NIGERIA WINS WORLD BANK'S YOUTH DEVELOPMENT INITIATIVE
For the second successive year, Nigeria has won the Ideas for Action initiative, a youth competition on financing for development, which is yearly organised by the World Bank Group in collaboration with the Zicklin Center for Business Ethics Research. Read More»
FG INAUGURATES INVESTMENT AND SECURITIES TRIBUNAL
The Federal Government has reconstituted the Investment and Securities Tribunal (IST) as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy. Read More»
FG RELEASED N336bn CAPITAL FUNDS TO MDAs IN FIRST QUARTER 2017
The Federal Government has, to date, released a total of Three Hundred and Thirty-Six Billion Naira (N336bn) from the 2017 Budget to Federal Ministries, Departments and Agencies (MDAs) for funding of capital projects in the first quarter of 2017. Read More»
MINISTER OF FINANCE SAYS FISCAL DISCIPLINE, RATIONAL ALLOCATION OF RESOURCES ARE VITAL FOR ECONOMIC GROWTH
Fiscal discipline, improved revenue generation, rational allocation and efficient use of resources must be imbibed every tier of Government in the country to return the economy to the path of sustainable growth and development. Read More»
FG RELEASES DETAILS OF ANOTHER PARIS CLUB REFUNDS MADE TO STATES
FG has released a State by State breakdown of another tranche of Paris Club refund of over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments (1995-2002) as contained in the table Read More»
VAIDS implementation: FG to provide training for professionals
To support the successful implementation of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS), the Federal Government has committed to providing free training to accountants, lawyers, wealth managers, stockbrokers and other professional advisers to the public on the scheme. The free training is aimed at equipping them to give advice to their clients on participating in the scheme.Read More»
ADEOSUN: TECHNOLOGY WILL ENHANCE TAX COMPLIANCE
The Federal Government will deploy and heavily rely on technology to increase tax compliance under the recently launched Voluntary Asset and Income Declaration Scheme (VAIDS). Minister of Finance, Mrs. Kemi Adeosun has said. Read More»
PROJECT ACT NOLLYWOOD – INNOVATIVE DISTRIBUTION FUND (IDF) DISBURSEMENT
The programme aims to improve and promote key components of the value chain through the provision of grants scheme designed to support existing or aspiring practitioners within the Industry, including the Diaspora.Read More»
WORLD BANK TO ASSIST NIGERIA TO STRENGTHEN AND CONSOLIDATE FSP
The World Bank Group is set to assist Nigeria’s State Governments improve their fiscal sustainability by strengthening and consolidating the Fiscal Sustainability Plan (FSP). The FSP was introduced by Federal Government in 2016 as part of the measures to tackle the 2015-2016 fiscal crisis that followed the decline in revenue and budget cuts leading to two financial bailouts for the States by the Federal Government. Read More»
FG: REVENUE MOBILISATION IS CRITICAL TO OUR SUCCESS
While delivering the keynote address at the NSE-BLOOMBERG CEO Round Table in Lagos on Friday, the Minister of Finance, Mrs. Kemi Adeosun, said that revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. Read More»
FG confirms first payments to Whistleblowers
The Federal Ministry of Finance has confirmed release of N375.8M to the first batch of 20 providers of information under the Whistleblower Policy. The payment, of various amounts totaling N375,875,000, relate to the recovery of N11,635,000,000. Read More»
FGN ASSETS: Minister of Finance Urges MDAs to submit records faster
The Minister of Finance, Mrs. Kemi Adeosun, has urged all Federal Ministries, Departments and Agencies, including Nigeria’s Diplomatic Missions and posts and tertiary institutions to speed up the compilation and submission of the inventory of their assets held as at 31st December, 2016 to facilitate the registration of such assets. Read More»
FG APPROVES HIGHER INTEREST RATE ON UNPAID TAXES
The Federal Government has approved a new interest rate spread on unpaid taxes for the year 2017. The new interest rate was approved by the Minister of Finance, Mrs. Kemi Adeosun. Read More»
NATIONAL TAX POLICY
Following the approval of the Federal Executive Council (FEC) for the implementation of the recommendations of the Revised National Tax Policy (NTP) and endorsement of the HMF for the constitution of the NTP Implementation Committee, the Committee has commenced the implementation of the policy recommendations. National Tax Policy and Tax Laws and Regulations
REDUCTION OF IMPORT AND EXPORT DOCUMENTATION REQUIREMENTS
Following the Federal Government's on-going efforts to improve the ease of doing business in Nigeria, His Excellency, Prof. Yemi Osinbajo, SAN, Vice President of the Federal Republic of Nigeria and Chairman, Presidential Enabling Business Environment Council (PEBEC), recently approved the reduction in the number of documents required... [PDF]
REVISED EXPORT GUIDELINES FOR NON-OIL EXPORT
