Tag: Finance - Page 17 - African News Today

VAT: FIRS Risk Losing N92bn Revenue To States

14Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

VAT: FIRS Risk Losing N92bn Revenue To States

The Federal Inland Revenue Service may lose about N92bn which it is expected to earn as cost of collection if the Appeal Court upholds the judgement of the Federal High Court asking states government to collect Value Added Tax in their domain. The law setting up the FIRS allows the agency to a percentage, as determined by the National Assembly, as its cost of revenue collection from non-oil taxes before remitting same into the federation account. A report on FIRS official website revealed that the service collects four per cent as the cost of collection for non-oil revenue collected. The FIRS is one of the agencies of the government that generates revenue for sharing by the three tiers of government. See Also: FG’s GDP Growth Insignificant With Rising Poverty – Peter Obi Oth...

FG’s GDP Growth Insignificant With Rising Poverty – Peter Obi

13Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

FG’s GDP Growth Insignificant With Rising Poverty – Peter Obi

The former governor of Anambra State and vice-presidential candidate of the People’s Democratic Party, PDP, in the 2019 general elections, Peter Obi, has undermined the significance of the latest National Bureau of Statistics report which showed that the country’s economy has recorded a five per cent growth to Gross Domestic Product growth. Obi noted that the growth was insignificant with rising poverty across the country. He spoke on Sunday evening when he featured on a Channels Television programme, ‘Politics Today’. He specifically said rather than celebrating growth to GDP, which had no impact on the citizenry, the Federal Government should stop borrowing for consumption and face investment. The former governor of Anambra State said the fact that the Federal Government had ...

FG Suffers N1.76tn Revenue Shortfall in Six Months

5Sep

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FG Suffers N1.76tn Revenue Shortfall in Six Months

An official record has shown that the Federal Government of Nigeria suffered a revenue shortfall of N1.76tn in the first half of this year. According to a revenue performance report, which was obtained from the Budget office of the federation, the Federal Government’s projected revenue for the 2021 fiscal year was N7.9tn, of which N3.9tn was earmarked as pro rata target for the first six months. As at June 2021, the government had only generated N2.3tn, or 44.1 per cent of the pro-rata estimate, indicating a revenue gap of N1.8tn. During the period under review, the aggregate revenue of N2.23tn comprised oil revenue of N492.4bn, non-oil revenue of N778.2bn and N922.1bn from other revenue sources including independent revenue of N558.1bn. The report said, “FGN share of oil reven...

Nigeria Sole Country Not Taxing Coca-Cola, NCS Says As it Seeks Excise Duty on Soft Drinks

24Aug

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Nigeria Sole Country Not Taxing Coca-Cola, NCS Says As it Seeks Excise Duty on Soft Drinks

The Nigeria Customs Service, NCS, has urged the Federal Government to re-introduce excise duty on all drinks produced in the country. The comptroller-general of NCS, Hameed Ali, stated this in an interactive session on the 2022-2024 Medium-Term Expenditure Framework (MTEF) organised by the house of representatives committee on finance. This is not the first time government is proposing a collection of excise duty on soft drinks. Last year, Ali had asked the federal government to lift waivers for companies producing soft drinks within the country. In 2019, Zainab Ahmed, the minister of finance, had announced that the government may introduce excise duty on carbonated drinks. Excise duty is a levy placed on the manufacture of locally produced goods. James Faleke, chairman o...

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

23Aug

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

The Petroleum Products Pricing Regulatory Agency, PPPRA, has restated that the Petroleum Industry Act had marked the full deregulation of the downstream oil sector. It added that the negotiations between the Federal Government and labour would cushion the effect of subsidy removal upon full deregulation of the sector. The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that the petrol price would be adjusted in a way that it would not cause hardship on consumers. He said, “There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector. “However, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS. Read Also: Naira ...

19Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Dips To 517 Against Dollar

The naira has continued its recent crash, dipping further against the dollar at the parallel market on Wednesday to exchange at 517/$ after maintaining a 515/$ valuation in recent days. The local currency fell to 517 against the US currency at the parallel market on Wednesday. At the Investors and Exporters’ window, the naira weakened by 0.06 per cent to close at 411.75/$ on Wednesday, according to FMDQ Group. The naira had strengthened to 506/$ on August 4 after plunging to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change. It had been hovering around 508/$ and 510/$ in recent days. The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announc...

FG owes CBN N15.51tn, borrows N14.86tn under Buhari

18Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

FG owes CBN N15.51tn, borrows N14.86tn under Buhari

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has skyrocketed to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, which stood at N33.11tn as of March 2021, according to the Debt Management Office. The public debt stock comprises the debts of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory. Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls subject to limits imposed by law. According to Section 38 of the CBN Act, 2007, the bank may grant...

Nigeria, Nine Others Among Countries With High Debt Risk Exposure – World Bank

11Aug

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Nigeria, Nine Others Among Countries With High Debt Risk Exposure – World Bank

The World Bank has named Nigeria among a list of top 10 countries with high debt risk exposure. It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday. The financial statement said, “IDA faces two types of credit risk: country credit risk and counterparty credit risk. “Country credit risk is the risk of loss due to a country not meeting its contractual obligations; and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations. “IDA is exposed to commercial as well as noncommercial counterparty credit risk.” It stated, “As of June 30, 2021, the 10 countries with the highest exposures accounted for 66 per c...

Naira Appreciates to 512/1$, Banks Sell Dollar For N412

3Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Appreciates to 512/1$, Banks Sell Dollar For N412

The naira strengthened against the dollar at the parallel market on Monday as deposit money banks set up foreign exchange teller points for customers in accordance with the Central Bank of Nigeria, CBN, directive. The naira appreciated to 512 against the greenback at the parallel market from the 515/$1 at which it closed on Friday. It, however, fell by 0.02 per cent to 411.50/$1 at the Investors and Exporters’ window, with a forex turnover of $121.08m, according to FMDQ Group. The local currency had last week plunged to an all-time high of 525 against the dollar at the parallel market following the stoppage of the supply of foreign exchange to Bureau de Change by the CBN. The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy Committee meeting, ...

Senate Indicts Accountant-General For Illegally Withdrawing N665billion From Federal Account

29Jul

By Obiajulu Joel NwoluNo Comments

Finance, Legislature, News, Nigeria

Senate Indicts Accountant-General For Illegally Withdrawing N665billion From Federal Account

The Nigerian Senate has accused the office of the Accountant General of the Federal of illegally withdrawing N665.8billion from the Development of Natural Resources Fund and Stabilization Funds and issuing as loans to various government agencies. The upper legislative chamber said the money was withdrawn between 2004 and 2015 contrary to the established objectives of the fund. The revelation is contained in the report of the Senate Committee on Public Accounts on the Federation Account. The committee had been investigating expenditures of federal government agencies from 2015-2018 based on an audit report by the Auditor-General for the Federation. The panel presented the report of its six-month investigation on the Federation Account for the year 2015, which was approved by the...