Business
FIRS reforms pay off, collected N10.1tn tax revenue in 2022
The Federal Inland Revenue Service says it collected N10.1 trillion as tax revenues in 2022.
It disclosed this in its ‘FIRS 2022 Performance Update’ report signed by its Executive Chairman, Mr Muhammad Nami, which was released in Abuja on Monday.
It said, “The FIRS in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion.
“Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion.
“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of total collection.”
The report indicated that it was the first time that the FIRS would cross the 10-trillion naira mark in tax revenue collection.
It added that the N10.1 trillion was inclusive of the N146.27 billion which is the total value of certificates issued by the FIRS to private investors and the NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.
The total sum also included tax waivers on account of various tax incentives granted under the respective laws, which amounted to N1.81 trillion.
The FIRS said that the feat was made possible by the Nami-led management’s, administrative and operational restructuring; making the service customer-focused; creating a data-centric institution; and automation of administrative and operational processes.
He said, “The reforms introduced at different times from 2020 are gradually yielding fruits. By the close of 2022, the Service had fully restructured the administration of the service for maximum efficiency and achieved internal cohesion such that all functional units are working in unison towards the achievement of set goals.
“As a result of conducive environment created for staff, officers of the service are pulling their weight on the global stage with international recognitions and awards;
“The service had also automated most of the administrative and operational processes. A major leap was the full deployment of the TaxPro Max for end-to-end administration of taxes in June 2021. The module for the automated TCC went live 1st January 2023 while taxpayers had already downloaded over 1,000 TCCs this year without having to visit FIRS office.”
The organisation said that it had operationalised its data mining and analysis system thereby allowing for data-backed taxpayer profiling.
Commenting on the 2022 performance, Nami said that success was achieved through the “dogged implementation of strategic reforms over the past two years; a renewed commitment by officers of the Service, accompanied with a boosted morale; as well as the innovative deployment of technology for automation of both tax administration and operational processes.
“This collection was possible through collaboration with our stakeholders, from our colleagues at the executive branch of government, to the members of the judiciary, to our brothers and sisters at the National Assembly, as well as the tax advisory committee, professional bodies, unions, and most crucially our taxpayers.”
Speaking on the outlook for 2023, Nami stated that the FIRS would build on the current reforms, achieve full automation and continue to establish a resilient service that would continue to provide sustainable tax revenue to fund the government.
“We intend to maintain, and even improve on the momentum in 2023,” he stated.
He also said, “We have peaked, but this is not certainly our peak. In fact, my hope is that this would be the least sum the service would ever collect going forward.
“Our goal is to identify more areas where we can improve on in the delivery and efficiency of our collection; and plug loopholes, while deploying innovative reforms in data and artificial intelligence.
“Ultimately, we believe that the FIRS can shoulder the responsibility of providing revenue needed for the governments across the Federation to cater for the needs of the Nigerian people through taxes.
“This is feasible once we get the much-desired support from the three tiers and arms of government, as well as all stakeholders.”
Business
CBN sells dollar to BDCs at N1,021/$1
CBN sells dollar to BDCs at N1,021/$1
The Central Bank of Nigeria (CBN) has announced a $10,000 sale to each licensed Bureau De Change (BDC) operator nationwide.
The apex bank has made its second intervention this month.
The CBN detailed the action in a circular issued to the President of the Association of Bureau De Change Operators (ABCON).
BDCs can purchase dollars at a rate of N1,021 per dollar.
READ ALSO:
- Just in: Ex-Imo Gov Ihedioha heads for LP, dumps PDP
- Policeman shot dead corps member at LAUTECH convocation party
- Tinubu approves palliative for traditional, religious institutions
They are, therefore, authorized to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.
On the 8th of April 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1101 per US dollar at a spread capped at 1.5 percent above the purchase price from the CBN (approximately N1,116.15 per dollar). This limited the potential profit BDCs could make on each transaction
The latest circular has instructed all eligible BDCs to commence immediate payment of the Naira equivalent for their allocated $10,000 into designated CBN Naira Deposit Accounts.
CBN sells dollar to BDCs at N1,021/$1
Business
Dangote refinery further drops diesel price to N940/litre
Dangote refinery further drops diesel price to N940/litre
Dangote Petroleum Refinery has announced a further reduction in the price of both diesel to N940 per litre.
This is coming a few days after the refinery reduced diesel price to N1,000 per litre.
It also gave a new price for aviation fuel, pegging it at N980 per litre.
It disclosed this in a statement on Tuesday, saying the diesel price change of N940 is applicable to customers buying five million litres or more from the refinery, while those purchasing one million litres or more will pay N970.
It said this marked the third major reduction in diesel price “in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre”.
Speaking on the new development, Anthony Chiejina, head of communication, Dangote Group, said the new price was in tandem with the company’s commitment to alleviating the effect of economic hardship in Nigeria.
“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations, be it Lagos or Maiduguri,” he said.
“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”
He said the partnership would be extended to other major oil marketers.
“The essence of this is to ensure that retail buyers do not buy at exorbitant prices,” he said.
“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.”
Director-General of the Manufacturers Association of Nigeria (MAN), Ajayi Kadiri, said the decision “to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.
“The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.”
Aviation
Dana Air grounds plane after runway incident, 83 passengers on board
Dana Air grounds plane after runway incident, 83 passengers on board
Dana Air says it has grounded its airplane that skidded off the Lagos airport runway on Tuesday.
The affected aircraft, a McDonald Douglas (MD-83) with registration 5N-BKI, had 83 passengers on board, it added.
Spokesman for the airline, Mr Kingsley Ezenwa, however, said all the 83 passengers and crew onboard the flight disembarked safely without injuries.
He said in a statement that the airline decided to ground the plane to allow for proper investigation into what caused the accident.
The statement read in part, “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.
“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.
“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.
“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”
JUST IN: Yoruba actor Baba Ijesha appeals conviction
Just in: I’ll resign if Yahaya Bello is not prosecuted – EFCC chairman
BREAKING: EFCC freezes 300 illegal forex accounts
-
Education3 days agoWhy we charge N42m fees for primary school pupils — Charterhouse Lagos
-
Business7 days agoGovt paying N600bn for fuel subsidy monthly — Rainoil CEO
-
News5 days agoUpdated: More trouble for Yahaya Bello as Immigration places him on watch list
-
Auto3 days agoWe expect massive roll-outs of Nigeria-made cars by December 2024 – Minister
-
metro7 days agoEdo court sentences three to death by hanging for kidnapping, murder
-
International5 days agoUpdated: Tragedy hits Kenya, Defence chief, nine others die in military helicopter crash
-
News3 days agoWe’re not part of Yoruba Nation agitation, says MKO Abiola family
-
metro1 day agoHow gunmen killed Babcock university lecturer, abducted two – Police