Tag Archives: Federal Ministry of Finance

The Federal Ministry of Finance has dismissed claims that the Nigerian government spent trillions of naira outside the approved 2026 budget, describing the allegations as false and a misrepresentation of the findings contained in the International Monetary Fund’s 2026 Article IV Consultation. In a statement, the ministry stressed that Nigeria does …

The Federal Ministry of Finance has approved payment to more than 1,240 contractors, providing immediate liquidity support to businesses across the country. The Federal Government also noted commitment to meeting its financial obligations. This is s contained in a statement issued by the Head of Information in the Ministry, Efe …

Accuses States of being ill-advised, beggarly and lazy The powers of the Federal Inland Revenue Service, (FIRS) to recover unremitted taxes deducted by States and Local Governments is well in order, and accords with the country’s fiscal laws. This position was stated by the Global Economic Policy Initiative (GEPiN), an …

VISITs to include MDAs, NGOs, other corporate bodies… The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022. This information is contained in a public notice announcing the compliance monitoring exercise, and …

The Federal Government paid the total sum of N7.27bn as installments on loans acquired from the World Bank and the International Monetary Fund in February this year In February 2022, the Federal Government made a repayment of $8.21m (or N3.42bn, using the central exchange rate of the Central Bank of …

Nigeria’s  Minister of Finance, Budget and National Planning, Zainab Ahmed has restated the constitutional role of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), on the monitoring of accruals and disbursements of revenue from the Federation Account, pointing that the powers of the commission as constitutionally stated do not relate …