The House of Representatives’ Committee on Public Accounts has confirmed the allegation by President Muhammadu Buhari that some committees of the National Assembly are passing budgets for ministries, departments and agencies of the Federal Government illegally. It was reliably gathered recently that the committee, after making the discovery, wrote to[Read More…]
News
Finance Minister Insists on more Taxes to Reduce Nigeria’s Debt Burden
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has insisted that only the collection of more taxes and effective blocking of revenue leakages were realistic measures that would drastically cut borrowings and reduce the nation’s high debt burden. Ahmed stated this at a workshop on tax expenditure[Read More…]
Next Govt To Inherit $716m Judgment Debts’
The Presidency of Muhammadu Buhari may pass on at least $715.86m judgment debts to the next administration. The judgment debts were listed as 18 promissory notes in a document titled, ‘Schedule of Promissory Notes Issued by Category as at March 2022’ by the Debt Management Office. According to Investopedia.com, a[Read More…]
IMF, World Bank to Assess Nigeria’s Debt Sustainability
The President of the World Bank Group, David Malpass, has said that the bank will work with the International Monetary Fund to assess Nigeria’s debt sustainability. Malpass said this during the 2022 annual meetings opening press conference in Washington, D.C. recently. He said, “We will work with the IMF on[Read More…]
Budget Deficit: IMF Urges FG to Increase Tax
In order to meet its budgetary deficit obligations, the International Monetary Fund (IMF) has advised the Federal Government to increase domestic revenue through taxation. The IMF made the appeal in its briefings at the launch of the Global Financial stability Report with the theme “Navigating the High-Inflation Environment”. The Global[Read More…]
Oil and Gas Industry Tops Credit Allocation in 2021, Says NBS
The National Bureau of Statistics (NBS) says the oil and gas industry was among the firms that had the highest credit allocations for private sector businesses in 2021. This was disclosed in NBS October 2022 banking sector data, noting that the total credit allocated to the private sector in Q1[Read More…]
Anticipation builds as Nigeria’s best Hi-life vie for N50 Million at Hi-Life Fest 2022
With the ever growing rate of youth restiveness on account of the prevailing socio-economic issues in Nigeria, most young and talented musicians have become more attuned to platforms that would help launch their musical careers. Offering a respite and giving the teeming youth population a platform to make progress, Life[Read More…]
Fed Govt Grows VAT By 20%, Rakes In N1.2trn
The Federal Government through the Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 per cent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn[Read More…]
Akabueze Contradicts Pantami, Says 5% Tax Stands Telecom
Contrary to the pronouncement by the minister of communications and digital economy, Isa Ali Pantami, that the five percent telecom levy had been suspended, the director-general of the Budget Office, Ben Akabueze, has maintained that the tax remains in effect as the Budget Office of the Federation and the Federal[Read More…]
IPMAN announces warning strike, threat indefinite if FG fails to settle outstanding N500b
Fresh fuel scarcity is looming in northern states as independent marketers, yesterday, announced a three-day warning strike over non-payment of outstanding bridging costs In Kano, the Northern Independent Petroleum Marketers Forum (NIPMF) shutdown the depot of the Nigerian National Petroleum Company Limited (NNPC), obstructing the movement of tankers. NIPMF chairman,[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]