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We Generated Over N10tr In 2022, Highest In History- FIRS

The Federal Inland Revenue Service (FIRS) generated over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history.

The Service disclosed this via its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Muhammad Nami, and made available to the media yesterday, following a briefing with President Muhammadu Buhari.

“The FIRS, in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion.

“Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion.

“Non-oil taxes contributed 59 per cent of the total collection in the year, while oil tax collection stood at 41 per cent of total col- lection,” the report noted.

It is the first time that the FIRS will cross the 10-trillion Naira mark in tax revenue collection.

The Performance Update Report further clarified that included in the total revenue sum is the sum of N146.27 billion which is the total value of certificates issued by the Service to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.

The report also stated that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1,805,040,163,008.

It further noted that over the period of 2020 to 2022, the management had introduced reforms bordering around these four-point focus which were producing results.

“The reforms introduced at different times from 2020 are gradually yielding fruits. By the close of 2022, the Service had fully restructured the administration of the Service for maximum efficiency and achieved internal cohesion such that all functional units are working in unison towards the achievement of set goals.

“As a result of conducive environment created for staff, officers of the Service are pulling their weight on the global stage with international recognitions and awards;

“The Service had also automated most of the administrative and operational processes. A major leap was the full deployment of the TaxPro Max for end-to-end administration of taxes in June 2021.

The module for the automated TCC went live 1st January 2023 while taxpayers had already downloaded over 1,000 TCCs this year without having to visit FIRS office,” the report read.

Speaking on the outlook for 2023, Mr. Nami stated that the Service would build on the current reforms, achieve full automation and continue to establish a resilient Service that would continue to provide sustainable tax revenue to fund the government.

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Jumia Says It Will No Longer Accept Old Naira Notes From Jan 30

Pan African e-commerce platform, Jumia has disclosed that old naira notes will no longer be accepted as payment at the point of delivery from January 30.

The e-commerce giant said this in a notice to customers on its mobile application, adding that the decision was based on the recent currency redesign policy of the Central Bank of Nigeria (CBN).

The notice also comes three days ahead of the January 31 deadline for the validity of the old N200, N500 and N1000 notes in circulation.

Jumia, in its notice, said that only the new notes would be collected from January 30, 2023, or payments could be made through other means.

“From Monday 30th January 2023, Jumia delivery associates will not be able to accept the old notes of N200, N500, and N1,000 sequel to the directive by the Central Bank of Nigeria (CBN),” the statement reads.

“Should you wish to pay by cash, our delivery associates will only accept the new series of notes. Alternatively, you can find details here on how to prepay on Jumia using JumiaPay or call us on 01 888 1106 if there are any further questions.

“We will communicate further in case of any change from the federal government or central bank.”

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NLC Calls For Extension Of Old Naira Notes Deadline

The Nigeria Labour Congress (NLC) has supported the Senate’s request to the Central Bank of Nigeria (CBN) to extend its January 31 deadline to phase out old notes in circulation in the country.

NLC President, Ayuba Wabba, revealed this on Thursday in Abuja, saying the Senate directive for the extension of the deadline was appropriate.

He said majority of Nigerians who live in remote areas where banks do not exist were yet to access the new Naira notes.

“We have tried to respond officially by writing to the CBN governor. We also wrote to the President to say that this new policy of changing our Naira needs to be revisited.

“It is obvious that even in the city centres, banks are still dispensing old notes and this is not correct. I remember, I went to about 10 banks and none was actually dispensing the new notes.

“In fact, most of the banks now, if you are lucky, they will dispense only few notes and you can check that around.

“So the new notes are not available and they are not in circulation and the old notes are being rejected.”

He said the situation the rural areas is chaotic as the rural folks find it difficult to change their money.

Wabba said the was haunting the people, and therefore called on the Federal Government to look at the issue carefully before it snowballs into a major crisis in the country.

He said the new notes were not easily available. “There are only few in circulation. It is worse in rural areas as most of the rural areas don’t have banks.

“The state I come from in the entire states. You have only three banks in three local government out of 27 local government areas in the state I come from.

Wabba is from Borno State.

He said ”All the other local governments, 24 of them, do not have banks and some of them are not accessible,” he said.

Wabba said government must think through the new Naira policy in order for the people not to suffer the consequences of the policy.

”It is the poor masses and even the working class that will feel the pinch of this policy. Because how will you not withdrawal the old currencies when the new one is not even available.

”The policy, certainly, will also impact negatively on our economy, because the notes are not available and people are now rejecting the old notes.

”The policy certainly is not a policy that is making people to believe that the policy is meant to address the fundamental issues.

”We align ourselves fully with the position of the Senate, we call for this policy to be reviewed and to give extension, so that all the old notes can then be mopped up by the bank,” he added.

 

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We Will Make Ekiti A Free Trade Zone- FG

The Federal Government, through the Nigeria Export Processing Zone Authority ( NEPZA), has reiterated its determination transforming  Ekiti State into a major free trade zone in Nigeria.

NEPZA added that it vows to realize this objective by supporting the state in delivering economic and knowledge free zone where education based industries and technological companies can operate from.

Professor Adesoji Adesugba, Managing Director of the Authority, made this known in Ado-Ekiti during a courtesy visit to Ekiti State Governor, Mr Biodun Oyebanji on Thursday.

The NEPZA boss said the establishment of the economic zone would boost the economy of the state and increase its internally generated revenue as well as reduce over-reliance on federal allocation.

Prof. Adesugba commended the Governor for been proactive and for his ideas of creating Education and Knowledge zone, describing it as novel. He assured the state of the support of the authority and prompt completion of the project.

Prof Adesugba, who assured Nigerians that the free trade zone would be ready within 18 months, said he was in the state to confirm the commitment of the Federal Government towards the successful completion of the project. He called on drivers and captains of industries to invest in the state when the zone is ready.

According to Prof. Adesoji, “I personally came to Ekiti state to show the good commitment of the Federal Government of Nigeria to support Ekiti State in delivering economic and knowledge free zone and be the home of block chain technology where technological companies and other industries that have things to do with education.

“You know Ekiti is known for education and ideas innovation, and this is where we are going to show the world that Nigeria has arrived.

“The first thing for us is to first of all get Presidential declaration to make that place a free zone. The Governor has given all of us a matching order and within the next 18 months, we would get so many industries, both virtual and on-sight there. As we speak, there are people who are already planning and working, so, we, on our own part are to get this approval.

In his remarks, Governor Biodun Oyebanji stressed the need for the Federal Government to fast-track the completion of the project to attract more investors to the state, adding that productivity would always lead to shared prosperity.

While using the opportunity to flaunt the intellectual resources of the state, the Governor stated that it is not wise for any state to drive its economy on monthly federal allocation as it cannot be used for effective wealth creation.

“On the need to fast-track declaration on Ekiti Knowledge Zone, we campaign on a mantra of shared prosperity and you know that a people cannot prosper if they are not productive and we don’t believe that FAAC can drive prosperity, so whether FAAC comes or not, if a society is productive, there will be wealth creation. And we are also aware of the fact that the only thing we have in Ekiti is our intellectual resources.

“As a government, I am ready to lead from the front, I am ready to provide every support that is needed to drive this to ensure success and meet the stipulated deadline, because without that certification, we won’t be able to do anything and investors will not come, but if you are able to attract them and bring them here and that is why we are working hard on the Airport to compliment what we are doing.

“We have invested a lot in infrastructure to drive that zone, I am pleading on behalf of my people to please do this for us. He stated.

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