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.”
SERAP sues Buhari over alleged missing N11tn electricity fund
President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.
The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”
In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”
This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.
Toyota-Suzuki joint SUV coming in August, Africa listed
The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.
The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.
The two companies are said to be planning to export the new model to markets outside India including Africa.
Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.
While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.
Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.
Ford to end production of Focus in 2025
Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.
Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.
Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.
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