Finance
Bayelsa declares N1.88bn deficit in April as revenue nosedives


• Accuses FG of manipulation
BY: Ikenna Oluka
Bayelsa State Government has declared a N1.88 billion deficit as balance for April, 2019, saying that its earnings from the Federation Account Allocation Committee (FAAC) have been suffering a setback in the past four months.
The state Deputy Governor, Rear Admiral Gboribigha John Jonah (Retd), disclosed this on Tuesday at the monthly transparency briefing in Government House, Yenagoa.
Giving the state income and expenditure accounts for April, John Jonah said that Bayelsa statutory receipts have declined steadily from N13bn in February to N11bn in May this year.
The Deputy Governor, who attributed the dwindling revenue situation to manipulation of the Excess Crude Account by the Federal Government, noted that parameters used in distribution of funds are not in the interest of the Niger Delta states.
His words: “As at the last report, the Excess Crude Account at the national level is almost empty. It’s about N130 million from billions of naira we had in that account. At the time the Excess Crude Account Loan Facility was discussed at the National Economic Council, our state position was that we didn’t need any loan because excess account was there.
“If you look at the papers, the money distributed this month was more than last month. But we got less. When you talk about the factors that they use, the only one that favour us is the 13% derivation.
“But when this government came, they have a way of adjusting a few things. So you always see that once the Excess Crude is manipulated, our allocation comes down automatically.
“We are the most advantaged as far as other variables such as number of local governments, land area, and population are concerned. That is why you see our allocation coming down even when the amount being distributed at the centre is increasing. “
According to John Jonah, the state Gross inflow from FAAC was N12.7bn compared to the N13.2bn it received in March, 2019 which represents a difference of N549m.
He announced April statutory allocation as N2.4bn, representing a decline of N1.2bb, derivation N7.2bn, Value Added Tax N795.5m and Forex equalization fund N1.6bn, representing a positive difference of N1.7m.
The Deputy Governor said that first line FAAC deductions amounted to N1.55bn, including bond of N421m, restructured repayment of previous overpayments to the state N127m, restructured commercial bank loans N741m and Excess Crude Account loan facility of N126m.
According to him, the deductions left the state with a Net FAAC inflow of N11bn while total receipts from other sources stood at N1.18bn, comprising a N1bn internally generated revenue for March this year.
On April outflows, John Jonah said government spent N3.2bn on bank loans and contractual guarantee, N3.2bn for civil servants and political appointees’ salaries and N695m as grant to state-owned tertiary institutions.
According to the Deputy Governor, the State Government contribution from IGR to its Education Development Trust Fund, Health Insurance Scheme and Students Loan board gulped N149m.
He noted that the state had a negative balance N1.88bn in April after expending a total of N6.57bn for recurrent and capital payments.
He however announced N1.2bn as balance of funds available as a result of the N3.08bn balance brought forward from March.
Earlier, the Commissioner for Information and Orientation, Daniel Iworiso-Markson, reassured the people of the Governor Seriake Dickson-led administration’s determination to finish strong in spite of the state declining earnings from the Federation Account.
Iworiso-Markson urged the people not to panic over the gloomy economic outlook painted by the handlers of the nation’s economy, adding that government would do everything within its reach to maintain a stable financial environment in the state.
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
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