Good Governance: MacArthur Foundation Commits Over N12.3bn On Nigeria

Good Governance: MacArthur Foundation Commits Over N12.3bn On Nigeria The MacArthur Foundation has committed not less than $34.2 million or N12.3 billion between 2017 and...

FIRS Goes After 85,000 Wealthy Tax Defaulters

FIRS Goes After 85,000 Wealthy Tax Defaulters …Generates N23 billion from 45,000 …to share list of defaulters with police The Executive Chairman, Federal Inland Revenue Service (FIRS),...

FAAC Shares N649bn to FG, State, LGCs in January 2019

FAAC Shares N649bn to FG, State, LGCs in January 2019 A total of N649.198 billion has been distributed as Federal Allocation for the month of...

Rice smuggling: Court orders CBN to freeze 45 bank accounts

Rice smuggling: Court orders CBN to freeze 45 bank accounts A Federal High Court, on Monday, in Abuja, ordered the temporary freezing of 45 bank...

FAAC Shares N462bn for May 2017

FAAC Shares N462bn for May 2017 A total of N462.359 billion has been distributed as Federal Allocation for the month of May, 2017 to the...

Government Embark on Reforms of Budget processes, Says DG Budget

The Federal Government has embarked on the reform of Budget processes in the country with a view to ensure implementation of budget within 12 calendar months, as it used to be in the past when Budgets were read on the first day of January of every year. The Director General, Budget Office of the Federation, Mr Ben Akabueze stated this in Abuja while he was Guest Speaker at the Bureau of Public Service Reforms(BPSR), monthly Lunch Time Seminar organised in collaboration with the EU-SUFEGOR and with the theme: ‘Developments in the Budgeting System’, he said that preparation of budget has been decentralized and democratized within the Ministries, Departments and Agencies(MDAs) through the introduction of web based applications which have now made it easy to identify and monitor what changes have been and who made them. According to him, it has not only saved man-hours but saved billions of naira which would have been expended on travel allowances for coming to submit budget which can now be uploaded from any location across the country.

Youth Detention Centre Excels in Essay Competition

Youth Detention Centre Excels in Essay Competition  Borstal Training Institution, Abeokuta was thrown into frenzy mood when students selected to represent the institution in an...

TSA Boosts Revenue Collections… FAAC Shares N511bn – AGF

The Office of the Accountant General of the Federation has said that the introduction of Treasury Single Account (TSA) will boost revenue collections against...

FG, States, Lgcs Share N415bn for April, 2017

A total of N415.730 billion has been distributed  as Federal Allocation for the month of April 2017 by  the  Federal Government, State Governments and...

Contribute To National Discourse, AGF Urges Pensioners

Accountant –General of the Federation, Mr. Ahmed Idris has called on Pensioners in the country to nsure that they contribute meaningfully to  all issues...

CBN injects $195m into Forex market Ahead of MPC Decisions

CBN injects $195m into Forex market Ahead of MPC Decisions …Offers $100m to Wholesale segment; …SMEs window receives $50m boost; …BTA, others get $45m Ahead of the decisions...

AGF tasks ANAN FCT on modest plan for progress

The AGF commended them for thinking positively and urged them to turn their bogus plan into a phased out a modest plan considering their two years tenure. Speaking further the AGF noted that though part of their plan is the building of a 3000 persons capacity Secretariat for their members, as accountants, the onus is on them to plan within limited resources presently available.

NASS Explains Grey Areas on the Signed 2018 Budget

NASS Explains Grey Areas on the Signed 2018 Budget The House of Representatives is appreciative of President Muhammadu Buhari in signing the 2018 Appropriation Bill...

FG Pays Monthly Salary of Police Promptly- OAGF

FG Pays Monthly Salary of Police Promptly- OAGF Following media reports over alleged grumbling of police personnel on salary related issues, the Office of the...

