Connect with us

Federal Inland Revenue Service (FIRS)

  •  Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
     Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
    Economy2 days ago

    Nigeria at 62: Capital market has made commendable progress – Operators

    Some experts have said the Nigerian capital market made substantial contributions to the nation’s economic growth and national development since independence in 1960. They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos, while reviewing the performance and evolution of the Nigerian capital market since independence.

    Mr David Adonri, Executive Vice Chairman, HighCap Securities Ltd., said the capital market, since independence, had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth.

    Citing how the market had been beneficial to the country, Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd. (NGX).

    According to him, the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital, while investors continued to enjoy appropriate returns on their investments.

    Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978, he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises, an opportunity they still enjoyed to date.

    Adonri cited how the banking industry through the Exchange in 2005, achieved its recapitalisation exercise, which was mandated by the Central Bank of Nigeria (CBN), to shore up banks’ capital base from N2 billion to N25 billion.

    In achieving the desired sustainable growth, the expert said the gap in economic performance needed to be addressed.

    Adonri, however, noted that the Nigerian capital market had the potential to intervene in providing solution, especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough.

    Engineering infrastructure are facilities for various areas of activity servicing the economy and the population.

    According to him, Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads, rails, ports, hospitals, among others.

    He listed the engineering infrastructure to comprise technical education, minning, metalogical and machine making and agriculture equipment.

    “I expect that should be the area of focus for the capital market moving forward, so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough,” Adonri said.

    Malam Garba Kurfi, Managing Director, APT Securities, coroborated Adonri’s view on how the capital market has faired so far.

    Kurfi said the over N26 trillion market capitalisation of the NGX, currently above the national budget, showed how positively the market had grown over years.

    He said, “Today, we are talking of N26 trillion market capitalisation.

    it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation.

    “Today, we also have not just Airtel Nigeria, but Airtel Africa and this means that shareholders have their shares also in the African market.

    Dangote Group has 17 companies and it shareholders have shares in all these companies.

    “In the last 10 years, five companies which are Dangote Cement, Seplat, MTN, Airtel, BUA Foods, BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation.

    ” According to him, the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies’ willingness to get listed on the Exchange.

    He said the capital market also assisted the Federal Inland Revenue Service (FIRS) in generating 50 per cent of its revenue from corporate tax paid by quoted companies.

    Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities.

    Kuffi said that might not have been possible without the support of the capital market.

    The managing director, however, said the capital market could still do better, especially if compared with some of its counterparts in other countries.

    “Our market capitalisation against Gross Domestic Product(GDP) is less than 10 per cent.

    “New York Stock Exchange’s market capitalisation is over 100 per cent when compared to GDP of the U.

    S and same with London’s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP.

    “However, ours is just 10 per cent because big companies like NNPC, NLG, among others, and even those in the power sector and the telcoms such as Glo, 9 Mobile and Nitel are not listed.

    “Assuming all of them are listed on the exchange, our market capitalisation will go up.

    Today we already ahead of the entire budget of Nigeria,” he added.


    NewsSourceCredit: NAN

  •  The FIRS has cautioned Ministries Departments and Agencies of Government MDAs against appointing consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies A statement issued on Thursday in Abuja by the Executive Chairman of FIRS Muhammad Nami said that the Federal Inland Revenue Service FIRS remained the sole agency of government saddled with the responsibility of collecting tax Nami expressed worry that some MDAs engage in assessment collection accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants It has come to the notice of the FIRS that some MDAs are appointing concessionaires or consultants for the assessment collection accounting or enforcement of taxes and levies due to the Federal Government or any of its agencies Some MDAs include such functions in their agreements with concessionaires or consultants he said Nami said that Section 68 2 of the Act establishing FIRS highlighted that the primary agency responsible for administration assessment collection accounting and enforcement of taxes and levies due to the Federal Government or any of its agencies is the FIRS This is except as may be authorised by the Minister responsible for Finance by regulation as approved by the National Assembly he said According to him while Section 12 4 of the FIRS Act provides that the Service may engage consultants accountants or other agents to carry out certain functions on its behalf the law has expressly prohibited the carrying out of assessing and collecting tax by consultants ImageTitleSummaryCategoriesAuthorDatecategories_hfilterAccording to him the law provides that FIRS may appoint and employ such consultants including tax consultants or accountants and agents to transact any business or do any act required to be transacted or done in the execution of its functions under this act This is provided that such consultants shall not carry out duties of assessing and collecting tax or routine responsibilities of tax officials he said Nami said that MDAs that appoint consultants for tax assessment and collection were not just acting against the letters of the law but committing offences punishable under the FIRS Act Appointment or authorisation of any person other than by the FIRS to assess collect enforce or account for taxes constitutes an offence under Section 68 3 of the FIRS Act Such appointment or authorisation is punishable upon conviction with fine imprisonment or both under Section 68 6 of the Act The News Agency of Nigeria reports that some workers from various agencies of government recently complained of inconsistent tax deductions from their monthly salaries They urged the FIRS to wade in to address the issues to forestall further inconsistent deductions without explanation This inconsistent deductions on my monthly salary for three months cannot continue without some explanations an anonymous civil servant said NewsSourceCredit NAN
    FIRS cautions MDAs against contracting tax collection, enforcement to consultants
     The FIRS has cautioned Ministries Departments and Agencies of Government MDAs against appointing consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies A statement issued on Thursday in Abuja by the Executive Chairman of FIRS Muhammad Nami said that the Federal Inland Revenue Service FIRS remained the sole agency of government saddled with the responsibility of collecting tax Nami expressed worry that some MDAs engage in assessment collection accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants It has come to the notice of the FIRS that some MDAs are appointing concessionaires or consultants for the assessment collection accounting or enforcement of taxes and levies due to the Federal Government or any of its agencies Some MDAs include such functions in their agreements with concessionaires or consultants he said Nami said that Section 68 2 of the Act establishing FIRS highlighted that the primary agency responsible for administration assessment collection accounting and enforcement of taxes and levies due to the Federal Government or any of its agencies is the FIRS This is except as may be authorised by the Minister responsible for Finance by regulation as approved by the National Assembly he said According to him while Section 12 4 of the FIRS Act provides that the Service may engage consultants accountants or other agents to carry out certain functions on its behalf the law has expressly prohibited the carrying out of assessing and collecting tax by consultants ImageTitleSummaryCategoriesAuthorDatecategories_hfilterAccording to him the law provides that FIRS may appoint and employ such consultants including tax consultants or accountants and agents to transact any business or do any act required to be transacted or done in the execution of its functions under this act This is provided that such consultants shall not carry out duties of assessing and collecting tax or routine responsibilities of tax officials he said Nami said that MDAs that appoint consultants for tax assessment and collection were not just acting against the letters of the law but committing offences punishable under the FIRS Act Appointment or authorisation of any person other than by the FIRS to assess collect enforce or account for taxes constitutes an offence under Section 68 3 of the FIRS Act Such appointment or authorisation is punishable upon conviction with fine imprisonment or both under Section 68 6 of the Act The News Agency of Nigeria reports that some workers from various agencies of government recently complained of inconsistent tax deductions from their monthly salaries They urged the FIRS to wade in to address the issues to forestall further inconsistent deductions without explanation This inconsistent deductions on my monthly salary for three months cannot continue without some explanations an anonymous civil servant said NewsSourceCredit NAN
    FIRS cautions MDAs against contracting tax collection, enforcement to consultants
    Economy1 week ago

    FIRS cautions MDAs against contracting tax collection, enforcement to consultants

    The FIRS has cautioned Ministries, Departments and Agencies of Government (MDAs) against appointing consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies.

    A statement issued on Thursday in Abuja by the Executive Chairman of FIRS, Muhammad Nami, said that the Federal Inland Revenue Service (FIRS) remained the sole agency of government saddled with the responsibility of collecting tax.

    Nami expressed worry that some MDAs engage in assessment, collection, accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants.

    “It has come to the notice of the FIRS that some MDAs are appointing concessionaires or consultants for the assessment, collection, accounting or enforcement of taxes and levies due to the Federal Government or any of its agencies.

    “Some MDAs include such functions in their agreements with concessionaires or consultants,” he said.

    Nami said that Section 68(2) of the Act establishing FIRS highlighted that “the primary agency responsible for administration, assessment, collection, accounting and enforcement of taxes and levies due to the Federal Government or any of its agencies is the FIRS.

    “This is except as may be authorised by the Minister responsible for Finance by regulation as approved by the National Assembly,” he said.

    According to him, while Section 12(4) of the FIRS Act provides that the Service may engage consultants, accountants or other agents to carry out certain functions on its behalf, the law has expressly prohibited the carrying out of assessing and collecting tax by consultants.

    ImageTitleSummaryCategoriesAuthorDatecategories_hfilterAccording to him, the law provides that FIRS may appoint and employ such consultants, including tax consultants or accountants and agents to transact any business or do any act required to be transacted or done in the execution of its functions under this act.

    “This is provided that such consultants shall not carry out duties of assessing and collecting tax or routine responsibilities of tax officials,” he said.

    Nami said that MDAs that appoint consultants for tax assessment and collection were not just acting against the letters of the law, but committing offences punishable under the FIRS Act. “Appointment or authorisation of any person, other than by the FIRS to assess, collect, enforce or account for taxes constitutes an offence under Section 68(3) of the FIRS Act. Such appointment or authorisation is punishable, upon conviction, with fine imprisonment or both under Section 68(6) of the Act. The News Agency of Nigeria reports that some workers from various agencies of government recently complained of inconsistent tax deductions from their monthly salaries.

    They urged the FIRS to wade in to address the issues to forestall further inconsistent deductions without explanation.

    “This inconsistent deductions on my monthly salary for three months cannot continue without some explanations,’’ an anonymous civil servant said.


