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FCT-IRS announces deadline for tax returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024.

The acting Executive Chairman, Mr Michael Ango, who made the call in a statement in Abuja on Sunday, said that the employers have up to Jan. 31 to comply.

In the statement, signed by the service’s Head of Corporate Communications, Mr Mustapha Sumaila, the FCT-IRS boss said that the returns should be filed using the prescribed forms provided by the service.

This, he said, was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Regulations.

He explained that the PITA Act mandates all employers of labour in the FCT to file annual returns of all emoluments paid to their employees and the total taxes of the preceding year, not later than Jan. 31 of every year.

Ango had during the 2025 stakeholder’s engagement, emphasised that filing of employee annual returns by all employees was mandatory as provided by law.

He added that failure to file the returns would attract penalties and other sanctions, which the FCT-IRS would not hesitate to impose on any defaulters.

According to him, the best form of compliance is voluntary, which the FCT-IRS expects from all taxpayers in the FCT.

“I, therefore, enjoined all private organisations, MDAs, government owned enterprises, including sole proprietorships who are employers of labour in the FCT to comply with their tax obligations to avoid sanctions.

“More importantly, the support will contribute to the development of the FCT and the efforts of the Minister of FCT, Mr Nyesom Wike, to transform the territory into a modern city,” he said.

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Banking

Africa Energy Bank to launch in first quarter, targets $120 billion asset base

African energy bank logo (credit: Goggle)

The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, will launch in the first quarter of 2025 and target an asset base of $120 billion, Nigeria’s junior oil minister said on Tuesday.

The fossil fuel-focused bank, a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization, was due to start operations by mid-2024, an Afreximbank official said last year.

“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Nigerian junior oil minister Heineken Lokpobiri.

The minister joked that Nigeria too will follow U.S. President Donald Trump’s mantra on increasing oil drilling and remove all impediments to grow oil production to 2.5 million barrels per day this year. Currently Nigeria’s crude output averages 1.7 million bpd.

Nigeria, Africa’s top oil producer, beat three rival African countries for the right to host the multilateral lender.

(REUTERS/POLITICALE)

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MTN hikes prices of data, SMS to reflect new tariff plan

MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices.

A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices.

For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500.

The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others.

Text messaging on the network has also increased to N6.00 reflecting the 50 per cent hike, while hike in voice calls rates are yet to be ascertained.

Other mobile operators comprising Airtel, Globacom, and 9mobile are yet to update their data prices as at the time of filing this report.

NAN reports that the Nigerian Communications Commission (NCC), the industry’s regulatory body had approved a maximal increment of 50 per cent tariff adjustments to operators.

The Commission said its approval, though less than the 100 per cent hike demanded by operators, was in response to prevailing operational costs.

It said that its decision was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.

The NCC said that, while recognising the concerns of the public, the decision was made after extensive consultations with key stakeholders across the public and private sectors.

“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments,’ the NCC said in a statement.

It noted that these adjustments would support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity.

The NCC added that consumers would benefit from better network quality, enhanced customer service, and greater coverage within the country. (NAN)

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Tinubu increases 2025 budget to N54.2tn

President Bola Tinubu has raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.

The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary today by the Senate President, Godswill Akpabio.

According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.

Following the announcement, the Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration.

He assured lawmakers that the budget would be finalised and passed before the end of February.

With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.

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