revenue

Tinubunomics and revenue generation from expatriates’ employment

November 29, 2023 Diekola Modupe 0

The media is somewhat awash with reports about broadening the government’s income base. It is commonsensical to grow inflow, flowing from the extant, age-old, and probably weather-beaten desire to diversify the nation’s revenue source from oil. Agriculture, steel development, manufacturing, mining and quarrying, have among other sectors been proposed as future major determiners of the nation’s Gross Domestic Product (GDP). Read More

LIRS deploys upgraded revenue collection process for Hotels, others

November 21, 2023 Segun Odunewu 0

The Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos State. The Executive Chairman of the LIRS; Ayodele Subair, in a public notice directed at members of the public, operators and owners of hotels, event centres, restaurants, bars, and other related Read More

FG set to resolve revenue generation disputes in gaming industry

November 1, 2023 Tope Sunday  0

Minister of Special Duties and Intergovernmental Affairs, Hon. Zephaniah Jisalo has said  the federal government would find a lasting solution to the friction caused by revenue generation in the gaming sector. A statement  Tuesday by Deputy Director, Public Affairs, National Lottery Regulatory Commission. Magnus Ekechukwu, quoted  Jisalo.as making  the call at the 2023 International Gaming Conference held at the Eko Read More

FG speaks on ‘plans to increase taxes’

October 19, 2023 Benjamin Umuteme 0

Acting chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to increase in taxes. According to a statement by Special Adviser on Media and Communication to the Ag Executive Chairman, FIRS, Dare Read More

Borno reiterates commitment to support women 

October 15, 2023 Sadiq Abubakar 0

The director general of the Maryam Babangida National Center for Women Development (MBNCWD), Dr Asabe Vilita Bashir, has empowered 60 Borno women with the view to advancing their livelihood. Speaking at the occasion held at Ramat Polytechnic, Maiduguri, over the weekend the state deputy governor, Alhaji Umar Usman Kadafur, enjoined women not to sell the starter kits given to them Read More

Revenue firm bars agents from smoking, drinking on duty in Anambra

October 7, 2023 Okechukwu Onuegbu 0

Bigly Oil and Gas, an Internally Generated Revenue (IGR) firm in Anambra State, Saturday, barred its members from smoking cigarettes, hemp, other hard drugs and substances especially while on duty. The firm’s project manager, Mr Chukwuma Nwabuikwu Michael, who disclosed in an interview in Awka, said their agents were barred from drugs and substance abuse in order to improve the Read More

Customs partners RMAFC to curb revenue leakages, boost income

October 6, 2023 David Agba 0

In a bid to enhance Nigeria’s revenue generation and block all leakages, the Acting Comptroller-General of Customs, Bashir Adewale Adeniyi has announced a groundbreaking partnership with the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to boost federal income and improve revenue generation. This was disclosed during a courtesy visit by the Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Muhammad Read More

AGF restates commitment to transparency, accountability in publication of FAAC revenue allocation

September 16, 2023 Benjamin Umuteme 0

The Accountant General of the Federation, Dr. Oluwatoyin Madein has reaffirmed her commitment to upholding and promoting the ideals of prudence, transparency and accountability in government financial transactions. In a statement issued Friday in Abuja, the AGF said she will take requisite steps to permanently resolve observed and potential threats to the efficient and continuous implementation of all the financial Read More

RMAFC, NUPRC, NOSDR collaborate on gas flaring revenue

September 11, 2023 David Agba 0

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is to part the Nigeria Upstream Regulatory Commission ( NUPRC) and Nigerian Oil Spill Detection and Response Agency (NOSDRA) to boost revenue generation through proper management of gas flares in line with global best practice. This is in a bid to arrest huge revenue losses recorded and enhance revenue generation into government Read More

Heirs Insurance Group posts N20bn in 2022 revenue

September 6, 2023 Benjamin Umuteme 0

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% jump in Gross Written Premium (GWP), from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022. With the strong performance sustained in its second year of operations, the Group has become the fastest-growing insurance group in Nigeria. Heirs Insurance Read More

Servicing debts at 90% of total revenue is suicidal, Tinubu cries out

August 29, 2023 Blessing Anaro 0

President Bola Ahmed Tinubu told lawyers that, making a hundred naira and using N90 of it to pay off debt is a clear path to destruction. The President disclosed this while giving the opening remark at the annual Nigeria Bar Association’s (NBA) conference in Abuja themed “Getting it Right: Charting the Course for Nigeria’s Nation-Building”. The President said, “can we Read More