    NewsSourceCredit: NAN

  •  The Executive Chairman Federal Inland Revenue Service FIRS Muhammad Nami says the mandate of the service is to collect taxes due to the federation and the Federal Government Nami in a statement issued in Abuja by his Special Assistant on Media and Communication Johannes Wojuola said that FIRS did not grant tax waivers to any taxpayer in the country He was reacting to some media reports that some companies including Dangote Sinotruck Limited Lafarge Honeywell were granted tax waiver on pioneer status between 2019 and 2021 in the sum of N16 trillion by the FIRS and other agencies According toNami FIRS does not have the power or responsibility of facilitating or implementing tax waivers to investors in Nigeria There are relevant agencies of government that are charged with such responsibility he said Nami however said that the Service was not unmindful of the objectives of granting tax waivers to investors This includes helping to grow local companies stimulate economic growth and earn investors confidence I am confident that the companies which are now enjoying tax breaks will eventually exit shortly and begin to pay taxes to the Federal Government This is as it is currently being done by the companies that have equally enjoyed such tax breaks in the past and are now paying taxes in hundreds of billions of naira Such companies will continue to pay taxes to the government so long as they remain in business Nami further said that the companies enjoying the pioneer status would be exempted from paying only the direct taxes from their profits But will continue to act as agents of collecting and remitting Indirect Taxes VAT WHT in the ordinary course of their operations he said He emphasised that FIRS remained focused on the task of achieving its mandate of assessing collecting and accounting for taxes due to the federation and the Federal Government This task is challenging more so at this time of global economic disruption occasioned by the Russia Ukraine war and the pandemic However the management is steadfast in achieving the target set for it by the Federal Government For instance in 2021 the Service surpassed its target by collecting an unprecedented amount of N6 4 trillion in taxes So far this year the Service is poised to perform even better than its record for 2021 he said Nami urged stakeholders to join hands with the Service to improve the nation s economy NewsSourceCredit NAN
    Our mandate not to grant waivers to taxpayers—FIRS  
     The Executive Chairman Federal Inland Revenue Service FIRS Muhammad Nami says the mandate of the service is to collect taxes due to the federation and the Federal Government Nami in a statement issued in Abuja by his Special Assistant on Media and Communication Johannes Wojuola said that FIRS did not grant tax waivers to any taxpayer in the country He was reacting to some media reports that some companies including Dangote Sinotruck Limited Lafarge Honeywell were granted tax waiver on pioneer status between 2019 and 2021 in the sum of N16 trillion by the FIRS and other agencies According toNami FIRS does not have the power or responsibility of facilitating or implementing tax waivers to investors in Nigeria There are relevant agencies of government that are charged with such responsibility he said Nami however said that the Service was not unmindful of the objectives of granting tax waivers to investors This includes helping to grow local companies stimulate economic growth and earn investors confidence I am confident that the companies which are now enjoying tax breaks will eventually exit shortly and begin to pay taxes to the Federal Government This is as it is currently being done by the companies that have equally enjoyed such tax breaks in the past and are now paying taxes in hundreds of billions of naira Such companies will continue to pay taxes to the government so long as they remain in business Nami further said that the companies enjoying the pioneer status would be exempted from paying only the direct taxes from their profits But will continue to act as agents of collecting and remitting Indirect Taxes VAT WHT in the ordinary course of their operations he said He emphasised that FIRS remained focused on the task of achieving its mandate of assessing collecting and accounting for taxes due to the federation and the Federal Government This task is challenging more so at this time of global economic disruption occasioned by the Russia Ukraine war and the pandemic However the management is steadfast in achieving the target set for it by the Federal Government For instance in 2021 the Service surpassed its target by collecting an unprecedented amount of N6 4 trillion in taxes So far this year the Service is poised to perform even better than its record for 2021 he said Nami urged stakeholders to join hands with the Service to improve the nation s economy NewsSourceCredit NAN
    Our mandate not to grant waivers to taxpayers—FIRS  
    Economy2 weeks ago

    Our mandate not to grant waivers to taxpayers—FIRS  

    The Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami says the mandate of the service is to collect taxes due to the federation and the Federal Government. 

    Nami, in a statement issued in Abuja by his Special Assistant on Media and Communication, Johannes Wojuola, said that FIRS did not grant tax waivers to any taxpayer in the country. 

    He was reacting to some media reports that some companies including Dangote, Sinotruck Limited, Lafarge, Honeywell, were granted tax waiver on pioneer status between 2019 and 2021 in the sum of N16 trillion by the FIRS and other agencies.

    According toNami, FIRS does not have the power or responsibility of facilitating or implementing tax waivers to investors in Nigeria.

    “There are relevant agencies of government that are charged with such responsibility,” he said. 

    Nami, however, said that the Service was not unmindful of the objectives of granting tax waivers to investors. 

    “This includes helping to grow local companies, stimulate economic growth and earn investors’ confidence. 

    “I am confident that the companies which are now enjoying tax breaks will eventually exit shortly and begin to pay taxes to the Federal Government. 

    “This is as it is currently being done by the companies that have equally enjoyed such tax breaks in the past and are now paying taxes in hundreds of billions of naira. 

    “Such companies will continue to pay taxes to the government so long as they remain in business.

    ”  Nami further said that the companies enjoying the pioneer status would be exempted from paying only the direct taxes from their profits. 

    “But will continue to act as agents of collecting and remitting Indirect Taxes (VAT, WHT) in the ordinary course of their operations,’’ he said. 

    He emphasised that FIRS remained focused on the task of achieving its mandate of assessing, collecting and accounting for taxes due to the federation and the Federal Government. 

    “This task is challenging, more so at this time of global economic disruption occasioned by the Russia-Ukraine war and the pandemic. 

    “However, the management is steadfast in achieving the target set for it by the Federal Government. 

    “For instance, in 2021, the Service surpassed its target by collecting an unprecedented amount of N6.4 trillion in taxes. 

    “So far this year, the Service is poised to perform even better than its record for 2021,” he said. 

    Nami urged stakeholders to join hands with the Service to improve the nation’s economy.


    NewsSourceCredit: NAN

  •  The Nigeria Extractive Industries Transparency Initiative NEITI says its report can incentivise revenue generation for the Federal Government Dr Orji Ogbonnaya Orji the Executive Secretary of NEITI said this in an interview with the News Agency of Nigeria on Monday in Abuja According to him the Federal Government has recovered a total of three billion dollars revenue from oil companies and government agencies following NEITI and National Assembly intervention I realised that NEITI reports should be channeled toward whatever is the priority goal of government at this specific time And the priority goal of government at this moment is revenue How do you get money to fund projects and then my challenge was how do we use NEITI s reports to generate revenue for government I knew that information and data can be translated into revenue generation so the first thing we did was to look at government agencies and companies that owed government and nobody was talking about that About 77 of these companies were rejecting NEITI s report and people in the past had no courage to release their names to the public I released their names and I published them because the amount they owed us was up to the excess of 6 8 billion dollars and here Nigeria is borrowing money to fund the budget I said this cannot continue and by the time we released that report and threatened to name the companies they know the implications to their reputation in international oil market so many of them rushed to pay Orji said All the taxes have to go to the Federal Inland Revenue Service FIRS and all the royalties concessions have to go to the Nigeria Upstream Petroleum Commission NEITI does not collect or keep any money and we do not release money or generate revenue but our report can incentivise revenue generation Orji said He said that the number of companies owing reduced from 77 in 2019 to 51 in 2022 This means they have been paying and we are using the opportunity we have to warn that 2021 reports will be released by December Any company that has not paid we will drive them to the Economic and Financial Crimes Commission EFCC We do not want to get to that level because we need the companies to do business in Nigeria The companies are very critical in our sector and without the companies that do business in oil and gas taxes will not be paid and revenue will not be generated But we are saying that the countries where most of the companies come from they don t owe taxes they don t owe royalties In future I will be thinking of calculating the interest that is to the extent that NEITI report has continue to help generate revenue Orji said NewsSourceCredit NAN
    NEITI report incentivising revenue generation for FG
     The Nigeria Extractive Industries Transparency Initiative NEITI says its report can incentivise revenue generation for the Federal Government Dr Orji Ogbonnaya Orji the Executive Secretary of NEITI said this in an interview with the News Agency of Nigeria on Monday in Abuja According to him the Federal Government has recovered a total of three billion dollars revenue from oil companies and government agencies following NEITI and National Assembly intervention I realised that NEITI reports should be channeled toward whatever is the priority goal of government at this specific time And the priority goal of government at this moment is revenue How do you get money to fund projects and then my challenge was how do we use NEITI s reports to generate revenue for government I knew that information and data can be translated into revenue generation so the first thing we did was to look at government agencies and companies that owed government and nobody was talking about that About 77 of these companies were rejecting NEITI s report and people in the past had no courage to release their names to the public I released their names and I published them because the amount they owed us was up to the excess of 6 8 billion dollars and here Nigeria is borrowing money to fund the budget I said this cannot continue and by the time we released that report and threatened to name the companies they know the implications to their reputation in international oil market so many of them rushed to pay Orji said All the taxes have to go to the Federal Inland Revenue Service FIRS and all the royalties concessions have to go to the Nigeria Upstream Petroleum Commission NEITI does not collect or keep any money and we do not release money or generate revenue but our report can incentivise revenue generation Orji said He said that the number of companies owing reduced from 77 in 2019 to 51 in 2022 This means they have been paying and we are using the opportunity we have to warn that 2021 reports will be released by December Any company that has not paid we will drive them to the Economic and Financial Crimes Commission EFCC We do not want to get to that level because we need the companies to do business in Nigeria The companies are very critical in our sector and without the companies that do business in oil and gas taxes will not be paid and revenue will not be generated But we are saying that the countries where most of the companies come from they don t owe taxes they don t owe royalties In future I will be thinking of calculating the interest that is to the extent that NEITI report has continue to help generate revenue Orji said NewsSourceCredit NAN
    NEITI report incentivising revenue generation for FG
    Economy2 weeks ago

    NEITI report incentivising revenue generation for FG

    The Nigeria Extractive Industries Transparency Initiative (NEITI), says its report can incentivise revenue generation for the Federal Government.

