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
Faac Archive 2010
- Written by Administrator2
- Written by Administrator2
FG, STATES AND LGs SHARE N418.452 BILLION FOR MAY 2015
- Written by Administrator2
The three tiers of government in the country have shared a total of N418.452 billion federal revenue for the month of May 2015.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicate that the Federal government got N151.805 billion (52.68%), the States got N76.998 billion (26.72%) and the Local Governments got N59.362 billion (20.60%). The oil producing States got N29.071 billion as 13% derivation revenue.
For the month of May 2015, the gross revenue available from VAT was N56.821 billion. This was N18.339 billion lower than the N75.160 billion realised in the preceding month.
The distributable statutory revenue for May was N324.061 billion. A total of N6.330 billion was refunded by the NNPC and N31.240billion was realised as exchange rate gain. All these, together with the revenue from VAT made up the total distributable revenue for the month.
According to the communiqué, gross revenue of N324.061 billion was received for the month, which was N41.999 billion higher than the N282.062 billion received in April. The country recorded a drop of 160,000 bopd in April as a result of delays in issuance of third quarter 2015 Export Permit. Furthermore, shutdowns and shut-in of trunks and pipelines at Terminals impacted negatively on crude oil revenue.
The communiqué confirmed that an increase in the average price of crude oil from $56.04m in March 2015 to $59.88m in April 2015 brought about $19.70m gain in revenue. Meanwhile, non-oil revenue are expected to perform better in the later part of the year due to some mechanism put in place by the Federal Inland Revenue Service (FIRS).
FG APPROVES IMMEDIATE PAYMENT OF N407 BILLION TO OIL MARKETERS TO END FUEL SCARCITY
- Written by Administrator2
The Minister of Finance, Mrs. Kemi Adeosun has confirmed payment of N407,076,805,386.30 for subsidy claims to oil marketers so as to end the lingering fuel situation.
FINANCE MINISTER CANCELS OIL/GAS PRE-SHIPMENT TENDER EXERCISE
- Written by Administrator2
The Minister of Finance, Mrs Kemi Adeosun has ordered the immediate cancellation of the tendering process for the engagement of Pre-Shipment Inspection and Monitoring Agents for Oil and Gas. The decision was necessitated by the receipt of numerous complaints and a petition regarding alleged irregularities in the process.
In June 2015, President Muhammadu Buhari mandated the Federal Ministry of Finance, under the then Permanent Secretary, Mrs. Anastasia Nwoabia, to commence the process of engaging Pre-Shipment Inspection and Monitoring Agents. Upon the approval of the Bureau of Public Procurement, a selective tendering process was initiated under which 65 companies were selected and invited to bid.
However, since the inception of the process, numerous complaints were sent to the Federal Ministry of Finance, suggesting that the method by which the 65 companies were selected was faulty and lacked transparency. Additionally, a formal petition was received by the Bureau of Public Procurement making specific allegations about the process. Under Public Procurement rules, the receipt of a formal petition requires a suspension of the tendering process to allow an investigation. However, in this instance, the Minister has taken the decision to cancel.
The Minister, Mrs. Kemi Adeosun said that, “the sheer volume of complaints and the wide range of sources they emanated from had raised a sufficient level of concern around the process to warrant a full cancellation rather than a suspension”. She further stated that, “This administration stands for transparency and accountability and it is therefore important that all procurement and tendering exercises must be undertaken in accordance with best practices”.
Pre-Shipment Inspection of Oil and Gas Exports commenced in 2015 and requires a Clean Certificate of Inspection to be issued, confirming the volume and the value of all exports. The programme is believed to have enhanced government revenues by preventing misstatement and understatement by exporters.
The Ministry of Finance stated that it was in consultation with the Bureau of Public Procurement to commence a new process and to ensure interim arrangements for service provision. The Ministry further stated that details of the new process would be communicated shortly.