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Tag Archives: Mrs. Kemi Adeosun

Sukuk fund: Each zone to get N16.67bn for selected roads repairs

Adeosun Buhari

Following the raising of about N100 billion from the recently floated sovereign sukuk, the Federal Government has disclosed that each of the six geopolitical zones will get about N16.67bn to fix 25 major economic roads. The Finance minister, Mrs. Kemi Adeosun revealed that the sukuk was over-subscribed, as over N105bn was realised, adding that N100bn was pulled out for the ...

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Misappropriation, diversion of funds/revenue lead in whistle blowing tips—Minister

Whistle B2

The Minister of Finance, Mrs. Kemi Adeosun in Abuja on Tuesday, revealed that “In reviewing the information we receive, we have noticed that certain type of tips are recurring, for example; 39% (144) of the actionable tips relate to misappropriation and diversion of funds/revenue”. Giving details on the performance of the Unit, now domiciled in her ministry at the Bureau ...

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Fresh reason emerges for special financial status for Lagos, but…

Udoma, Buhari, Adeosun

…As it rakes in 55% VAT for FG Apart from hosting 992 out of 994 that paid well over N10mn company tax throughout last year, Lagos has again scored first by generating 55 per cent in Value Added Tax (VAT) for the federal government at a time the finances of the government is in jeopardy. This was made public by ...

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Stakeholders’ seek early release of unveiled $1m venture capital for creative industry

Nigerian Artistes

Recalling their experiences when former President, Goodluck Jonathan made similar pledge of multi million dollars support for the creative industry which never saw the light of the day, key stakeholders in the nation’s entertainment sector have called on the present administration not to do same. Reacting in a telephone interview on Tuesday, a top artiste who pleaded anonymity told Business ...

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FG sending conflicting signals on tax as agencies evade in states

FIRS

Whereas the federal government has stepped up campaigns for Nigerians to pay taxes as and when due, there seems to be no corresponding compliance in paying taxes by several agencies of the federal government. Only recently, the Ministry of Finance, Mrs. Kemi Adeosun set up what she called Community Tax Liaison Officers (CTLOs) to recruit 7,500 graduates as tax advocates ...

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Economic recovery underway as FG dolls out N350bn to fast track recession exit

Kemi Adeosun

The federal government on Monday announced readiness to release N350 billion, being the first tranche for implementation of the 2017 budget. Giving the analysis at the public presentation of 2017 Appropriation Act in Abuja, the Minister of Finance, Mrs Kemi Adeosun said the Federal Government had enough cash available to immediately commence the execution of key projects and initiatives scheduled ...

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FG creates Community Tax Liaison Officers to raise tax awareness among citizens

FIRS

…To recruit 7,500 graduates as tax advocates To drive tax education and seamless compliance amongst Nigerians, the Federal Government has concluded new plans to recruit 7,500 graduates as Community Tax Liaison Officers (CTLO) to raise tax awareness among citizens. Details of the recruitment sighted by Business Hilights showed that graduates of accounting, economics, mathematics and other relevant courses would be ...

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Adeosun frustrating Osinbajo’s order to offset subsidy arrears to marketers, banks

oil-ship

A showdown coming from banks and independent marketers may be underway if the Minister of Finance, Mrs. Kemi Adeosun continues to delay the payment of over N800bn that accrued to petroleum marketers between 2014 and 2017. This is coming on the heels of observed delay by the minister considering the time the Acting president had issued the payment directive. Already, ...

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Dropping compliance collapses Value Added Tax revenue to N204.77bn in Q1

VAT logo

Latest report from the National Bureau of Statistics (NBS) released on Tuesday has shown a trending drop in the total revenue generated by the country from Value Added Tax (VAT). The crash showed that VAT dropped from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of this year. However, within the period, manufacturing sector generated ...

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Creation of continental free trade area may kill surviving Nigerian industries—Expert

Kemi Adeosun

Contrary to the permutations of the Federal Ministry of Finance and the Nigerian Customs Service (NCS) that the enthronement of Continental Free Trade Area (CFTA) will grow manufacturing in Nigeria and the country will gain more from intra-African trade, leading development economist, Dr. Ken Igboanugo has voided the claims. In his submission against the belief within the government quarters, he ...

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