Tag: Federation Account
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Senate decries MDAs’ low remittances to Federation Account in 2024
The Senate has expressed concern over low remittances of revenues generated in 2024 by ministries, departments and agencies (MDAs) and some government-owned enterprises (GOEs) to the Federation Account. Sen. Sani Musa, Chairman, Joint Finance Committee
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How customs generated N1.2tr revenue for Nigeria in six months
The Nigeria Customs Service (NCS), has released the first half of the year’s operational results from January to June 2022. The operational result shows that the NCS generated N1, 292,904,201,376 into the federation account. The Public Relations Officer of Customs, Timi Bomodi, who disclosed at a press conference in Abuja, said the Service was given…
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36 State Governors pray court to stop $418m Paris Club debt deductions
The 36 State Governors have prayed a Federal High Court in Abuja to restrain the Federal Government from approving the deduction of any money accruing to the states from the Federation Account for the payment of 418 million dollars judgment debt.
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Over 2,000 Mining companies owe federation accounts N2.76bn
The Nigeria Extractive Industries Transparency Initiative (NEITI) says over 2,000 companies operating in Nigeria’s solid minerals industry are indebted to the federation accounts to tune of N2.76 billion. The organisation disclosed this on Sunday in Abuja in a statement by its Deputy Director/Head, Communications and Advocacy, Mrs Obiageli Onuorah, to announce the release of the…
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Paris Club Refund: Governors reject FG’s decision to commence deductions from federation account
Chairman of the Nigerian Governors Forum and Governor of Ekiti State, Kayode Fayemi, says the Federal Government cannot commence its plans to make deductions from the federation account
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FRSC yet to remit N5.1bn to federation account, FRC alleges
The Fiscal Responsibility Commission (FRC) has alleged that the Federal Road Safety Corps (FRSC) is yet to remit N5.1 billion into the Federation Account from 2016 to 2019. FRC made the allegation on Wednesday in Abuja at the ongoing public hearing on 2022 to 2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The…
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Auditor-General clears air on ‘missing N4.97trn’ from federation account
Office of the Auditor-General of the Federation on Thursday said no money is missing from the Federation account. This was contained in a clarification note released by the AuGF’s press unit. “The Auditor-General for the Federation (AuGF), Mr Aghughu Adolphus A., JP, FCNA, FCTI wishes to state unequivocally that the “Unsubstantiated balances of N4.97tr” mentioned…
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Hard times surface as Federation Account records N125bn revenue shortfall in Q1
The Federal Account recorded a sharp revenue shortfall in the first quarter of 2020. Finance, Budget and National Planning Minister Hajia Zainab Ahmed also warned that Nigeria’s Gross Domestic Products (GDP), might shrink this year to -8.94 per cent unless there is economic stimulus. Speaking with State House Correspondents after the meeting, Mrs Ahmed, said…
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FIRS orders banks to divert funds of tax defaulters into Federation Account
High-profile tax defaulters got a 30-day window to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent directly from their bank accounts to the Federal Government The FIRS Executive Chairman, Tunde Fowler who dropped the hint on the Nigerian Television Authority (NTA) programme – Platform,…
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FIRS contributes 59.7 percent to Federation Account – RMAFC
The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Chief Elias Mbam has confirmed that the Federal Inland Revenue Service (FIRS) has contributed 59.7 percent, representing more than half of revenues to the Federation Account in the last three months. A statement from the FIRS said Mbam spoke on Thursday when he led…