Business
Kaduna To Review Revenue Rates
The Kaduna State
Government has said it would review its revenue rates upward to enable the state meet up with its development projects.
The Commissioner for Economic Planning, Mr. Garba Madami told Journalists in Kaduna that the state should be able to generate more than the N1 billion it was generating from tax monthly.
Madami said that the projected budget estimates could only be achieved when the projected revenue was realised through reviewed laws.
“In 2013, the state lost N18 billion of its revenue due to its unrealistic nature,” he said.
Madami disclosed that the ministry had taken measures to boost its revenue generation, adding that the state government would reinvigorate its revenue machinery to improve generation. “We will also work with the legislators to ensure that relevant laws are initiated to replace obsolete ones to enhance revenue generation. “We will enhance revenue collections at various levels to enable the state government to implement the budget as planned.’’
Madami said the state House of Assembly was on the top to intensify action on their oversight function in order to ensure efficient budget implementation in the state.
He said the oversight function was necessary to ensure probity and accountability in public sector expenditures.
The commissioner disclosed that the 2014 approved budget would be implemented adequately in all ministries, departments and agencies.
Madami said the 2014 budget of the state, tagged, “Budget of Peace and Continuity” had a total revenue projection of N200.96 billion.
He said the budget comprised 63 per cent as capital expenditure and 37 per cent recurrent expenditure.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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