Tag Archives: Revenue

NIPOST generated N8.84 billion revenue in 2016

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The Nigerian Postal Service, NPS, earned a total sum of N8.84 billion as revenue in 2016, the National Bureau of Statistics, NSE, has said.

According to a report released by the bureau titled “Annual Postal Services Data 2016”, Stamp Duty generated the highest amount of revenue of N4.09 billion, representing about 46.34 percent of the total
revenue generated in the year.

The report stated further that EMS/Speed Post and Parcel clearance/delivery fee followed closely with N1.36 billion and N726.85 million revenues generated, representing 15.38 percent and 8.23 percent of the total revenue generated respectively.

It added that international mail income also accounted for N715.73 million, representing 8.10 percent of revenue generated in the year under review.

The bureau stated further that the agency handled a total of 33,683,640 mails domestically and internationally in 2016.

The NBS said that 21,057,137 mails, which represent about 63 percent of the total mails, were handled locally while 7,689,093 mails which represent about 23 percent of the total mails were dispatched abroad.

The report also added that 4,937,410 mails which represent about 15 percent of the total mails were received from abroad and delivered in Nigeria.

 

Source: Premium Times

Attacks on oil installations, vandalism crash monthly allocation by N90.2bn

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Despite increase in average price of crude oil at global market from $46.0 per barrel in May to $48.43 in June, sustained attacks on oil installations and pipeline vandalism have reduced total allocation available for sharing to the three tiers of government by N90.2 billion.

The picture was made clearer yesterday as the sum of N420 billion was approved for September for sharing as against N510.270 billion disbursed among the three tiers of government in August.

Militant attacks on oil installation led to a decrease in volume of crude oil export by 1.15 million barrels in the month of June alone.

Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa- Dutse, confirmed the figures and the adverse effect the attacks are having on the oil-rich region when he presided over Federation Account Allocation Committee (FAAC) meeting in Abuja. The decrease in revenue cuts across statutory revenue, Value Added Tax (VAT) and Nigeria Customs Service’s duty.

For instance, while net statutory allocation was N315.045 billion in the previous month, it came down to N250.947 billion in September, VAT was N75.962 billion in previous month but came down to N64.265 billion in September.

On statutory allocation, Federal Government got the highest sum of N120.351 billion, states, N61.044 billion, while local governments got N 47.062 billion.

The sum of N13.729 billion went to oil producing states as their share of 13 per cent derivation. Balance in Excess Crude Account stood at $2.454 billion.

Blackberry To End Making Smartphones As Revenue Slumps

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BlackBerry Ltd posted a 31.8 percent fall in second-quarter revenue and it said it would end all internal hardware development, including its well known smartphones.

The Waterloo, Ontario-based company reported a net loss of $372 million, or 71 cents a share, on revenue of $334 million. A year ago, it reported a profit of $51 million, or 24 cents a share, on revenue of $490 million. Excluding one-time items, the company said it broke even.

Credit: reuters

Customs rakes-in N35 billion in Apapa Command

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The Apapa Command of the Nigeria Customs Service (NCS) has sets new monthly revenue record of N34.923 billion in the month of August 2016.

The figure, according to a statement signed by the Customs Public Relations Officer, Apapa Command, Emmanuel Ekpa, is about N8 billion higher than the N27 billion collected in July.

Ekpa said the collection record is the highest monthly-generated revenue made by any customs command in the country in the last 10 years.

Meanwhile, the Command also made a seizure of 16 containers for false declaration. It noted that investigations are ongoing over the seized containers, and arrests have been made in preparation for prosecution.

This remarkable feat is coming at a time when the ports are said to be having low volume of trade and shipping companies reported to be leaving the country in the face of some trade restrictions and high exchange rate regime.

Customs Area Controller of the Command, Willy Egbudin, however enjoined officers of the Command to continually work to redouble their efforts in maximum revenue collection, speed in legitimate trade facilitation and uncompromising enforcement of all customs laws.

Egbudin had at a recent meeting with top officers of the Command emphasised that national security must not be compromised at the port and terminals under it in the course of trade facilitation and revenue collection.

The Customs boss attributed the recent increase to increased supervision, closer monitoring and regular outreach to importers and agents on the need to comply, while issuing demand notices for infractions like under-declaration when detected.

He said: ‘’The Comptroller General’s directives are very clear on matters affecting our duties. We must not in anyway act outside the law or encourage people to do so. Importers and agents who violate the law will face the full wrath of it and I can assure you all that I will not spare any Customs Officer collaborator. Any attempt to shortchange the government under my watch here will not be treated with kid gloves.”

Lagos State Govt. Generates N101.69bn In First Quarter Of 2016

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The Lagos State Government generated a total revenue of N101.69bn in the first quarter of 2016 out of which a surplus of N4.85bn was realized as against an expected N29.92bn deficit, the State’s Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade said on Monday.

 

Speaking at the ongoing Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja to commemorate Governor Akinwunmi Ambode’s first year in office, Ashade said the generated revenue was above that of 2015 which stood at N97.28bn in the first quarter, adding that in absolute terms, the revenue performance was N4.4bn more than comparative period of 2015.

