revenue

Ahmed: FG Optimising Revenue Mobilisation Potential

Ahmed: FG Optimising Revenue Mobilisation Potential

October 17, 2019 11:23 am

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government will optimise the country’s potential in revenue mobilisation in 2020.

Ahmed said this in an interview with journalists at the ongoing IMF/World Bank Annual Meetings in Washington DC.

According to her, budgeting is supposed to be based on taxes that a country is able to generate.

“It is an anomaly for us in Nigeria that our budgets have not been focusing on revenue. What we are trying to do in 2020 is to harness the full potential of revenue mobilisation. The only increase …

Implement Revenue Drive With Caution, FSDH Tells FG

Implement Revenue Drive With Caution, FSDH Tells FG

October 17, 2019 5:55 am

The federal government has been advised to implement its revenue drive with caution, so as to limit undue pressure on businesses and consumers.

Analysts at FSDH Merchant Bank Limited gave the advice in a report on the proposed 2020 Appropriation Bill President Muhammadu Buhari submitted to the National Assembly recently. A copy of the report was made available to newsmen yesterday.

The Lagos-based research and investment bank pointed out that given the slow economic recovery with Gross Domestic Product (GDP) growth below two percent, the government should avoid measures that would emasculate businesses.

The firm, however, welcomed the early presentation …

We Will Not Reach 80% Revenue Performance For 2019 - Ahmed

We Will Not Reach 80% Revenue Performance For 2019 – Ahmed

October 14, 2019 2:45 pm

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the nation will not be able to reach 80 percent revenue performance for 2019.

She said this on Monday in Abuja at the public presentation of the 2020 budget proposals.

Ahmed said that as at half-year, the actual aggregate revenue for 2019 was ₦2.04 trillion, which was 58 percent of the prorate target.

She said of the figure; oil revenue accounted for ₦900 billion, Company Income Tax (CIT) ₦349.11 billion, Value Added Tax (VAT) ₦81.36 billion and Customs Collections ₦184.10 billion.

“As to whether we will reach …

NNPC reports $226m oil revenue drop in June

NNPC reports $226m oil revenue drop in June

September 2, 2019 10:15 am

Earnings from oil and gas production in June were down by 44.65 per cent, indicating a value reduction of about $226.38 million between May and June 2019, data from the Nigerian National Petroleum Corporation (NNPC) have shown.

NNPC, in its June 2019 monthly financial and operations report, stated that in May, the sales value of oil and gas production in Nigeria was $547.61 million. This, however, dropped to $321.23 million in June.

The full content of the report was posted on the NNPC webpage.

It said within the month under review, its under-recovery – a term it uses in place …

Nigeria’s music industry revenue to hit $50 million by 2020

Nigeria’s music industry revenue to hit $50million by 2020

June 23, 2019 12:34 am

Nigerian Music pundits and executives of the Disruptive Creative Economy Meeting Group, DCEM have revealed in a new report that the Nigerian Music Industry is set to reach revenue of N18bn ($50Million) by 2020.

Findings from the report also reveal the Nigerian recorded music industry is poised to spike in growth significantly over the next 3-5 years. ‘As the world continues to witness the globule penetration and purchasing power of mobile data and phones, so will the consumption of entertainment products from creatives increase.

The DCEM Nigerian Recorded Music Industry Report is intended to be an annual publication with …

MTN Nigeria posts ₦1.04 revenue in 2018

MTN Nigeria posts ₦1.04 trillion revenue in 2018

May 31, 2019 10:48 am

Two weeks after listing on the Nigerian Stock Exchange (NSE), MTN Nigeria Communications Plc on Friday announced a revenue of N1.04 trillion for the financial year ended Dec. 31, 2018.

The News Agency of Nigeria (NAN) reports that the revenue was higher when compared with N887 billion achieved in the comparative period of 2017.

A breakdown of the revenue showed that airtime and subscription remained its cash cow, generating N676.36 billion, up from the restated N556.58 billion in 2017.

Read Also: Official: MTN signs 7-year ₦200bn medium term facility

Data revenue stood at N165.17 billion, up from N116.79 billion in …

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