    Dr Orji Ogbonnaya Orji, the Executive Secretary of NEITI said this in an interview with the News Agency of Nigeria on Monday in Abuja.

    According to him, the Federal Government has recovered a total of three billion dollars revenue from oil companies and government agencies following NEITI and National Assembly intervention.

    “I realised that NEITI reports should be channeled toward whatever is the priority goal of government at this specific time.

    And the priority goal of government at this moment is revenue.

    “How do you get money to fund projects and then my challenge was how do we use NEITI’s reports to generate revenue for government.

    “I knew that information and data can be translated into revenue generation, so the first thing we did was to look at government agencies and companies that owed government and nobody was talking about that.

    “About 77 of these companies were rejecting NEITI’s report and people in the past had no courage to release their names to the public.

    “I released their names and I published them because the amount they owed us was up to the excess of 6.8 billion dollars and here Nigeria is borrowing money to fund the budget.

    “I said this cannot continue and by the time we released that report and threatened to name the companies, they know the implications to their reputation in international oil market so many of them rushed to pay,’’ Orji said.

    “All the taxes have to go to the Federal Inland Revenue Service (FIRS) and all the royalties concessions have to go to the Nigeria Upstream Petroleum Commission.

    “NEITI does not collect or keep any money and we do not release money or generate revenue but our report can incentivise revenue generation,’’ Orji said.

    He said that the number of companies owing reduced from 77 in 2019 to 51 in 2022. “This means they have been paying and we are using the opportunity we have to warn that 2021 reports will be released by December.

    “Any company that has not paid we will drive them to the Economic and Financial Crimes Commission (EFCC).

    “We do not want to get to that level because we need the companies to do business in Nigeria.

    The companies are very critical in our sector and without the companies that do business in oil and gas, taxes will not be paid and revenue will not be generated.

    “But we are saying that the countries where most of the companies come from they don’t owe taxes, they don’t owe royalties.

    “In future, I will be thinking of calculating the interest, that is to the extent that NEITI report has continue to help generate revenue,’’ Orji said.


    NewsSourceCredit: NAN

  •   NEWS ANALYSIS Boosting Internal Revenue Generation in FCT Mr Haruna Abdullahi the Acting chairman FCT IRS NEWS ANALYSIS Boosting Internal Revenue Generation in FCT A News Analysis by Cecilia Ijuo News Agency of Nigeria The desire of Mr Haruna Abdullahi the Acting Chairman Federal Capital Territory Internal Revenue Service FCT IRS is to place FCT first on the national Internally Generated Revenue IGR chart Unarguably taxation is one of the most practical and effective ways of generating revenue for national development Understanding the importance of taxation the International Monetary Fund IMF report on tax policy for the developing countries asked Why do we have taxes Until someone comes up with a better idea taxation is the only practical means of raising the revenue to finance government spending on the goods and services that most of us demand This assertion gives a complete cogent reason why taxation is so fundamental to development No wonder the Nigerian government directs states to improve their tax net to strengthen the dwindling oil revenue There is no doubt that the Federal Capital Territory Internal Revenue Service FCT IRS understands this reality following its recent drive to widen its tax net to make FCT first on the Internally Generated Revenue IGR chart The service which commenced operation in 2018 following the enactment of the FCT IRS Act 2015 has progressed from tax revenue generation of about N60 billion in 2018 to more than N100 billion in 2021 In 2021 the FCT came third on the national IGR chart after Lagos and Rivers and it is determined to exceed its 2022 target of N200 billion to about N500 billion The FCT IRS Acting Chairman Haruna Abdullahi recently said that the service was on an aggressive drive to surpass its 2022 target to as much as N500 billion He said the service had embarked on various forms of reform ranging from leveraging technology staff training enlightenment campaigns and direct engagement in the form of town hall meetings among others We are hopeful to achieve far beyond our target of N200 billion to as much as N500 billion because as we speak we have additional people who have come into the tax net significantly Also through the engagement we are having with the media and the public we believe people will begin to see payment of taxes as a duty and when that is achieved N500 billion will be insignificant So we are putting processes in place and we are simplifying them as well as building internal structure for sustainability We are equally engaged in training and re training of our members of staff and hopefully in the next one year there will be no problem of human capacity gap he said Abdullahi said that the huge economic activities that take place in the FCT was an added advantage for the service to generate huge income Speaking on the use of technology as a formidable tool to achieve its mandate Abdullahi said the service had begun to record tremendous success through its adoption As a service we recognise the importance of IT solutions hence the automation of our taxpayer services tax management and administrative processes Our progress has been incremental in our quest to achieve a full blown digital system We have provided a self service portal for taxpayers to generate Taxpayer Identification Numbers TIN validate and verify TIN via USSD mobile applications and the web in addition to filing tax returns This has lessened the burden of going to tax offices and has reduced human error and processing timelines The service has fully integrated and adopted the Joint Tax Board JTB TIN for all her taxpayers to ensure uniformity of standards Furthermore to simplify the revenue remittance process the payment gateway enjoyed by taxpayers is the Remita platform which allows seamless inflow he said On efforts to ensure seamless engagement with taxpayers Abdullahi said People can visit our website or social media platforms for information on tax returns and other tax matters For instance our USSD Code for Taxpayer Identification Number TIN is 7737 22 which can be verified using a registered phone number NIN or BVN Also our website is https gov ng while the number to dial to lodge tax complaints is 0700 220 0002 So with these avenues among others people do not need to come to our offices to get their queries responded to We are also opening up other platforms to engage with younger people Speaking at a recent tax seminar tagged Reviving the Culture of Filing Tax returns Abdullahi said the service was working toward reviving filing of tax returns in the FCT He said filing of tax returns was critical to providing finance for the government to deliver public services that were vital to sustainable development in the FCT On efforts being made by the service to check fraudulent practices with regards to revenue compliance the acting chairman said the unethical conduct of some tax advisors who encourage tax agents to doctor records or refuse to make available documents needed to have a fair assessment of taxes was disturbing He said that the service also observed the worrying trend of engagement of unprofessional consultants by taxpayers to prepare and file returns with seemingly very wealthy individuals being encouraged to file as low as N1million to N2 million as annual incomes The service would like to establish a strong enforcement regime to discourage the practice of tax evasion through such ridiculous tax returns filings As the service strives to map out its enforcement strategies for tax evaders we are not relenting in our efforts in creating an institutional framework for stability to improve collections at this stage of our journey and beyond he said While buttressing Abdullahi s stance on tax compliance Mrs Ngozika Jipreze the Director Legal Services FCT IRS in a paper presentation on tax enforcement said non compliance often undermined government s ability to generate sufficient revenue for socio economic development She said that the service was set up to ensure compliance prosecute and recover all outstanding tax liabilities arising from self assessment tax audit tax investigation and demand notices among others pursuant to Sections 8 22 35 36 37 of the FCT IRS Act 2015 Speaking on the powers of the FCT IRS Jipreze said that Section 8 1 C of the FCT IRS Act empowers the service to assess account and enforce payment of taxes as may be due to the FCT She said that enforcement could be carried out on all taxes and levies collectible by the FCT IRS as provided for in the first schedule of the FCT IRS Act The director said that the service would not fail to work with the Nigeria Police Force and other law enforcement agencies to ensure tax compliance She said that under Section 38 of the Act establishing FCT IRS the service may co opt the assistance and cooperation of the Department of State Services DSS and the Nigeria Security and Civil Defence Corps NSCDC among others to ensure compliance Corroborating FCT IRS acting chairman s remarks at the tax seminar held in Abuja Mr Mark Dike a retired Director in charge of Tax Policy and Legislation in the Federal Inland Revenue Service FIRS decried Nigeria s poor tax to Gross Domestic Product GDP Dike who is also former President of the Chartered Institute of Taxation of Nigeria said that Nigeria s tax to GDP ratio had been in the range of 6 per cent in recent years In comparison the average for about 30 African countries range from 15 1 per cent in 2010 to 16 5 per cent in 2018 World Bank recommends 15 per cent tax to GDP ratio as a key ingredient for economic growth and ultimately poverty reduction he said The News Agency of Nigeria reports that the FCT IRS was established with the enactment of the FCT IRS Act of 2015 The service took over the administration of Personal Income Tax from the Federal Inland Revenue Service FIRS in January 2018 It is the only State Internal Revenue Service in Nigeria that is established by the National Assembly and it is empowered to administer tax and non tax revenues accruable to the FCT The Service is also responsible for the coordination of collection of all other revenues accruable to the FCT among other things NanFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: Boosting Internal Revenue Generation in FCT
      NEWS ANALYSIS Boosting Internal Revenue Generation in FCT Mr Haruna Abdullahi the Acting chairman FCT IRS NEWS ANALYSIS Boosting Internal Revenue Generation in FCT A News Analysis by Cecilia Ijuo News Agency of Nigeria The desire of Mr Haruna Abdullahi the Acting Chairman Federal Capital Territory Internal Revenue Service FCT IRS is to place FCT first on the national Internally Generated Revenue IGR chart Unarguably taxation is one of the most practical and effective ways of generating revenue for national development Understanding the importance of taxation the International Monetary Fund IMF report on tax policy for the developing countries asked Why do we have taxes Until someone comes up with a better idea taxation is the only practical means of raising the revenue to finance government spending on the goods and services that most of us demand This assertion gives a complete cogent reason why taxation is so fundamental to development No wonder the Nigerian government directs states to improve their tax net to strengthen the dwindling oil revenue There is no doubt that the Federal Capital Territory Internal Revenue Service FCT IRS understands this reality following its recent drive to widen its tax net to make FCT first on the Internally Generated Revenue IGR chart The service which commenced operation in 2018 following the enactment of the FCT IRS Act 2015 has progressed from tax revenue generation of about N60 billion in 2018 to more than N100 billion in 2021 In 2021 the FCT came third on the national IGR chart after Lagos and Rivers and it is determined to exceed its 2022 target of N200 billion to about N500 billion The FCT IRS Acting Chairman Haruna Abdullahi recently said that the service was on an aggressive drive to surpass its 2022 target to as much as N500 billion He said the service had embarked on various forms of reform ranging from leveraging technology staff training enlightenment campaigns and direct engagement in the form of town hall meetings among others We are hopeful to achieve far beyond our target of N200 billion to as much as N500 billion because as we speak we have additional people who have come into the tax net significantly Also through the engagement we are having with the media and the public we believe people will begin to see payment of taxes as a duty and when that is achieved N500 billion will be insignificant So we are putting processes in place and we are simplifying them as well as building internal structure for sustainability We are equally engaged in training and re training of our members of staff and hopefully in the next one year there will be no problem of human capacity gap he said Abdullahi said that the huge economic activities that take place in the FCT was an added advantage for the service to generate huge income Speaking on the use of technology as a formidable tool to achieve its mandate Abdullahi said the service had begun to record tremendous success through its adoption As a service we recognise the importance of IT solutions hence the automation of our taxpayer services tax management and administrative processes Our progress has been incremental in our quest to achieve a full blown digital system We have provided a self service portal for taxpayers to generate Taxpayer Identification Numbers TIN validate and verify TIN via USSD mobile applications and the web in addition to filing tax returns This has lessened the burden of going to tax offices and has reduced human error and processing timelines The service has fully integrated and adopted the Joint Tax Board JTB TIN for all her taxpayers to ensure uniformity of standards Furthermore to simplify the revenue remittance process the payment gateway enjoyed by taxpayers is the Remita platform which allows seamless inflow he said On efforts to ensure seamless engagement with taxpayers Abdullahi said People can visit our website or social media platforms for information on tax returns and other tax matters For instance our USSD Code for Taxpayer Identification Number TIN is 7737 22 which can be verified using a registered phone number NIN or BVN Also our website is https gov ng while the number to dial to lodge tax complaints is 0700 220 0002 So with these avenues among others people do not need to come to our offices to get their queries responded to We are also opening up other platforms to engage with younger people Speaking at a recent tax seminar tagged Reviving the Culture of Filing Tax returns Abdullahi said the service was working toward reviving filing of tax returns in the FCT He said filing of tax returns was critical to providing finance for the government to deliver public services that were vital to sustainable development in the FCT On efforts being made by the service to check fraudulent practices with regards to revenue compliance the acting chairman said the unethical conduct of some tax advisors who encourage tax agents to doctor records or refuse to make available documents needed to have a fair assessment of taxes was disturbing He said that the service also observed the worrying trend of engagement of unprofessional consultants by taxpayers to prepare and file returns with seemingly very wealthy individuals being encouraged to file as low as N1million to N2 million as annual incomes The service would like to establish a strong enforcement regime to discourage the practice of tax evasion through such ridiculous tax returns filings As the service strives to map out its enforcement strategies for tax evaders we are not relenting in our efforts in creating an institutional framework for stability to improve collections at this stage of our journey and beyond he said While buttressing Abdullahi s stance on tax compliance Mrs Ngozika Jipreze the Director Legal Services FCT IRS in a paper presentation on tax enforcement said non compliance often undermined government s ability to generate sufficient revenue for socio economic development She said that the service was set up to ensure compliance prosecute and recover all outstanding tax liabilities arising from self assessment tax audit tax investigation and demand notices among others pursuant to Sections 8 22 35 36 37 of the FCT IRS Act 2015 Speaking on the powers of the FCT IRS Jipreze said that Section 8 1 C of the FCT IRS Act empowers the service to assess account and enforce payment of taxes as may be due to the FCT She said that enforcement could be carried out on all taxes and levies collectible by the FCT IRS as provided for in the first schedule of the FCT IRS Act The director said that the service would not fail to work with the Nigeria Police Force and other law enforcement agencies to ensure tax compliance She said that under Section 38 of the Act establishing FCT IRS the service may co opt the assistance and cooperation of the Department of State Services DSS and the Nigeria Security and Civil Defence Corps NSCDC among others to ensure compliance Corroborating FCT IRS acting chairman s remarks at the tax seminar held in Abuja Mr Mark Dike a retired Director in charge of Tax Policy and Legislation in the Federal Inland Revenue Service FIRS decried Nigeria s poor tax to Gross Domestic Product GDP Dike who is also former President of the Chartered Institute of Taxation of Nigeria said that Nigeria s tax to GDP ratio had been in the range of 6 per cent in recent years In comparison the average for about 30 African countries range from 15 1 per cent in 2010 to 16 5 per cent in 2018 World Bank recommends 15 per cent tax to GDP ratio as a key ingredient for economic growth and ultimately poverty reduction he said The News Agency of Nigeria reports that the FCT IRS was established with the enactment of the FCT IRS Act of 2015 The service took over the administration of Personal Income Tax from the Federal Inland Revenue Service FIRS in January 2018 It is the only State Internal Revenue Service in Nigeria that is established by the National Assembly and it is empowered to administer tax and non tax revenues accruable to the FCT The Service is also responsible for the coordination of collection of all other revenues accruable to the FCT among other things NanFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: Boosting Internal Revenue Generation in FCT
    Features2 weeks ago

