Business
FG Recovers N1.5trn Taxes, Fees From Oil Companies – NEITI
Oil and gas companies have paid over N1.5 trillion in taxes and fees to the Federal Government of Nigeria as the Nigeria Extractive Industries Transparency Initiative (NEITI) published a N2.6trn debt report for 2019 on the companies.
Speaking during an interview on Friday, the executive secretary of the NEITI, Dr Orji Ogbonnaya Orji, said the organisation worked with the National Assembly Review Committee on NEITI’s report to push for recovery of the outstanding 2019 debt from extractive companies.
Before the NEITI pronouncement on the N2.6trn debt, the Federal Inland Revenue Service (FIRS) recovered $810million while the NURPC got $1.416billion, amounting to $2.226bn or N900bn. Between 2021, and so far in 2022, the NEITI head said the agency worked with the National Assembly review committee and pushed the debtors to pay more.
From this, the FIRS got $662.9m while the NUPRC got $913.5m, reaching $1.576bn or N600bn.
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The agency said the outstanding taxes and fees from the oil companies were about $2.674bn with $18.98m for the FIRS and $2.655bn for NUPRC, which is an expected N1.07trn for Nigeria and would be updated in the 2021 report planned for release this year.
The NEITI is enabled by the EITI Standard across over 20 countries and the NEITI Act 2007. It conducts a financial, physical and process audit yearly to probe cash flows in Nigeria’s oil and gas industry.
The 2019 NEITI report stated that 77 oil and gas companies owed the federal government over N2.6trn in Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals.
Mr Orji also said the NEITI was working to release the 2021 report before the year ends, just as he said the agency is preparing for the EITI revalidation process coming up in January 2023 to determine Nigeria’s improvement in transparency in the oil and gas industry.
The NEITI, Orji noted, was instrumental to the enactment of the Petroleum Industry Act (PIA) 2021, the new petroleum industry regulators and the ongoing reforms at NNPC Ltd.
Daily Trust
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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