The Federal Inland Revenue Service has earmarked the sum of N2.8bn for “uniforms and clothing” for the year 2022. The tax body has also budgeted about N550m for refreshments and N200m for sporting activities. The FIRS, which is one of the highest revenue generating government bodies, set aside N262.5m for security votes while N17.8bn would be spent on “miscellaneous” expenses. …
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The Rivers State Government says two persons have been arrested in connection to the display of pornographic content on an electronic billboard located in the Garrison axis of Port Harcourt on Thursday. The acting Managing Director, Rivers State Signage and Advertisement Agency, Tony Okeah, told journalists that those arrested were believed to be working for the firm that owns the …
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The Central Bank of Nigeria has said it is supporting the Blue Rail Line project in Lagos with N60bn intervention fund. The Director, Development Finance, CBN, Yusuf Philip, disclosed this in Lagos on Thursday, during an inspection of the project embarked upon by Lagos State Government. He said, “The total amount we have made available for this line is N60bn. …
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No fewer than three thousand girls drawn from Senior Secondary Schools across Nigeria have benefitted from a 3-day capacity building initiative on maritime commerce and National Virtual Maritime Quiz powered by Unity Bank Plc. The capacity building initiative, which focused on Information Communication Technology, ICT, maritime transportation and logistics ecosystem, was hosted by Ocean Ambassadors Foundation to promote the …
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The Lagos State Government has lost at least N9.7bn in projected revenue due to the closure of the Lekki toll plaza and the Ikoyi Link Bridge toll plaza in the last one year. The figure was obtained from the daily and monthly targets set for the tollgates by the Lagos State Government, which owns the tollgates that is being managed …
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The Senate on Tuesday commenced investigation into alleged illegal payment of N19bn to four federal agencies, by the Budget Office. Officials of the Budget Office did not appear before the Senate Public Accounts Committee. SPAC, relying on the 2016 report of the Auditor General for the Federation, alleged that the N19bn was paid to four agencies through verbal directive by …
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President of African Development Bank, AfDB, Akinwumi Adesina, yesterday asked the federal government to decisively resolve the nation’s debt challenges to trigger economic growth. The Debt management Office, DMO. Had in September, put the country’s total public debt (federal and state governments) at N35.5 million at the end of the second quarter of 2021. But speaking at the opening of …
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Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, said fraudulent activities are going on in financial institutions across the nation, especially in the banking industry. Bawa said the EFCC directive that bankers should declare their assets was not to witch-hunt them, but it was to save Nigeria from a serious crisis in the banking industry. According to …
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The International Monetary Fund (IMF) has approved a fourth round of debt relief for 24 low income countries to cushion the effects of COVID-19, but Nigeria is still missing on the list. “This debt service relief helps free up scarce financial resources for vital health, social and economic support to mitigate the impact of the COVID-19 pandemic,” the fund said …
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The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says a lack of adequate revenue to finance both human and capital infrastructure should be the major worry of Nigeria, not the current debt it owes. Ahmed made the remarks at the Public presentation and Breakdown of the Highlights of the 2022 Appropriation Bill to justify the current level …
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