PwC warns fiscal collapse looms amid Nigeria’s debt addiction
Post AMUGE
July 1, 2024
Onome Amuge The growing reliance on debt instruments by the Nigerian government without corresponding increases in revenue-generating investments could have detrimental effects on the country’s economic outlook in the long run, according to analysis by PricewaterhouseCoopers (PwC). PwC, in a recent report titled “Nigeria Economic Outlook: Navigating Economic Reforms”, observed that the imbalance between government […]
N7.314trn accrues to Federation Account in HY2 2023, says RMAFC
Post AMUGEApril 22, 2024
NNPC Ltd remits N874.6bn; NUPRC: N1.568trn; FIRS: N3.65trn ; NCS: N1.216trn Ben Eguzozie The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the Federation Account received a little above N7.314 trillion (N7,314,129,314,386.08) in half-year 2023 (HY 2023 – July to December), as captured in the Federation Account Allocation Committee (FAAC) monthly report by the […]
BudgIT advocates media, CSO collaboration in fight against corruption
Zainab IwayemiMarch 31, 2021
Zainab Iwayemi BudgIT, a civil organization that utilizes technology in facilitating social change whilst also engaging citizens with institutional improvement, alongside CSOs present during a town hall meeting in Lagos have emphasized the importance of partnership for media, CSO and related organizations in order to reinforce fights against anti-corruption in Nigeria. Speaking on the […]
Imo orders MDAs to channel all official payments via TSA
Dikachi Franklin, in OwerriMarch 19, 2021
*Receives COVID-19 vaccines Dikachi Franklin, in Owerri Imo State government has directed all its ministries, departments and agencies (MDAs) to stop receiving payments as all payments should now be done via the Treasury Single Account (TSA), a payment system that puts government accounts into one block account, thereby assisting in pluck cash leakages. […]
DMO Lists N162.55bn FGN Sukuk Bond with 7-year tenor and 11.2% rate on the NSE and FMDQ Exchanges
Charles AbuedeMarch 18, 2021
Following the release of its FGN Bonds offer circular for the month of March 2021 on Wednesday, the debt management office (DMO) has announced the listing of the FGN Roads Third Sovereign Sukuk ‘N162,557,000,000 Al Ijarah Sovereign Sukuk due 2027’ for a 7-year tenor at 11.200 per cent rental rate on the Nigerian Stock Exchange […]
N1trn conceded to import waivers in 5 years, says FG
Bussinessam StaffDecember 20, 2019
The federal government says it conceded about N1trillion through grants of various import waivers to both public and private organisations between 2011 and 2015. This was disclosed by Hajia, Zainab Ahmed, the minister of finance, budget and national planning, on Friday at a stakeholders’ meeting for the introduction of E-Solution for the administration of import duty waivers […]
FG targets 15% Tax-to-GDP ratio with the Nigeria finance bill
Businessam StaffNovember 27, 2019
The federal government is targeting a tax-to-gross domestic product (GDP) ratio of 15 per cent by 2023, up from the six per cent it is presently, with the Nigeria Tax and Fiscal Law Amendment Bill (the Finance Bill) currently before the National Assembly, according to Zainab Ahmed, the minister of finance, budget and national planning. […]
Federal Government reimburses states N157.3bn in tax arrears
Businessam StaffNovember 8, 2019
The Federal Government of Nigeria has paid N157.35 billion to all the states in the federation. The money represents pay-as-you-earn tax liabilities owed by federal ministries, departments and agencies. Babatunde Fowler, the chairman, Federal Inland Revenue Service, said this on Thursday in Awka, Anambra State. Fowler, who is also chairman of the Joint Tax Board, spoke at […]
CBN to issue N1.5bn loan for youth led agric expansion in Plateau
Businessam StaffSeptember 5, 2019
The Central Bank of Nigeria is to give a loan of N1.5 billion to Plateau under the Accelerated Agriculture Development Scheme (AADS). Yusuf Duniya, branch controller, CBN Jos, said that the AADS was for the youth of between 18 and 35 years of age who were expected to work in clusters. He made the disclosure […]
South Africa may follow Nigeria’s steps as economists predict 25bps rate cut
Adesola AfolabiJuly 11, 2019
South Africa’s apex bank may reduce interest rate by 25 basis points next week, says economists who responded to a Reuters poll. The results of the poll released Thursday indicated that “twenty-four of 30 economists in the survey taken over the past three days said the repo rate would be cut by 25 basis […]