Senate approves N216.646bn FIRS’s 2021 budget

Senate approves N216.646bn FIR’s 2021 budget

Senate approves N216.646bn FIRS’s 2021 budget     The Senate has approved N216,646,579,231.00 as 2021 budget for the Federal Inland Revenue Service (FIRS). The Senate also approved the upward review of the revenue target of FIRS from N5.076 trillion last year to N7.61 trillion this year. These resolutions of the upper chamber followed its consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Adeola, said FIRS targets total revenue collection of N7.61 trillion for the year as against N5.076 trillion budgeted last year,…

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Senate to drill Emefiele over cryptocurrency ban

Senate to drill Emefiele over cryptocurrency ban

Senate to drill Emefiele over cryptocurrency ban   The Senate has summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a briefing on the ban of Crypto transactions placed by the apex bank. The upper chamber made the order through its committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market. The federal lawmakers disclosed this via their official Twitter handle after Thursday’s plenary session. It was gathered that the committees are expected to drill Emefiele on the opportunities and threats of…

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Bad Loan: Bill to track loan defaulters’ accounts passes 2nd reading

Senate passes PIB

The Senate has passed for a second reading, a bill for an Act to establish a unified scheme for a sound financial system and stem bad loan profile. The bill is targeted at  facilitating and improving credit repayment culture by empowering creditor banks to track loan defaulters’ accounts in any bank in Nigeria through Bank Verification Number (BVN). According to the proposed law, this would help to recover past and due obligations without recourse to the borrower, provide penalties for breaches and violations of obligations, and enhance loan recovery in…

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Senate passes 2021-2023 MTEF/FSP documents

Senate passes 2021-2023 MTEF/FSP documents

The passage followed the adoption of the recommendations of the report of its joint committees on National Planning and Finance, on the 2021-2023 MTEF and FSP documents. The documents were submitted by President Muhammadu Buhari to the Senate for consideration on July 21. Chairman of the joint Committee, Sen. Solomon Adeola (APC-Lagos), while presenting its recommendations said there was need for the National Assembly to ensure effective collaboration with the executive to ensure effective implementation of the MTEF and FSP. Following the presentations and contributions by some senators on need to cut cost of…

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FEC Okays N13.08trn For 2021 Budget

The Federal Executive Council (FEC) chaired by President Muhammadu Buhari has approved N13.08 trillion as budget proposal for 2021. Zainab Ahmed, the minister of finance, budget, and national planning, announced this on Wednesday while briefing State House reporters on the outcome of the FEC meeting held at the Council Chamber of the Presidential Villa, Abuja. Ahmed briefed in company of the Minister of Information and Culture, Lai Mohammed; the Minister of State, Budget and National Planning, Clement Agba; and the Director General of the Budget Office of the Federation, Ben…

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

FIRS raked in N650bn revenue in June

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…

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Senate passes N10.8trn revised 2020 budget

Economy, Budget, 2020, Senate,

The Nigerian Senate, on Thursday, passed the Appropriation Act (Amendment) Bill, approving a budget of N10.805 trillion for the 2020 fiscal year, after consideration of a report by its Committee on Appropriations. Recall that the country’s House of Representatives had on Wednesday passed a revised 10.8 trillion budget, raising the revised spending plan of President Muhammadu Buhari by N296 billion late last month, basing oil prices at $28 per barrel up from the expected oil price by $3 per barrel. Of the sum of N10,805,544,664,642 to be issued from the…

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Senate confirms Yuguda as SEC DG, 3 commissioners

Investors’ protection forms core of SEC’s new leadership, says Yuguda

The Nigerian Senate has Wednesday confirmed Lamido Yuguda as the Director General of the Securities and Exchange Commission (SEC). The upper chamber of the National Assembly also confirmed Reginald C Karausa, Ibrahim D Boyi, and Obi Joseph as full-time commissioner of SEC. They were confirmed after the Chairman of the Senate Committee on capital market, presented his report. “The committee recommends that the senate confirm the four nominees as appointed by Mr President, the commander-in-chief of the armed forces of Nigeria for the Securities and Exchange Commission (SEC)”. It would…

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