Business
FIRS collects N7.5tn taxes, exceeds education tax target by N4bn
The Federal Inland Revenue Service has collected N7.5tn taxes in 2022 and surpassed the Tertiary Education Tax, EDT fund target for the year by N4 billion.
Chairman of the FIRS, Muhammad Nami, disclosed this at the 2022 Tertiary Education Fund, TETFUND/FIRS joint interactive forum in Kano.
The FIRS chairman spoke through the Kano State Coordinator, Hassan Sule, and gave the Tertiary Education Tax, EDT target for 2022 as N305bn but as at September 2022, it had collected N309bn.
He said, “It is noteworthy that despite the economic headwinds, particularly from the negative consequences of Covid-19, rising insecurity and the spill-over effects of the Russia-Ukraine war on the global economy, FIRS has continued to make progress in revenue mobilization for the three tiers of government, suffice to say that the FIRS is now funding a significant portion of the Federal Account Allocation Committee, FAAC in the last 2 years.
“Between January to September 2022, FIRS has collected N7.5 trillion which is a significant improvement on the total collection of N6.4 trillion for the entire 2021. Non-oil taxes accounted for N4.3 trillion while petroleum profits tax accounted for N3.1 trillion. It is clear that the reforms undertaken since 2020 have started yielding the desired results.
“Tertiary Education Tax also improved significantly since the beginning of 2022. We have collected N309 billion as of September 2022, which is above the total N305 billion budgeted for the full year.
“I assure you that we will continue to ensure that no revenue gap is left uncovered in our quest to improve tax administration with particular emphasis on full deployment of technology across our service lines and internal operations,” Nami said.
The FIRS boss also said the service would not relent in its effort towards achieving the N500bn Education Tax fund annual target by the TETFUND.
TETFUND Executive Secretary, Sonny Echono, said the fund placed a very high premium on attaining and surpassing the target of N500bn.
Echono represented by his Director, Human Resources and General Administration, Adamu Abubakar, applauded the FIRS for surpassing the 2022 target, noting that due to low EDT in 2021, it scaled down project implementation for the year in our beneficiary institutions in 2022.
“In year 2021, the fund received an EDT collection of N189bn, which was considerably lower than the previous year’s collection. This posed a serious challenge to the intervention activities of the fund for the year 2022. We had to seriously scale down project implementation for the year in our beneficiary institutions and our internal operations as well,” he said.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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