NIGERIA WINS WORLD BANK'S YOUTH DEVELOPMENT INITIATIVE
For the second successive year, Nigeria has won the Ideas for Action initiative, a youth competition on financing for development, which is yearly organised by the World Bank Group in collaboration with the Zicklin Center for Business Ethics Research. Read More»
FG INAUGURATES INVESTMENT AND SECURITIES TRIBUNAL
The Federal Government has reconstituted the Investment and Securities Tribunal (IST) as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy. Read More»
FG RELEASED N336bn CAPITAL FUNDS TO MDAs IN FIRST QUARTER 2017
The Federal Government has, to date, released a total of Three Hundred and Thirty-Six Billion Naira (N336bn) from the 2017 Budget to Federal Ministries, Departments and Agencies (MDAs) for funding of capital projects in the first quarter of 2017. Read More»
MINISTER OF FINANCE SAYS FISCAL DISCIPLINE, RATIONAL ALLOCATION OF RESOURCES ARE VITAL FOR ECONOMIC GROWTH
Fiscal discipline, improved revenue generation, rational allocation and efficient use of resources must be imbibed every tier of Government in the country to return the economy to the path of sustainable growth and development. Read More»
FG RELEASES DETAILS OF ANOTHER PARIS CLUB REFUNDS MADE TO STATES
FG has released a State by State breakdown of another tranche of Paris Club refund of over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments (1995-2002) as contained in the table Read More»
VAIDS implementation: FG to provide training for professionals
To support the successful implementation of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS), the Federal Government has committed to providing free training to accountants, lawyers, wealth managers, stockbrokers and other professional advisers to the public on the scheme. The free training is aimed at equipping them to give advice to their clients on participating in the scheme.Read More»
ADEOSUN: TECHNOLOGY WILL ENHANCE TAX COMPLIANCE
The Federal Government will deploy and heavily rely on technology to increase tax compliance under the recently launched Voluntary Asset and Income Declaration Scheme (VAIDS). Minister of Finance, Mrs. Kemi Adeosun has said. Read More»
PROJECT ACT NOLLYWOOD – INNOVATIVE DISTRIBUTION FUND (IDF) DISBURSEMENT
The programme aims to improve and promote key components of the value chain through the provision of grants scheme designed to support existing or aspiring practitioners within the Industry, including the Diaspora.Read More»
WORLD BANK TO ASSIST NIGERIA TO STRENGTHEN AND CONSOLIDATE FSP
The World Bank Group is set to assist Nigeria’s State Governments improve their fiscal sustainability by strengthening and consolidating the Fiscal Sustainability Plan (FSP). The FSP was introduced by Federal Government in 2016 as part of the measures to tackle the 2015-2016 fiscal crisis that followed the decline in revenue and budget cuts leading to two financial bailouts for the States by the Federal Government. Read More»
FG: REVENUE MOBILISATION IS CRITICAL TO OUR SUCCESS
While delivering the keynote address at the NSE-BLOOMBERG CEO Round Table in Lagos on Friday, the Minister of Finance, Mrs. Kemi Adeosun, said that revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. Read More»
FG confirms first payments to Whistleblowers
The Federal Ministry of Finance has confirmed release of N375.8M to the first batch of 20 providers of information under the Whistleblower Policy. The payment, of various amounts totaling N375,875,000, relate to the recovery of N11,635,000,000. Read More»
FGN ASSETS: Minister of Finance Urges MDAs to submit records faster
The Minister of Finance, Mrs. Kemi Adeosun, has urged all Federal Ministries, Departments and Agencies, including Nigeria’s Diplomatic Missions and posts and tertiary institutions to speed up the compilation and submission of the inventory of their assets held as at 31st December, 2016 to facilitate the registration of such assets. Read More»
FG APPROVES HIGHER INTEREST RATE ON UNPAID TAXES
The Federal Government has approved a new interest rate spread on unpaid taxes for the year 2017. The new interest rate was approved by the Minister of Finance, Mrs. Kemi Adeosun. Read More»
NATIONAL TAX POLICY
Following the approval of the Federal Executive Council (FEC) for the implementation of the recommendations of the Revised National Tax Policy (NTP) and endorsement of the HMF for the constitution of the NTP Implementation Committee, the Committee has commenced the implementation of the policy recommendations. National Tax Policy and Tax Laws and Regulations
REDUCTION OF IMPORT AND EXPORT DOCUMENTATION REQUIREMENTS
Following the Federal Government's on-going efforts to improve the ease of doing business in Nigeria, His Excellency, Prof. Yemi Osinbajo, SAN, Vice President of the Federal Republic of Nigeria and Chairman, Presidential Enabling Business Environment Council (PEBEC), recently approved the reduction in the number of documents required... [PDF]
REVISED EXPORT GUIDELINES FOR NON-OIL EXPORT
Any person intending to export non-oil Products out of Nigeria shall in the first instance, process the Nigerian Export Proceeds Form (Form NXP or any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED EXPORT GUIDELINES FOR OIL AND GAS EXPORTS
Any person intending to export oil and gas and related products out of Nigeria shall, in the first instance, process the Nigerian Export Proceeds Form (Form NXP and any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED IMPORT GUIDELINES, PROCEDURES AND DOCUMENTATION REQUIREMENTS UNDER THE DESTINATION INSPECTION SCHEME IN NIGERIA
Pursuant to the Federal Government’s decision for a seamless transfer of the Destination Inspection Scheme for imports from the Scanning Service Providers (SSPs) to the Nigeria Customs Service (NCS) with effect from 1st December 2013, robust guidelines, procedures and documentation regime shall be enthroned to enhance the integrity of the system. Read More» or download [PDF]
OPEN DATA FOR AFRICA INITIATIVE
Link to Open Data For Africa Initiative External
- Written by Administrator2
Formulating fiscal policies.
