revenue

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

NGX group reports N6.17bn revenue for 2022

March 2, 2023 Amaka Ifeakandu 0

Nigerian Exchange Group (NGX group) has released its financial result for the year ended December 31,2022, reporting revenue of N6.170 billion. The amount represents an increase of 6.8 per cent against N5.78 billion reported in the preceding year. The NGX audited result released on Thursday showed that gross earnings grew by 10.30 per cent to N7.499 billion from N6.79 billion Read More

Nestle Nigeria reports N446.82bn revenue in full year result

March 2, 2023 Amaka Ifeakandu 0

Nestlé Nigeria Plc has announced a 27.0 per cent revenue growth in its 2022 financial results . The company posted a revenue of N446.819 billion in the year under review as against N 351.822 billion reported in the corresponding period of 2021. The company’s Gross profit for 2022 financial year stood at N155.76 billion, representing a 18.2 per cent increase Read More

RMAFC assures of objective review of political, public office holders’ remunerations

February 15, 2023 David Agba 0

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has assured the nation that the current review of the remuneration for the political, judicial and public office holders in the country will be concluded before the end of the present administration, assuring that it will be fair in carrying out this constitutional mandate. The Chairman of the Commission, Mohammed Bello Shehu, Read More

FG to spend 82% revenue on debt servicing in 2023

February 14, 2023 Blessing Anaro 0

The Federal Government’s revenue projection for 2023 shows that 82 per cent of its revenue will be used to pay interest on its debt, an improvement from 96.3 per cent in 2022 and 86.1 per cent and 87.8 per cent in 2020 and 2021 respectively. It will be recalled that the International Monetary Fund (IMF) had warned that Nigeria is Read More

NASS may pass 2023 budget, new revenue sharing formula December 22

December 21, 2022 Blessing Anaro 0

The National Assembly (NASS) may pass the 2023 budget, which contains a new revenue sharing formula on Thursday December 22, 2022, Blueprint report.  In the bill, the federal government proposed expanding the tax net and more equitable revenue sharing formula and allocation to state and local governments. Jude Onakaeme, an analyst in Lagos told Blueprint that the bill will likely Read More

After restructuring Discos: Nigeria goes for $500m World Bank lifeline for electricity distribution, targets 22,000mw by 2023

December 14, 2022 Abdulrahman A. Abdulrauf 0

The World Bank is to come up with $500 million facility to boost the distribution segment of power supply in Nigeria to boost the activities of the power Distribution Companies (DisCos). Similarly, the Nigerian Electricity Supply Industry (NESI) recorded N393billion in revenue in the first half of 2022, being its highest in eight years, while it also generated N74billion in the Read More

Coalition counters beverage industry, wants increase in soft drink taxes

December 7, 2022 Tope Sunday 0

A coalition, the National Action on Sugar Reduction, has staged a peaceful display in Abuja to urge the government to increase taxes on sugary drinks and invest the revenue into public health. Recall that last year a 10 naira per litre excise tax on non-alcoholic, carbonated, and sweetened beverages were passed through the 2021 Finance Act, and the coalition commended Read More

Ebonyi shopping mall begins business activities, employs 300 workers

December 5, 2022 Admin III 0

By Amarachukwu Egwu-Agha, Abakaliki The uutra-modern shopping mall newly constructed by the Ebonyi State government has been opened for business. The recently opened mall has reportedly generated 300 jobs for youths in the state with investors operating in it. Manager director of 3rd Retail Africa, Eze Igwe, disclosed this to journalists during a press briefing at the mall on Monday. 3rd Retail Read More