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FG orders agencies to immediately begin 50% remittance of IGR

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FG orders agencies to immediately begin 50% remittance of IGR

 

The Federal Government has directed the Office of the Accountant General of the Federation (OAGF) to immediately implement the presidential directives on 50 per cent automatic remittance of the internally generated revenue of government-owned enterprises.

The directive is contained in a circular issued by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The circular obtained on Wednesday, titled, “Re: Implementation of the Presidential Directives on 50% Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises (FGOEs),” was dated December 28, 2023.

It read, “Further to Circulars Ref. Nos. FMFBNP/OTGHERS/lGR/CRF/12/2021 dated 20th December, 2021 on Revenue, Expenditure and IGR Remittances to the Consolidated Revenue Fund (CRF); the following guidelines are hereby issued for immediate compliance by all federal government agencies/parastatals for the collections, utilisation and remittances of IGR:

“All Ministries, Departments and Agencies (MDAs) that are fully funded through the Annual Federal Government Budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance (FMF) should remit one hundred per cent (100%) of their IGR to the Sub-Recurrent Account which is a sub- component of the CRF.”

The CRF is an account in which revenues from taxes, statutory allocations from federation account, and other federally-collected revenues are deposited and disbursed.

According to the circular, all partially-funded FG agencies/parastatals (receiving capital or overhead allocation from the Federal Government’s budget) should remit 50 per cent of their gross IGR, while all statutory revenues, like tender fees, contractor’s registration, and sales of government assets, among others, should be remitted 100 per cent to the sub-recurrent account.

The circular also directed all self-funded Federal Government agencies/parastatals (receiving no allocation from the FG budget) to remit 50 of their gross IGR, including all statutory revenue, line like tender fees, contractor’s registration, sales of government assets, etc., to the sub-recurrent account.

The circular further directed the OAGF to open new Treasury Single Account (TSA) sub-accounts for all federal agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance.

It stated, “For the avoidance of doubt, the OAGF shall open new TSA Sub-Accounts for all federal government agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted.

“The new account opened for agencies/parastatal shall be credited with inflows in the old revenue collecting accounts based on the new policy implementation of 50 per cent auto deduction in line with Finance Act, 2020 and Finance Circular, 2021, 50 per cent cost to revenue ratio.”

It noted that the OAGF, subject to the categorisation of agencies, shall map and automatically effect direct deduction of the 50 per cent on gross revenue of self/partially funded agencies/parastatals and 100 per cent for fully-funded agencies/ parastatals as interim remittance of amount due to the CRF.

It said, “This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevention of waste and inefficiencies.

“The revenue collection TSA Sub-Accounts currently operated and maintained by Agencies/Parastatals for receiving revenue from the public shall be blocked from access.

“The accounts shall be under the full control of the Honourable Minister of Finance and Coordinating Minister of the Economy and the Accountant-General of the Federation.”

The circular added that to strengthen the implementation of the presidential directives as conveyed via SGF Circular Reference: SGF.50/5.3/C.9/24, dated October 16, 2018 on Approved Revenue Performance Management Framework for GOEs, the Revenue and Investment Department and the Treasury Single Account Department of the OAGF shall supervise, monitor and carry out a monthly review of both the old and new accounts of the agencies/parastatals to ensure that only funds approved by the Minister of Finance and Co-ordinating Minister of the Economy (HMFCME) and the Accountant-General of the Federation (AGF) were credited to the accounts.

The circular explained, “The Federal Ministry of Finance (FMF) and OAGF will recommend appropriate disciplinary actions and sanctions against defaulting accounting officers of agencies/parastatals found culpable of violating the contents of this Finance Circular and in accordance with the fiscal Responsibility Act.

“Each Federal Government self/partially funded agency/parastatal shall not later than three months after the end of its financial year prepare and publish its audited financial statements/management account in accordance with the prescribed rules and forward copies to the OAGF for the review and computation of operating surplus in line with the approved template of the Fiscal Responsibility Commission/OAGF.