    NEWS ANALYSIS: Boosting Internal Revenue Generation in FCT

    NEWS ANALYSIS: Boosting Internal Revenue Generation in FCT Mr Haruna Abdullahi, the Acting chairman FCT-IRS. 

    NEWS ANALYSIS: Boosting Internal Revenue Generation in FCT   A News Analysis by Cecilia Ijuo, News Agency of Nigeria The desire of Mr Haruna Abdullahi, the Acting Chairman, Federal Capital Territory Internal Revenue Service(FCT-IRS), is to place FCT first on the national Internally Generated Revenue (IGR) chart.

    Unarguably, taxation is one of the most practical and effective ways of generating revenue for national development.

    Understanding the importance of taxation, the International Monetary  Fund (IMF) report on tax policy for  the developing countries asked: “Why do we have taxes?

    “Until someone comes up with a better idea, taxation is the only practical means of raising the revenue to finance government spending on the goods and services that most of us demand.

    ” This assertion gives a complete cogent reason why taxation is so fundamental to development.

    No wonder the Nigerian  government directs states to improve their tax net to strengthen the dwindling oil revenue.

    There is no doubt that the Federal Capital Territory Internal Revenue Service(FCT-IRS) understands this reality following its recent drive to widen its tax net to make FCT first on the Internally Generated Revenue (IGR) chart.

    The service, which commenced operation in 2018 following the  enactment of the FCT-IRS Act 2015, has progressed from tax revenue generation of about N60 billion in 2018 to more than  N100 billion in 2021. In 2021, the FCT came third on the national IGR chart  after Lagos and Rivers and it is determined to exceed its 2022 target of N200 billion to about N500 billion.

    The FCT-IRS Acting Chairman Haruna Abdullahi recently said  that the service was on an aggressive drive to surpass its 2022 target to as much as N500 billion.

    He said the service had embarked on various forms of reform ranging from leveraging technology, staff training, enlightenment campaigns and direct engagement in the form of town hall meetings, among others.

    “We are hopeful to achieve far beyond our target of N200 billion to as much as N500 billion because as we speak, we have additional people who have come into the tax net significantly.

    “Also, through the engagement we are having with the media and the public, we believe people will begin to see payment of taxes as a duty and when that is achieved, N500 billion will be insignificant.

    “So, we are putting processes in place and we are simplifying them as well as building internal structure for sustainability.

    “We are equally engaged in training and re-training of our  members of staff and hopefully in the next one year, there will be no problem of human capacity gap,” he said.

    Abdullahi said that the huge economic activities that take place in the FCT was an added advantage for the service to generate huge income.

    Speaking on the use of technology as a formidable tool to achieve its mandate, Abdullahi, said the service had begun to record tremendous success through its adoption.

    “As a service, we recognise the importance of IT solutions hence the automation of our taxpayer services, tax management and administrative processes.

    “Our progress has been incremental in our quest to achieve a full-blown digital system.

    “We have provided a self-service portal for taxpayers to generate Taxpayer Identification Numbers (TIN), validate and verify TIN via USSD, mobile applications, and the web in addition to filing tax returns.

    “This has lessened the burden of going to tax offices and has reduced human error and processing timelines.

    “The service has fully integrated and adopted the Joint Tax Board (JTB) TIN for all her taxpayers to ensure uniformity of standards.

    “Furthermore, to simplify the revenue remittance process, the payment gateway enjoyed by taxpayers is the Remita platform which allows seamless inflow,’’ he said.

    On efforts to ensure seamless engagement with taxpayers, Abdullahi  said, “People can visit our website or social media platforms for information on tax returns and other tax matters.

    “For instance, our USSD Code for Taxpayer Identification Number (TIN).

    is *7737*22# which can be verified using a registered phone number, NIN or BVN.

    “Also our website is https:.

    gov.

    ng  while the number to dial to lodge tax complaints is 0700 220 0002. “So, with these avenues among others, people do not need to come to our offices to get their queries responded to.

    “We are also opening up other platforms to engage with younger people”.

    Speaking at a recent tax seminar tagged: “Reviving the Culture of Filing Tax returns’’, Abdullahi said the service was working toward reviving filing of tax returns in the FCT.

