Echotitbits – Nigeria News

Tag: Internally generated revenue

  • Cross River Revenue Service Suspends New Assessments as It Tightens Reform Processes

    Cross River Revenue Service Suspends New Assessments as It Tightens Reform Processes

    Reporting by Tribune indicates Cross River’s revenue administration paused new tax assessments while it reviews and tightens processes linked to reform-era enforcement changes.

    The policy logic is consistent with crackdowns aimed at reducing leakages, standardizing assessments, and limiting opaque cash collection practices.

    Short-term disruptions are possible if taxpayers and businesses lack clear guidance on what applies, when, and how disputes will be handled.

    Radio Nigeria also reported the suspension directive as part of process tightening, while GazetteNGR highlighted the state’s push toward reform-aligned, cashless tax practices, noting “end cash tax payments” in its summary.

    Echotitbits take: Watch for published taxpayer guidelines and a credible appeals mechanism—those separate reform from confusion.

    Source: Guardian – https://guardian.ng/news/tax-reform-act-crirs-suspends-tax-assessment-process-for-review/ January 10, 2026

    Guardian 2026-01-10

    Photo Credit: Guardian

  • 2026 state budgets swell, but FAAC dependence and borrowing remain the backbone

    2026 state budgets swell, but FAAC dependence and borrowing remain the backbone

    Photo Credit: The Punch
    2025-12-28 09:00:00

    According to Sunday PUNCH, many state governments are entering 2026 with big spending plans but still lean heavily on federal allocations, loans and other non‑recurring inflows to balance their books.

    The report points to weak internally generated revenue (IGR) in several states and warns that capital projects may be squeezed first when revenue assumptions fall short.

    Analysts quoted in the report argue that over‑reliance on volatile transfers and debt can discourage local revenue innovation and exposes budgets to national shocks such as oil price swings.

    TheCable’s newspaper review also noted that “state governments are banking on federal allocations and loans to fund their 2026 budgets,” reinforcing the recurring pattern across multiple state appropriation proposals.

    Echotitbits take: The big question is execution—how much of the capital vote survives mid‑year reality? Watch Q1 and Q2 FAAC inflows, new bond/loan issuances, and whether states publish project‑level dashboards to prove capital delivery.

    Source: The Punch — December 28, 2025 (https://punchng.com/govs-bank-on-faac-loans-to-fund-2026-budgets/)

    The Punch 2025-12-28

  • FG’s electronic transfer levy revenue doubles to N360bn

    FG’s electronic transfer levy revenue doubles to N360bn

    Federal revenue from the electronic money transfer levy hit about N360.29 billion between January and October 2025, more than doubling the comparable 2024 figure, according to an internal FIRS document cited by Punch. The year-on-year jump suggests increased taxable transfer volumes and/or stronger compliance, with the report noting monthly gains across the period. The data adds another angle to ongoing debates about the balance between broadening non-oil revenue and the public sensitivity around transaction-related taxes. Source: Punch, December 7, 2025.