“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
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.
Business
Dangote Refinery can sell petrol to any marketer – NNPC
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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