ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Economy

Revenue-Generating Agencies Delay Remittance of N1.6 Trillion to Federation Account

Business 360 by Business 360
July 3, 2023
in Economy, Tax
0
Revenue-Generating Agencies Delay Remittance of N1.6 Trillion to Federation Account

According to the Post-Mortem Sub-Committee (PMSC) of the Federation Account Allocation Committee (FAAC), revenue-generating agencies associated with the FAAC have not remitted a total of N1.6 trillion to the Federation Account as of last month. This was disclosed during the latest FAAC meeting held in Abuja. The PMSC, led by former Executive Chairman of the Federal Inland Revenue Service (FIRS), Kabir Mashi, provided the details of the outstanding amounts owed to the Federation Account by these agencies.

The breakdown of the outstanding dues as of April 2023 is as follows: Nigeria National Petroleum Company Limited (NNPCL) owes $1,023,128,020.92 (equivalent to N1,439,662,970,681); FIRS owes $2,594,794.11 (or N193,141,126,020.64), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) owes N339,676,365.01.

The FIRS attributed the delay in remitting some revenue to the Federation Account to an agreement between the NNPCL and International Oil Companies (IOCs) regarding remittances. Mr. Johannes Tobi Wojuola, the Special Assistant on Media to the FIRS Chairman, emphasized that the nature of the collection process of the FIRS ensures that there are no instances of non-remittance. All taxes collected by the FIRS are paid directly by taxpayers into the designated Central Bank of Nigeria (CBN) Federation Account.

The non-remittance of these substantial amounts by the revenue-generating agencies has raised concerns about the financial implications for the Federation Account and the overall budgetary plans. The FAAC assembly, through the PMSC, will continue to engage with these agencies to ensure timely and complete remittance of the outstanding revenue.

Experts say it is important for revenue-generating agencies to fulfill their obligations and promptly remit the allocated funds to the Federation Account as this will ensure the effective implementation of government programs and the smooth running of public services across the country.

Previous Post

Construction and Real Estate Sector Contributes N70 Billion in VAT Payments over Five Years

Next Post

CPPE Urges Immediate Actions to Alleviate Cost of Living and Production Challenges

Business 360

Business 360

Next Post
CPPE Urges Immediate Actions to Alleviate Cost of Living and Production Challenges

CPPE Urges Immediate Actions to Alleviate Cost of Living and Production Challenges

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

FMDQ Admits TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond to its Platform

March 11, 2021
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

September 21, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
SEC Launches Comprehensive Technology Adoption Survey for Capital Market Operators

SEC Launches Comprehensive Technology Adoption Survey for Capital Market Operators

May 7, 2025
Gencos Urge President Tinubu to Expedite Meeting Over N4.7tn Power Sector Debt

Gencos Urge President Tinubu to Expedite Meeting Over N4.7tn Power Sector Debt

May 7, 2025
Nigeria’s Data Privacy Sector Generates $10 Million and 23,000 Jobs in Three Years

Nigeria’s Data Privacy Sector Generates $10 Million and 23,000 Jobs in Three Years

May 7, 2025
PETROAN Warns Against Blanket Ban on Imported Goods, Cites Economic Risks

PETROAN Warns Against Blanket Ban on Imported Goods, Cites Economic Risks

May 7, 2025
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • Agriculture
  • AI
  • Art
  • Arts
  • Aviation
  • Banking
  • Blockchain
  • Business 360 Weekly
  • Business news
  • Business Travels
  • Capital Market
  • CHINA
  • Corporate
  • Cryptocurrency
  • Destination Business
  • East Africa
  • Economy
  • Education
  • Electric Vehicles
  • Electricty
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • EV
  • Fashion
  • Fashion
  • Feature
  • Finance
  • Gas
  • Global Economy
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • Mortgage
  • News
  • NGOs
  • Oil
  • Petrol
  • Political Economy
  • politics
  • Real Estate
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • South Africa
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tax
  • Tech
  • Tourism
  • Transportation
  • UK
  • Uncategorized
  • US
  • World

Recent News

SEC Launches Comprehensive Technology Adoption Survey for Capital Market Operators

SEC Launches Comprehensive Technology Adoption Survey for Capital Market Operators

May 7, 2025
Gencos Urge President Tinubu to Expedite Meeting Over N4.7tn Power Sector Debt

Gencos Urge President Tinubu to Expedite Meeting Over N4.7tn Power Sector Debt

May 7, 2025
  • Africa
  • World
  • Our Shows

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!