Naija News
FG admits N1.01tn revenue shortfall
FG admits N1.01tn revenue shortfall
The negative impact of the Coronavirus pandemic has resulted in the Federal Government recording a revenue shortfall of about N1.01tn in the first quarter of 2020.
The drop in revenue, according to documents obtained by thewhistler.ng from the Budget Office of the Federation, was primarily due to the dwindling revenue inflow into the federation account.
The pandemic had so far led to an unprecedented drop in global crude oil prices.
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The outbreak of the deadly virus in Nigeria had resulted in the lockdown of many states, a development that has paralysed economic activities.
For instance, out of the prorated revenue target of N1.96tn set for the first three months of this year, the Federal Government could only earn about N950.55bn.
Based on the analysis of the revenue projection, the N1.01tn shortfall represents a decline of about 52 per cent.
For oil revenue, the impact of the pandemic resulted in a shortfall of N195.37bn or 30 per cent from the prorated revenue target of N659.4bn. The actual revenue generated during the three-month period from oil was put at N464.03bn.
Similarly, the impact of the pandemic was also felt in revenue sources such as Nigeria Liquefied Natural Gas with revenue target of N31.07bn, signature bonus/renewals (N234.83bn), domestic recoveries (N59.25bn), grants and donor funding (N9.1bn), mining and mineral revenue (N470m).
Based on analysis, the government could not generate any amount from these revenue items during the period under review.
Also, further analysis of the document showed that the revenue shortfall was also experienced in the area of Companies Income Tax where revenue dipped by N80.1bn from the target of N209.83bn to N129.72bn while Value Added Tax dropped by N30.92bn from N73.14bn to N42.23bn.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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