The Federation Account Allocation Committee (FAAC) has shared N700.235 billion to the three tiers of government as federation allocation for September, 2022. From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL), the Federal Government received N262.636 billion, the States received[Read More…]
Tag: federal government
FG Retains N4.23trn Revenue, Records N5.33tn Deficit in Eight Months
The Federal Government has disclosed that it recorded a deficit of N5.33tn between January and August 2022, which is N430.82bn above the prorate level. FG spent N9.56tn from January to August 2022, out of N11.55tn pro rata expenditure projected for the period. Of the N9.56tn spent in eight months, N3.52tn[Read More…]
FG Earmarks N30bn For Nigeria Air, New Projects
The Federal Government has earmarked the sum of N29.87bn as working capital for the proposed national carrier – Nigeria Air, and for 46 new projects in the aviation sector. An analysis of the 2023 budget presented to the National Assembly by President Muhammadu Buhari showed the amount allocated for the[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…]
Outrage Among Consumers As NIPOST Imposes New Charges On Courier And logistics Services
The Nigerian Postal Service (NIPOST) has imposed new costs of licence for logistics and courier services, sparking outrage from Nigerians online. The new charges introduced by NIPOST are expected to cause an increase in the cost of courier services and delivery goods. According to NIPOST, companies which provide international courier[Read More…]
Between Social Distancing and Consumer Compliance
As federal government weigh plans to resume economic activity against the threat of furthering the spread of COVID-19, some states have forged ahead with reopening plans with a clause to holding firm with social distancing measures. In public health, social distancing, also called physical distancing, is a set of non-pharmaceutical[Read More…]
VAT raise:DisCos hike cost of pre-paid meters
Less than two weeks after the Federal Government began the implementation of the 7.5 per cent Value Added Tax (VAT), the cost of pre-paid meters and other service charges have gone up, it was learnt at the weekend. It was gathered that many of the electricity distribution companies (DisCos) have[Read More…]
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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…]