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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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High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

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High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

Rising electricity costs have forced Bayero University, Kano, to ban the charging of privately owned electric motorcycles and other electric vehicles across its campuses.

The university said the growing practice of using its electricity supply to charge private electric vehicles had contributed significantly to a sharp increase in its power bills, creating an additional financial burden for the institution.

The directive, which takes immediate effect, was contained in a statement issued on Tuesday by the university’s Director of Public Affairs, Lamara Garba.

According to the statement, the management has observed the “indiscriminate charging” of privately owned electric motorcycles and other electric vehicles using the university’s electricity supply.

It said the development was no longer sustainable at a time when the institution was seeking to manage its resources prudently.

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“The Management of Bayero University, Kano has observed with concern the indiscriminate charging of privately owned electric motorcycles and other electric vehicles using the University’s electricity supply across its campuses.

“This practice has contributed significantly to the sharp increase in the University’s electricity bills, thereby placing an enormous financial burden on the institution,” the statement said.

The university consequently directed all staff, students, commercial motorcycle operators and other users of electric motorcycles to stop charging their vehicles with the institution’s electricity.

It warned that anyone who violated the directive would face disciplinary action in accordance with the university’s rules and regulations.

“Management expects full compliance with this directive. Any person found violating this ban will be liable to appropriate disciplinary action,” the statement added.

To enforce the ban, the university directed provosts, deans, directors, heads of departments and heads of units to monitor compliance in their respective areas and report any violations to the appropriate authorities.

It also announced that a monitoring team would conduct regular patrols across the campuses to ensure strict adherence to the directive.

The institution urged all affected persons to cooperate with the measure, saying it was part of broader efforts to reduce energy costs and promote the prudent use of university resources.

 

High Power Bills Force BUK to Halt Electric Vehicle Charging on Campus

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Zenith Bank confirms cyberattack, says customers’ contact information was accessed

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Zenith Bank confirms cyberattack, says customers’ contact information was accessed

Zenith Bank confirms cyberattack, says customers’ contact information was accessed

Zenith Bank has confirmed that hackers gained unauthorised access to limited customer information, including email addresses and phone numbers, following a cyberattack linked to a broader global attack affecting organisations across different sectors.

The bank disclosed the incident in an email sent to customers on Tuesday, assuring them that its banking services and digital channels remain secure and fully operational.

According to the lender, the breach involved only limited customer information, while its core banking infrastructure and digital platforms were not affected.

Zenith Bank said it activated its incident response procedures and other cybersecurity measures immediately after the unauthorised access was discovered.

The bank added that investigations were ongoing to establish the circumstances surrounding the incident, determine its full impact and strengthen measures designed to prevent further security breaches.

“Hackers accessed limited customer information, including email addresses and phone numbers, during a cyberattack that forms part of a broader global attack on organisations across different sectors,” the bank said.

Although Zenith Bank did not disclose the number of customers affected or identify the individuals or group responsible for the attack, it maintained that its banking services remained secure.

The bank also did not indicate whether sensitive financial information, such as account balances, transaction records, passwords, PINs or banking credentials, was accessed.

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The development has raised concerns about possible phishing attacks, fraudulent text messages and deceptive phone calls, as cybercriminals may attempt to use customers’ contact information to impersonate the bank or obtain confidential banking details.

Zenith Bank urged customers to remain alert and exercise caution when receiving unexpected emails, text messages or phone calls claiming to originate from the bank.

The lender warned customers not to disclose their passwords, Personal Identification Numbers, One-Time Passwords or other security credentials to anyone.

Customers were also advised to avoid clicking suspicious links, downloading unfamiliar attachments or responding to unsolicited requests for banking information.

The bank said customers should independently verify suspicious communications through its official channels before taking any action.

Zenith Bank has previously warned customers about fraudulent messages and impersonation attempts, stressing that customers should rely only on verified communication channels when seeking banking support. (Zenith Bank Gambia)

The latest Zenith Bank cyberattack has renewed concerns about the growing threat of cybercrime in Nigeria’s financial sector, particularly as more customers depend on mobile banking applications, internet banking and other digital financial services.

In August 2024, Guaranty Trust Bank, now operating under GTCO, reported attempts to compromise its website domain. The bank said at the time that customers’ data had not been affected and that its banking operations remained secure.

The Central Bank of Nigeria (CBN) has also warned Nigerians about fraudulent emails, online messages and other communications falsely presented as official notices from financial institutions and regulatory agencies.

Such messages may contain suspicious links or requests for personal information intended to deceive recipients and gain unauthorised access to their accounts.

Zenith Bank said it remained committed to protecting customers’ information and thanked customers for their continued trust while investigations into the security incident continue.

As of the time of filing this report, the bank had not disclosed the number of customers affected, the source of the cyberattack or whether any financial information was compromised.

Zenith Bank confirms cyberattack, says customers’ contact information was accessed

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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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