BudgIT Foundation, a civic-tech non-governmental organisation leading the advocacy for fiscal transparency and accountability in budget and public finance, has urged the Federal Government to allocate more funds to capital projects that directly affect the welfare of the citizens. More importantly, the organisation stressed that it had become expedient that more funds be allocated to […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has described the the nation’s capital market as crucial to Nigeria’s sustainable development. Ahmed stated this in a keynote address at the Investing and Capital Market conference held on Thursday in Abuja, She said: “We want a vision for a future Nigeria where the […]
The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account. This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja. […]
Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]
The Attorney General of the Federation (AGF) and Minister for Justice, Abubakar Malami (SAN), on Tuesday disclosed that the Federal Government had commenced processes of granting tax amnesty for defaulters who voluntarily declare their foreign assets. Malami, while giving the hint at the unveiling ceremony for the programme tagged ‘Voluntary Offshore Assets Regularisation Scheme (VOARS)’, […]
The Managing Director of NISPO Porcelain Company Limited, Mr. Afam Ukatu, has advised the fiscal authorities to suspend the proposed Value Added Tax (VAT) hike and to frontally tackle the problem of multiple taxation in order to prevent many manufacturing companies’ collapse. Ukatu, who commented on the incidence of the multiplicity of taxes in the country […]
The Federation Accounts Allocation Committee (FAAC) on Wednesday shared N610.368 billion to the three tiers of government partly from the revenue accruals to the Federation Account in January. The Accountant-General of the Federation (AGF), Ahmed Idris, who made this disclosure at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, disclosed that […]
The Federal Government has ordered foreign oil and gas companies operating in the nation’s hydro-carbon resources industry to offset all forms of tax arrears, estimated to be over $20 billion immediately. A news report by Reuters linked the directive to a letter sent to the companies earlier this year by the Nigerian National Petroleum Corporation […]
The federally generated revenue from oil and non-oil sources for the nine-month period ended September 30 this year stood at N6.93 trillion as against the projected N9.96 trillion during the period. An analysis of data obtained from the Central Bank of Nigeria (CBN) on the federal revenue during the period showed that N2.08 trillion was […]