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Value Added Tax
The office of the Auditor-General for the Federation (AuGF) has expressed concerns over irregularities and weaknesses in financial regulations across ministries, departments and agencies (MDAs) of government, especially in the disbursement and utilisation of public funds.
Nigeria civil aviation in the last one week has been receiving world commendation. The sector which was recently rated as having one of the highest number of unserviceable aircraft in the world is suddenly being seen as one with the highest potentials on the Africa continent, capable of competing with the best in world civil aviation.
The International Monetary Fund (IMF) on Monday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic.
Total revenues amounting to about N2.94 trillion were generated as both Value Added Tax (VAT) and Company Income Tax (CIT) in 2020, according to the National Bureau of Statistics (NBS).
“The distribution is as follows: Federal Government got N23.904 billion, the States received N79.682 billion, Local Government Councils got N55.777 billion while Cost of Collection by FIRS and NCS is N6.854 billion and allocation to NEDC project amounted to N5.141 billion.”
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday disclosed that out of N8.26 trillion spent on capital projects, debt servicing and payment of salaries and pensions in 2020, N118.37 billion went into COVID-19-related capital spend.
The figure was released Wednesday night by the Federation Accounts Allocation Committee (FAAC), after its December meeting held at the Federal Ministry of Finance headquarters, Abuja.
He said N120.7billion of it had been earmarked for capital expenditure, while N93.1 billion has been set aside for recurrent expenditure, pointing out that the government would strive for the full implementation of the budget.
The Central Bank of Nigeria (CBN) has introduced a new pricing regime for the enhanced Treasury Single Account (TSA) e-collection model.
The Securities and Exchange Commission is opposed to a proposed amendment in the Finance Bill 2020 that prescribes that unclaimed dividends be handed over to the federal government as trustee.
Zainab Ahmed, the minister of finance, budget and national planning, says the federal government (FG) conceded N341.94 billion worth of waivers from August 2017 to August 2019.
The Federal Executive Council (FEC) yesterday approved N40 billion for the construction of road and ecological projects in different parts of the country.
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Thursday that the resurgence of COVID-19 pandemic in Europe, may affect the 2021 budget estimate.
Lagos State Governor Babajide Sanwo-Olu on Thursday called on governors to look into their expenditure profile and do away with unnecessary spending.
She was previously charged with breaches of the country’s emergency management law, connected with the government’s response to the coronavirus pandemic, and a violation of import and export laws for possession of walkie talkies.
A chieftain of the Peoples Democratic Party, PDP, in Edo State, Chief Charles Idahosa, has advised a former governor; Minister of State for Budget and National Planning, Clem Agba, and the All Progressives Congress, APC, not to panic over moves by the Edo State government to probe the N30 billion Edo stormwater project.
The Australian National University’s Chinese Investment in Australia Database (CHIIA) recorded just over $780m (A$1bn ; £550m) in investment.
Donald Trump says he has no plans to launch a new political party, telling a conservative conference in Florida that it would split the Republican vote.
The Peoples Democratic Party (PDP), and a human rights lawyer, Mr. Femi Falana (SAN), has condemned the arrest of Salisu Tanko-Yakasai, a former Special Adviser on Media to Kano State Governor, Dr. Abdullahi Ganduje, who was arrested by the Department of State Services (DSS) shortly after criticising President Muhammadu Buhari on Twitter.
Kidnappers have abducted schoolchildren in northwest Nigeria’s Zamfara state, a spokesman for the state governor said on Friday, but declined to say how many people were taken or provide further details.
This was disclosed by the Director General of National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu at the opening of a two-day investigative hearing held at the instance of the Ad-hoc Committee into the financial budgetary approvals and multilateral donation on skills acquisition and related programs of federal government and its agencies, chaired by Hon. Victor Akinjo.
There has been movement in the rankings of female tennis professionals especially those who had a strong showing with remarkable performances and great results in the recently concluded first Grand Slam, the Australian Open, in Melbourne Park, Victoria.
India’s economy grew 0.4 per cent year-on-year in the final quarter of 2020, official data showed Friday, ending its first recession since independence as...
As part of efforts to sustain the peace and security of lives and property, the Kebbi state governor, Atiku Bagugu has engaged top clerics to preach a message of love and togetherness among Fulani communities in the state.