Business

Despite tariff increase, DisCos collect N291bn as revenue in Q1 2024

Ihesiulo Grace 26 June 2024 0

By Ben Azuka Revenue collection by electricity Distribution Companies increased to N291.62 billion in the first quarter of 2024 from N294.95 billion in Q4 2023, the National Bureau of Statistics (NBS) has said. In its Nigeria Electricity Report Q1 2024: Energy Billed, Revenue Generated And

Politics

2024: Senate tasks revenue generating agencies to surpass N18.3trillion target

DailyTimesNGR DailyTimesNGR 17 December 2023 0

By Tunde Opalana Revenue generating agencies of the Federal Government have been tasked to strive surpass the N18.3 trillion aggregate revenue intake target set for them in the 2024 federal budget. The Senate Committee on Finance said the target revenue inflow is achievable if agencies of government maximally utilize their earning powers and block all […]

News

Oil Revenue: Host communities should be given 13% derivation – Ex- Minister

DailyTimesNGR DailyTimesNGR 29 November 2023 0

By Tunde Opalana Former minister of Health, Architect Gabriel Aduku has made case for an increase in revenue given to host communities in oil producing areas. He, therefore appealed to President Bola Tinubu to ensure that the 13% revenue derivation given to oil producing states should be extended to communities bearing oil and other mineral […]

News

Shippers’ Council: Reps C’ttee summons Customs, AGF, others over revenue collection

Ihesiulo Grace 18 August 2021 0

Tom Okpe, Abuja The House of Representatives Finance Committee, on Tuesday, invited the Nigerian Customs Service, Accountant General of the Federation and Budget Office to appear before it on Monday and explain issues surrounding the collection and appropriation of the Nigerian Shippers’ Council 2% Ports Development Levy revenue. This was as the Executive Secretary,

Business Headlines

FIRS gets online portal to check fake tax certificates

Ihesiulo Grace 12 June 2021 0

The Federal Inland Revenue Service (FIRS) has deployed an online portal to address fake Tax Clearance Certificates (TCC) issued by fraudsters. Dr Abdullahi Ahmad, Director, Communications and Liaison Department of FIRS, disclosed this in a statement issued in Abuja on Friday. Ahmad said the effort was part of measures to check the activities of fraudsters […]

Business News

LASG generates N127bn in Q1 Y2021, saves N8.9bn via debt renegotiation

Ihesiulo Grace 21 May 2021 0

The Lagos State Internally Generated Revenue (IGR), closed at N127 billion at the end of the first quarter (Q1), Y2021, just as the government has saved about N8.9bn through renegotiation of its existing debt obligation. The commencement of the government’s funding of the N1.16trillion budget for this year has been noted to have recorded an […]

Editorial

Editorial: Decline in states’ internally generated revenue

Ihesiulo Grace 11 November 2020 0

The fiscal condition of states in the federation has been highly deplorable for a very long time. It appears to have worsened in the past two decades. This has been caused by the increasing size of the bureaucracy and several other associated issues of the fledgling democratic dispensation that have pushed the expenditure of these […]

News

Lawan raises the alarm on looming recession as revenue gap hits $14bn

Ihesiulo Grace 30 September 2020 0

By Tunde Opalana President of the Senate, Ahmad Lawan on Tuesday raised the alarm that if the Federal Government fail to close the $14 billion revenue generation gap, the nation’s economy may once again go into recession. He also raised the hope of an early processing of the 2021 appropriation bill which he said would […]

News

Galaxy Backbone seeks BPP partnership on revenue generation

Ihesiulo Grace 21 February 2020 0

The Galaxy Backbone (GBB) says it is set to partner the Bureau of Public Procurement (BPP), to enable the company to be a viable revenue generating entity for the Federal Government. The Managing Director, GBB, Prof. Muhammed Abubakar, stated this when he led a delegation of the company’s management board members on a courtesy visit […]

Education Featured

NYSC to generate revenue

Ihesiulo Grace 11 February 2020 0

Keffi (Nasarawa State) – Brig.-Gen. Shuaibu Ibrahim, Director-General, National Youth Service Corps (NYSC), on Tuesday, disclosed that the scheme had put in place commercial platforms to boost its internally-generated revenue (IGR). Ibrahim, who made this disclosure on the sidelines of a three-day workshop, organised for members of staff of the corps, said that this

