Tag: Remittance
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CBN records $553m remittance inflows for July
The Central Bank of Nigeria (CBN), says it recorded a significant increase in remittance inflows of 553 million dollars in July. According to a statement issued by CBN’s Acting Director, Corporate Communications
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NUPRC issues ultimatum on 3% remittance to oil communities
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has threatened to revoke the licences of oil operators or settlors who failed to remit the three per cent statutory fees to oil communities before September ending. The NUPRC management on Friday said its attention had been drawn to the
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State Attorneys-General drag Buhari’s minister to court over remittance of recovered funds
The 36 states of the country have filed a suit at the Supreme Court against the Federal Government on the status of recovered funds and failure to remit same to the federation account. Through their Attorneys-General, who are listed as plaintiffs in the suit, the 36 states instituted the action against the Attorney General of…
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Four years after: MDAs yet to remit N1.2trn-Fiscal Responsibility Comm Boss
…says comm identified 46 offences but Act has no provision for punitive measures By Emman Ovuakporie Executive Chairman of the Fiscal Responsibility Commission, FRC, Victor Muruako on Wednesday said Ministries Departments Agencies, MDAs, have failed to remit N1.2trillion for the past four years to the Federal Government. TheNewsGuru.com, TNG reports many MDAs still persist in…
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CBN strengthens dollar supply with new rules on domiciliary accounts, remittance
Worried by the poor dollar supply in the Nigerian economyy, the Central Bank of Nigeria (CBN) has introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency. Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred.…
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NNPC pledges commitment to prompt remittance to federation account
The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to the prompt payment of proceeds from its operations to the Federation Account and steady supply of petroleum products to Nigerians. This was disclosed by the Chief Financial Officer (CFO) of the Corporation, Mr. Umar Ajiya, at a strategy session with the heads of account…
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AGF, Emefiele to appear before Reps over N33bn pension fund remittance
The Governor of Central Bank (CBN), Godwin Emefiele and the Accountant-General of the Federation (AGF), Ahmed Idris are to appear before the House of Representatives on Tuesday. The duo are to clarify alleged remittance of N33b pension deductions to the Federal government by PenCom before the House of Representatives ad hoc Committee investigating alleged irregularities…
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Buhari orders probe of past JAMB, NIMASA heads over ‘meagre’ revenue remittance
The Federal Executive Council during its meeting on Wednesday presided over by President Muhammadu Buhari ordered the forensic probe of some government agencies. The exercise is to recover unremitted revenues, according to Minister of Finance Mrs Kemi Adeosun, who briefed State House correspondents at the end of the Federal Executive Council (FEC) meeting. With Mrs…
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TSA: Court orders remittance of ‘N249.6b hidden in seven banks for unknown govt officials’
A Federal High Court in Lagos on Thursday ordered seven Nigerian banks to remit to the Federal Government $793,200,000 (about N249,659,700,000.00) allegedly hidden with them in breach of the Treasury Single Account (TSA) policy. A vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the office of the Attorney-General…