“The remittable portion of the adjusted operating surplus will be determined and paid to the TSA Sub-Recurrent Account after reconciliation.

“The final payment to be made to the TSA Sub-Recurrent Account for the year shall, however, be the higher of the 80 per cent of the adjusted operating surplus and the deducted amount from the TSA Sub-Rec Accounts of the affected agencies/ parastatals.”

It directed that all agencies whose budgets were funded through approved cost-of-collection were expected to submit their annual revenue and expenditure budget for review, adding that any expenditure not approved and or any surplus of revenue over expenditure shall be subjected to the rules guiding the computation of Operating Surplus.

The circular also directed the OAGF to generate auto receipts on direct deductions and remittances made by agencies/parastatals to the TSA Sub-Recurrent Account, which is a sub-component of the CRF.

Immediate past Finance Minister, Mrs Zainab Ahmed, in 2021 pruned the number of agencies under the schedule of the FRA from 122 to 65.

 

 

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

President Bola Tinubu’s ambitious transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs) is already attracting fresh investments, creating new employment opportunities and laying the foundation for a cleaner, safer and more sustainable transport system, the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, has said.

Speaking at the 2026 Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA), Mohammed described the Presidential CNG and EV Initiative as a game-changing policy capable of reshaping Nigeria’s automotive and transportation landscape while stimulating industrial growth and youth employment.

The FRSC boss said the initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly those promoting climate action and sustainable transportation, while commending President Bola Tinubu for the bold reforms and for assigning the corps a strategic role in the programme’s implementation.

“This initiative has brought in so many investments. We have assembly plants producing electric vehicles and CNG vehicles, companies manufacturing CNG cylinders and conversion kits, and new technology that is creating opportunities for our youths,” he said.

According to him, the initiative is expected to generate thousands of jobs while positioning Nigeria as a leading destination for green mobility investments in Africa.

“Really, it is a massive investment coming into Nigeria, and it is producing massive jobs for the unemployment challenge we have,” he added.

Mohammed also linked the administration’s transport agenda to ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, noting that the projects would improve connectivity and support a safer, more efficient transport network.

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He expressed confidence that the reforms would help Nigeria achieve the United Nations target of providing “a safe, accessible, affordable, reliable and sustainable transport system for all Nigerians by 2030.”

On road safety, the Corps Marshal stressed that reducing road crashes and fatalities requires collective action rather than relying solely on the FRSC.

“Road safety should not be left to the FRSC alone. It is a collective responsibility involving government, communities and every Nigerian,” he said.

While noting that the corps has sustained public enlightenment campaigns for over three decades, Mohammed said greater participation from state governments, local councils, traditional institutions and community leaders is essential to changing road users’ behaviour.

He disclosed that the FRSC has expanded its awareness campaign beyond motor parks to grassroots town hall meetings, enabling the agency to engage drivers, passengers and community stakeholders more directly.

“When you see a bad driving culture, stop the person and caution him. Let him be embarrassed. Road safety is everyone’s responsibility,” he said.

The Corps Marshal expressed concern over persistent traffic violations such as speeding, overloading and the dangerous practice of conveying passengers alongside goods and livestock, warning that such behaviours remain major causes of fatal crashes.

He also urged passengers to challenge reckless drivers, particularly those who exceed speed limits, saying public intervention could save lives.

Mohammed commended NAJA and the media for their sustained support for the FRSC’s road safety campaigns and called for deeper collaboration with journalists to achieve the global target of cutting road traffic crashes, injuries and fatalities by 50 per cent before 2030.

Speaking on the legacy he hopes to leave, the FRSC boss said his priority is to build a technology-driven, people-focused organisation anchored on professionalism, collaboration and excellent service delivery.

