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Senate Indicts MDAs Over N3 Trillion Unremitted Funds


(AFRICAN EXAMINER) – Ministries, Departments and Agencies (MDAs) are yet to remit over N3 trillion to the Consolidated Revenue Fund (CRF) of the Federal Government between 2014 and 2020, says the Senate.
Chairman, Senate Committee on Finance, Sen. Solomon Adeola (APC- Lagos), made the revelation in a statement by Kayode Odunaro, his Media Adviser, on Sunday in Abuja.
The senator spoke at the ongoing investigation of remittances of revenue by MDAs and payment of 1 per cent stamp duty on contracts between 2014 and 2020.
The Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, and Director-General of Budget Office, Mr Ben Akabueze, appeared before the committee. ....

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Senate panel probes MDAs over N3trn 'unremitted' revenue


ON THE GO
On the Asaba revolt by southern governors
If you are a keen observer of Nigerian politics, or should I say politicking, you must have noticed many unusual things about the meeting of the 17 southern governors in.
Aburi ghosts, Asaba secessionists and waffles in high places
When you listen to Nigeria’s Senate President, Ahmed Lawan’s skewed submission on southern governors’ meeting in Asaba, Delta state last week, you will realise that people in high places too.
‘Don’t vilify us, nothing we said is new’ Okowa defends southern governors
Ifeanyi Okowa, governor of Delta state, says restructuring and a ban on open grazing will improve the unity of Nigeria.Advertisement He said southern governors should not be berated “for coming. ....

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FG finances record mixed performance - Vanguard News


Vanguard News
FG finances record mixed performance
On
·  Analysts see downside to 2021 targets
 
 
The state of the finances of the Federal Government of Nigeria, FG, appears to be running on mixed performance following a record rise in actual revenue against target.
But this is coming with a significant increases in deficit level, dampening the speculations that the three-month consistent rise in oil price would have meant that the financial pressures on the government arising from the adverse impact of Coronavirus Pandemic may have started easing off.
Information available to the
Vanguard Public Finance Report has indicated that as at December 2020, the budget implementation report of the Ministry of Finance shows that the Federal Government had realised 73.4 percent (or ₦3.9trillion) of its budgeted revenue of ₦5.4trillion for the year. ....

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Breaking News | Business Nigeria's 2021 revenue reduced by N792.9bn due to OPEC deal cuts


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When the Federal Government recently announced that it will be borrowing N895bn from dormant account balances and unclaimed dividends to shore up its revenue, so many frowned at this even though the very act itself is backed by a law President Muhammadu Buhari signed last year – the Companies and Allied Matters Act in the signed Finance Act 2020.
That the FG resorted to borrowing from dormant account balances is evidence of the  dire economic situation the country has found itself in and in a bid to keep the nation afloat.
And this may not be unconnected to a strict deal by the Organisation of Petroleum Exporting Countries (OPEC) to have Africa’s biggest oil-producing country cut daily production by 939,000 barrels for three months, which will impact revenue by N792.907 billion and probably, worsen her fiscal worries. ....

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