The Federal Ministry of Finance on Tuesday provided some clarifications on the Paris Club refund approved for the 36 states of the Federation. A statement issued by the ministry’s Director of Information, Hassan Dodo, on the refund to the sub-national government recalled that the issue of Paris Club loan over-deduction had been a long standing […]
The Minister of Finance, Mrs. Kemi Adeosun, has charged investors from the United Kingdom (UK) to take advantage of the improved business environment in Nigeria to invest in key sectors of the economy. The minister gave the advice at a meeting with members of the business delegation that accompanied the British Prime Minister to Nigeria, […]
The Federation Account Allocation Committee (FAAC) on Thursday at its meeting held in Abuja set up a committee to come up with rules that would guide the effective management of the Excess Crude Account (ECA). The Excess Crude Account, which is the account where oil earnings above the yearly budgetary crude oil benchmark are deposited, […]
The Managing Director of the Nigeria LNG Limited, NLNG, Mr. Tony Attah, has projected that planned NLNG’s Train 7 project, which will increase the nation’s liquefied natural gas output by about 30 million Tonnes Per Annum (MTPA) on completion will improve the nation’s Foreign Direct Investment (FDI) inflows in the years ahead. He gave this […]
The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday mulled the idea that new targets should be set for Chief Executive Officers (CEOs) of federal revenue agencies and that performance should be used as a criterion to guarantee their tenures. The minister proposed this at the launch of the template for calculating operating surplus by […]
The World Bank has advised Nigeria to explore further the opportunities availed by the Value Added Tax (VAT) to boost her non-oil internally generated revenue (IGR) in the years ahead.. Specifically, the Bank recommended that the fiscal authorities should consider the option of increasing the VAT, excises and customs, and states’ internally generated revenues To […]
The World Bank has indicated its willingness to provide technical support to Nigeria in critical areas, especially the government’s Economic Recovery and Growth Plan (ERGP) to boost the nation’s growth development. Giving the hint during a discussion with the Minister of Budget and National Planning, Udo Udoma, the bank’s Vice-President for Africa, Mr. Hafez Ghanem, […]
A coalition of Civil Society Organisations (CSOs) has called on the Federal Government to collapse the Excess Crude Account, ECA, and 0.5 percent stabilization account into the Sovereign Wealth Fund (SWF) The group gave this advice at a roundtable which focused on Savings and Stabilisation Mechanism for Nigeria organized by one of them – the […]
President Muhammadu Buhari on Friday ordered the review of the revenue reporting template for the Federation Account Allocation Committee (FAAC). The Presidential order was conveyed by the Minister of Finance, Mrs. Kemi Adeosun, while giving a breakdown on how the N821.9 billion June revenue accrual was distributed to tiers of government. The minister said that the […]
Despite the lingering controversies over under-remittance of collected revenues by the Nigeria national Petroleum Corporation (NNPC) to the Federation Account, the Federation Accounts Allocation Committee (FAAC) on Friday confirmed the disbursement of N668.8 billion to the three tiers of government for the month of May this year. The Director of Information in the Federal Ministry […]