215 Mw Kaduna Power Plant Will Revive Ailing Textile Industry –...

------ Contractors Committed To Realization Of Project On Schedule   The hope of resolving age-long problem of access to constant electricity that has crippled the once...

Investors in Critical Sectors to Enjoy Incentives

The Federal Government will provide incentives and the necessary logistics support to investors whose areas of interest are in the development of the agriculture and energy sectors as well as industrialization. These are also the major execution priority areas of the Economy Recovery and Growth Plan (ERGP) being developed by Government to get the country’s economy out of recession and put it on a path of growth and sustainable development. Senator Udoma Udo Udoma, the Minister for Budget and National Planning, told a group of foreign investors coordinated by the Renaissance Capital Group, on Tuesday in Abuja, that although government will appreciate investments in any sector of the country’s economy, emphasis of government for now is on areas that will lay a solid foundation for self sufficiency in food production and raw materials’ provision, power and petroleum resources development as well as industrialization. The Minister explained that these three, coupled with massive infrastructure development, will give the economy a head start towards growth and sustainability as agriculture will not only provide food security but also raw materials to feed local industries; and in the process reduce demand on foreign exchange on imported raw materials. Investment in the energy sector will boost the economic well-being of the country as power is a major driver of industrialization. Investment in industrialization especially using local raw materials will have a ripple effect on all sectors of the economy including aiding the growth of small businesses, enhancing the agriculture value chain and providing expertise to small businesses, he added. He said government was committed to achieving the proposals of the recovery and growth plan through the Ease of Doing Business initiative and by assisting investors with necessary incentives which will be tied strictly to performance and results rather than on intentions, as has been the case in the past.

Indorama Refutes Allegation of Sabotaging National Economy and Security

Indorama Eleme Fertilizer & Chemicals Limited (IEPL) and its sister companies would NEVER be involved in any activity to sabotage Nigeria's economy or security

Windfall Amidst Recession: States, LGs Share N2.6tr in 2016

A new report has disclosed that the 36 states and the 774 local government councils in Nigeria shared a total sum of N2.6 trillion from the Federation Account in 2016 in spite of the prevailing economic recession. In an elaborate investigation by the Economic Confidential, an intelligence economic magazine, the total figure was payment made to the two tiers of government between January and December 2016 at the monthly meeting of the Federation Account Allocation Committee (FAAC). In the report, Lagos state is ranked first as the highest recipient of gross allocation with a total sum of N178bn in the twelve months. It is followed by Akwa State N150bn, Rivers N134bn, Delta State N126bn and Kano State N111bn. The five states cornered a quarter (25%) of the total allocation for the States and local government councils in Nigeria Among the 10 highest recipients from the Federation Account are Bayelsa State which got N99bn; followed by Katsina State N83bn, Oyo State N80bn, Kaduna State N78bn and Borno State N73bn. The lowest recipients are Gombe and Ebonyi States that got N46bn each followed by Ekiti and Nasarawa States N47bn each and Kwara N49bn.

Federal Allocation For The Month Of October

NON-OIL REVENUE INCEREASES AS FG, STATES AND LGC’S SHARE N473,832 BILLION AS FEDERAL ALLOCATION FOR THE MONTH OF  OCTOBER 2015 There has been a...

Economy: NBS 2016 4Th Quarter Report shows sign of recovery

The National Bureau of Statistics (NBS) on Tuesday released the 2016 4th Quarter Gross Domestic Product (GDP) Report which shows a significant improvement in the country’s economic fundamentals and promising signs that things are beginning to turn for the better. Although the numbers are still negative, indicators in the critical sectors show some encouraging improvements compared to those of the previous six months and also signposting a gradual recovery from recession. According to the report, Gross Domestic Product (GDP) contracted by -1.30% in the quarter which translates to an estimated growth rate of -1.51% for the full year 2016. Though the released figures reflect the slow-down in the economy for most part of that year, it also shows that the economy is gradually scaling up as indicated by improving trends in several key sectors.

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