Saturday, November 17, 2018

Tag "Ministry of Finance"

    Abacha Loot: Finance ministry speaks on N7bn lawyers’ fees

Abacha Loot: Finance ministry speaks on N7bn lawyers’ fees

The ministry of finance says it has no information on the payment of lawyers hired by Abubakar Malami, attorney-general of the federation (AGF), for the recovery of  $321 million looted by Sani Abacha, former military dictator.Acting on a tip-off that the Nigerian lawyers were about to be paid, the Cable Newspaper Journalism Foundation (CNJF), a partner organisation with TheCable, had asked [...]

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    BoI, finance ministry to recover N17bn NERFUND loan

BoI, finance ministry to recover N17bn NERFUND loan

The Bank of Industry (BoI) has signed an agreement with the ministry of finance to recover loans worth N17.5 billion owed by customers of the Nigeria Economic Reconstruction Fund (NERFUND).Mahmoud Dutse, permanent secretary, ministry of finance and Olukayode Pitan, managing director, BoI, signed the memorandum of understanding on Wednesday.Commenting on the partnership and what it planned to achieve, Pitan said [...]

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    Adeosun asks contractors to provide tax identification number before getting paid

Adeosun asks contractors to provide tax identification number before getting paid

Contractors of federal government ministries, departments and agencies (MDAs) must provide their tax identification number (TIN) on their invoices before getting paid for services provided.Kemi Adeosun, minister of finance, gave the directive in Abuja on Tuesday."The order is part of resolute efforts by the government to block revenue leakages by the MDAs’ vendors. About N100 billion has been discovered as [...]

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    VAIDS: FG rakes in $110m from two companies

VAIDS: FG rakes in $110m from two companies

Kemi Adeosun, minister of finance, says the federal government has received $110 million from two firms under the voluntary asset and income declaration scheme (VAIDS).Adeosun made this known to journalists on Wednesday after the federal executive council (FEC) meeting chaired by Vice-President Yemi Osinbajo.The federal government had in July announced a nine-month amnesty window for tax defaulters, to help regularise [...]

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    Nigeria’s $3bn Eurobond over-subscribed by almost four times

Nigeria’s $3bn Eurobond over-subscribed by almost four times

The $3 billion Eurobond floated by the federal government through the Debt Management Office and the ministry of finance was oversubscribed by almost four times.According to a statement released by Kemi Adeosun, minister of finance, the Eurobond had a total demand of $11.4 billion.The debt instrument, which was released in two tranches, has a tenor of 10 years and 30 [...]

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    $50m earned from VAIDS in four months, says Fowler

$50m earned from VAIDS in four months, says Fowler

Babatunde Fowler, chairman, Federal Inland Revenue Service (FIRS), says the Voluntary Assets and Income Declaration Scheme (VAIDS) has yielded over $50 million in revenue since its launch four months ago.Fowler made this known on Monday while speaking at an event organised by the Nigeria governors’ forum secretariat in Abuja.Pointing to VAIDS as a key to revenue generation, Fowler said the scheme [...]

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    Senate: 25 agencies withheld N1.6trn from FG

Senate: 25 agencies withheld N1.6trn from FG

According to a report by the senate ad hoc committee, 25 government agencies failed to remit N1.695 trillion revenue to the consolidated revenue fund.The committee also disclosed that the Nigerian National Petroleum Corporation (NNPC) was running on a deficit of about N3.115 trillion between 2012 and 2016.NAN reports that the committee said more than 600 agencies were involved but listed 92 of them.The [...]

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    Works ministry gets N100bn Sukuk proceeds

Works ministry gets N100bn Sukuk proceeds

The ministry of works, power and housing has received N100 billion proceeds from the Sukuk subscription.This comes nine working days after the subscription period of the non-interest bond.The offer period, which opened on September 14, closed on September 20. It was oversubscribed to the tune of N105.87 billion.At an event in Abuja on Thursday, Kemi Adeosun, minister of finance, handed [...]

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    Adeosun: Very soon, you will see the effects of our efforts

Adeosun: Very soon, you will see the effects of our efforts

Kemi Adeosun, minister of finance, says there is an urgent need to reposition the federation account allocation committee for better performance through efficient management of resources.The minister said this on Thursday while delivering a keynote address at a retreat organised by the ministry of finance in collaboration with the federation account allocation committee (FAAC) on the theme: "Enhancing the Effectiveness [...]

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    The scam in Paris Club refund

The scam in Paris Club refund

BY ACHILLEUS-CHUD UCHEGBUEverything about the Paris Club refund seems very shadowy. So far, the federal ministry of finance has shielded Nigerians from detailed information about the money it had shared to states as refund of excess deductions from their statutory allocations. And the more questions Nigerians ask, the cloudier the details get. No state governor is even ready to disclose [...]

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    REVEALED: FG plans 5-year jail term for celebrities who evade taxes

REVEALED: FG plans 5-year jail term for celebrities who evade taxes

The federal government has fine-tuned plans to punish and possibly jail entertainers who evade taxes after the nine-month grace period set out by the recently launched voluntary asset and income declaration scheme (VAIDS).TheCable learnt that for 15 months, the federal government via various agencies and departments, to include the private sector, has been gathering information on tax compliance of many [...]

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    CBN approves operating license for Devt Bank of Nigeria

CBN approves operating license for Devt Bank of Nigeria

The Central Bank of Nigeria has approved the application for an operational license for the Development Bank of Nigeria to enable the bank begin operations.A letter, which was signed by Okwu Nnanna, CBN's deputy governor (financial system stability), and addressed to the managing director/chief executive officer of the DBN, made known the approval.Kemi Adeosun, minister of finance, confirmed the approval [...]

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    FG: Importation of drugs remains banned

FG: Importation of drugs remains banned

The federal government says drugs, and other pharmaceutical products, are prohibited from being imported into Nigeria, and local manufacturers with special permission to import must pay 20 percent duty.In a statement by Salisu Dambatta, director information, ministry of finance, the government said it indeed reduced tariff on some goods, dismissing speculations on tariff hike.Earlier, Nigerians had accused the government of [...]

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    Repaying $30bn loan won’t be difficult, says FG

Repaying $30bn loan won’t be difficult, says FG

The debt management office (DMO), which is under the finance ministry, says Nigeria will easily repay the loan of $29.9 billion in 30 years if it succeeds in getting it.In a statement on Tuesday, Festus Akanbi, spokesman of the minister of finance, said Abraham Nwankwo, director-general of the DMO, provided clarifications on the proposed foreign loans while speaking on Sunrise [...]

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    We’ll pay only legitimate claims, says Adeosun in staff peace deal

We’ll pay only legitimate claims, says Adeosun in staff peace deal

Kemi Adeosun, minister of finance, says her ministry will resolve and pay only legitimate claims made by workers, adding that the federal government cannot pay the requested N1.2 billion overtime allowance.Adeosun disclosed this in a dispute resolution meeting with staff unions at the ministry of finance in Abuja.According to the ministry, Adeosun, in her role as minister and based on [...]

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    FG ‘weeds 23,846 ghosts, saves N2.2bn monthly’

FG ‘weeds 23,846 ghosts, saves N2.2bn monthly’

The ministry of finance says it has saved the federal government N2.293 billion by weeding out 23,846 ghost workers in the month of February alone.Using the bank verification number-based staff audit and enrolment to the Integrated Payroll and Personnel Information System (IPPIS), the federal government says the salary bill for February 2016 has reduced by N2.293 billion when compared to [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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