The Federal Government announced the monthly grant of N5000 to the most vulnerable Nigerians to cushion the effect of subsidy removal. This will be given to a maximum of 40 million Nigerians who make up the poorest wealth percentile.
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The Federal Government (FG) lost at least N8.09 billion in revenue to Ministries, Agencies, and Departments (MDAs) inefficiencies.
Seven Area Commands of the Nigerian Customs Services reported zero revenue despite being mandated to collect Common External Tariff (CET) levies and fees.
Nigeria’s inflation rate [Consumer Price Index (CPI)] continues its steady decline across all headings. Headline inflation declined for the eighth consecutive month from 16.63% in September to 15.99% in October.
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The Federal Inland Revenue Service (FIRS) approved a Capital Allowance of N5.61 billion for 13 companies and also failed to collect the statutory 30% Company Income Tax (CIT) of the total capital allowance given to these companies. The revenue lost by this failure is N1.68 billion.
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The proposed 2022 budget figure of N16.39 trillion is N2.41 trillion more than the projected budget for the 2022 fiscal year. And it is only N381.19 billion less than the projected aggregate budget expenditure of the 2024 fiscal year of N16.77 trillion.
Digitalizing rates and tax payment systems has proven to be an efficient method of improving the state’s revenue. This process has proven most efficient in Kaduna state, whose Internally Generated Revenue (IGR) increased steadily over the last five years.
Yar Terhemba, 38, has lived in Mbalom, an agrarian community in Gwer-East Local Government Area of Benue state, all his life. For most of his youth, he cultivated five hectares of land annually, producing soya beans and rice. Depending on the coincidence of market days with his harvest, Terhemba either sells his produce at Igbor market, which is 19 kilometre from his farm, or Ikpayongo market, a 33 kilometre stretch away.
The Nigerian economy continued its recovery from the devastating effect of the COVID-19 pandemic. Gross Domestic Product (GDP) figures released by the Nigeria Bureau of Statistics show that the country’s total output grew from 0.51% in the first quarter of 2021 to 5.01% in the second quarter when output from the two quarters are compared with their equivalent quarters in 2020, that is, a year on year (y-o-y) comparison.
The budget call circular from the Ministry of Finance Budget and National Planning shows that the 2022 budget will be less than 2021. The Federal Government of Nigeria (FGN) has set a budget expenditure ceiling of N13.98 trillion for the 2022 fiscal year. This figure comprises a fiscal revenue of N8.762 trillion, and N5.218 trillion will be incurred as the deficit.
Payments for federal constituency projects from 2018 to 2021, published on the open treasury portal, do not match what was budgeted in the Appropriation Acts for those years, Dataphyte investigations have shown.
A total sum of N120 billion was spent by the Nigerian government to augment FAAC revenue shortfalls between January and July 2021.
The approved supplementary budget of 7.46 billion Naira is for a purported “independent lawful interception platform – voice and advanced data monitoring”.
Ebonyi, Ekiti and Imo have the highest prevalence of FGM cases in Nigeria;
Agricultural colleges found wanting for spending ₦721.35 million inappropriately;
