Together’ laid before the State House of Assembly on Tuesday, the governor earmarked […]
The National Bureau of Statistics (NBS) has reported that out of the N275.12 billion raked in as Value Added Tax (VAT) in the third quarter of this year, the Professional Services sector accounted for the highest collection, totalling N32.09 billion,. Overall, the NBS, in its just published ‘Sectoral Distribution Of Value Added Tax (Q3,2019) report […]
The Office of the Auditor-General for the Federation (OAuGF) and the Federal Ministry of Finance Budget and National Planning have signed a Letter of Understanding (LoU) singalling the formal launching of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. The SFTAS is a $750m programme of the Federal Government to reward states for meeting […]
The Minister of State Budget and National Planning, Prince Clement Agba, has charged state commissioners of budget and economic planning to devise alternative ways of revenue generation to ensure sustainable development of the nation’s economy. The Minister gave this charge at the Forum of Commissioners of Budget and Economic Planning, Community of Practice (CoP) meeting […]
State governors on Thursday expressed support for the Finance Bill, which seeks to increase Value Added Tax (VAT) from five per cent to 7.5 per cent, among other revenue generation and fiscal proposals. The Vice-chairman of the Nigerian Governors Forum (NGF), Aminu Tambuwal, gave the governors’ position on the proposed hike of the VAT rate […]
The Senate on Thursday passed the Executive Finance Bill 2019, which seeks amendments of Nigeria’s tax laws, even as 11 other fiscal-oriented bills scale first reading in the upper chamber. The passage of the Finance Bill 2019 was sequel to the consideration of the report of the Senate Committee on Finance. While presenting the committee’s […]
The Federation Account Allocation Committee (FAAC), on Wednesday confirmed at the end of its meeting held in Abuja that the three tiers of government shared N702.058 billion as allocations from the Federation Account for the month of October 2019. The distributions were from Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Solid Minerals Revenue, […]
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 […]