NIGERIA’S 36 states’  Internally-Generated Revenue  half year (HI) 2020,  has dropped to N612.87 billion as against  N693.91 billion recorded in 2019. Samuel is an Analyst with over 5 years experience. First Bank being the premier bank in West Africa has undoubtedly witnessed this change over time. It also reports that the states IGR data was computed by the NBS and the Joint Tax Board from official records and submissions by the 36 State Boards of Internal Revenue. The latest, anger over the alleged violent killings and, have called for the unit to be disbanded and. Learn how your comment data is processed. Please enter your username or email address to reset your password. The government is scrambling to contain a situation that is escalating and could dangerously metamorphose into violent clashes with authorities, leading to loss of lives and destruction of properties. There is still a window for the government to de, and it is not just by accepting the terms of protesters on paper and making bogus pronouncements. Despite the slight rise in revenue, several states may further face financial constraints, as their Internally Generated Revenue and monthly allocations cannot meet their huge financial obligations. No investor, local or foreign will put money in any country where its youths are in a long-drawn protest with the government. The year 2020 had forced many businesses across the world to reassess their positions, and a strategy many have adopted is cost cutting – for good reasons. AgriTech firms make promises of mouth-watering returns, but what they do not reveal loud enough is just how risky the investment is. READ: We wanted to help users pay themselves first – Piggyvest. You may be trying to access this site from a secured browser on the server. Ekiti recorded N8.03 billion IGR in 2019 (9-month) from N3.97 billion in 2018, a 109% rise in IGR. What Nigeria recorded as total trade in 2019, Nigeria's economy performed better than US, UK, others in 2nd quarter - Presidency, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email this to a friend (Opens in new window), Nollywood actress Ada Ameh loses only child, Beyonce's mum Tina Knowles knocks Tiwa Savage. To navigate through the Ribbon, use standard browser navigation keys. Investments in mega tech hubs across the country, establishment of recreation zones in major cities must be carried out by State Governments, to keep them engaged in activities that can better their lives. “The data showed that Lagos state led the collection table with N263.25 billion, while Rivers collected N151.8 billion, Delta N145 billion, Akwa Ibom N106.7 billion and FCT N72.8 billion”. Fortunately, the agitation can still be managed but time is running out. Officers suspected of murdering innocent Nigerians need to be made to face justice. The Internally Generated Revenue (IGR) is one of the sources of revenue available to the Nigerian government and generated within government jurisdiction. The urban inflation rate increased by 14.31 per cent (year-on-year) in September, from the 13.83 per cent in August, while the rural inflation rate increased by 13.14 per cent from 12.65 per cent in August. On a month-on-month basis, the headline index increased by 1.48 per cent in September. Given the economic and financial constraints with limited resources, cutting operational inefficiencies and focusing on areas that offer the best value has proven to be worth the effort for many. Privatised GenCos sent out 19,233,151 MWh;  IPP GenCos sent out 7,648,700 MWh, while the NIPP GenCos sent out 5,917,262 MWh. On the other hand, Osun State IGR rose from N7.5 billion in 2018 to N14.15 billion between in 2019, representing 88% in its IGR increase. [READ MORE: Foreign investors ship $21.14 billion to 22 States in 10-month). While Lagos, Rivers and other states recorded the biggest IGR during the period under review, Zamfara, Ekiti and Osun recorded biggest growth in IGR in 2019. Specifically, State governors in Nigeria shared the sum of N2.53 trillion gross allocation in 2019. Operating expenses also increased by 0.9% y-o-y from N137.9 billion to N139.2 billion; while it suffered impairment charge for credit losses of N30.7 billion from N22.1 billion in Q2 2019. It said that compared to N596.91 billion recorded in the second half of 2018, there was an increase of N94.2 billion, indicating a positive growth of 15.78 percent. As the government dithered, pockets of protests broke out, which triggered clashes with Policemen that most protesters viewed as excessive. While revenue improved slightly, most states have yet to implement the new N30,000 minimum wage. See fancy. It was just a matter of time. However, Egbin recorded the highest energy generation with 3,786,313MWh, accounting for 11.32 per cent,  while Alaoji NIPP recorded the lowest with 209,453MWh accounting for 0.63 per cent of total energy generated in 2019. The company keeps a commission for itself. This may mean that urban dwellers spent more on  the same quantity of commodities purchased in the previous months. All Right Reserved. Meanwhile, Cross Border Electricity Transactions showed that Benin and Niger Republic were supplied a total of 1,278,344MWh and 1,048,807MWh of electricity respectively, while privatised GenCos generated 19,692,683 MWh; Independent Power Plants (IPP) GenCos generated 7,798,253 MWh with the  Nigerian National Integrated Power Project (NIPP) GenCos generating 5,957,697MWh. 1. In June 2019, the Hong Kong Government revealed plans to implement a controversial law that allows the extradition of Hong Kong citizens to mainland China. 