The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday confirmed that Nigeria’s revenue had dropped by about 65 per cent as the COVID-19 pandemic impact on the economy lingers till now. The minister explained that the dwindling revenue trend necessitated the decision of the federal government to discontinue the payment of […]
Researchers at the Centre for the Study of Economies of Africa (CSEA) have projected that Nigeria’s GDP growth rate would reverse the negative trend in third quarter (Q3,2020) as business activities continue to expand following the lifting of lockdown measures by the government. The analysts gave this forecast in the Centre’s latest Nigeria Economic Update […]
President Muhammadu Buhari on Wednesday formally constituted the National Steering Committee to oversee the development of the Nigeria Agenda 2050 and Medium-Term National Development Plan (MTNDP) to replace Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP) 2017-2020. Buhari said the composition of the committee, which will be jointly chaired by Mr. Atedo Peterside […]
The Federal Government on Tuesday announced one-year deferment of the 35 percent import adjustment tax (levy) imposed on the fully built unit (FBU) electricity meters HSCode 9028.30.00.00 under the 2019 fiscal policy measures. The announcement was contained in a statement issued by Mr Abdullahi Tanko, the special adviser communication to the Minister of Finance, Budget […]
The Permanent Secretary, Special Duties at the Federal Ministry of Finance, Budget and National Planning, Dr. Muhammed Dikwa, on Thursday disclosed that Federal Government had saved N594.09 billion from the implementation of the Whistle Blowing Policy since its inception in 2016. Dikwa gave this hint while speaking at a workshop on the overview of whistle […]
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 President of the Senate, Senator Ahmad Lawan, has accused most revenue generating agencies in the country of failing to remit their funds to the Federation Account as and when due, warning that such fiscal abuse will no longer be tolerated. Lawan who accused the revenue agencies of some lapses while speaking at the third […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, on Thursday described the huge sum of N3.3 trillion personnel cost provision in the 2020 Appropriation Bill as undesirable for nation’s development when compared to the N2.1 trillion voted for capital projects. Ahmed, who expressed this feeling during her defence of the ministry’s […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said that the Federal Government is optimistic of securing $3 billion World Bank loan to supplement resources for funding power sector projects in the country. Ahmed, who gave the hint on Sunday during a media briefing about Nigerian delegation’s participation during the just-concluded […]
The Federal Government on Thursday hinted of plans to extend tax drives to cover carbonated (soft) drinks with a view to using collections from the items to augment collectible revenues required to fund the budget. The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, disclosed this during an interactive session with journalists at the […]