revenue

Miners

Federal Govt Sensitises Artisanal Miners In Zamfara

February 10, 2020 3:46 am

The Federal Ministry of Mines and Steel Development has said that the country was losing 80 percent of revenue that would have accrued from the solid minerals sector, to illegal mining.

Mr Abunuma Samuel, the ministry’s Plan Officer, stated this while speaking to newsmen in Maru, Talata-Mafara Local Government in Zamfara, on Sunday.

Samuel spoke to newsmen after sensitising artisanal miners in Maru.

The federal government had, in April 2019, announced a ban on mining in Zamfara and its environs.

The government said that the ban was part of measures to address the security challenges in the state.

The planning …

Kano Electricity Company Laments Loss Of ₦52bn Revenue

January 19, 2020 5:39 pm
The Kano state Electricity Distribution Company KEDCO did not find it easy in it’s revenue collection in 2019 as the Company is said to have lost energy worth N52 Billion Naira Supplied to it by the Regulators.

Speaking while unveiling new Customer Strategy and Company award and Empowered Conference, the Managing Director of the company Mr Jamilu Isiyaku Gwamna said KEDCO cannot meets its obligations with the serious problems facing them.

The Managing Director noted that they have introduced several measures to curtail energy loss and lack of staff commitments to Company growth as well as revenue collection, which

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Customs Command Surpasses Revenue Target

January 17, 2020 5:13 am

The Nigeria Customs Service (NCS), Area II Command, Onne Port, Rivers State has announced that it generated a total revenue of ₦107.336 million from duty paid on imported goods in 2019. This, it stated in a statement, surpasses its annual target of ₦95.711 million for last year by ₦11.642 million.

The Customs Area Command of the Command, Comptroller Aliyu Galadima Saidu in the statement said a total of 24 seizures with Duty Paid Value (DPV) of N1.278 billion were also recorded in the area of anti-smuggling.

“The seizures include 99 containers comprising vegetable oil, detergents, bags of foreign rice, scraps …

Kaduna Internal Revenue Seals Off FCMB, Keystone Over ₦292m

January 14, 2020 10:28 am
Kaduna State Internal Revenue Service, KADIRS, has sealed off some bank branches in Kaduna for been indebted to the tuned of ₦292 million.

The affected banks are three branches each of the First City Monument Bank, FCMB, and Keystone Bank in Kaduna.

Report has it that the branches sealed off by the revenue agency as a result of over tax liabilities and PAYE are located at Sabon Tasha, Ali Akilu, Bank Road and Yakubu Gowon Way.

Read Also: Outrage As Council Boss Empowers Youths With Wheelbarrows

Report also has it that FCMB is owing over N72 million in tax liabilities

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Lottery Battle Over Game Rights, Revenue

December 23, 2019 5:32 am

Following the exclusive rights obtained by Western Lotto Nigeria Limited to sell and promote Ghana Games in Nigeria, lottery operators in the country are at daggers drawn.

Some alleged that the agreement between Western Lotto and LMC VAS Ghana, owners of the Ghana Games intellectual property was an attempt by Western Lotto Limited to appropriate the regulatory functions of the NLRC as the sole regulator of the lottery industry in Nigeria.

According to a statement, the lottery operators opposed to Western Lotto also claimed that the agreement debars them from offering 5/90 Ghana games comprising Monday Special Lotto, Lucky Tuesday …

Peterside: NIMASA Contributed ₦16bn To Consolidated Revenue

November 20, 2019 8:22 am

The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Peterside Dakuku has revealed that his agency has contributed the sum of ₦16 billion to the consolidated revenue fund in 2019.

He disclosed this yesterday while giving an account of the 2019 budget performance before the House of Representatives’ Committee on Maritime Safety, Education and Administration.

Read Also: NFF Commends Minister Over Concern In Poor Runs

He added that the agency exceeded the initial target of N12 billion.

Dakuku stressed that 133 per cent increment was achieved due to a number of measures put in place by the …

Man City’s Revenue Rises To £535 Million

November 19, 2019 2:01 pm

Manchester City’s on-field success saw the club’s revenues swell to £535 million ($692 million) last season as the Premier League champions posted a profit for the fifth straight year.

A 20 percent surge in broadcast revenue saw City’s income rise from £500.5 million in the 2017/18 season.

Pep Guardiola’s men completed an unprecedented quadruple of England’s domestic trophies by winning the Premier League, FA Cup, League Cup and Community Shield.

The sale of a host of players unable to break into the first team helped boost profits to £10.1 million.

Prior to Sheikh Mansour’s takeover of City in 2008, the …

South

SA Premier League Smashes Billion-Rand Revenue Mark

November 17, 2019 1:32 pm

The South African Premier Soccer League (PSL), boosted by a lucrative TV deal, posted record revenue of more than one billion rand last season.

A statement said TV rights and sponsorships from banks, telecommunication and engineering companies were responsible for the 1,005 billion ($68 million/62 mn euros) bonanza.

“The results are due to the renewal of our broadcast deals because they contribute a high percentage of income,” PSL chairman Irvin Khoza confirmed Sunday.

“We have reached the one billion rand mark and that augurs well for the clubs as the monthly grants to them will increase next season.”

The PSL …

e-Customs: NCS Targets ₦1.679tr Revenue In 2020

November 13, 2019 9:02 am

The Comptroller-General of the Nigeria Customs Service (NCS), Hameed Ali on Tuesday disclosed that the 2020 revenue target set for the service by Federal Government stands at ₦1.679 trillion as encapsulated in the Medium-Term Expenditure Framework approved by the National Assembly.

Ali made the revelation in Abuja at the 2020 budget defence with House of Representatives Committee on Customs.

According to him, the figure consists ₦1.5 trillion for federation revenue, while non-federation stands at ₦178.62 billion.

When compared to the 2019 revenue target, the 2020 figure is higher by N741.43 billion (44.17%).

The Customs boss said the 2020 budget leverages …

Customs

Customs Generates ₦1.002trn Revenue In 9 Months

November 11, 2019 11:55 am
The Nigeria Customs Service (NCS) has generated revenue of about ₦1.002 trillion from January to September 2019.

The data received by the News Agency of Nigeria (NAN) from the Department of Research and Statistics and confirmed by the NCS’s public relations office indicated that the revenue was generated from 32 commands.

The statistics showed that the service recorded the highest revenue of ₦123.6 billion in the month of July followed by N118.6 billion realised in May.

The data also revealed that the lowest revenue was recorded in the month of February with N86.3 billion.

The low in February’s revenue might

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Twitter Tumbles As ‘Bugs’ Hit Their Revenue Growth

Twitter Tumbles As ‘Bugs’ Hit Their Revenue Growth

October 24, 2019 11:05 am
Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter.Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit.

Revenue rose nine percent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called “revenue product issues.”

Shares in Twitter slid as much as 20 percent in pre-market trade on the disappointing results.

Twitter said revenue was hit by “bugs” which made it harder to deliver targeted

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Finance Minister: Nigeria Has Revenue Issue Not Debt Crisis

Finance Minister: Nigeria Has Revenue Issue Not Debt Crisis

October 23, 2019 10:34 am
Minister of Finance, Zainab Ahmed, has said that contrary to speculations,  the country is not in debt crisis, but admitted that it has revenue generation problem.
Ahmed disclosed this Wednesday while speaking on the proposed 2020 budget at the National Assembly public hearing on the budget.
She said that the federal government had heard repeatedly that Nigeria was inching towards a debt crisis, but noted the federal government had also consistently said that Nigeria does not have a debt crisis as the total borrowing rate of the county was under 50 percent of the GDP.
Ahmed stated: “What we
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