BUSINESS
FG Targets 77 Per Cent Increase in IGR – Edun
By Tony Obiechina, Abuja
The Minister of Finance, Mr Wale Edun, has disclosed that the Federal Government is targeting a 77 per cent increase in Internally Generated Revenue (IGR).
Edun, who is also the Coordinating Minister of the Economy, said this on Wednesday in Abuja, at the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS).
The News Agency of Nigeria (NAN) reports that the theme of the retreat is “Re-imagining To Tax Administration for Equity and Economic Growth.
According to Edun, tax plays an integral role in the government’s quest to boost revenue that will help bridge infrastructure deficit, and build social safety nets that will cater to ordinary Nigerians.
He commended the management of the FIRS for its commitment towards meeting its set revenue target.
“It is commendable that the FIRS is holding this retreat at the beginning of the year to rub minds on how to increase government revenue.
“We are projecting a 77 per cent increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low at below 10 per cent. It should be much higher.
“Government needs to spend so much on infrastructure and social services. The idea is to shift from expensive debts to domestic revenue mobilisation,” he said.
The Executive Chairman, FIRS, Dr Zacch Adedeji, said that the retreat was a historic moment to unveil the new FIRS organisational structure, with the commitment to revolutionise tax administration in Nigeria.
According to Adedeji, the cornerstone of this paradigm shift is the establishment of a customer-centric organisational structure designed to streamline processes and enhance efficiency in tax operations.
“We are not merely adapting to change; we are leading it. The forthcoming structure set to kick off from February, embodies our dedication to modernise and digitise the tax administration landscape in Nigeria.
“In our pursuit for a more efficient and contemporary tax administration methodology, we are embracing an integrated tax approach, leveraging technology at every step.
“This approach positions FIRS at the forefront of innovation, ensuring that we meet the evolving needs of our taxpayers in a rapidly changing world,” he said.
He said that the structure advocated for a comprehensive approach to taxpayer services, consolidating core functions and support under one umbrella.
“By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience. No more complexities, no more overlapping, just a seamless and user-friendly interaction for every taxpayer.
“In a groundbreaking move, we are shifting away from traditional tax categorisation. Instead of maintaining different departments for distinct tax categories, the new structure formulates taxpayer segments based on thresholds.
“This tailored approach ensures that taxpayers are guided and serviced according to their specific needs, eliminating confusion and redundancy in tax administration.”
According to Amina Ado, Coordinating Director, Special Tax Operations Group, the FIRS has a revenue target of N19.4 trillion.
Ado said that the service surpassed its 2023 target ofN10.7 trillion and generated N12.37 trillion.
She said that the 2024 target of N19.4 trillion can be achieved partly through improved management by large taxpayers and sector contributors.
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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