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Finance minister projects 2024 non-oil remittances to surpass N13tr posted in 2023

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Non-oil revenue remittances by Federal Government agencies in 2024 will surpass the N13tr recorded at the end of 2023, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has indicated.

Edun who made the disclosure on Wednesday in Abuja, said in January alone, over N100b was remitted.
The finance minister spoke when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.
Edun noted that compared to the same period in 2023, only N20bn was remitted into the Consolidated Revenue Fund of the Federal Government.
The committee is investigating the “Remittance of Internally Generated Revenue by MDAs and Evidence of Payment of 1% Stamp Duty into the Consolidated Revenue Fund Account from 2020-2023.”
The minister explained that while remitted revenue from June to December 2023 stood at N3.6tn, the total collection for the 12 months in the year was N13tn.

He told the committee members that due to policies introduced by the present admyof President Bola Tinubu, including digitalising operations for speedy transactions, the government wad looking forward to higher non-oil revenue output by the end of December, 2024.

“What we can see is a substantial increase in remittances by MDAs and revenue generation agencies.

“We will keep this up and there will be a time we can give further data on this to the committee and the National Assembly”, the minister added.

Edun also spoke on the government’s 1 per cent Stamp Duty collection, saying that a total of N53bn remitted in 2023 or an average of N3.7bn every month.

Explaining further the minister indicated that the final tally exceeded the target of N44bn set by the National Assembly.

“This, I will say was a positive development. N44bn was approved by the National Assembly, and the actual collection was N53bn”, he told lawmakers.

Speaking on the capital and recurrent budget performance for 2023 and first quarter of 2024, Edun informed the lawmakers that N2.9tn was the capital spending in 2023.

For 2024, he disclosed that first quarter capital releases so far stood at N124bn, while N581bn had been spent on salaries and other recurrent expenditure, aside from the N71bn released for overhead costs.

When asked about the N3.7tn the government allegedly lost to import duty waivers in 2023, Edun who corroborated the records of the Nigeria Customs Service (NCS), said the current administration had introduced a new duty waiver policy to plug leakages or losses.

The minister said this time round, all import duties would first be paid in full, while waivers would later be deducted and paid to the affected importers.

He explained that paying the duties before deducting the waivers would address “the uncertainty on the process works”, adding that the old method of waiver application would be stopped and replaced by automation.

On measures to revamp the economy, Edun told the committee that the government has done a lot, including initiatives at stabilizing the naira against the dollar and the implementation of a more transparent social welfare scheme for the citizenry.

For instance, he said one of the major errors of the past, which brought the economy to its knees, was the free printing of the naira for eight years up to N22.7tn by the administration of former President Muhammadu Buhari without a corresponding improvement in productive activities.

“The inflation is due largely to eight years of printing the naira, which was not matched by production”, Edun stated.

To cushion the effects of the current hardship on Nigerians, the minister said the government had re-started the cash transfer of N75,000 to 15million households by identifying beneficiaries, using Bank Verification Number (BVN) and National Identification Number (NIN) to reach almost 75m Nigerians across three months.

Speaking earlier, Sani said the Senate called for the investigation because unstable oil prices meant that Nigeria had to source alternative revenue windows internally to able to provide services to the people.

“Volatility in oil prices and global economic challenges have made it necessary for us to explore our IGR sources.

“The days of excessive reliance on oil are gone. So, we have to explore other internal avenues, including agriculture as well as encourage voluntary tax compliance”, he stated.

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Information Ministry takes Economic Enlightenment Campaign to Jigawa

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Muhammed Idris

To educate citizens on the economic interventions under President Bola Ahmed Tinubu’s administration, the Federal Ministry of Information and National Orientation has commenced a public awareness campaign in Jigawa State.
The ministry urged the public, especially the youth, to take advantage of the opportunities for self-reliance, with the initiative highlighting various job creation and poverty alleviation programs.
The Minister of Information and National Orientation, Mr. Mohammed Idris, represented by Mala Bashir Dahiru Galadanci, Head of the Federal Information Center in Dutse, highlighted the government’s “Renewed Hope” initiatives.
He emphasized that the interventions were designed to change the narratives in the economic wellbeing of Nigerians and provide job and skill opportunities, particularly for the youth, to encourage self-reliance and entrepreneurship.

According to Mr. Galadanci, the administration is committed to addressing poverty and unemployment by introducing accessible programs that benefit citizens at the federal, state, and local levels. He called on the people of Jigawa State to explore these opportunities and support government efforts in transforming the country’s economy.

Jigawa State Director of the National Orientation Agency (NOA), Mr. Ahmad Tijjani, also called for public support of the government’s policies. He acknowledged that while some recent policy changes have impacted citizens’ living standards, these new interventions are a proactive step toward alleviating poverty and economic hardship.

In a presentation, Professor Ali Siro of the Sociology Department at the Federal University Dutse detailed various federal interventions, including the Student Loan Program, Consumer Credit Corporation, Compressed Natural Gas Initiative, National Youth Talent Export Program, National Housing Initiative, and several small business loan schemes.
He explained the eligibility criteria, repayment terms, and benefits of the initiatives to encourage public participation.

In his goodwill message, the Emir of Dutse, Hamim Nuhu Sanusi, commended the federal government for introducing multiple economic interventions to cushion the impact of new policies.
Represented by Senior Counsellor Alhaji Mustapha Aminu, the Emir suggested a review of civil service rules, urging the government to adjust workers’ salaries and make loan terms more flexible to prevent financial strain on the workforce.

This campaign marked the beginning of a nationwide effort to educate citizens on government interventions aimed at creating socio-economic opportunities and improving the overall welfare of Nigerians.

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EFCC declares that Bello is not in its custody, amidst speculation of his arrest by the agency

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***Bello leaves EFCC without interogation

The Economic ane Financial ctimes Commisaion has discredited reports that the immediate past Governor of Kogi State Yahaya Bello is in its custody .
Head, Media and Publicity of the anti graft agency, Dele Oyewale in a terse statement on Wednesday indicated that Media reports earlier in the day that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. “The Commission wishes to state that Bello is not in its custody. Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest.
Bello’s media team had sent out a statement earlier indicating that the former Kogi State Governor Yahaya Bello had turned himself in to
honor the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Their statement confirmed that the former Governor appeared before the EFCC after consulting with his family, legal team, and political allies.
In another twist, indications emerged that Bello, who had initially claimed to have voluntarily honoured the commission’s invitation, was trailed and arrested by EFCC operatives in Lokoja at midnight.

In yet another twist, Bello’s Director of Media, Ohiare Michael said, “Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.
“In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.
“The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.
“Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear. “

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At last, Yahaya Bello honors EFCC invitation

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Yahaya Bello

Former Kogi State Governor Yahaya Bello has honored the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Bello’s media team in a statement confirmed that he appeared before the EFCC after consulting with his family, legal team, and political allies.
The former governor had been declared wanted by the EFCC over alleged money laundering and corrupt enrichment amounting to N80.2 billion.

The statement reads: “The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development; and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State.

“He was accompanied to the EFCC Headquarters by high profile Nigerians.

“It is our hope that the Commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.

“Details of his engagement with the operatives of the Anti-Graft Agency will be disclosed later.”

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