Fed Govt Gives N250bn Sukuk Bond To Three Ministries   The Federal Government has given a cheque of N250bn from Sukuk bond to three ministries for the implementation of capital projects across the country. These are the Ministry of Works and Housing, Ministry of Federal Capital Territory,...

FIRS To Tax Profits From Bonds, Securities The Federal Inland Revenue Service (FIRS) has announced that it would tax profits accruing from investments in bonds and short-term government securities by companies which would now be categorised as income tax. This, it said, followed the expiration of...

FG Requests $600m W/Bank Loan To Fight Erosion   The Federal Government on Wednesday announced plans to tackle land degradation in the 19 northern states and the Federal Capital Territory with a $600m loan from the World Bank. It disclosed this at a consultative workshop on climate-resilient...

Nigeria’s 8% Tax-to-GDP Ratio Lowest Globally – Osinbajo   The Vice President, Prof. Yemi Osinbajo, on Tuesday, declared that Nigeria’s eight per cent tax-to-GDP ratio was among the lowest globally and that efforts were on to increase this figure. He also stated that the Federal Inland Revenue...

Commercial Loans To Govt Hit N13.7trn    Commercial loans to Nigeria’s public sector rose from a moderate N4.88 trillion to N13.73 trillion in five years (from December 2016 to the end last year), raising concern about the increasing exposure of banks to the government. The leap –...

Customs Faults Finance Act As Senate Sets N3trn Target For Revenue Agencies   The Nigeria Customs Service has described the Finance Act 2021 as confusing, saying it is hindering its ability to collect levies and taxes. This came as the President of the Senate, Ahmad Lawan, said...