Economy News Extra Latest News National Assembly Oil & Gas Taxation

Senate Plans Review Of Gas Flaring Penalties

The Senate has mandated its Committee on Gas to review upwards and recommend immediately penalties for defaulters of the nation’s gas flaring laws. The legislative move is intended to be a desirable step towards deterring abuses by operators and exploring the opportunities in the gas sub-sector of the hydrocarbon resources to national development advantage The […]

Budgeting Economy News Extra Latest News Revenue Taxation

Nigeria Targets 80% Revenue Accruals From Non-Oil Sector – Fowler

The Executive Chairman, Federal Inland Revenue Service (FIRS) Mr.Tunde Fowler, has projected that at least 80 percent of federally generated revenues would accrue from the non-oil sector of the economy in the next three years. Fowler, who made the forecast at the Nigeria-Canada Investment Summit in Abuja, disclosed that the non-oil sector’s contribution to the Nigerian […]

Budgeting Economy News Extra Latest News Manufacturing National Assembly Revenue Taxation

New Tax Incentives Underway for MSMEs – FG

The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, on Monday hinted of fiscal plans by the Federal Government, in form of tax incentives that will enable Micro, Small and Medium Enterprises (MSMES) in the country to minimize operational costs, post more profits  and by implication, be able to contribute to the nation’s revenue […]

Budgeting Economy News Extra Latest News National Assembly Revenue Taxation

Senate Begins Deliberations On 2020 Appropriation Bill

The Senate on Wednesday commenced debate on the N10.33 trillion Appropriation Bill 2020 presented by President Muhammadu Buhari a day earlier to the National Assembly. The proposed budget elicited comments from the lawmakers on its different aspects, particularly the revenue projections and their feasibility as well as the capital budget figures. Some of the lawmakers […]

Budgeting Economy News Extra Latest News Political Economy Revenue Taxation

Buhari Lays N10.33Trn Appropriation Bill Before N/Assembly

President Muhammadu Buhari on Tuesday presented the 2020 Appropriation Bill of an estimated N10.33 trillion to a joint session of the National Assembly for consideration as the year’s budget. In the proposed budget, the President estimated that N2.14 trillion would be used for capital expenditure. N4.88 trillion for non-debt recurrent expenditure and N556.7 billion was for […]

Economy News Extra Latest News Revenue Taxation

States’ IGR Up 46%, Hits N1.16Trn In 2018 – Fowler

The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Tunde Fowler has disclosed that the  states have recorded a leap in their Internally Generated Revenue (IGR) from N800 billion in  in 2016 to  N1.16 trillion in 2018, representing 46.11%  in four years. This is even as hinted on Thursday that the nation’s tax database […]

Economy News Extra Latest News Taxation

LIRS Urges Taxpayers To Explore e-Tax Portal Opportunities

The Lagos Inland Revenue Service (LIRS) has advised individual and corporate taxpayers in the state to explore the opportunities availed by its just launched Enterprise Tax Administration System (e-Tax) to pay their taxes and get real time, accurate information about their tax payment status on real time basis. The Chairman of the Service, Mr. Ayodele […]

Banking Economy News Extra Latest News Political Economy Revenue Taxation

CBN Retains 13.5% MPR, Promises To Intensify Financial Inclusion Drive

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its two-day meeting in Abuja on Friday with a decision to retain all the key benchmark interest rates. Specifically, the committee retained the Monetary Policy Rate (MPR) at 13.5 percent and other lending rate indices, including the asymmetric corridor around the […]

Budgeting Economy News Extra Latest News Taxation

Finance Minister Corrects Error On Proposed VAT Rate Hike

Barely 48 hours after she misinformed the global community that the Federal Government had proposed to increase Nigeria’s Value-Added Tax (VAT) rate from 5% to 7.2%, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, at the weekend adjusted the rate to 7.5%. Rather than apologizing for the misleading information she gave after […]

Banking Budgeting Economy News Extra Latest News Taxation

FIRS Reports N254Bn Liability Of 23,141 Tax Defaulters

The Federal Inland Revenue Service (FIRS) has reported that 23,141 tax defaulters were owing currently N254 billion in tax liabilities. This is even as the Service disclosed that since the commencement of its tax substitution programme for banks, it had recovered over N97.7 billion from tax defaulters. Giving these hints at the 49th Annual Accountant […]