“The legacy I want to leave is partnership, collaboration and bringing out the best in FRSC personnel to serve Nigerians and further enhance the image of the corps,” he said.

 

FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools 

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Students of St. Joseph Senior Secondary School Surulere, Lagos, receiving the books

Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools 

Lanre Shittu Motors is expanding its investment in youth development beyond skills acquisition, launching a major education campaign aimed at steering thousands of Lagos secondary school students away from financial crime through value-based learning and character development.

In partnership with the author of Clean Hands, Bright Future: A Youth Guide to Avoiding Financial Crime in Africa, the foremost automotive company has begun distributing the book to 200 public secondary schools across Lagos State, with more than 150 schools already reached in the first phase of the initiative.

The campaign, which began at Kuramo Senior College and Victoria Island Senior Secondary School, seeks to equip students with a clear understanding of the dangers of fraud, cybercrime, identity theft, examination malpractice and other financial crimes, while promoting integrity, hard work, ethical leadership and responsible citizenship.

Author of the book, Mr. Adedayo Aluko, said the project was inspired by the alarming rise in financial crime among young people and the need to intervene early through education.

“The rate of financial crime among youths is becoming increasingly alarming. We believe education is one of the most effective tools to prevent crime. The message of the book is simple: crime does not pay, and with clean hands, every young person can build a brighter future,” Aluko said.

He explained that the initiative goes beyond book distribution, with plans to return to beneficiary schools for interactive enlightenment sessions and career talks to reinforce the message of integrity.

According to him, the book simplifies over 100 forms of financial crimes, helping students understand offences that many young people unknowingly become involved in. Rich illustrations and practical examples were deliberately included to engage students and make the lessons memorable.

Aluko commended Lanre Shittu Motors for supporting the project, describing the Managing Director of the company, Mr Taiwo Shittu, as a long-standing advocate of youth empowerment and education.

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“Mr. Taiwo Shittu believes there is no shortcut to success. During the flag-off, he personally handed copies of the book to students and encouraged them to embrace hard work, education and skill acquisition as the true pathways to success.

Speaking on the initiative, the LSM MD, Mr. Taiwo Shittu, said the company’s decision to sponsor the distribution reflects its belief that preventing crime begins with shaping values at an early age.

“Young people are the future of our nation. By investing in character development and educating students about the consequences of financial crime, we are helping to build responsible citizens who will contribute positively to society.

“At Lanre Shittu Motors, we believe integrity, education and hard work remain the surest foundations for lasting success,” he said.

Shittu noted that the company’s strong culture of corporate social responsibility was inherited from its founder and his father, the late Alhaji Rasak Olanrewaju Shittu.

He said the late automotive icon instilled in his children and employees the enduring values of compassion, community service and giving back to society, a legacy that continues to shape Lanre Shittu Motors’ investment in education, youth development and other impactful social initiatives.

Published in May 2026 and endorsed by the Chartered Institute of Bankers of Nigeria (CIBN), Clean Hands, Bright Future, has been described as a practical guide for young people navigating increasing social and economic pressures.

The ongoing distribution programme underscores Lanre Shittu Motors’ commitment to corporate social responsibility and its determination to inspire a generation that chooses integrity over shortcuts and honest enterprise over criminality.

Lanre Shittu Motors has over the years maintained a strong record of investing in youth development through skills acquisition and capacity building initiatives.

The company has consistently provided opportunities for young Nigerians to acquire technical and vocational skills in automotive engineering, vehicle maintenance and related fields through internship, apprenticeship and industry training programmes.

It has also supported educational and youth empowerment initiatives aimed at preparing young people for productive careers, reinforcing its belief that equipping youths with employable skills remains one of the most effective ways to reduce unemployment, discourage crime and promote sustainable national development.

 

Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).

Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.

The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.

Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.

According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.

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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.

Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.

He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.

Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.

Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.

According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.

“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.

He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.

Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.

He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.

Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.

In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.

He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.

Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.

He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.

The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.

 

Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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