Economy
FIRS Contributes Over 50% Revenue to Federation Account- RMAFC
By Tony Obiechina, Abuja
The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Chief Elias Mbam has commended the efforts of the Federal Inland Revenue Service (FIRS) towards revenue generation, stating that the agency contributed 59.
Mbam spoke who spoke on Thursday during a visit to FIRS Headquarters by the Commission in Abuja, said:
“I want to observe with pleasure that in the last three months, the FIRS has been the major contributor to the federation account.
“The average contribution from the FIRS in the last three months is about 59.7 percent. In other words, more than half of the revenue shared to the three tiers of government comes from the FIRS. So, I thank you for that effort”, the chairman, said.
Mbam who led a team of RMAFC Commissioners and other Management members also noted that the Commission and FIRS would continue to collaborate.
“You would recall, Mr. Chairman that sometime in June, you were present when the members of the Revenue Mobilisation, Allocation and Fiscal Commission were sworn-in.
“They have all assumed duty. And in order to understand the terrain, the needed to familiarise themselves with major stakeholders of the Commission, the activities they do so as to aid them in their work. One of our major stakeholders is the FIRS.
“We are here to familiarise ourselves with your activities, to know areas of collaboration, your challenges, which we will also help to pass to the Federal Government. We also want to know where we can be of help. We are all working for the same government and our work is collaborative”, he added.
The Executive Chairman of FIRS, Tunde Fowler noted that FIRS would continue do its best to generate revenue to fund the three tiers of government.
“We have always told ourselves that the job we do is for the love of the country. We will continue to deliver quality services in tax administration in Nigeria.
“We are deploying technologies to make it easy for taxpayers to pay their taxes conveniently, even from the comfort of their homes or offices, download tax receipts and do other transaction with FIRS without visiting the tax office.
“We know the need for increased revenues to the government and we will continue do our best to fund the three tiers of government”, Fowler said.
While presenting a book on President Muhammadu Buhari titled: Taxpayers are King to Mbam, Fowler said that FIRS adopted the book to underscore the selfless service of President Buhari to Nigeria.
“President Muhammadu Buhari has demonstrated an uncommon love for this country. His love for the country led him to the military where he served very well and become the Military Head of State. His passion for Nigeria prompted him to election to be a civilian president.
“He had gone as long as determining to lay down his life to look for the interest of the people of this country. The style of President Muhammadu Buhari is what we are adopting in FIRS. We make it clear to ourselves that our job must be for the love of the country”, Fowler added.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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