Wednesday, June 16

Tag: Revenues

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
Politics

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the cou...
States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund
Politics

States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund

Two top officials of the Muhammadu Buhari regime on Wednesday indicated that the country urgently needed more funds to run government and provide basic amenities for Nigerians. Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, in an interview with the State House correspondents faulted a claim by the Edo State Governor, Godwin Obaseki, that the Federal Government printed between N50bn and N60bn in March, she said there was a need to improve revenue to run government. On his part, the Accountant-General of the Federation, Ahmed Idris, at the 2021 retreat for members of the technical sub-committee on cash management, stated that there was increasing pressure on government funds. The minister and the accountant-general of the federation said these as inv...
Kim Kardashian is Officially a Billionaire – Forbes Says
News

Kim Kardashian is Officially a Billionaire – Forbes Says

Reality star, Kim Kardashian is officially a billionaire. On Tuesday, April 6, Forbes announced her inclusion on the World’s Billionaires list for the first time, citing her two lucrative businesses, KKW Beauty and Skims, as well as cash from “Keeping Up With the Kardashians” and endorsement deals. Kim's worth increased from $780 million in October to $1 billion. The mother of four launched KKW Beauty in 2017 after seeing the success of half-sister Kylie Jenner’s makeup company, Kylie Cosmetics. “It’s the first time I’ve moved away from having licensing deals and transitioned into being an owner,” Kardashian told Forbes in 2017, when she announced her cosmetics line. Kardashian, 40, went on to sell 20 percent of KKW Beauty to Coty for $200 million, which put the value of...
We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari
Politics

We Borrow To Finance Budget Because Of Dwindling Revenues – Buhari

President Muhammadu Buhari has explained that his administration has been borrowing money to finance the economy and development as a result of dwindling revenues. Speaking, virtually, on Thursday at the First National Tax Dialogue held at the Conference Hall of the State House in Abuja, President Buhari, however, tasked the Federal Inland Revenue Services (FIRS) and other relevant government agencies to explore all standard practices to boost revenue. According to him, the FIRS must ensure to plug all revenue leakages by ensuring strict compliance of tax payments by foreign companies operating in Nigeria, urging the deployment of more digital platforms and seamless connections. He noted that the tax dialogue became imperative for the administration at the moment because of th...
Why Sugar Rush was Banned in Cinemas ― NFVCB
News

Why Sugar Rush was Banned in Cinemas ― NFVCB

The National Film and Video Censors Board (NFVCB) has reacted to Nigerians agitation that the movie “Sugar Rush” be returned to cinemas. NFCVB in its reaction to the #BringBackSugarRush trend on Twitter said the action to ban the movie from showing in cinemas is in no way an intention to stifle creativity. “…The President Muhammadu Buhari GCFR led administration Aso Rock Villa is rather in support of the creative industry and has been promoting it as one of the avenues to diversify the nation’s economic base,” the Board’s Executive Director, Adedayo Thomas stated. According to Thomas, the temporary approval given for the movie exhibition expired before a permanent approval could be issued. “The movie has not just significantly increased box office #revenues within a short per...
Nigeria May Lose Niger Republic’s $665m Yearly Energy Cash
News

Nigeria May Lose Niger Republic’s $665m Yearly Energy Cash

Nigeria will lose more revenues from energy exports once Niger Republic starts generating her own electricity, it was gathered at the weekend. Aside Niger Republic, the country, according to the Federal Ministry of Power, exports electricity valued at between $582 million and $665 million annually to countries such as Togo, Chad, and Benin Republic. It exports between 350megawatts (Mw) and 400 Mw of electricity daily to those countries, with a view to generating more revenues and meet their energy needs. Speaking on the side of a stakeholders forum in Lagos, the Technical Director, Consistent Energy Limited, Mr Mohammed Etti, said Nigeria’s export earnings would dip further once Niger Republic starts generating electricity. He said: “If Nigeria allows Niger Republic to dam ...
Sanwo-Olu Didn’t Bring Back VIO So As To Generate Revenues For Lagos – Fashola
Politics

Sanwo-Olu Didn’t Bring Back VIO So As To Generate Revenues For Lagos – Fashola

The Lagos State Vehicle Inspection Services (VIS) has described as untrue reports in some quarters that Governor Babajide Sanwo-Olu brought back it back on the streets in order to generate money from Lagosians. Former governor Akinwunmi Ambode banned the VIO officials from the road but they were returned by Governor Sanwo- Olu after his assumption of office. Some Lagosians have claimed that part of the sins why Ambode was denied a second term was because of the ban on the VIS which led to a drop in revenues accrued to Lagos state. However, speaking with Daily Independent on Tuesday, Akin-George Fashola, the Director of VIS in Lagos said the agency is set up to ensure sanity on the roads and not a revenue generating agency. He however said the agency can generate money for t...
Osinbajo Reveals How State Governments Can Tax Nigerians, Generate More Revenues
Politics

