Tag: Revenue

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 NNPCs 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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