    He said filing of tax returns was critical to providing finance for the government to deliver public services that were vital to sustainable development in the FCT.

    On efforts being made by the service to check fraudulent practices with regards to revenue compliance, the acting chairman said the unethical conduct of some tax advisors who encourage tax agents to doctor records or refuse to make available documents needed to have a fair assessment of taxes was disturbing.

    He said that the service also observed the worrying trend of engagement of unprofessional consultants by taxpayers to prepare and file returns with seemingly very wealthy individuals being encouraged to file as low as N1million to N2 million as annual incomes.

    “The service would like to establish a strong enforcement regime to discourage the practice of tax evasion through such ridiculous tax returns filings.

    “As the service strives to map out its enforcement strategies for tax evaders, we are not relenting in our efforts in creating an institutional framework for stability to improve collections at this stage of our journey and beyond,’’ he said.

    While buttressing Abdullahi’s stance on tax compliance, Mrs Ngozika Jipreze, the Director Legal Services, FCT-IRS, in a paper presentation on  tax enforcement, said non-compliance often undermined government’s ability to generate sufficient revenue for socio-economic development.

    She said that the service was set up to ensure compliance, prosecute and recover all outstanding tax liabilities arising from self-assessment, tax audit, tax investigation and demand notices, among others, pursuant to Sections 8, 22,35, 36, 37 of the FCT-IRS Act, 2015. Speaking on the powers of the FCT-IRS, Jipreze said that Section 8(1)(C) of the FCT-IRS Act empowers the service to “assess account and enforce payment of taxes as may be due to the FCT.

    ” She  said that enforcement could be carried out on all taxes and levies collectible by the FCT-IRS as provided for in the first schedule of the FCT-IRS Act. The director said that the service would not fail to work with the Nigeria Police Force, and other law enforcement agencies to ensure tax compliance.

    She said that under Section 38 of the Act establishing FCT-IRS, “the service may co-opt the assistance and cooperation of the Department of State Services(DSS) and the Nigeria Security and Civil Defence Corps(NSCDC),among others, to ensure compliance.

    ” Corroborating FCT-IRS acting chairman’s  remarks at the tax seminar held in Abuja, Mr Mark Dike, a retired Director in charge of Tax Policy and Legislation in the Federal Inland Revenue Service(FIRS) decried Nigeria’s poor tax to Gross Domestic Product(GDP).

    Dike, who is also former President of the Chartered Institute of Taxation of Nigeria, said that Nigeria’s tax-to GDP ratio had been in the range of 6 per cent in recent years.

    “In comparison, the average for about 30 African countries range from 15.1 per cent in 2010 to 16.5 per cent in 2018. “World Bank recommends 15 per cent tax to GDP ratio as a key ingredient for economic growth and ultimately poverty reduction,’’ he said.

    The News Agency of Nigeria reports that the FCT-IRS was established with the enactment of the FCT-IRS Act of 2015. The service took over the administration of Personal Income Tax from the Federal Inland Revenue Service (FIRS) in January 2018. It is the only “State” Internal Revenue Service in Nigeria that is established by the National Assembly and it is empowered to administer tax and non-tax revenues accruable to the FCT.

    The Service is also responsible for the coordination of collection of all other revenues accruable to the FCT among other things.

    (NanFeatures)
    NewsSourceCredit: NAN

  •   FG recovered N2 6trn revenue from oil coys NEITI FG recovered N2 6trn revenue from oil coys NEITI Recovery By Emmanuella Anokam Abuja Sept 14 2023 The Federal Government has recovered a total of N2 6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative NEITI National Assembly intervention NEITI said a total of 2 6 billion dollars remained outstanding in the hands of companies as at March 2022 Dr Orji Ogbonnaya Orji Executive Secretary of NEITI said this on Tuesday in Abuja at its Civil Society Organisations CSO and media engagement on Extractive Industries Transparency Initiative EITI validation The EITI validation which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries including Nigeria Orji said NEITI s financial report led to the recovery of the debt By the time we release 2021 report any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime he said He said the recovery was as a result of NEITI s appearance at the National Assembly to defend its position based on data it provided Recently NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6 8 billion dollars The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that According to Orji as soon as it released the 2020 report to prove that the companies that wanted their names protected were rushing to the relevant agencies to pay up He revealed that from 77 companies they number decreased to 51 companies and the amount came down to 3 6 billion dollars Which shows that from the point we released that information a lot of money came in None of them disputed our report rather they were giving excuses why they did not pay The money include all taxes and VAT being collected by the Federal Inland Revenue Service FIRS and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission NUPRC NEITI collects nothing all we are asking is for us to be recognised and offered thank you he said He said that through NEITI there had been increased demand easy access and availability of verified information and data in the public domain He said President Muhammadu Buhari s administration should take credit on doing well on extractives sector reforms The content of our up to date reports is very incisive and is shaping public debates the executive secretary said NewsSourceCredit NAN
    FG recovered N2.6trn revenue from oil coys – NEITI
      FG recovered N2 6trn revenue from oil coys NEITI FG recovered N2 6trn revenue from oil coys NEITI Recovery By Emmanuella Anokam Abuja Sept 14 2023 The Federal Government has recovered a total of N2 6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative NEITI National Assembly intervention NEITI said a total of 2 6 billion dollars remained outstanding in the hands of companies as at March 2022 Dr Orji Ogbonnaya Orji Executive Secretary of NEITI said this on Tuesday in Abuja at its Civil Society Organisations CSO and media engagement on Extractive Industries Transparency Initiative EITI validation The EITI validation which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries including Nigeria Orji said NEITI s financial report led to the recovery of the debt By the time we release 2021 report any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime he said He said the recovery was as a result of NEITI s appearance at the National Assembly to defend its position based on data it provided Recently NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6 8 billion dollars The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that According to Orji as soon as it released the 2020 report to prove that the companies that wanted their names protected were rushing to the relevant agencies to pay up He revealed that from 77 companies they number decreased to 51 companies and the amount came down to 3 6 billion dollars Which shows that from the point we released that information a lot of money came in None of them disputed our report rather they were giving excuses why they did not pay The money include all taxes and VAT being collected by the Federal Inland Revenue Service FIRS and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission NUPRC NEITI collects nothing all we are asking is for us to be recognised and offered thank you he said He said that through NEITI there had been increased demand easy access and availability of verified information and data in the public domain He said President Muhammadu Buhari s administration should take credit on doing well on extractives sector reforms The content of our up to date reports is very incisive and is shaping public debates the executive secretary said NewsSourceCredit NAN
    FG recovered N2.6trn revenue from oil coys – NEITI
    General news3 weeks ago

    FG recovered N2.6trn revenue from oil coys – NEITI

    FG recovered N2.6trn revenue from oil coys – NEITI FG recovered N2.6trn revenue from oil coys – NEITI Recovery By Emmanuella Anokam Abuja, Sept. 14, 2023 The Federal Government has recovered a total of N2.6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative (NEITI) National Assembly intervention.

    NEITI said a total of 2.6 billion dollars remained outstanding in the hands of companies as at March 2022. Dr Orji Ogbonnaya Orji, Executive Secretary of NEITI, said this on Tuesday in Abuja at its Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.

    The EITI validation, which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries, including Nigeria.

    Orji said NEITI’s financial report led to the recovery of the debt.

    “By the time we release 2021 report,  any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime,” he said.

    He said the recovery was as a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.

    Recently, NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6.8 billion dollars.

    The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that.

    According to Orji, as soon as it released the 2020 report to prove that, the companies that wanted their names protected were rushing to the relevant agencies to pay up.

    He revealed that from 77 companies, they number decreased to 51 companies and the amount came down to 3.6 billion dollars.

    “Which shows that from the point we released that information a lot of money came in.

    None of them disputed our report rather they were giving excuses why they did not pay.

    “The money include all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

    “NEITI collects nothing, all we are asking is for us to be recognised and offered thank you,” he said.

    He said that through NEITI, there had been increased demand, easy access and availability of verified information and data in the public domain.

    He said President Muhammadu Buhari’s administration should take credit on doing well on extractives sector reforms.

    “The content of our up to date reports is very incisive and is shaping public debates,” the executive secretary said.


