Business
Twitter tax, others raise FIRS 2022 revenue target to N10.1tn
The registration of Twitter and other social media as business entities in Nigeria has raised the projected revenue of the Federal Inland Revenue Service for 2022 to N10.1 trillion.
Chairman of the FIRS, Mohammed Nami, stated this on Wednesday when he appeared before the House of Representatives committee on finance in Abuja.
He said N2.053 trillion would go the Federal Government while state and local governments would have the rest funds.
He said the projected revenue for 2022 was above that of 2021 because of the registration of social media platforms, including Twitter.
“The total collection that we are trying to generate and remit to the appropriate accounts, including the federation account in 2022, is N10.1 trillion,” he said.
“On the issue of the digital economy, your suggestions are noted, we also have them as part of what we are doing because we already have a department called the international tax department that is handling those cases,” he said.
He also said, “Twitter and others are already registering with us, so we are aware. So we expect that the impact of those registrations would be felt positively by the FIRS and that is why the targets are going up.”
Nami also spoke on the 2020 budget performance, saying the FIRS collected a total of N4.950 trillion against the budgeted N5.076tn.
“The service achieved a total revenue collection of N4.950 trillion against budgeted N5.076 trillion, representing 98 per cent,” he added.
“Out of the total collection, non-oil and oil components contributed N3.435 trillion and N1.515 trillion respectively.
“Consequently, the cost of collection (four per cent net of two per cent Nigeria Customs Service VAT) of N130.45 billion was achieved against the budget of N180.76 billion to fund the three operational expenditure heads for the year,” he said.
Reviewing the 2021 budget performance, Nami said the FIRS had achieved 43 per cent of the projected revenue as of June.
“The service 2021 approved MTEF projected revenue collection was N6.40 trillion representing N1.64 trillion (26 percent) and N4.76 trillion (74 per cent) for oil and non-oil respectively,” he said.
Nami also said, “The service as of June 30, 2021 (half-year) achieved N2.762 trillion representing 43% of approved projected revenue collection. The non-oil revenue collection during the period was N2.118 trillion against N1.5 trillion collected in the corresponding period representing 41.2 per cent increase.
“While the oil revenue collected for the same period was N644 billion against N971 billion collected in the corresponding period representing 33.68 percent decrease in the oil.”
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
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