Tag: Revenue

Revenue Shortfall: NASS sets up panel to probe ₦4tr indiscriminate waivers for MDAs

Aminu Imam
NASS sets up panel

The National Assembly Joint Committee on Finance has constituted a special committee to probe a shortfall of over ₦4 trillion revenue due to indiscriminate waivers by agencies of Government. The decision to set up a panel to probe the shortfall followed a motion moved by Senator Adamu Aliero during the hearing to probe the revenue profiles of Ministries, Departments, and Agencies, (MDAs), and Government-Owned Enterprises, (GOEs), ahead of the 2025 Budget. The hearing was to enable the 10th Senate and House of Representatives committees to develop accurate and realistic revenue…

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Google, Meta, X, others paid ?2.55tr taxes to FG in H1 2024 – NITDA

Aminu Imam
NITDA on Google, Meta, X

Google, Meta, X (formerly Twitter), TikTok, Microsoft and social media platforms operating in Nigeria, have paid ?2.55trillion ($1.5billion) in taxes to Federal Government in the first six month (H1) of 2024, the National Information Technology Development Agency, (NITDA), has said. NITDA, in an issued statement yesterday said data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) revealed that foreign digital companies, including interactive computer service platforms and Internet intermediaries operating in Nigeria, were now paying their taxes., saying this had led to significant increase…

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H/Reps uncovers over N32bn revenue leakages in NUPRC operations

Aminu Imam
H'Reps on revenue leakages

…Summons CEO The Public Accounts Committee (PAC) of the Nigerian House of Representatives has revealed alarming revenue leakages totaling N32.15 billion within the Nigeria Upstream Petroleum Regulatory Commission, (NUPRC). The committee, chaired by Rep. Bamidele Salam, highlighted significant irregularities in the revenue generated for the federal government between 2015 and 2022, as documented in NUPRC’s submitted report. During the committee’s recent session, it was disclosed that N909 million had been transferred directly into private accounts within Deposit Money Banks, bypassing the Treasury Single Account (TSA) protocols, a violation of government…

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Three FG agencies spend N533bn on revenue collection in 7 months

Aminu Imam
FG agencies

Three Nigerian revenue-generating agencies – Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), deducted N533.11bn as costs of revenue collection in the first seven months of 2024. This marks a 99.85% increase from N266.75bn in the same period in 2023, according to reports from the Federation Accounts Allocation Committee (FAAC) published by the National Bureau of Statistics, (NBS). FIRS claimed the largest share with N254.82bn, followed by NCS with N147.64bn, and NUPRC with N130.64bn. The agency’s higher collection costs are likely due…

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Tinubu moves to stop Customs, NPA, others from revenue collection

Aminu Imam
Bola Tinubu 4 780x470 1

President Bola Tinubu may bar revenue-generating agencies from collecting revenues on behalf of the Federal Government, as he plans to introduce a single agency – Nigeria Revenue Service – to handle the task. This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection. The reforms, designed to enhance the efficiency of collecting direct taxes, along with various levies that are imposed on behalf of the government, will bar the Nigerian Customs Service, Nigerian Ports Authority, (NPA), and 60 other revenue…

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FG commences 40% revenue deduction from varsities

Aminu Imam

In a move to secure autonomy for all Nigerian institutions, the Federal Government has commenced the implementation of a 40 percent deduction of Internally Generated Revenues (IGRs) of Federal Universities and other partially funded institutions across the country. It was gathered that the auto-deduction policy of gross IGR is in line with the Finance Circular, dated December 20, 2021, whereas the circular limits the annual budgetary expenditure from IGR of the partially funded federal government. This was contained in a letter dated October 17, 2023, and titled: ‘Implementation of 40%…

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Dwindling Revenue Largess: States, LGs face bankruptcy over NNPC’s new status

Aminu Imam

The new legal status of the national oil giant, Nigeria National Petroleum Corporation (NNPC) Limited, from a wholly government-owned company to a commercial venture may be a double-edged sword for the country and the federating units. With the new status, the company has ceased to fund the Federation Account, which is the financial conduit that sustains the States and local governments through the Federation Account Allocation Committee, (FAAC), shared every month by the three tiers of government. In the new status, the company will only pay taxes and dividends to…

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Reps. investigate $30bn alleged revenue leakage

Aminu Imam

The House of Representatives has commenced investigative hearing into alleged 30 billion dollars annual revenue leakages arising from payments on account of foreign currency denominated contracts by companies. The Chairman, House Committee on Finance, Rep. James Faleke,and Chairman, House Committee on Banking and Currency, Rep. Victor Nwokolo, led members to commence the investigation yesterday in Abuja. Falake said that the committee would also investigate foreign exchange allocation to companies from sources such as the Central Bank of Nigeria (CBN) autonomous, interbank domiciliary and over the counter purchase. The purchases, according…

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Over N2tr revenue trapped in federal agencies, Senate raises alarm

Aminu Imam

The Senate has accused government-owned enterprises of frustrating efforts by the present administration to shore up its revenue profile. Senator representing Lagos West and Chairman Senate Committee on Finance, Adeola Olamilekan, made the allegation when the Minister of Finance, Ahmed Zainab appeared before the Committee. Also in attendance at the session was the DG, Budget Office, Ben Akabueze. Picture caption: Senator Adeola Olamilekan The meeting, at the instance of the Senate , was called as part of its ongoing investigation into revenue remittances by Ministries, Department and Agencies (MDAs) between…

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