Implementing fiscal policies.
Processing of Tariff matters.
Distribution of Revenue from the Federation Account.
Handling matters relating to African capacity Building foundation (ACBF) and the National capacity Building Programme.
Formulation and review of tax income and VAT rate policies.
Compilation and updating of the list of all companies that pay CIT and monitor such payment.
Settlement of income tax and VAT rate disputes. Answer: Fiscal Measures, Research and Statistics department.
Facilitating and monitoring the effective Implementation of World/IFAD assisted projects as well as the amortisation of the facilities. Answer: International Economic Delation Department (IER).
Participating in policy formulation, processing and negotiation of all IBRD, IDA, IFAD loan/credit and grants to Nigeria. Answer: International Economic Relation Department (IER).
Issurance of Annual Budget calls circulars to all Federal Ministries/Extra-Ministerial Departments. Answer: Expenditure Department.
Production of Green Book (Draft Budget). Answer: Expenditure Department.
Preparation and publication of Annual Report and Quarterly performance Report on the Economy. Answer: Economic Research and Policy Management.
Registration of Contractors. Answer: Administrative Department.
Budget Formulation, Preparation,Defence and Implementation. Answer:Expenditure Department (BOF).
Budget Monitoring and evaluation. Answer: Budget Monitoring and Evaluation Department (BME).
Managing the International Economic Relations of the country. Answer: International Economic Relations Department (IER).
Managing the country’s foreign and domestic debts. Answer: Debt Management Office (DMO).
Monitoring projects financed by Bilateral and Multilateral Institutions. Answer: International Economic Relations Department (IER).
Regulating the Capital Market. Answer: Securities and Exchange Commission (SEC)/Home Finance Department.
Regulating the activities of the Insurance Industry. Answer:National Insurance Commission (NAICOM) and Home Finance Department.
Resolving Capital Market disputes. Answer: Investment and Securities Tribunal (IST) and Securities and Exchange Commission (SEC)...
Collection of government revenue and formulation of tax Policy. Answer: Federal Inland Revenue Service (FIRS) and Revenue Department (BOF).
Processing and issuance of waivers. Answer: Fiscal Policy Department (BOF).
Approval of waivers. Answer: Mr. President.
Processing application for appointment of Consultants on revenue matters. Answer: Revenue Department.
Issuance of AIE. Answer: Expenditure Department to be cash-backed by Office of the Accountant General of the Federation (OAGF).
Monitoring Customs Revenue Collection and Remittance by designated Banks. Answer: Revenue Department.
What is the procedure a dissatisfied Customer to our services should do to get his problem solved ?.
Answer: First report to SERVICOM Department/Unit Nodal Officer in charge of the Service Window concerned, if not satisfactorily solved, he can now report to the Ministerial Nodal Officer, Federal Ministry of Finance (FMF) Abuja.
How can a customer lodge a complaint?.
What happens when a consumer complaint is received by Servicom Unit?.
Answer:The complaint is analyzed and investigated immediately. SERVICOM Unit reaches out to the service window complained against. If the Unit is satisfied that the service window acted contrary to the servicom work ethics, the unit takes appropriate action without delay.
Will SERVICOM Unit get back to the customer who lodged a complaint?.
Answer: Yes of course. In case where investigations are concluded in less than 48 hours, the complaint will be reached by phone or other wise he/she will be communicated in writing on the out come of the review within one week.
What issues can customers complain to SERVICOM Unit? .
Answer: These include the following among others: Non-chalant attitude towards providing services, poor services delivery, unauthorized collection demand of cost of services, demand of bribery, withholding of files without an genuine reasons(s), and other form of misconducts.
Is SERVICOM Unit a government agency?.
Answer: Yes. Servicom Unit is a full – fledged federal government’s Service Delivery initiative and Institutionalize service delivery principles to Nigerian public service.
Why the delay in payment of salaries?.
Answer:Release of funds for the Payment of Salaries/MDAs involves 3 agencies thus:
- Expenditure Department issues AI
- OAGF cash backs on availability of funds.
- CBN pays cash.
How can I know the allocation given to the three tiers of Government? Answer: You can find the answer on the Ministry’s website: http://www.fmf.gov.ng