 

Ashade said the remarkable feat was achieved despite the diminishing statutory allocation from the federation account, adding that same was due to Governor Ambode’s purposeful and visionary leadership.

He expressed optimism that with the implementation of multiple revenue collection channels and broadening of the revenue base, the State Government would achieve tremendous progress in its revenue drive.

 

Giving a detailed breakdown of the budget performance, the Commissioner said N76.06bn was the Internally Generated Revenue (IGR) of the State in the first quarter representing 72 percent of the estimate for the quarter and 75 percent of the total revenue, as against the N67.21bn generated in first quarter of 2015 representing 74 percent of the estimate and 69 percent of the total revenue in the corresponding period for last year.

 

said the Lagos Internal Revenue Service (LIRS) revenue for the first quarter of 2016 stood at N67.25bn representing 90 percent estimate for the quarter and 88 percent of the total IGR and 66.12 percent of the total revenue, compared to N60.58bn (87 percent of the estimate for Q1 Y2015), representing 90 percent of total IGR and 62 percent of total revenue in 2015.

“This performance was N6.67bn more in absolute terms compared to corresponding period in Y2015 and due largely to more participatory structural and systemic re-engineering.

“Over the course of the first quarter of Y2016, Federal transfers contributed N25.64bn (83 percent of the estimate for the quarter) and accounted for 25.21 percent of total revenue. Further breakdown showed that statutory allocations contributed N7.48bn while VAT contributed N18.16bn,” Ashade said.

Speaking on performance of capital expenditures for the period under review, the Commissioner explained that in the regard, the government expended N48.88bn on capital projects which represented a 51 percent better performance of N15.08bn (24 percent) as at the first quarter of 2015.

He also revealed that as at the end of first quarter of 2016, the ratio of capital expenditures to recurrent expenditures closed at 50:50, better than a ratio of 21:79 recorded for the same period in 2015 but short of the ratio of 58:42 projected for 2016.

He, however, expressed optimism that capital expenditure performance would experience significant improvement in the second quarter of 2016 based on the projections and expectations of revenue inflows.

Ashade, whose Ministry is also responsible for managing the State’s existing relationships with development partners as well as identify new potential ones to drive further development, disclosed that the State Government has gone into partnership with the Japanese International Cooperation Agency (JICA) to invest in a possible monorail project that will link Marina to Oniru in Victoria Island and Ikoyi, and later connect to the Lekki Rail Line project which is also in the works.

 

He clarified that the monorail project is an urban mass transportation project different from the ongoing Blue Line Rail project that will connect Mile 12 to CMS, and the Red Line Rail Project.

According to him: “A detailed feasibility study has been commissioned on the monorail project to validate the initial survey, which will eventually lead to an investment of US$1billion (about N300billion) in the project if the results of the feasibility study are positive, amongst other conditions.”

Ashade further disclosed that under the Eko Urban Project, the State Government, in partnership with the Agence Francaise De Development (AFD) would soon embark on the upgrade of slums in Amukoko in Ajeromi/Ifelodun Local Government Area of the State and Ilaje-Bariga in Bariga Local Council Development Area of the State, as well as the provision of modern waste disposal facility in Epe.

He said projects would soon take off as the AFD has already committed a US$100m loan for the projects, while the State Executive Council has equally approved the upgrade of the slums.

 

Nigeria Faces Further Revenue Slump As Iran Returns To Oil Market

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Nigeria’s dwindling oil revenue is expected to fall further as Iran is set to commence immediate exports of at least 500,00 barrels of crude oil per day (bpd) following the lifting of international sanctions against the country at the weekend, thus worsening the oil glut in the global market.

The federal government’s 2016 budget, which is predicated on an oil price of $38 per barrel, is already under threat as crude oil prices fell below $30 last week due to an estimated 1.5mbpd excess inventory in the oil market.

With the lifting of sanctions against Iran, the additional one million barrels per day that the country is expected to add to the global market this year will depress prices further, thus worsening Nigeria’s already precarious economic situation.
The United Nations Nuclear Agency on Saturday certified that Iran had met all of its commitments to curb its nuclear programme, and the United States immediately revoked sanctions that had slashed Iran’s oil exports by around 2mbpd since their pre-sanctions 2011 peak to a little more than 1mbpd.
There were strong feelers a month ago that the removal of sanctions would occur earlier than oil traders initially expected.
This fuelled a sell-off which sent the price of Brent crude tumbling 24 per cent since the beginning of the year, the biggest fall since the financial crisis of 2008.

Credit: ThisDay

Osun To Create Jobs, Increase Revenue Through Gaming Entertainment

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The Osun State Government has given an assurance that it would continue to create an enabling environment for investors to thrive in the state.

The Acting Chairman of the Osun Internal Revenue Service, Dayo Oyebanji, stated this in Osogbo the Osun State capital, at a meeting where a Memorandum of Understanding (MoU) was signed with a foreign gaming company.

He stated that the gaming initiative was not only to create employment for many youths, but to also boost the state’s revenue generation through entertainment.

