ECONOMY · FINANCE

Extractive Sector: FIRS to rake in N4trn in Tax Revenue_Femi Ehiabhi

The Federal Inland Revenue Service (FIRS) said it would rake in four trillion naira as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year. The FIRS made this known in a statement issued by Abdullahi Ahmad, Director, Communications and Liaison Department in the service in Abuja on Tuesday. The… Continue reading Extractive Sector: FIRS to rake in N4trn in Tax Revenue_Femi Ehiabhi

BANKING · ECONOMY · FINANCE

UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi

United Bank for Africa Plc (UBA) has posted a profit after tax of N89.1 billion for the financial year ended Dec. 31, 2019. The profit after tax represented a growth of 13.3 percent to N89.1 billion compared with N78.6 billion recorded in the correpsonding period of 2018. Its profit before tax stood at N111.3 billion… Continue reading UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi

BANKING · ECONOMY · FINANCE

Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi

The Central Bank of Nigeria (CBN) has said there is no going back on the full implementation of the federal government’s cashless policy which is expected to commence from April 1 across the country. The first phase of the cashless policy implementation started in Nigeria’s commercial hub, Lagos, on January 1, 2012. It expanded to… Continue reading Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi

ECONOMY · FINANCE · WORLD NEWS

FIRS 2020 REVENUE TARGET IS N8.5 TRILLION_Ehiabhi Femi

The Federal Inland Revenue Service (FIRS) says it is targeting N8.5 trillion revenue for the country in 2020. The Executive Chairman of FIRS, Mr Muhammad Nami, disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday. Nami said that the 2020 target was slightly lower than the 2019 target by about N300 billion.… Continue reading FIRS 2020 REVENUE TARGET IS N8.5 TRILLION_Ehiabhi Femi

ECONOMY · FINANCE

ATM Withdrawals Threatened As Customers Now Prefer Counter Withdrawals_Ehiabhi Eugene

Banks are now attending to long queues in the banking hall as more customers prefer withdrawing cash from the counter to the Automated Teller Machines, investigation has revealed. Some customers who spoke with our corresspondents said they preferred to enter the banking hall for withdrawals because the banks had reconfigured their ATMs to dispense smaller… Continue reading ATM Withdrawals Threatened As Customers Now Prefer Counter Withdrawals_Ehiabhi Eugene

FINANCE

FAAC SHARES N716.298 BILLION AMONG TIERS OF GOVERNMENT_Ada Nkong

The Federation Accounts Allocation Committee (FAAC) shared a total of N716.298 billion to the three tiers of government for the month of December 2019.The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse disclosed this at the FAAC meeting Thursday in Abuja.The N716.298 billion comprises revenue from Value Added Tax (VAT),… Continue reading FAAC SHARES N716.298 BILLION AMONG TIERS OF GOVERNMENT_Ada Nkong

FINANCE

President Buhari Signs 2020 Finance Bill _Ada Nkong

President Muhammadu Buhari on Monday signed the Finance Bill into law to support the implementation of the 2020 budget. Buhari made this known via his Twitter handle saying “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019. “This is the first time, since the return of democracy in… Continue reading President Buhari Signs 2020 Finance Bill _Ada Nkong