News

Saraki tasks govt agencies on IGR improvement

Ihesiulo Grace 15 December 2019 0

Minister of State for Transportation, Sen. Gbemisola Saraki, has tasked government agencies to take Internally Generated Revenue, (IGR) seriously as it is the only way they can be productive. Sen. Saraki made this known when board members of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), paid her a courtesy visit recently […]

Business

Non-oil revenue collection below proportion Budget figure of N467bn- Analysts

Ihesiulo Grace 8 March 2019 0

A group of analysts at FBNQuest have said Federal government non-oil revenue collection stood below proportion budget figure of N467 billion for 2018 budget. The Lagos based research firm noted that the Central Bank of Nigeria (CBN)’s latest monthly report for November noted that the federally-collected revenue still runs well behind budget. According to FBNQuest […]

Business Headlines

Imbibe fiscal discipline, cut overhead costs, FG tells states

Ihesiulo Grace 27 November 2018 0

…Pledges to ensure all federation revenues are accounted for in transparent manner The Federal Government has called on state governments to reduce unnecessary overhead costs and enthrone fiscal discipline in order to increase Internally Generated Revenue (IGR) for proper resources management with availability of scarce resources. The Minister of Finance, Mrs. Zainab

News Nigeria

Court convicts ex-Taraba SA on revenue matters over N5.4m fraud

Ihesiulo Grace 4 August 2018 0

A Taraba State High Court, Jalingo has convicted former Special Adviser on Revenue Matters to Taraba State government, Joshua Augustine, on a two-count charge bordering on criminal breach of trust, misappropriation and conversion of public funds. The Federal government had in 2012 provided financial assistance to the tune of N400 million for the procurement of […]

Headlines News

Int’l calls termination fraud: Stakeholders seek EFCC’s intervention

Ihesiulo Grace 16 May 2018 0

…Say action undermines security, loss of jobs, tax revenue …Insist development poses negative trend on investment drive Stakeholders in the Nigerian telecommunications industry have raised the alarm over the activities of some people in the country who have now taken their fraudulent act to a new dimension by using foreign telephone numbers to call people’s

Business Headlines

How states withdrew N593bn from federation account in 3 months

Ihesiulo Grace 13 May 2018 0

The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018. The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja. The key agencies that […]

Business News

Amend outdated laws to increase IGR, experts tell states

Ihesiulo Grace 3 May 2018 0

Task Team Leader of State and Local Governance Reform (SLOGOR), Mr Ikechukwu Nweje has urged state governments to amend outdated financial laws to improve their Internal Generated Revenue (IGR) and financial governance. Nweje made the call at a retreat organized for the six SLOGOR states participating in the Public Financial Management (PFM) Reforms in Enugu […]

Business Headlines

FIRS nets N1.171trn in 3 months

Ihesiulo Grace 30 April 2018 0

…Development, endorsement of change under Buhari- Adeosun The Federal Inland Revenue Service (FIRS) has generated N1.171trillion in the first quarter of 2018 – between January and March, amounting to N393 billion more than it collected during the same period in 2017. The N1.171 trillion collected in the first quarter of 2018 represented 51 per cent […]

Headlines News

Tax defaulters: EFCC recovers N28bn for FIRS

Ihesiulo Grace 11 April 2018 0

…Why we’re going after illegal varsities – Magu The Economic and Financial Crimes Commission (EFCC) has disclosed that it has recovered N28 billion from tax defaulters on behalf of the Federal Inland Revenue Service (FIRS). In a statement signed by the spokesman of the commission, Mr. Wilson Uwujaren and made available to The Daily Times, […]

News Nigeria

Why ABSG dissolved PPIDF Board – Commissioner

Ihesiulo Grace 9 March 2018 0

In December 2017, Abia State Government, ABSG commenced the process of computerizing the internally generated revenue collection system of the state with a view to removing leakages within the old system in order to shore up the state’s internally generated revenue. However, the failure to observe this government computerization process and instructions has earned the […]