Business

Finance Bill 2022: FG Proposes to Change FIRS to NRS

Published

2 years ago

December 23, 2022

Minister of Finance, Budget and Economic Planning, Mrs. Zainab Ahmed

The Minister of Finance, Budget and Economic Planning, Mrs. Zainab Ahmed, yesterday appeared before the Senate Committee on Finance to defend the amendments proposed in the 2022 Finance Act which was recently sent to the National Assembly by President Muhammadu Buhari.

The amendments to the Finance Act are expected to be passed with the 2023 Appropriation Bill which is expected to be considered and passed next week.
The Finance Bill, is the fourth in the series that seeks to complement the budget cycle of January to December, that was re-established with the 2020 Appropriation Act by the 9” National Assembly.

Briefing the panel, the minister highlighted the key provisions in the Finance Act 2022 to include the change of the name of the Federal Inland Revenue service (FIRS) to the Nigeria Revenue Service (NRS).

She said, “It also included the reorganisation of the board of the FIRS by separating the executive management from the board
“The Chairman of the agency will now be referred to as Commissioner General.
“It also proposed the 35 per cent on electronic money transfer levy receipt to be paid to local government as against the initial 15 per cent to the federal government and 85 per cent to state.

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“It proposes 50 per cent tax increase from the 30 per cent to companies involved in gas flaring among others.”
The Chairman of the Senate panel, Senator Solomon Adeola, while welcoming the minister, explained that the bill generally seeks to review and possibly amend sections of existing legislations on revenue for the nation.

He said, “The intent of these amendments is not only for generating increased revenue for the government, but also providing clarity, removing ambiguities, providing succor for deserving persons and sectors as well as bringing our laws up to speed with global best practices.

“Let me restate that in our nation’s legislative development, the way forward at present is not much about enacting new laws as much as amendments of old laws to take care of new realities and reform observed shortcomings in the implementation of existing laws.
“Such new realities include the development of new technologies and its implications for revenue/income generation by individuals, corporate bodies and government agencies.

“This among other realities and observed challenges are the rationale for the yearly amendments contained in proposed Finance Bill.
“In the bill referred to the Committee, a total of 10 existing Acts are proposed for amendments namely: Capital Gains Tax Act, Companies Income Tax Act, Customs, Exercise Tarrif, etc (Consolation) Act, Federal Revenue Service Establishment Act e Personal Income Tax, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act, Corrupt Practices and other Related Offences Act, Public Procurement Act

“In all, 34 Sections of the various Acts are in the bill before us for consideration and possible amendments. We are to understand that our economy is facing serious challenges occasioned by many factors including crude oil theft, armed insurgency and banditry as well as spiraling inflation rate that are being tackled by the government.
“The expectation is that at the possible passage of these amendments and its faithful implementation, our country can be propelled toward appreciable economic outlook.”

Thisday

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

17 hours ago

December 21, 2024

Trends Admin

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

Published

18 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

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

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

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).

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.