    NewsSourceCredit: NAN

  •  The Small and Medium Enterprise Development Agency of Nigeria SMEDAN on Thursday certified 150 Business Development Service Providers BDSPs to improve the growth of Micro Small and Medium Enterprises MSME in Nigeria The Minister of State for Industry Trade and Investment FMITI Hajia Mariam Katagum at the virtual presentation in Lagos said the certification programme for trained and practicing BDSPs was important for the continuous growth of MSMEs in the country Katagum represented by Mr Adewale Bakare Director Industry Development FMITI said the Ministry was in the forefront of efforts to establish a platform for enthroning professionalism with the BDSP ecosystem in Nigeria She said it was agreed by the ministry and other relevant stakeholders within the MSME sub sector in Nigeria that only certified BDSPs would be allowed to deliverer capacity building mentorship counselling and other forms of BDS to MSMEs in Nigeria She added that SMEDAN would post the names of the second batch of the certified Business Development Service Providers on its website Katagum stated that there would be posting of other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria She urged certified BDSPs to use the opportunity to solve the challenges comfronting MSMEs in Nigeria Director General SMEDAN Mr Olawale Fasanya said the certification would ensure that both existing and potential BDSPs had the opportunity to prove their technical competence towards supporting MSMEs in Nigeria The posting on other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria to draw from will be effected as soon as possible In addition to show commitment and sincerity of purpose the Agency will ensure that going forward being a certified BDSP will now be one of the criteria for bidding for capacity building programmes in the Agency he said He revealed that SMEDAN in its determination to address the challenges confronting the MSMEs in Nigeria in a holistic manner was implementing the One Local government One Product OLOP initiative in one hundred and nine 109 senatorial districts in the country This ambitious effort of the Agency is based on the successful implementation of the pilot phase of the OLOP programme in Katsina Kaduna FCT Osun and Anambra States three years ago The intervention activities under OLOP among others include access to workspace equipment support access to working capital and capacity building he said He added that in the same vein the agency was implementing the Conditional Grant Scheme CGS for micro enterprises in Nigeria This programme is aimed at formalising a majority of the nano and micro enterprises that are mostly operating in the informal sector This programme which involves capacity building registration of the micro enterprises with the CAC provision of micro insurance opening of bank accounts and provision of grants N50 000 each has so far been implemented in 22 States where over 40 000 entrepreneurs have been impacted he said Director General National Agency for Food and Drug Administration and Control NAFDAC Prof Chistianah Adeyeye said NAFDAC had created 50 per cent discount for MSME registration to encourage more participants in the profession Chairman Federal Inland Revenue Service FIRS Mr Muhammad Nami represented by the Director of State FIRS Mr Abubakar Muhammed commended the effort of the awardees and assured them of the service s continuous collaboration He said the service had introduced a lot of polices and platforms such as 10 per cent discount for about 20 million business development services The Director Enterprise Development Centre Pan Africa Atlantic University Dr Peter Bamkole commended SMEDAN for its professionalism saying that the network would ease challenges encountered by MSMEs in Nigeria He urged participants and awardees to operate with due diligent adding that they would be recertified every three years for proper checks and balances NewsSourceCredit NAN
    SMEDAN certifies 150 business dev service providers for MSME growth
     The Small and Medium Enterprise Development Agency of Nigeria SMEDAN on Thursday certified 150 Business Development Service Providers BDSPs to improve the growth of Micro Small and Medium Enterprises MSME in Nigeria The Minister of State for Industry Trade and Investment FMITI Hajia Mariam Katagum at the virtual presentation in Lagos said the certification programme for trained and practicing BDSPs was important for the continuous growth of MSMEs in the country Katagum represented by Mr Adewale Bakare Director Industry Development FMITI said the Ministry was in the forefront of efforts to establish a platform for enthroning professionalism with the BDSP ecosystem in Nigeria She said it was agreed by the ministry and other relevant stakeholders within the MSME sub sector in Nigeria that only certified BDSPs would be allowed to deliverer capacity building mentorship counselling and other forms of BDS to MSMEs in Nigeria She added that SMEDAN would post the names of the second batch of the certified Business Development Service Providers on its website Katagum stated that there would be posting of other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria She urged certified BDSPs to use the opportunity to solve the challenges comfronting MSMEs in Nigeria Director General SMEDAN Mr Olawale Fasanya said the certification would ensure that both existing and potential BDSPs had the opportunity to prove their technical competence towards supporting MSMEs in Nigeria The posting on other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria to draw from will be effected as soon as possible In addition to show commitment and sincerity of purpose the Agency will ensure that going forward being a certified BDSP will now be one of the criteria for bidding for capacity building programmes in the Agency he said He revealed that SMEDAN in its determination to address the challenges confronting the MSMEs in Nigeria in a holistic manner was implementing the One Local government One Product OLOP initiative in one hundred and nine 109 senatorial districts in the country This ambitious effort of the Agency is based on the successful implementation of the pilot phase of the OLOP programme in Katsina Kaduna FCT Osun and Anambra States three years ago The intervention activities under OLOP among others include access to workspace equipment support access to working capital and capacity building he said He added that in the same vein the agency was implementing the Conditional Grant Scheme CGS for micro enterprises in Nigeria This programme is aimed at formalising a majority of the nano and micro enterprises that are mostly operating in the informal sector This programme which involves capacity building registration of the micro enterprises with the CAC provision of micro insurance opening of bank accounts and provision of grants N50 000 each has so far been implemented in 22 States where over 40 000 entrepreneurs have been impacted he said Director General National Agency for Food and Drug Administration and Control NAFDAC Prof Chistianah Adeyeye said NAFDAC had created 50 per cent discount for MSME registration to encourage more participants in the profession Chairman Federal Inland Revenue Service FIRS Mr Muhammad Nami represented by the Director of State FIRS Mr Abubakar Muhammed commended the effort of the awardees and assured them of the service s continuous collaboration He said the service had introduced a lot of polices and platforms such as 10 per cent discount for about 20 million business development services The Director Enterprise Development Centre Pan Africa Atlantic University Dr Peter Bamkole commended SMEDAN for its professionalism saying that the network would ease challenges encountered by MSMEs in Nigeria He urged participants and awardees to operate with due diligent adding that they would be recertified every three years for proper checks and balances NewsSourceCredit NAN
    SMEDAN certifies 150 business dev service providers for MSME growth
    Economy1 month ago

    SMEDAN certifies 150 business dev service providers for MSME growth

    The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) on Thursday certified 150 Business Development Service Providers (BDSPs) to improve the growth of Micro, Small and Medium Enterprises (MSME) in Nigeria.

    The Minister of State for Industry, Trade and Investment (FMITI), Hajia Mariam Katagum, at the virtual presentation in Lagos, said the certification programme for trained and practicing BDSPs was important for the continuous growth of MSMEs in the country.

    Katagum, represented by Mr Adewale Bakare, Director, Industry Development, FMITI, said the Ministry was in the forefront of efforts to establish a platform for enthroning professionalism with the BDSP ecosystem in Nigeria.

    She said it was agreed by the ministry and other relevant stakeholders within the MSME sub-sector in Nigeria that only certified BDSPs would be allowed to deliverer capacity building, mentorship, counselling and other forms of BDS to MSMEs in Nigeria.

    She added that SMEDAN would post the names of the second batch of the certified Business Development Service Providers on its website.

    Katagum stated that there would be posting of other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria.

    She urged certified BDSPs to use the opportunity to solve the challenges comfronting MSMEs in Nigeria.

    Director-General, SMEDAN, Mr Olawale Fasanya, said the certification would ensure that both existing and potential BDSPs had the opportunity to prove their technical competence towards supporting MSMEs in Nigeria.

    “The posting on other social media handles and special advertisements in major newspapers in Nigeria for all current and potential users of BDSPs in Nigeria to draw from will be effected as soon as possible.

    “In addition, to show commitment and sincerity of purpose, the Agency will ensure that, going forward, being a certified BDSP will now be one of the criteria for bidding for capacity building programmes in the Agency,” he said.

    He revealed that SMEDAN in its determination to address the challenges confronting the MSMEs in Nigeria in a holistic manner,was implementing the One Local government One Product (OLOP) initiative in one hundred and nine (109) senatorial districts in the country.

    “This ambitious effort of the Agency is based on the successful implementation of the pilot phase of the OLOP programme in Katsina, Kaduna, FCT, Osun and Anambra States three years ago.

    “The intervention activities under OLOP, among others, include access to workspace, equipment support, access to working capital, and capacity building,” he said.

    He added that in the same vein, the agency was implementing the Conditional Grant Scheme (CGS) for micro enterprises in Nigeria.

    “This programme is aimed at formalising a majority of the nano and micro enterprises that are mostly operating in the informal sector.

    “This programme, which involves capacity building, registration of the micro enterprises with the CAC, provision of micro insurance, opening of bank accounts and provision of grants (N50,000 each) has so far been implemented in 22 States where over 40,000 entrepreneurs have been impacted,” he said.

    Director General, National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Chistianah Adeyeye, said NAFDAC had created 50 per cent discount for MSME registration to encourage more participants in the profession.

    Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, represented by the Director of State, FIRS, Mr Abubakar Muhammed, commended the effort of the awardees and assured them of the service’s continuous collaboration.

    He said the service had introduced a lot of polices and platforms such as 10 per cent discount for about 20 million business development services.

    The Director, Enterprise Development Centre, Pan Africa Atlantic University, Dr Peter Bamkole, commended SMEDAN for its professionalism, saying that the network would ease challenges encountered by MSMEs in Nigeria.

    He urged participants and awardees to operate with due diligent, adding that they would be recertified every three years for proper checks and balances.


    NewsSourceCredit: NAN

  •  The Secretariat of the Presidential Enabling Business Environment Council PEBEC has condoled with the Management and Staff Federal Inland Revenue Service FIRS over the demise of Mr Adams Kudu its Coordinator for Kebbi Sokoto and Zamfara PEBEC message is contained in a statement by Dr Jumoke Oduwole its Secretary and Special Adviser to the President on Ease of Doing Business on Monday in Abuja Oduwole described Kudu as a consistent high performing Reform Champion known for his dedication to the implementation of critical reforms such as the electronic tax filing He was a dutiful officer who was readily available to support the activities of the secretariat across the country even at short notice He will surely be missed by all We celebrate the life he lived and the impact he made during his life time We pray that the Almighty God grants him eternal rest and peace at his bosom and to grant his former colleagues at the FIRS the fortitude to bear the irreparable loss she said ng NewsSourceCredit NAN
    PEBEC condoles with FIRS over demise of coordinator
     The Secretariat of the Presidential Enabling Business Environment Council PEBEC has condoled with the Management and Staff Federal Inland Revenue Service FIRS over the demise of Mr Adams Kudu its Coordinator for Kebbi Sokoto and Zamfara PEBEC message is contained in a statement by Dr Jumoke Oduwole its Secretary and Special Adviser to the President on Ease of Doing Business on Monday in Abuja Oduwole described Kudu as a consistent high performing Reform Champion known for his dedication to the implementation of critical reforms such as the electronic tax filing He was a dutiful officer who was readily available to support the activities of the secretariat across the country even at short notice He will surely be missed by all We celebrate the life he lived and the impact he made during his life time We pray that the Almighty God grants him eternal rest and peace at his bosom and to grant his former colleagues at the FIRS the fortitude to bear the irreparable loss she said ng NewsSourceCredit NAN
    PEBEC condoles with FIRS over demise of coordinator
    General news1 month ago

    PEBEC condoles with FIRS over demise of coordinator

    The Secretariat of the Presidential Enabling Business Environment Council (PEBEC) has condoled with the Management and Staff Federal Inland Revenue Service (FIRS) over the demise of Mr Adams Kudu, its Coordinator for Kebbi, Sokoto and Zamfara.