Osinbajo Reveals How State Governments Can Tax Nigerians, Generate More Revenues

Vice President Yemi Osinbajo has challenged states in Nigeria to explore ways of increasing their internal revenue generation and boosting their agricultural production. Osinbajo urged states to do more to harness the entrepreneurial spirit of Nigerians. The vice president stated this while delivering the keynote address at the 18th Meeting of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP), in Asaba, Delta State capital. He said, “states must engage in careful and well-thought-out strategic planning in order to articulate and implement priorities derived from strategic thinking based on comparative advantages.” According to Osinbajo, the event themed, 'State Fiscal Sustainability and Economic Diversification in Nigeria', reflected the co...
Neymar move in doubt as Barcelona announce profits down from last season
Sport

Neymar move in doubt as Barcelona announce profits down from last season

For a sixth successive season the Blaugrana have announced record revenue figures, though reduced profits could affect their transfer activity Barcelona have confirmed record revenues of €990 million during the 2018-19 campaign, though the club's profits fell from 2018. Ernesto Valverde's side retained their La Liga title last term, though the season ended in disappointing fashion with a Copa del Rey final loss to Valenciafollowing a disastrous defeat to Liverpool in the Champions League semi-finals. Off the pitch Barca - who last year stated an intention to make €1bn in revenues by 2021 - are in a strong position, having far surpassed last season's then-record total of €914m.
Falana’s Claim Of Annual N600bn Revenue Loss Faulted By NCC
News

Falana’s Claim Of Annual N600bn Revenue Loss Faulted By NCC

Claims by Lagos Lawyer, Femi Falana, (SAN) that the country was losing about N600 billion from the telecommunications industry has been faulted by Nigerian Communications Commission (NCC). Through its Executive Commissioner, Stakeholders Management, Sunday Dare, faulted Falana’s claim in a statement today. Dare gave assurance to stakeholders in the telecommunications industry that the NCC was committed to due process and high integrity in its regulatory roles. Falana said the loss was due to the failure of the commission to issue “contract award letter’’ to a firm that allegedly won the contract for the implementation of ”Revenue Assurance Software”. Falana, in a publication titled: ”How NCC is making Nigeria Lose N600bn Revenue Every Year”, threatened to sue th...
FIFA Dishes Out to Clubs $209m From 2018 World Cup Earnings
Sport

FIFA Dishes Out to Clubs $209m From 2018 World Cup Earnings

The money paid to the clubs was for releasing their players for the 2018 FIFA World Cup held from June 14 to July 15 in Russia. The world football ruling body said 416 clubs from 63 federations received payments from the tournament revenue, with the day rate for the 736 players given at 8,530 dollars. Adeboye speaks on a “New Name” at Holy Ghost Congress Europe’s UEFA got by far the largest chunk of almost 158 million dollars, with English Premier League champions Manchester City top on 5.003 million dollars. UEFA Champions League winners Real Madrid were second on 4.803 million dollars and England’s Tottenham third on 4.385 million dollars. Other clubs like Egypt’s Al Ahli, Mexico’s Pachuca, Celtic of Scotland and Argentina’s Boca Juniors topped 1 million dollars. The so-calle...
Nigeria Loses $6bn from ‘Corrupt’ Oil Deal Linked to Fraud
News

Nigeria Loses $6bn from ‘Corrupt’ Oil Deal Linked to Fraud

A court in Milan is considering charges of corruption against Eni and Shell in a controversial oil deal that led to Nigeria losing an estimated $6 billion. The campaign group Global Witness has calculated the OPL 245 deal in 2011 deprived Nigeria of double its annual education and healthcare budget. Eni and Shell are accused of knowing the money they paid to Nigeria would be used for bribes. The Italian and Anglo-Dutch energy giants deny any wrongdoing. This unfolding scandal, which is being played out in an Italian court, has involved former MI6 officers, the FBI, a former President of Nigeria, as well as current and former senior executives at the two oil companies. Global Witness has spent years investigating the deal which gave Shell and Eni the rights to explore OPL...
Manchester United Insist Annual Revenue Record in Sight Despite Quarterly Drop
Sport

