Nigeria fails to realize 65% projected oil revenue in six month

FG spent N6.46trn on debt servicing

…As Ahmed laments many headwinds troubling economy The woes around funding reviewed 2020 budget have deepened for the Federal Government as only 35 per cent of the projected revenue from oil source as stipulated in the budget was realized in the first half of 2020 fiscal year. Zainab Ahmed, Minister of Finance, Budget and National Planning, gave this hint at the Konrad Adenauer Stiftung (KAS) capacity building for special advisors and technical assistants of the ministers, lamenting that expected money from oil fell by 65 per cent within the six…

Read more

Senate calls for digitization of process as FIRS gets N168.8bn budget approval

FIRS self-certification form

For efficacy and transparency, the Senate has called on the Federal Inland Revenue Service (FIRS) to digitize tax administration process. This followed approval of a total sum of N168.8 billion as 2020 budget for the government revenue collector by the Senate. The approval came following the consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Olamilekan Adeola (APC – Lagos West) while giving a summary of the 2020 budget for the FIRS said N1.56 trillion was projected for Oil revenue and N4.502 trillion…

Read more

Review of 2020 budget, not intended to introduce austerity measures, says Agba

Agba, 2020 Budget, Economy, Austerity Measures, Nigerias

The revision of the 2020 budget by the Federal Government was not intended to impose austerity measures on Nigerians, Prince Clem Ikanade Agba, Minister of State for Budget and National Planning, has assured. Agba said that the President Muhammadu Buhari administration was looking at measures that would make economic recovery faster, in the aftermath of the ravages of the COVID-19 pandemic and the looming global recession. He said the major concern of government was how to ensure the retention of existing jobs and creation of new ones, adding that “we…

Read more