The Oyo State Stakeholder Forum says Chairman of Federal Inland Revenue, Mr  Zeech Adedeji, will revamp Oyo State Internally Generated Revenue (IGR) if contests and wins the 2027 governorship election.

Mr Jelili Akande, the convener of the Forum, said this at a news conference in Abuja on Tuesday.

According to him, as Governor, Adedeji will modernise Oyo State’s tax administration system, making it more inclusive, transparent, and technology-driven.

“His strategy will involve the deployment of innovative tools to identify untapped revenue streams, expand the tax base, and ensure that every taxable entity contributes fairly to the state’s development’’, he told newsmen.

He said central to the transformation would be a shift from the traditional reliance on federal allocations to a robust IGR framework.

According to him, by leveraging data analytics and automation, Adedeji would aim to reduce leakages, improve compliance, and make the tax process seamless for individuals and businesses alike.

Akande urged the state government to embrace the template of FIRS chairman to improve the IGR.

He said Adedeji’s tenure at FIRS was marked by strategic reforms that had improved efficiency and transparency.

“Key among these achievements is the introduction of a digital tax filing system, which has streamlined tax processes and minimised leakages.

“This technological transformation has made compliance easier for businesses and individuals alike, leading to a significant increase in tax revenues,’’ he said.

According to him, Adedeji championed public-private-partnerships to create awareness about tax compliance, ensuring that more businesses became part of the formal economy.

He said the FIRS boss’s efforts had not only widened the tax net but had also restored public confidence in how tax revenues are utilised. (NAN)

The Nigerian equity market on Friday closed the week on a negative note, recording N168 billion loss for investors.

Losses in Seplat, Guaranty Trust Holding Company, Oando Plc, among other declined stocks dragged the market performance down.

Specifically, the market capitalisation which opened at N59.

275 trillion, lost N168 billion or 0. 28 per cent, to close at N59.107 trillion.

The All-Share Index also shed 0.

28 per cent or 277 points,to close at 97,506.87, against 97,783.81 recorded on Thursday.

As a result, the Year-To-Date return decreased to 30.40 per cent.

Market breadth also closed negative with 26 losers and 22 gainers.

Regency Alliance Insurance led the losers table by 5k to close at 46k per share, while Haldane McCall led the losers’ table by 54k to close at N6.

20.per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 39.51 per cent.

A total of 515.49 million shares valued at N15.08 billion were exchanged in 7,554 deals, compared with 632.74 million shares valued at N10.81 billion traded in 8,404 deals, posted in the previous session.

Meanwhile, FBN Holdings led the activity chart in volume with 126.02 million shares, while Seplat led in value of deals worth N7.74 billion.(NAN)

A Financial Expert, Prof. Uche Uwaleke, says the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is likely to raise interest rates again.

Uwaleke, the Director, Institute of Capital Market at the Nasarawa State University, is also the President, Capital Market Academics of Nigeria.

He said this in an interview on Sunday in Abuja, against the backdrop of the 298th MPC meeting scheduled to hold on Monday and Tuesday.

According to him, for the first time in many months, both core and food inflation went up last month.

“Ditto for rural and urban, year-on-year and month-on-month inflation, further widening the negative real interest rate.

“The Fx market is still experiencing pressure going by the forward rates of the dollar. FAAC just shared more than N1.4 trillion for October, higher than the figures for previous months,” he said.

He said that there was also the approaching festivities’ period to consider often characterised by higher prices of goods and services.

“Against this backdrop, I will not be surprised if the MPC further jerks up the MPR by at least 50 basis points,” he said.

He, however, advised the committee to retain its prevailing monetary policy rates to moderate investment costs.

“Nevertheless, all considered, including the rising cost of funds for businesses, I would advise a hold position,” Uwaleke said.

NAN reports that the MPC raised the Monetary Policy Rate (MPR), which is the baseline interest rate, by 50 basis points to 27.25 per cent from 26.75 per cent in its 297th meeting in September

That decision marked the fifth consecutive hike of the rates since Yemi Cardoso took charge as CBN governor and chairman of the MPC.

“The first decision under Cardoso was an aggressive hike in the MPR by 400 basis points, from 18.75 per cent to 22.75 per cent in February.

In March, the committee, again increased the MPR by 200 basis points to 24 75 per cent, followed by subsequent hikes to 26.25 in May, and 26.75 per cent in July.

Cardoso has thus, increased the MPR by 850 basis points since the commencement of his tenure.

The aim, according to him, is to aggressively address Nigeria’s high inflation, particularly core and food inflation. (NAN)