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Zacch Adedeji-led FIRS fails to meet target of oil tax revenue target by N1.69T in Q1 2024

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The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.Based on the approved 2024 budget, FIRS is meant to have collected N3.32 trillion in oil taxes between January and April this year but the agency is farther from this goal by N1.69 trillion, an amount more than what it collected.The FIRS recorded a total of N1.63 trillion as tax revenue from the oil sector between January and April 2024, which is 49% of the approved goal.Lower than the approved budgetary goal, the FIRS has an internal goal of N7.5 trillion for the entire year, with a monthly average of N625 billion.This means that the agency should have an internal four-month tax revenue goal of N2.5 trillion. However, it only recorded about 65% of its four-month goal.The amount is also 22% of the N7.5 trillion that the agency plans to collect this year, as it sets its sights on a significant revenue boost from the oil sector in 2024.Source: FIRSThe total figure raised so far this year is slightly higher than the N1.19 trillion collected within the same period last year.The data for the amount raised this year is based on figures presented by FIRS officials at the monthly meetings of the Federal Accounts Allocation Committee (FAAC).

What the Data ShowsIn the period under review, FIRS only recorded Petroleum Profits Tax (PPT) and Hydrocarbon Tax (HT) from foreign firms and zero collection from local firms in 2024. A total of N966.73 billion was recorded as foreign receipts, a substantial increase of 84% compared to the total foreign receipts collected in the same period of 2023 (N525.14 billion). This increase can be attributed to higher oil prices or naira devaluation. However, in 2023, there was a record of N664.90 billion as local receipts for PPT. A total of N1.19 trillion was collected in the first four months of 2023 from local and foreign oil firms.The data also shows that Company Income Tax (CIT) on Upstream Activities was N667.74 billion in the period under review in 2024. However, there is no record of such tax in the same period in 2023. This means a total of N1.63 trillion was collected from the oil sector’s PPT and CIT in 2024.Issues in the oil sectorNigeria’s oil sector has been bedevilled by several challenges, such as pipeline vandalism, illegal oil bunkering and theft. Also, the majority of Nigeria’s oil pipeline infrastructure was constructed around 70 years ago, and is outdated.Due to the challenges in the oil sector, the Federal Government hardly made up to 70% of its target revenue from this sector in the past two years.In 2022, the Federal Government generated only 35.4% of its targeted oil revenue, earning N776.35 billion out of N2.19 trillion.There was some improvement in 2023, as FIRS collected about 60% of its targeted oil revenue in 2023, getting N3.17 trillion out of N5.26 trillion last year.Aside from the government’s revenue taking a hit, oil firms, who have been struggling in the sector, have chosen to exit the market. They include TotalEnergies,  Shell, ExxonMobil and Norway’s Equino.TotalEnergies’ CEO, Patrick Pouyanne, stated that the company chose to invest $6 billion in Angola over Nigeria due to policy inconsistencies and other issues in the country.

What You Should KnowWhile being a leading oil producing nation, Nigeria still struggles to meet its OPEC quota as a result of so many factors such as oil theft, low investment and infrastructure inadequacy in the sector.The Federal Government targets a conservative oil price benchmark of $77.96 per barrel, coupled with a daily production estimate of 1.78mb/d for 2024.About two weeks ago, Brent crude futures traded near $84 a barrel, while West Texas Intermediate (WTI) remained above $80.Last month, Nigeria’s 1, higher than the major oil benchmark.Also, the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily.However, Nigeria’s average crude oil production for the month of April marginally rose to 1.281 million barrels daily.In the first quarter of the year, average daily production stood at 1.327 million barrels per day.The consistent inability of the country to meet its OPEC quota and budget proposal target has negative effects on revenue generation, foreign exchange stabilisation, overall budget performance and foreign reserve position.Despite the challenges, the current administration said it aimed to increase the country’s oil production to an ambitious 4 million barrels daily by the end of the decade.

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EID EL-ADHA 2026: Governor Dauda Lawal Urges Increased Prayers for Peace, Hails Return of Displaced Communities

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As Muslims across the world celebrate Eid al-Adha 2026 yesterday, Zamfara State Governor Dauda Lawal has called on the faithful to intensify prayers for lasting peace in the state and Nigeria at large. The governor made the appeal in a statewide broadcast on Wednesday, ahead of the Eid prayers.