Discos record N112bn revenue shortfall in Q1 2023

August 8, 2023 Tope Sunday 0

The 11 electricity distribution companies (DisCos) operating in Nigeria recorded a revenue shortfall of N112 billion out of ₦359.38 billion billed to customers in the first quarter of 2023 The first Quarterly 2023 Report released by the Nigerian Electricity Regulatory Commission (NERC), recently shows that the total revenue collected by all DisCos in 2023/Q1 was ₦247.09 billion. A breakdown of Read More

Massive technology’ll block revenue leakages – Wale Edun

August 2, 2023 Content Administrator II 0

An economist and ministerial nominee, Olawale Edun, has said technology can be deployed not only to increase revenue generation but also reduce inefficiency in government. Edun, who stated this Tuesday while fielding questions from Senators added that to reform the civil service, the federal government would need to computerize its entire operations. Edun, who is a ministerial nominee from Ogun Read More

Ensure prompt remittance of revenues, FG tells FRC

July 15, 2023 Editor 0

The Federal Government has called on the Fiscal Responsibility Commission (FRC), to ensure prompt remittance of revenues to the Consolidated Revenue Fund (CRF) by all Ministries, Departments and Agencies (MDAs). Mr Zacchaeus Adedeji, Special Adviser on Revenue to President Bola Tinubu, made the call during a visit to the Chairman, FRC, Mr Victor Muruako, on Saturday in Abuja. Adedeji said Read More

Railway debt servicing gulps $62.66m amid revenue drop in Q1 ‘2023

July 3, 2023 Blessing Anaro 0

Debt Management Office (DMO) has revealed that the Federal Government spent $62.66 million to service railway-related debts in the first quarter of 2023, according to the external debt service payments report by the Office. The National Bureau of Statistics (NBS) revealed that railway revenue dropped to N768.44 million in the first quarter this year, below the N2.08 billion reported in Read More

Discos rake in N243bn revenue in Q4 2022

June 20, 2023 Tope Sunday 0

The 11 electricity distribution companies (DisCos) raked in N243 billion in revenue in Q4, 2022, the highest in four quarters, a document by the Nigerian Electricity Regulatory Commission (NERC), has revealed. The document released by NERC over the weekend shows that the total revenue collected by the DisCos increased by 24.9 percent from N188.2 billion in Q2 2022. According to Read More

More revenue as FIRS, LIRS team up for joint audit, investigations

June 9, 2023 Blessing Anaro 0

The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS) have signed a memorandum of understanding (MoU) to establish a joint audit and investigation team (JAIT). Speaking on the agreement, Muhammad Nami, executive chairman of FIRS, said the cooperation fosters sharing relevant information that would assist both parties in their tax administration and enforcement roles. This, he Read More

Freight forwarder seeks FG’s support in revenue generation

June 1, 2023 Content Administrator II 0

The acting National President, Association of Nigerian Licensed Customs Agents (ANLCA), Dr Kayode Farinto Collins, has urged the federal government to recognise the role the country’s freight forwarders play in generating revenue for the nation and seek collaborations in expanding its revenue dragnet. Farinto, a Presidential Candidate in the forth coming National Executive Committee (NECOM) election, said he would work Read More

Buhari’s $800m World Bank loan request, revenue generation and allied matters

May 16, 2023 Admin III 0

President Muhammadu Buhari recently sent a request to the National Assembly to approve 800 million dollars loan meant to cushion effect of the proposed removal of fuel subsidy.The minister of finance, budget, and national planning, Zainab Ahmed, said that Nigeria secured the World Bank facility as a first tranche of palliatives for disbursement through cash transfers to about 50 million Read More

AMAC to seal defaulting hotels over revenue payment

March 8, 2023 Paul Okah 0

The Abuja Municipal Area Council (AMAC) has warned defaulting hoteliers to pay their revenues or have their hotels sealed. In a statement on Wednesday, signed by the Senor Special Assistant on Media and Public Affairs to the AMAC chairman, Mr Kingsley Madaki, he said that the area council has strictly followed the law and served them 14 days demand notice.  Read More