He explained that creating an enabling environment for investors would in turn improve the economic base of government to help meet its statutory obligation of providing basic needs for its citizens.

Describing the initiative, which is a landmark for Osun State, he added that the project would also empower people to make money for themselves.

Credit: ChannelsTV

FG to Enforce Spending Limits for Revenue Generating Agencies

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In a bid to block leakages and improve internally generated revenue paid into Consolidated Revenue Fund, the federal government has finalized measures that will reduce the ability of its revenue-generating agencies to spend money at source and also set limits on their expenditure.

It was learnt that the measures were contained in a memo recently sent to President Muhammadu Buhari by the Minister of Finance, Mrs. Kemi Adeosun, detailing how most of the agencies spend almost 100 per cent of the revenue they collect on behalf of the federal government and remitting paltry sums to the Consolidated Revenue Fund.

Section 22(2) of the Fiscal Responsibility Act requires theses agencies to generate an operating surplus, of which 80 per cent is to be paid into the Consolidated Revenue Fund (CRF). The balance of the operating surplus is meant to be transferred to the agency’s general reserve fund, notwithstanding the provisions of any written law establishing the agency.

The same act requires that these agencies submit annual budgets for approval by the National Assembly.
But in practice, many of these agencies fail to submit budgets and are thus able to generate and spend revenue without scrutiny or accountability.

The level of compliance with remittances into the Consolidated Revenue Fund is so low, with some agencies never having contributed any funds at all.

It was the same high degree of non-compliance that set the former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on a collision course with the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) last year when her ministry was forced to withdraw operating surpluses from the accounts of the agencies with commercial banks in the country.

Credit: ThisDay

Nigeria Can Generate More Revenue From Tourism – Bianca Ojukwu

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The country’s former Ambassador to Spain, Mrs Bianca Ojukwu, has said that tourism was a veritable platform for increasing Nigeria revenue generation.

Ojukwu, who made the assertion at the opening of  “2015 Akwaaba Travel Expo’’ on Sunday in Lagos, said Nigeria had beautiful things that could attract tourists to the country.

She said that the country could generate a lot of revenue from tourism, especially now that its economy would be diversified.

Ojukwu urged the government to use tourism to generate revenue, create employment and increase foreign exchange earnings for economic growth.

According to her, the number of local and foreign exhibitors at the event in spite security challenges is a sign of good things to come from Nigeria’s tourism industry.

“The fair will bring about tourism and cultural integration and corporation between Nigeria and other foreign countries.

“It will also serve as a platform for branding and showcasing individual countries’ tourism destinations.

“It is not only Nigeria that is facing security challenges; it depends on how you project your country,’’ she said.

Ojukwu urged Nigerians to always project the nation’s tourism industry in good light, noting that negative publications about the country would put off patronage from the outside world.

“Nigeria is a great nation with great people, nice hospitality and also with rich cultural heritage,’’ she said.

Mr Aminu Agoha, President, National Association of Nigeria Travel Agencies (NANTA), said the benefits of the fair to the Nigerian economy were enormous.

Agoha said the influx of foreigners would increase foreign exchange earnings and also boost patronage for the hospitality industry.

He urged the Federal Government to upgrade the historical and tourists sites across the country to meet foreign standard.

Agaho urged stakeholders in the industry and government to pay more attention to domestic tourism.

“We should market more of our domestic tourism to the world instead of those of foreign countries.

“We have lots of tourism potential to sell to the world,’’ he said.

NAN reports that the three-day event which began with a “Wedding Show’’, sponsored by Dubai Tourism in partnership with Emirates, will feature exhibitors from other African countries.

The event will end on Nov. 25.

 

 

(NAN)

Too Much Boom Time Oil Savings Spent on State Governors- Okonjo-Iweala

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Nigeria’s finance minister said on Thursday that a significant portion of the billions of dollars drained from the oil savings account over the past two years was distributed to powerful governors instead of being saved for a rainy day.The central bank devalued the naira by 8 percent on Tuesday because it was running out of forex reserves with which to defend the currency.

The Excess Crude Account (ECA) had around $9 billion in December 2012, but it has since fallen to around $4 billion, Finance Minister Ngozi Okonjo-Iweala noted in a speech to capital market authorities. Most of the falls occurred during a period of record high oil prices, when oil savings are supposed to accrue.

Okonjo-Iweala said some of the money had been needed to cover revenue lost due to outages caused by oil theft and pipeline vandalism, thought to drain hundreds of thousands of barrels a day.

“Some of it (the ECA) was then legitimately used to offset revenue shortfalls arising from quantity shocks and to narrow the fiscal deficit,” she said. “But against our advice, significant portions were also used to augment monthly allocations,” to local and state authorities.

“States argued that rainy days were already at hand and in fact (the rain) was already pouring, so the money needed to be used right away,” Okonjo-Iweala said.

Money from oil sold over and above the finance ministry’s benchmark price is in theory deposited into the ECA, which can later be used to protect against oil price shocks or to plug the deficit.

However, there are disputes about who should control this money, and state governors often argue the central government is hoarding the money and should distribute more to them.

 Credit: Yahoo News