Budgeting Economy News Extra Latest News Oil & Gas Revenue Revenue Agencies Tax

Akwa Ibom Threatens To Sanction Oil Firms Over Tax Evasion

Akwa Ibom State Internal Revenue Service (AKIRS) has threatened to sanction oil companies operating in the state over unremitted taxes, saying that such fiscal dereliction by them will no longer be tolerated by the state government. The Chairman of the Service Board, Mr. Okon Okon, cautioned the oil firms against all forms of tax evasion […]

Budgeting Economy News Extra Latest News Revenue Revenue Agencies Tax Taxation

Nigeria Lost N5.4Trn To Tax Evasion By Multinationals In 10 Years – Nami

….Says Newly Created Audit Units Will Curb Illicit Financial Outflows The Federal Inland Revenue Service (FIRS) on Monday disclosed that Nigeria lost $178 billion (about N5.4 trillion) to tax evasion by multi-nationals in 10 years. To curb such abuses within the fiscal system, the Executive Chairman of the Service, Mr Muhammad Nami, said the Service […]

Budgeting Economy News Extra Infrastructure & Capital Projects Latest News National Assembly Planning & Economic Development Political Economy Revenue Tax

N/Assembly Passes N13.588Trn 2021 Appropriation Bill

The Senate on Monday at its emergency plenary session passed the 2021 Appropriation Bill with a projected N13.588 trillion expenditure for the fiscal year. The passage of the budget in the Senate was sequel to the consideration of a report by the Committee on Appropriations on the 2021 Appropriations bill. In his presentation, Chairman of […]

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Unity Bank, BoI, Others Challenge Revenue Boards’ Tax Assessments At TAT

Unity Bank, Silver Plastics, Bank of Industry (BoI) have challenged the taxes imposed on them by the revenue services in the North-West Zone at Tax Appeal Tribunal (TAT), sitting in Kaduna over alleged errors in the computation of their tax liabilities. Some of the corporate tax payers within the North West Zone, comprising the states […]

Banking Economy News Extra Latest News Revenue Tax

Akwa Ibom Govt Seals GTB Branches Over Alleged Tax Default

Akwa Ibom State Internal Revenue Service, AKIRS, on Monday sealed two branches of Guaranty Trust Bank (GTB) in Uyo, the state capital over alleged tax default estimated at over N184 million. A news report sourced from News Agency of Nigeria (NAN) indicated that branches were sealed on the order by the AKIRS’ Executive Director Enforcement […]

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DPR Launches App To Curb Downstream Sector Frauds

The Department of Petroleum Resources (DPR) has introduced a computer application to monitor how petroleum products in all the filling stations are dispensing products with a view to curbing abuses in the downstream sub-sector. The DPR Zonal Controller, Port Harcourt Zonal Office, Mr. Bassey Nkanga, who unveiled the Downstream Remote Monitoring System (DRMS) app at […]

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FCMB Urges Business Owners On Tax Matters

First City Monument Bank (FCMB) has urged business owners in the country to constantly update their knowledge on emerging fiscal developments in the corporate environment, particularly on taxation as a strategic step towards improving their businesses’ competitiveness and overall performance. This is even as the leading lender also charged regulatory intuitions, agencies and other stakeholders […]

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Senate Seeks Zero Duty, VAT Exemption On Aircraft, Spare Parts

The Senate on Tuesday urged the Federal Government to fully implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on importation of commercial aircraft and aircraft spare parts. This is even as it advised the Central Bank of Nigeria (CBN) to make foreign exchange easily accessible for investors in the […]

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NERC Reports 57% Revenue Increase In Q1, 2020

The Nigerian Electricity Regulatory Commission (NERC) has reported that its total revenue increased by 57 per cent in the first quarter of 2020. It attributed the improved revenue accruals to operating levies and Internally Generated Revenue (IGR) sources During the quarter, the power sector regulatory agency disclosed that its total expenditure rose to N1.94 billion, […]