The Federal Government has declared that the Revenue Generating Agencies would be compelled to make full disclosure on their revenue generation in an effort to ensure openness and transparency in their operations.
The Finance Minister, Dr. Mansur Muhtar who disclosed this at the opening of the 10th National Council of Finance and Economic Development Conference (NACOFED) said the federal revenue generating ministries, departments and agencies (MDAs) would not only be made to fully disclose their earnings but also payments and remittances to the Federation Account.
Revenue Agencies to Make Full Disclosure- Finance Minister
FIRS Delists 2 Banks over Non-Remittance of Tax
The Federal Inland Revenue Service [FIRS] has delisted two banks from the list of collecting banks on account of tax fraud
Executive chairman of FIRS, Mrs Ifueko Omoigui-Okauru disclosed this in Abuja at a workshop on E- payment of Taxes and rendition of returns by Ministries, Departments and Agencies [MDA]
According to her, some collecting banks were in the habit of misappropriating taxes collected on behalf of FIRS instead of remitting same to the organization
No more Needless Borrowing in Public Offices
– Aliyu Yelwa, Chairman Fiscal Responsibility CommissionBorn more than 60 years ago in Kebbi State, the new Chairman of Fiscal Responsibility Commission Alhaji Aliyu Jibril Yelwa (Sardaunar Yauri) attended Barewa College, Zaria and Achimota College, in the then Gold Coast (Ghana) where he cut his teeth in the Accountancy practice with the ACCA. He also attended the Scottish College of Commerce, Glasgow and Strathclyde University, United Kingdom in 1962. He had also worked in various capacities in private and public sectors. He started his accounting career with an accountancy firm known as Crawdsol and Hardy in 1959. He later worked in as Revenue Officer in the Northern Regional Ministry of Finance and as Deputy Bursar of Ahmadu Bello University, Zaria before he was appointed Commissioner for Finance and Economic Development, and that of Establishment and Service Matters in Sokoto State.
Odds against downstream deregulation
President Umaru Yar’Adua wants Nigerians to see the economic benefits of deregulation and embrace it with open arms. A whopping N600 billion plus will be saved annually by simply allowing petroleum products prices find their own levels. This money when freed up, as his government’s argument goes, will used in solving the festering problems of infrastructure in the country.
But Nigerians, quite plainly, are in a restive or perhaps angry mood. They cannot understand why one product, which God Almighty in his infinite mercy,
Oil firms may sack workers over petroleum bill
SOME multi-national oil companies in the country have begun sensitisation of their workers on the Petroleum Industry Bill (PIB) and the likely fall-outs of the proposed law if passed by the National Assembly and signed by President Umaru Musa Yar’Adua.
Essentially, the majors, including Shell Petroleum Development Company of Nigeria, ExxonMobil, Chevron Nigeria Limited, Nigeria Agip Oil Company (NAOC) and the Total Exploration and Production Company Limited, are now sensitising their workers on some of their concerns over the provisions of the bill which they argued would be inimical to their operations in the country. Among the likely effects is laying off of workers.
