The World Bank has explained why Nigeria, Ghana and some other countries refused to participate in a temporary suspension of debt service payments under its Debt Service Suspension Initiative (DSSI), saying the affected countries are concerned about future access to debt and credit-rating downgrades. The DSSI offered 73 IDA-eligible and least developed countries a temporary […]
Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has maintained that the diversification of the Nigerian economy, though a work in progress, is on course. Nami, was quoted in a statement by his SA Media and Communication, Johannes Wojuola, as making this remark while speaking at the ‘Public Presentation and Breakdown of […]
The World Bank in a new report released on Monday stated that efforts by governments around the world to tackle the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages further aggravated loc-income countries’ debt stock, rising by 12 percent to a record $860 billion in 2020. The Breton Woods institution noted that while […]
The Federal Inland Revenue Service (FIRS), has said that only 41 million taxpayers are captured in the nation’s tax net so far in a population of over 200 million citizens. The Chairman of the federal revenue agency, Mr. Muhammad Nami, disclosed this at the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’ in […]
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Friday confirmed that government’s fiscal measure relating to the administration of Excise Duties on carbonated drinks would start in January 2022 The minister, who gave this hint during the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’, said the imposition […]
The Accountant General of the Federation, Ahmed Idris, has said that the recently launched Open Transparency Portal (OTP) by the Federal Government now makes it easy for members of the public to access information on financial transactions by Ministries, Departments and Agencies (MDAs). Idris made this disclosure while addressing members of the Governing Council of […]
The Federal Inland Revenue Service (FIRS) has warned companies that late returns on Company Income Tax Returns beyond 30th November 2021 for the 2021 tax year will attract penalty and interest for late filing. A Public Notice signed by the FIRS Chairman, Muhammad Nami, dated October 6, 2021 and titled “Expiration of Waiver of Late Returns Penalty and Interest on […]
President Muhammadu Buhari on Thursday disclosed that the Federal Government’s share of oil revenue as at July this year totalled N570.23 billion, representing 51 percent shortfall from the budgetary target for the seven months period. Buhari gave this hint in his address on the proposed N16.39 trillion Appropriation Bill 2022 at the National Assembly. He […]
White House economists have sternly warned of a potential global financial crisis if U.S. Congress fails to raise the federal government’s debt limit before the country is expected to default on the national debt. Speaking on the implications of default by the President Biden-led administration on the country’s debt obligations, Cecilia Rouse, leading other economists […]
In what sounded an unrepentant voice of justification of the nation’s rising public debt stock, the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday stoutly defended the borrowings of the President Buhari-led administration, saying the government will continue to borrow to fund critical projects. The minister, who spoke against the background of […]