Business

Sokoto IGR rises to N3.8bn in less than a year— Gov Aliyu

Sokoto Governor, Ahmed Aliyu Sokoto has said that the State’s internally generated revenue (IGR) has risen from 2.6 billion naira to 3.8 billion naira in less than a year.

He dropped this hint while addressing the Annual Conference of Chartered Institute of Taxation of Nigeria which took place in Abuja.

According to him, the tremendous improvement recorded in the state’s IGR was a result of the formidable measures introduced by his administration on tax collection and management.

“When we came on board, the taxation system we met was not very encouraging due to sharp practices that bedeviled both the collection and utilisation of the internally generated revenue.

“We then introduced measures that sanitized the entire system of revenue collection and management in the state,” he added

As a result of this, the Governor said his administration was able to raise more funds which are being used judiciously to improve the quality of lives of the electorate

“Through this intervention, the state’s internally generated revenue (IGR) has risen from 2.6 billion naira to 3.8 billion naira in less than a year of our administration.”

Gov. Aliyu assured the CITN of his administration’s commitment to collaborate with the body to further enhance tax collection in the State.

According to him, collaboration becomes necessary considering the huge demands by the electorate for people-oriented programmes in the State.

Gov. Aliyu added that his 9-point innovative agenda was designed in line with the yearnings and aspirations of the people of the State, hence the need to source more funds to meet the people’s expectations.

He also charged CITN to ensure massive sensitization of Nigerians on the importance of paying taxes, saying that not many Nigerians are aware of their responsibility when it comes to the payment of taxes.

Earlier, the President of the Chartered Institute of Nigeria, Samuel Agbeluyi said the the annual conference was meant to discuss extensively how to improve on the mandate of CITN.

He described taxation as an essential tool in meeting the demands of the citizenry, hence the need for the conference to explore more ways through which tax collection can be enhanced in the country.

Mr Agbeluyi commended Gov. Aliyu for his support to the Institute which he described as worthy of emulation

Business

Customs exceeds 2024 target, rakes in N71.6bn

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

Business

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.