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Friday, June 5, 2020

You need to lead by example in tax payments, FIRS tackle Nigeria’s wealthy

Show good example, pay your tax Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has charged the Nigerian elites to be exemplar taxpayers to the rest of the population by making full disclosure of their taxable incomes to the Service for accurate...

Nigeria eyes N252bn from privatization proceeds in 2020

Nigeria’s Finance Minister, Zainab Ahmed, says the Federal Government targets to raise N252 billion from privatization of government assets in 2020. Ahmed disclosed this in an exclusive interview with source at the Udo Udoma and Belo-Osagie’s Second Private Equity Summit & Fundraising and Deal Academy...

FAAC: FG, states, LGs share N716.2bn for month of December

The Federation Accounts Allocation Committee (FAAC) has shared N716.298 billion to the three tiers of government for the month of December 2019. The Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse disclosed this while addressing newsmen on the outcome of the...

Customs hit N1.3tr collection in 2019

Nigeria Customs Service generated N1,341,690,568,327.18 in 2019. The amount generated is over the target of N969,831,167.83 set for the year 2019 and N139,241,835,082.29 over the sum of N1,202,448,733,244.89 generated in 2018. Commenting on this feat, the Comptroller-General of Customs, Col, Hameed Ibrahim Ali (Rtd) described it...

Apapa Customs’ FoB exports hit N40.6b

THE Apapa Command of Nigeria Customs Service has re-rded N40,610,70,114.55 as Total Free on Board (FoB) value for the exports it processed last year. Disclosing this recently, Customs Area Controller of the command, Mohammed Abba-Kura, said agricultural products, such as sesame seeds, cocoa, and processed...

CBN launch new PoS rule to deepen e-payment adoption

The Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine. The Nigeria Interbank Settlement System (NIBSS) data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which...

ATM, PoS, m-Cash, Remita, Others spurred Nigeria’s e-payment transaction to N203.35 trillion in H1’19

Electronic payment (e-payment) transactions worth N203.35 trillion were carried out by banks between January and June 2019, Central Bank of Nigeria (CBN) half-year e-payment figures have shown. The data, released at the weekend, showed that the transactions occurred through cheques, Automated Teller Machines (ATMs), Point...

Nigeria Customs generate N413.7bn at Apapa Port

The Nigeria Customs Service, Apapa Area Command, has released its revenue report for 2019, indicating the command surpassed the year’s revenue target N372 billion by 11 percent, having generated N413.7 billion at Nigeria’s premiere seaport, Apapa Port. Mohammed Abba-Kura, controller of the command, while addressing...

Fowler-led FIRS failed to collect N41 billion tax revenue from Lagos, Ogun, Osun and Oyo States

The Federal Inland Revenue Service failed to collect taxes worth about N41 billion in Lagos, a government audit report has said. This is even as it has not been able to meet up with its target over the past four consecutive years, the report added. The...

Nigerian consumers will pay more on proposed 7.5% VAT increase

The Chartered Institute of taxation of Nigeria, CITN, Ikeja and District Society has said that the proposed increase on Value Added Tax (VAT) rate from five to 7.5 percent by the federal government is on consumption especially from largest food retailers. Barrister Sola Igbalajobi,...