    PEBEC message is contained in a statement by Dr Jumoke Oduwole, its Secretary and Special Adviser to the President on Ease of Doing Business on Monday in Abuja.

    Oduwole described Kudu as a consistent high performing Reform Champion, known for his dedication to the implementation of critical reforms such as the electronic tax filing.

    “He was a dutiful officer who was readily available to support the activities of the secretariat across the country, even at short notice.

    He will surely be missed by all.

    “We celebrate the life he lived and the impact he made during his life time.

    “We pray that the Almighty God grants him eternal rest and peace at his bosom, and to grant his former colleagues at the FIRS the fortitude to bear the irreparable loss,” she said.

    ng
    NewsSourceCredit: NAN

  •   TETFund Imperatives for efficiency driven reforms TETFund Imperatives for efficiency driven reforms By Uche Anunne News Agency of Nigeria Appropriate funding of tertiary education remains a major challenge for many countries particularly developing ones In addition to personnel emoluments and building of infrastructure the university system requires enormous financial resources to meet its research funding demands and contribute more to more meaning socio economic growth of nations To address this challenge and following an agreement with university lecturers on adequate funding of universities the Federal Government in 1993 established the Education Tax Fund ETF through the Education Tax Decree No 7 of 1993 Act as an intervention agency The Act stipulates that two per cent tax shall be charged on assessable profit of a companies registered in Nigeria as may be ascertained in the manner specified in the Companies and Income Tax Act of the Petroleum Profits Act It also gives the Federal Inland Revenue Service FIRS the mandate to assess and collect the tax from the companies In 2011 through Act No 18 ETF morphed into Tertiary Education Trust Fund TETFund with its responsibilities refocused to intervene only in public tertiary institutions namely universities polytechnics and colleges of education But in spite the change in nomenclature and scope of intervention the core responsibilities remain to provide the much needed funding support for tertiary education as well as award of scholarships research grants with a view to improving the quality of research outcomes by Nigerian scholars As TETFund s responsibilities become more complex in the face of expanding demands for its resources vis vis finances that are not growing in the same geometric progression some stakeholders argue that it has become important for reforms in the intervention agency to enable it maximize its capital for optimum impact on Nigeria s tertiary education system One of the major areas that require urgent reform is the management of the Fund As presently constituted the TETFund Board of Trustees is made of mainly politicians appointed from the six geo political zones by the Federal Government This is in addition to the Executive Secretary of the Fund Also on the board are political appointees who head different parastatals under the Federal Ministry of Education namely the National Universities Commission NUC the National Board for Technical Education NBTE National Commission for Colleges of Education NCCE and nominees by the Federal Ministry of Finance and Education As presently constituted observers say it would be difficult for the intervention agency to function effectively without politicians interference They also argue that its present Board is also a radical departure from the 1992 ASUU FG agreement on the funding of universities which gave birth to the Fund The agreement provided that having suggested the establishment of the Fund ASUU should be involved in its management In a report published in the October 7 2019 edition of Premium Times the Nigerian Extractive Industries Transparency Initiative NEITI posited that there was unnecessary political control and interference by state governors in the execution of the TETFund funded projects in their respective states Similarly Prof Hussaini Tukur said the Board of Trustees of TETFund should be one that inspires confidence in the award of research grants and other operations of the agency He said it was not in the interest of the education system for politicians to dominate the membership of the board saying in most instances politicians interest are paramount in their actions Tukur a lecturer in the department of Public Administration Nasarawa State University Keffi said even when geo political zones are involved in constituting the board it is imperative that such nominees should be seasoned academics so that they can bring their academic experience to bear in the running of the agency Tukur also contended that the Academic Staff Union of Universities ASUU Nigeria Labour Congress NLC should have representatives on the Board The scholar said while the building of infrastructure by TETfund is a welcome development the agency should focus its interventions more on research and training He said award of research grants should prioritise proposals that add value to the nation s quest for academic excellence and invention adding that where projects are awards they should be audited based on their impact on the society Dr Edet Imuk of the University of Calabar shares similar opinion with Tukur saying structural reforms were needed to restore stakeholders confidence and stimulate enhanced performance by the Fund The Executive Secretary Tertiary Education Trust Fund Mr Sonny Echono was recently quoted by a report as admitting the need for reforms in the organisation saying it was the need to weed out inhibitions to transparency in TETfund s operations He said there is the possibility of the reform being opposed in some quarters it has become a necessary step to take if the agency will deliver on its mandates The respective institutions do the design and costing of projects So also is the supervision and management The TETFund only monitors milestones attainments ahead of releases in tranches he said giving an insight into the direction of the forms As the need for repositioning the organisation becomes increasingly imperative stakeholders say such reforms will be incomplete without streamlining the process of applying for research grants scholarships and contracts in a manner that will reduce physical contacts between applicants and TETfund managers to avoid bias evaluation and eventual award of the grants and contracts NANFeatures If used please credit the author and News Agency of Nigeria NewsSourceCredit NAN
    TETFund: Imperatives for efficiency-driven reforms
      TETFund Imperatives for efficiency driven reforms TETFund Imperatives for efficiency driven reforms By Uche Anunne News Agency of Nigeria Appropriate funding of tertiary education remains a major challenge for many countries particularly developing ones In addition to personnel emoluments and building of infrastructure the university system requires enormous financial resources to meet its research funding demands and contribute more to more meaning socio economic growth of nations To address this challenge and following an agreement with university lecturers on adequate funding of universities the Federal Government in 1993 established the Education Tax Fund ETF through the Education Tax Decree No 7 of 1993 Act as an intervention agency The Act stipulates that two per cent tax shall be charged on assessable profit of a companies registered in Nigeria as may be ascertained in the manner specified in the Companies and Income Tax Act of the Petroleum Profits Act It also gives the Federal Inland Revenue Service FIRS the mandate to assess and collect the tax from the companies In 2011 through Act No 18 ETF morphed into Tertiary Education Trust Fund TETFund with its responsibilities refocused to intervene only in public tertiary institutions namely universities polytechnics and colleges of education But in spite the change in nomenclature and scope of intervention the core responsibilities remain to provide the much needed funding support for tertiary education as well as award of scholarships research grants with a view to improving the quality of research outcomes by Nigerian scholars As TETFund s responsibilities become more complex in the face of expanding demands for its resources vis vis finances that are not growing in the same geometric progression some stakeholders argue that it has become important for reforms in the intervention agency to enable it maximize its capital for optimum impact on Nigeria s tertiary education system One of the major areas that require urgent reform is the management of the Fund As presently constituted the TETFund Board of Trustees is made of mainly politicians appointed from the six geo political zones by the Federal Government This is in addition to the Executive Secretary of the Fund Also on the board are political appointees who head different parastatals under the Federal Ministry of Education namely the National Universities Commission NUC the National Board for Technical Education NBTE National Commission for Colleges of Education NCCE and nominees by the Federal Ministry of Finance and Education As presently constituted observers say it would be difficult for the intervention agency to function effectively without politicians interference They also argue that its present Board is also a radical departure from the 1992 ASUU FG agreement on the funding of universities which gave birth to the Fund The agreement provided that having suggested the establishment of the Fund ASUU should be involved in its management In a report published in the October 7 2019 edition of Premium Times the Nigerian Extractive Industries Transparency Initiative NEITI posited that there was unnecessary political control and interference by state governors in the execution of the TETFund funded projects in their respective states Similarly Prof Hussaini Tukur said the Board of Trustees of TETFund should be one that inspires confidence in the award of research grants and other operations of the agency He said it was not in the interest of the education system for politicians to dominate the membership of the board saying in most instances politicians interest are paramount in their actions Tukur a lecturer in the department of Public Administration Nasarawa State University Keffi said even when geo political zones are involved in constituting the board it is imperative that such nominees should be seasoned academics so that they can bring their academic experience to bear in the running of the agency Tukur also contended that the Academic Staff Union of Universities ASUU Nigeria Labour Congress NLC should have representatives on the Board The scholar said while the building of infrastructure by TETfund is a welcome development the agency should focus its interventions more on research and training He said award of research grants should prioritise proposals that add value to the nation s quest for academic excellence and invention adding that where projects are awards they should be audited based on their impact on the society Dr Edet Imuk of the University of Calabar shares similar opinion with Tukur saying structural reforms were needed to restore stakeholders confidence and stimulate enhanced performance by the Fund The Executive Secretary Tertiary Education Trust Fund Mr Sonny Echono was recently quoted by a report as admitting the need for reforms in the organisation saying it was the need to weed out inhibitions to transparency in TETfund s operations He said there is the possibility of the reform being opposed in some quarters it has become a necessary step to take if the agency will deliver on its mandates The respective institutions do the design and costing of projects So also is the supervision and management The TETFund only monitors milestones attainments ahead of releases in tranches he said giving an insight into the direction of the forms As the need for repositioning the organisation becomes increasingly imperative stakeholders say such reforms will be incomplete without streamlining the process of applying for research grants scholarships and contracts in a manner that will reduce physical contacts between applicants and TETfund managers to avoid bias evaluation and eventual award of the grants and contracts NANFeatures If used please credit the author and News Agency of Nigeria NewsSourceCredit NAN
    TETFund: Imperatives for efficiency-driven reforms
    Features2 months ago

    TETFund: Imperatives for efficiency-driven reforms

    TETFund: Imperatives for efficiency-driven reforms TETFund: Imperatives for efficiency-driven reforms By Uche Anunne News Agency of Nigeria Appropriate funding of tertiary education remains a major challenge for many countries, particularly developing ones.

