Deposit Money Banks (DMBs) in Nigeria will start the deduction of the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. According to the latest directive from the fiscal authorities to the banks, the deductions will cover transactions between 2021 and 2023. As expected, […]
…..says NNPCL remits no money to Federation Account ……..NNPCL’s Mgt debunks allegation The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244,037,636,561.60 accrued into the Federation Account in the first half of this year based on figures from the monthly reports of the Federation Account Allocation Committee (FAAC) […]
……Develops Revenue Computation, Allocation Software The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) at the weekend said it recovered N319 billion unremitted revenues from Ministries, Departments, and Agencies (MDAs) over the last two years. The Chairman of the commission, Mohammed Shehu, who gave this hint during a media chat in a media on Saturday, explained […]
The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has reported that Nigeria lost more than $14.6 billion worth of revenue to more than 4.2 billion standard cubic feet of gas flared between 2012 and 2021, in addition to the $8.3 billion loss in a penalty for the wastages. The NOSDRA’s Director of ICT, Mrs. Margaret […]
Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced the roll out a proprietary software for the collection of data on the indices to be used for the Horizontal Revenue Allocation Formula in the country. The Chairman of the Commission, Mohammed Bello Shehu, disclosed this in Abuja while announcing the take-off of its maiden […]
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has concluded arrangements to start the process of reviewing the remuneration of political, public and judicial office holders in the country. The Chairman of the Commission, Mohammed Bello Shehu, gave this hint when he led a delegation of the commission’s management on a courtesy visit to the […]
As the ongoing public hearings on the review of revenue sharing formula continue to gain traction, North West geopolitical zone leaders have canvassed a new revenue sharing regime that would give states and local governments 60 percent of the accrued revenue into the Federation Accounts. Political, economic and civil advocacy stakeholders from the North-West states […]
Lagos State Governor, Babajide Sanwo-Olu, on Monday canvassed 42% share of the revenue in the Federation Account to states in order to correct the fiscal imbalances in the nation’s political structures. The Governor made the submissionat the 2-Day South-West Zonal public hearing organized by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) to flag off […]
Lagos Chamber of Commerce and Industry (LCCI) has canvassed the need for adjustment of the current revenue sharing formula at the sub-national levels to boost internally generated revenue (IGR) of the states and by so doing, facilitate broad-based grassroots development. The organized private sector (OPS) group in a statement issued by its Director General, Dr. […]
The FIRS on Thursday clarified that the 36 states and 774 local governments get 85% of VAT collections monthly while it collects 15% being the collection expenses approved by the governments as controversies between some states and it over Value Added Tax (VAT) collection rage on. The federal revenue agency made the clarification in a […]