Any person intending to export non-oil Products out of Nigeria shall in the first instance, process the Nigerian Export Proceeds Form (Form NXP or any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED EXPORT GUIDELINES FOR OIL AND GAS EXPORTS
Any person intending to export oil and gas and related products out of Nigeria shall, in the first instance, process the Nigerian Export Proceeds Form (Form NXP and any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED IMPORT GUIDELINES, PROCEDURES AND DOCUMENTATION REQUIREMENTS UNDER THE DESTINATION INSPECTION SCHEME IN NIGERIA
Pursuant to the Federal Government’s decision for a seamless transfer of the Destination Inspection Scheme for imports from the Scanning Service Providers (SSPs) to the Nigeria Customs Service (NCS) with effect from 1st December 2013, robust guidelines, procedures and documentation regime shall be enthroned to enhance the integrity of the system. Read More» or download [PDF]
OPEN DATA FOR AFRICA INITIATIVE
Link to Open Data For Africa Initiative External
ADEOSUN HOLDS FIRST FACEBOOK LIVE SESSION: ASSURES CONTINUITY OF ‘YOUWIN’ PROGRAMME
- Written by Administrator2
The Minister of Finance, Mrs Kemi Adeosun, held her first-ever Facebook Live session on Tuesday, April 4, 2017. The 23-minute event, filmed at the Ministry of Finance headquarters in Abuja, and broadcast live through her Facebook page, reached an audience of more than 130,000 persons within the first hour.
The Minister kicked off the Facebook Live interaction with an overview on developments in the Nigerian economy over the past few months, highlighting the Finance Ministry’s work in supporting SMEs, creating jobs, improving transparency, cutting the cost of governance, and boosting Government revenues.
Acknowledging the challenges the Nigerian economy faced recently due to low oil prices, the Minister said: "the good news is that we are working through the issues one by one, and trying to ensure that as we rebuild the economy, we get away from the boom and bust cycle of the past -- we want to build an economy where, whether oil price is high or low, there's sustainable growth for Nigeria and for Nigerians."
The Federal Government, she said, is doing this by investing heavily in infrastructure and working to create an enabling environment for businesses. One evidence of this renewed focus is the fact that the Ministry of Finance has so far released a Trillion Naira for infrastructure projects in the 2016 budget; a level of infrastructure investment unprecedented in Nigeria's history.
Responding to a Facebook question about the YouWiN! Entrepreneurship program, Mrs Adeosun explained that the Buhari administration has no plans to scrap it. According to her, the Federal Government has reviewed the scheme and repositioned it as YouWiN!Connect, which focuses on continuous enterprise education and skills building. As part of the restructuring, the Minister noted that YouWiN!Connect now publishes weekly editorials in four national newspapers. She added that the principles of YouWiN!Connect would be incorporated into university curricula across Nigeria.
The Minister also revealed that efforts are on-going to improve payroll assurance through continuous audit and migration of Ministries, Departments and Agencies to the IPPIS Platform.
On the Federal Government's Whistleblowing Policy, the Minister said it was introduced not only to recover stolen funds but to also serve as a deterrent against corrupt practices. “Just last week, a whistleblower made claims of long-term fraud and funds misappropriation in YouWiN!,” she disclosed, adding that the Government was now investigating those claims with a view to taking appropriate action.
Speaking on the take-off of the newly-licensed Development Bank of Nigeria (DBN), the Minister noted that it was established to provide access to funding, specifically for Small and Medium Enterprises (SMEs). According to her, even though SMEs account for over 45% of all businesses in Nigeria, less than 10% of them are able to present collateral to access bank loans. “DBN affords young people access to loans for doing business cheaply and conveniently,” she said.
While answering a question on the economic recession, she said: "We got into recession because, for the last 10 years, even when the oil price was extremely high, and we were borrowing, our reserves were decreasing. We didn't have enough of a productive economy. The only real thing that was happening and creating growth was the oil price, and as soon as the oil price went down, growth disappeared. What we are trying to do now is to reset the economy, so that we are not so dependent on oil."
The session ended with Mrs Adeosun expressing appreciation to viewers and participants, assuring them that she would continue to actively engage on social media, through her Facebook and Twitter accounts: Twitter.com/HMKemiAdeosun, Facebook.com/HMKemiAdeosun.
The full Facebook live video is available to view on http://bit.ly/AskHMFinance