Eid al-Adha, known as the “Festival of Sacrifice,” is observed annually by Muslims on the 10th day of Dhulhijjah, the final month of the Islamic lunar calendar. The festival commemorates the unwavering obedience and devotion of Prophet Ibrahim (A.S.), who was willing to sacrifice his son Isma’il in submission to Allah’s (SWT) command an act replaced by divine intervention with a ram.

In his address, Governor Lawal reflected on the spiritual significance of the season, noting that the sacrificial rite not only honours Prophet Ibrahim’s submission but also forms an essential part of the Hajj rituals for pilgrims currently in the holy cities of Mecca and Medina.

“I felicitate with the Muslims on the occasion of Eid al-Adha 2026,” the governor said. “The sacrifice performed during Eid is symbolic of Prophet Ibrahim’s submission and is also part of the Hajj rites for pilgrims.”

The governor specifically called on residents of Zamfara, particularly those undertaking the pilgrimage, to remain steadfast in prayers for the state and the nation.

“We have made significant progress in the fight against banditry, which is why dispersed communities are now returning to their homes,” Lawal stated. He cited a recent milestone: “Last week, we successfully returned thousands of internally displaced persons (IDPs) to their ancestral community of Fegin Kanawa Village in Gusau Local Government Area after over a year of displacement.”

According to officials, the village had been abandoned due to repeated bandit attacks, forcing residents to seek refuge in overcrowded camps or host communities. The successful return of the IDPs marks one of the administration’s key achievements in its ongoing security and reconstruction efforts.

Governor Lawal expressed gratitude to Allah for enabling the state to witness what he described as a “historic” achievement the airlift of pilgrims from Gusau International Airport, which has now resumed full operations after previous disruptions.

“We are committed to ensuring the safe return of all displaced persons to their homes. Such successes are only possible due to our collective prayers. I urge us to pray more, especially during sacred religious festivals,” he added.

The governor concluded his message with warm wishes: “I wish everyone a peaceful Eid celebration.”

Following the broadcast, Governor Lawal joined thousands of worshippers at the Gusau Central Eid prayer ground, where he observed the two-unit Eid prayer and listened to the customary sermon (khutbah). Security was notably heightened across the state, with checkpoints and patrols deployed to prevent any attacks during the celebrations.

Zamfara, like much of Nigeria’s North-West region, has faced years of insecurity fueled by banditry, kidnapping, and communal clashes. The governor’s emphasis on prayer reflects a broader strategy that combines military offensives, community dialogue, and spiritual advocacy to restore normalcy.

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Wema Bank’s One-Day MD/CEO, Chinmamanda Ozoakpata, Unveils New Benefits for Children

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At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups.This year, we have raised the bar even higher. At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays. Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027. Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify: Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event. Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way. To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes. Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture. There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers. It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.

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Zamfara State Approves Enhanced Pension Payouts for Retired Public Workers

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In a decisive move aimed at alleviating the economic burdens of retired public servants, Zamfara State Governor, Dr Dauda Lawal, has officially approved increased monthly pension payments for all former workers from both state and local government offices. The approval follows an extensive financial review of retirees’ living conditions, with particular attention to those in lower-income brackets who have been disproportionately affected by the prevailing cost-of-living crisis.The decision was precipitated by the findings and recommendations of a special committee empaneled to evaluate the welfare situation of pensioners across the state. The committee’s report highlighted acute financial distress among aging retirees and called for immediate remedial action. In response, the state government has authorized a substantive upward adjustment in monthly pension stipends.This increment aligns seamlessly with the Federal Government’s Minimum Wage Act of 2024, which explicitly recommended an additional monthly sum of at least N32,000 for pensioners. Governor Lawal has opted for full implementation of this advisory for all retired state and local government employees a policy intervention expected to benefit thousands of households across Zamfara. The state government has subsequently issued binding directives to all relevant agencies to ensure the expeditious and seamless disbursement of the enhanced payments without procedural delays.Speaking on the development, the Honorable Commissioner for Information and Culture, Mahmud Muhammad Dantawasa, characterized the policy as a tangible demonstration of Governor Lawal’s unwavering commitment to improving the quality of life for both active and former government workers. According to the Commissioner, the administration operates on the principle that dignified retirement includes access to basic necessities and financial comfort. Beneficiaries across all local government areas have been assured of prompt payment once implementation commences.

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