Twitter tax, others raise FIRS 2022 revenue target to N10.1tn – Newstrends
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Twitter tax, others raise FIRS 2022 revenue target to N10.1tn

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4 years ago

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The registration of Twitter and other social media as business entities in Nigeria has raised the projected revenue of the Federal Inland Revenue Service for 2022 to N10.1 trillion.

Chairman of the FIRS, Mohammed Nami, stated this on Wednesday when he appeared before the House of Representatives committee on finance in Abuja.

He said N2.053 trillion would go the Federal Government while state and local governments would have the rest funds.

He said the projected revenue for 2022 was above that of 2021 because of the registration of social media platforms, including Twitter.

“The total collection that we are trying to generate and remit to the appropriate accounts, including the federation account in 2022, is N10.1 trillion,” he said.

“On the issue of the digital economy, your suggestions are noted, we also have them as part of what we are doing because we already have a department called the international tax department that is handling those cases,” he said.

He also said, “Twitter and others are already registering with us, so we are aware. So we expect that the impact of those registrations would be felt positively by the FIRS and that is why the targets are going up.”

Nami also spoke on the 2020 budget performance, saying the FIRS collected a total of N4.950 trillion against the budgeted N5.076tn.

“The service achieved a total revenue collection of N4.950 trillion against budgeted N5.076 trillion, representing 98 per cent,” he added.

“Out of the total collection, non-oil and oil components contributed N3.435 trillion and N1.515 trillion respectively.

“Consequently, the cost of collection (four per cent net of two per cent Nigeria Customs Service VAT) of N130.45 billion was achieved against the budget of N180.76 billion to fund the three operational expenditure heads for the year,” he said.

Reviewing the 2021 budget performance, Nami said the FIRS had achieved 43 per cent of the projected revenue as of June.

“The service 2021 approved MTEF projected revenue collection was N6.40 trillion representing N1.64 trillion (26 percent) and N4.76 trillion (74 per cent) for oil and non-oil respectively,” he said.

Nami also said, “The service as of June 30, 2021 (half-year) achieved N2.762 trillion representing 43% of approved projected revenue collection. The non-oil revenue collection during the period was N2.118 trillion against N1.5 trillion collected in the corresponding period representing 41.2 per cent increase.

“While the oil revenue collected for the same period was N644 billion against N971 billion collected in the corresponding period representing 33.68 percent decrease in the oil.”

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

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2 days ago

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March 25, 2025

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).

In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.

The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.

The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.

“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”

In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.

 

Aviation workers threaten nationwide airports shutdown over Customs officer assault

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Business

SEC announces stricter measures to protect investors

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3 days ago

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March 24, 2025

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Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy. 

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.” 

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

 

SEC announces stricter measures to protect investors

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Business

Bitcoin rises above $86,000 as crypto market gains momentum

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3 days ago

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March 24, 2025

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Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus. 

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment 

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.” 

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

 

Bitcoin rises above $86,000 as crypto market gains momentum

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