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The Bureau said Lagos State had the highest Internally- Generated Revenue with N204.51 billion recorded in H1 2020, followed by Rivers State with N64.59 billion, while Jigawa State recorded the least Internally Generated Revenue. Lekki-Ikoyi Link Bridge toll gate on fire [Video], Lekki Toll Gate shooting: Anthony Joshua angry, horrified [Video], #EndSARS: TVC office, Oyingbo Bus Terminus, BRT buses set ablaze, Lekki Toll Gate shooting: Sanwo-Olu broadcasts today, visits the 28 injured, Obasanjo to Buhari : How to end #EndSARS crisis, Nigerian Army denies involvement in Lekki Toll Gate shooting. Other states that make up the top 10 states with the biggest IGR include Ogun (N52.8 billion), Delta (N49.5 billion), Kaduna (N28.14 billion), Akwa Ibom (N26.6 billion), Kano (N25.8 billion), Ondo (N24.5 billion) and Kwara (N24 billion). Save my name, email, and website in this browser for the next time I comment. Here's a deep-dive into some of the document's key proposals touching on cabinet and judiciary. Kebbi generated N5.93 billion in 2019, compared to N3.17 billion recorded in the corresponding period of 2018. Fortunately, the agitation can still be managed but time is running out. Hence, a false sense of security, given the current economic challenges amidst the COVID-19 pandemic and all the challenges it births, like possible increase in impairment provisions, ailing investments, and so on, could have the company dissipating its newly injected capital. READ: Livestock Feeds: How this company survived over half a century producing animal feed. internally generated resources and the management and development of universities in Southern Nigeria. Last week, a Twitter user posted a tweet demanding a refund of his investment in Thrive Agric – almost a million naira. The report added that 31 states and the FCT recorded growth in Internally Generated Revenue (IGR), while five states recorded decline in IGR in the period under review. The bureau said that the IGR was derived from Ministries, Departments and Agencies’ (MDAs) revenues, Direct Assessment, Pay As You Earn (PAYE), Road Taxes and other Taxes. Nigeria's month-on-month inflation rose to 13.7 per cent in September as officials admitted Africa's largest economy was facing troubles in the pandemic season. Please turn on JavaScript and try again. FBN Holdings completely divested from its risk underwriting arm, completely selling off its 65% stake in FBN Insurance Ltd to Sanlam Emerging Markets (Proprietary) Ltd. effective from June 1st, 2020. In June 2019, the Hong Kong Government revealed plans to implement a controversial. The largely unregulated sector leverages technology, an easy and relatable business model, and the promise of a mouth-watering return to yield-hungry investors. The data contained in the Consumer Price Index (CPI) report for September, that was released on Thursday,  reflects an outcome from a period of struggle. To activate a command, use Enter. rogue elements in the force brought to justice. You only need to look at the economy of the Nigerian Youth to understand why this is such a critical moment. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Anambra should compete with Lagos,Rivers and Ogun states if correct people are in-charge. Profit before tax grew by 14.3%, from N36.2 billion to N41.4 billion for the period under review. Farming in a country like Nigeria is a highly risky venture that relies on a value chain that is fragmented, full of middlemen, and largely inefficient. Not only does it have a comfortable buffer against regulatory requirements; it has the available financial resources to look out for emerging business opportunities, and fully deepen its strengths in its core business areas. economy into a recession and $3 billion in stimulus. Perhaps, if they disclose the inherent risks in the business, investors will be better informed and size up their risk against the returns. According to NBS, the net Federation Accounts Allocation Committee (FAAC) allocation in the first half of the year is put at N1.20 trillion, while the total revenue available to the states including the FCT is put at N1.89 trillion. The NBS said this in its “IGR at State Level for Quarter One and Quarter Two, 2019” report obtained from its website on Friday in Abuja. Meanwhile, Taraba, Gombe and Yobe states recorded the lowest IGRs of N4.72 billion, N4.24 billion and N3.34 billion. The document, available on the bureau’s website, details the earnings collected by state governments in 2018. The Federal Capital Territory (FCT) ranks third with a total of N55.7 billion during the period under review. The board has the NBS and the 36 State Boards of Internal Revenue as members. Please enable scripts and reload this page.

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