Manchester United Insist Annual Revenue Record in Sight Despite Quarterly Drop

Manchester United announced reduced quarterly revenues on Thursday but the English football giants insisted they remain on course to declare record annual income. United revenue of £135 million ($172 million) for what is termed the first quarter of 2019 was down from £143.7 million in the same period last year. Broadcasting revenues were up £2 million to £42.8 million but commercial and matchday revenues were down. The difference, however, has largely been attributed to a fixture schedule that has seen United play two fewer matches than in the same period last year. United brought in £590 million in the year ending June 30, 2018, with revenue expected to rise to between £615 million and £630 million over the coming financial year. Executive vice-chairman Ed Woodward said: “Our financia...
Aviation Agencies Groan under N45bn Debt by Airlines
News

Aviation Agencies Groan under N45bn Debt by Airlines

Aviation agencies, including Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA), are unable to replace obsolete airport equipment, resurface dilapidated runways and provide other amenities to the airports, because of N45 billion debt owed by domestic airlines, THISDAY has learnt. THISDAY gathered that with no subvention from the federal government, these agencies depend on the revenues generated to pay salaries for their workers, execute safety critical projects and conduct training for manpower development. With such huge debt profile, FAAN said it is finding it very difficult to replace obsolete airport equipment like airfield lighting, resurfacing of dilapidated runways and provision of other ...
Manchester United Target Trophies As Revenue Hits Record High
Sport

Manchester United Target Trophies As Revenue Hits Record High

Manchester United executive vice-chairman Ed Woodward underlined the club’s hunger for silverware on Tuesday after announcing record-breaking revenues. Manchester United players United, under manager Jose Mourinho, are seventh in the Premier League after a disappointing start to the season, eight points behind leaders Liverpool and six behind reigning champions Manchester City. The club have not won the Premier League since 2013, under former boss Alex Ferguson. United, who have been top of the Deloitte Football Money League for two successive years, brought in £590 million ($776 million) in the year ending June 30 2018 — a rise of just 1.5 per cent on the previous year. READ ALSO; European Ryder Cup squad pays tribute to Spain’s Barquin But the expectation is for revenue ...
Is Your Car Plate Number Here? Police Expose Man Issuing Fake Number Plates
Crime

Is Your Car Plate Number Here? Police Expose Man Issuing Fake Number Plates

The general public have been warned to be alert after a criminal was arrested for issuing different fake number plates. The Ondo State Police Command on Thursday paraded a 43-year-old man, Francis Oladapo, who was arrested for allegedly issuing fake number plates to some motorists and motorcyclists in the state. The command’s spokesman, Mr Femi Joseph, said that the suspect collected over N4,000 from each of his victims while carrying out his illegal activities. Joseph said that detectives from the command swung into action by arresting Oladapo after they had received information regarding his illegal act from the members of the public. “It was unfortunate that on sighting the police, the suspect’s accomplices escaped arrest.   “This illegal act no doubt must have depleted the ...
Chinese Firms In Africa Could Earn Revenues Of $440bn By 2025
News

Chinese Firms In Africa Could Earn Revenues Of $440bn By 2025

The current revenues of $180bn earned by Chinese firms in Africa could reach $440bn by 2025, a report has shown. The latest report on Africa-China economic partnership by McKinsey & Company, a global management firm, found that there were more than 10,000 Chinese firms operating in Africa. This was found out following a study conducted across eight countries that, together, make up about two-thirds of Sub-Saharan Africa’s GDP. According to the report, 90 percent of the firms were private, operating in different sectors, while one-third of the companies were manufacturing. The study also found that another quarter of the firms was services and a fifth in trade and in construction and real estate. It further showed that Chinese firms already handled 12 percent of Africa’s ...
FG Secures 13% Derivation Mining Revenue For States
News

FG Secures 13% Derivation Mining Revenue For States

BENIN—THE Federal Government has said that it has secured 13 per cent derivation mining revenue for the 36 states of the Federation with a view to encouraging states to exploit that sector to boost their revenue generation capacity. This was disclosed by the Permanent Secretary, Ministry of Mines, Steel and Development, Alhaji Abass Mohammed, at a two-day sensitization and enlightenment workshop for stakeholders, in Benin City, Edo State, yesterday. According to him, the Federal Government was working with state governors with a view to reviving that sector. He urged states to continue to liaise with the Federal Government and private investors to make that sector more profitable and attractive for investors. Alhaji Mohammed, who was represented by Alhaji Sanusi Asiru, said: “We h...

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