    In addition to personnel emoluments and building of infrastructure, the university system requires enormous financial resources to meet its research funding demands and contribute more to more meaning socio-economic growth of nations.

    To address this challenge, and following an agreement with university lecturers on adequate funding of universities, the Federal Government in 1993 established the Education Tax Fund (ETF) through the Education Tax Decree No. 7 of 1993 (Act) as an intervention agency.

    The Act stipulates that two per cent tax shall be charged on assessable profit of a companies registered in Nigeria as may be ascertained in the manner specified in the Companies and Income Tax Act of the Petroleum Profits Act. It also gives the Federal Inland Revenue Service (FIRS) the mandate to assess and collect the tax from the companies.

    In 2011 through Act No. 18 ETF morphed into Tertiary Education Trust Fund (TETFund) with its responsibilities refocused to intervene only in public tertiary institutions, namely universities, polytechnics and colleges of education.

    But, in spite  the change in nomenclature and scope of intervention, the core responsibilities remain to provide the much-needed funding support for tertiary education as well as award of scholarships, research grants with a view to improving the quality of research outcomes by Nigerian scholars.

    As TETFund’s responsibilities become more complex in the face of expanding demands for its resources vis-à-vis finances that are not growing in the same geometric progression, some stakeholders argue that it has become important for reforms in the intervention agency to enable it maximize its capital for optimum impact on Nigeria’s tertiary education system.

    One of the major areas that require urgent reform is the management of the Fund. As presently constituted, the TETFund Board of Trustees is made of mainly politicians appointed from the six geo-political zones by the Federal Government.

    This is in addition to the Executive Secretary of the Fund, Also on the board are political appointees who head different parastatals under the Federal Ministry of Education; namely the National Universities Commission (NUC), the National Board for Technical Education (NBTE), National Commission for Colleges of Education (NCCE) and nominees by the Federal Ministry of Finance; and Education.

    As presently constituted, observers say it would be difficult for the intervention agency to function effectively without politicians’ interference.

    They also argue that its present Board is also a radical departure from the 1992 ASUU-FG agreement on the funding of universities which gave birth to the Fund. The agreement provided that, having suggested the establishment of the Fund, ASUU should be involved in its management.

    In a report published in the October 7, 2019 edition of Premium Times, the Nigerian Extractive Industries Transparency Initiative (NEITI) posited that there was unnecessary political control and interference by state governors in the execution of the TETFund-funded projects in their respective states.

    Similarly, Prof. Hussaini Tukur said the Board of Trustees of TETFund should be one that inspires confidence in the award of research grants and other operations of the agency.

    He said it was not in the interest of the education system for politicians to dominate the membership of the board, saying in most instances, politicians’ interest are paramount in their actions.

    Tukur, a lecturer in the department of Public Administration, Nasarawa State University, Keffi said even when geo-political zones are involved in constituting the board, it is imperative that such nominees should be seasoned academics so that they can bring their academic experience to bear in the running of the agency.

    Tukur also contended that the Academic Staff Union of Universities (ASUU), Nigeria Labour Congress (NLC) should have representatives on the Board.

    The scholar said while the building of infrastructure by TETfund is a welcome development, the agency should focus its interventions more on research and training.

    He said award of research grants should prioritise proposals that add value to the nation’s quest for academic excellence and invention, adding that where projects are awards, they should be audited based on their impact on the society.

    Dr Edet Imuk of the University of Calabar, shares similar opinion with Tukur, saying structural reforms were needed to restore stakeholders’ confidence and stimulate enhanced performance by the Fund. The Executive Secretary, Tertiary Education Trust Fund, Mr Sonny Echono was recently quoted by a report as admitting the need for reforms in the organisation, saying it was the need to weed out inhibitions to transparency in TETfund’s operations.

    He said there is the possibility of the reform being opposed in some quarters it has become a necessary step to take if the agency will deliver on its mandates.

    “The respective institutions do the design and costing of projects.

    So also is the supervision and management.

    The TETFund only monitors milestones attainments ahead of releases in tranches,” he said giving an insight into the direction of the forms.

    As the need for repositioning the organisation becomes increasingly imperative, stakeholders say such reforms will be incomplete without streamlining the process of applying for research grants, scholarships and contracts in a manner that will reduce physical contacts between applicants and TETfund managers to avoid bias evaluation and eventual award of the grants and contracts.

    (NANFeatures) ****If used please credit the author and News Agency of Nigeria.


    NewsSourceCredit: NAN

  •  The Nigeria Customs Service NCS has distanced itself from rumours making the rounds that a special auction of over 7000 cars would soon be held by the Service The Public Relations Officer of Customs Deputy Comptroller Timi Bomodi made this known in a statement signed on behalf of the Comptroller General of Customs in Abuja He urged Nigerians to always refer to the electronic auction e auction platform at https trade gov for authentic information on auctioning According to him e auction remains the only authentic means of auctioning goods to members of the public Auctions are periodic and advertised in advance on our website to avail the public the opportunity of selecting and bidding for items of their choice It will be recalled that the service deployed the e auction platform in July 2017 to improve efficiency in revenue generation to the federal government It was also deployed to provide equal opportunities to all Nigerians in the seamless disposal of seized and condemned and overtime and abandoned cargoes Since its implementation the e auction has lived up to expectations by guaranteeing transparency and integrity in the auctioning process Bomodi said The spokesperson said that the requirements to take part in the e auction bidding process by interested members of the public were clear He said that applicants must process valid Tax Identification Number TIN issued by Federal Inland Revenue Service FIRS with an active e mail account Bomodi added that the conditions and terms of auction must be carefully considered by an interested person before acceptance Bomodi further said an applicant must have an authentic and nationally accepted means of identification He explained that those means of identification include international passport driver s license national identity card or voter card Bomodi referred the public to the service s e auction portal at https trade gov for further guidelines Bomodi used the opportunity to call on owners of uncleared vehicles at the various ports to avail themselves of the VIN Valuation protocols to clear them He said the clearance procedure had been simplified automated and made more user friendly NewsSourceCredit NAN
    We’re not auctioning 7000 cars–Customs 
     The Nigeria Customs Service NCS has distanced itself from rumours making the rounds that a special auction of over 7000 cars would soon be held by the Service The Public Relations Officer of Customs Deputy Comptroller Timi Bomodi made this known in a statement signed on behalf of the Comptroller General of Customs in Abuja He urged Nigerians to always refer to the electronic auction e auction platform at https trade gov for authentic information on auctioning According to him e auction remains the only authentic means of auctioning goods to members of the public Auctions are periodic and advertised in advance on our website to avail the public the opportunity of selecting and bidding for items of their choice It will be recalled that the service deployed the e auction platform in July 2017 to improve efficiency in revenue generation to the federal government It was also deployed to provide equal opportunities to all Nigerians in the seamless disposal of seized and condemned and overtime and abandoned cargoes Since its implementation the e auction has lived up to expectations by guaranteeing transparency and integrity in the auctioning process Bomodi said The spokesperson said that the requirements to take part in the e auction bidding process by interested members of the public were clear He said that applicants must process valid Tax Identification Number TIN issued by Federal Inland Revenue Service FIRS with an active e mail account Bomodi added that the conditions and terms of auction must be carefully considered by an interested person before acceptance Bomodi further said an applicant must have an authentic and nationally accepted means of identification He explained that those means of identification include international passport driver s license national identity card or voter card Bomodi referred the public to the service s e auction portal at https trade gov for further guidelines Bomodi used the opportunity to call on owners of uncleared vehicles at the various ports to avail themselves of the VIN Valuation protocols to clear them He said the clearance procedure had been simplified automated and made more user friendly NewsSourceCredit NAN
    We’re not auctioning 7000 cars–Customs 
    Economy2 months ago

    We’re not auctioning 7000 cars–Customs 

    The Nigeria Customs Service(NCS), has distanced itself from rumours making the rounds that a special auction of over 7000 cars would soon be held by the Service.

    The Public Relations Officer of Customs, Deputy Comptroller Timi Bomodi, made this known in a statement signed on behalf of the Comptroller General of Customs in Abuja.

    He urged Nigerians to always refer to the electronic auction (e-auction) platform at https:.

    trade.

    gov.

    for authentic information on auctioning.

    According to him, e-auction remains the only authentic means of auctioning goods to members of the public.

    “Auctions are periodic and advertised in advance on our website to avail the public the opportunity of selecting and bidding for items of their choice.

    “It will be recalled that the service deployed the e-auction platform in July 2017 to improve efficiency in revenue generation to the federal government.

    “It was also deployed to provide equal opportunities to all Nigerians in the seamless disposal of seized and condemned, and overtime and abandoned cargoes.

    “Since its implementation, the e-auction has lived up to expectations by guaranteeing transparency and integrity in the auctioning process,” Bomodi said.

    The spokesperson said that the requirements to take part in the e-auction bidding process by interested members of the public were clear.

    He said that applicants must process valid Tax Identification Number (TIN), issued by Federal Inland Revenue Service (FIRS), with an active e-mail account.

    Bomodi added that the conditions and terms of auction must be carefully considered by an interested person before acceptance.

    Bomodi further said an applicant must have an authentic and nationally accepted means of identification.

    He explained that those means of identification include international passport, driver’s license, national identity card or voter card.

    Bomodi referred the public to the service’s e-auction portal at https:.

    trade.

    gov.

    for further guidelines.

    Bomodi used the opportunity to call on owners of uncleared vehicles at the various ports to avail themselves of the VIN-Valuation protocols to clear them.

    He said the clearance procedure had been simplified, automated and made more user-friendly.


    NewsSourceCredit: NAN