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FIRS Certifies Donations to DashMe Foundation as Tax Deductible – Official

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DashMe Foundation, founded by the former Minister of Finance, Mrs Kemi Adeosun, says the Federal Inland Revenue Service ( FIRS) has certified corporate organisations’donations to it as tax deductible.

This is contained in a statement signed by Mr Tomisin Akinwunmi, the interim Chief Executive Officer of the charity organisation on Sunday in Abuja.

Akinwunmi said that the government’s revenue agency had consequently issued a tax-deductible donations certificate to DashMe Foundation, adding that the certificate was issued to it on Thursday in Abuja.

Newsmen report that DashMe foundations is a Lagos-based charity organisation founded by Mrs  Kemi Adeosun in June 2021, with operations in Nigeria, the U.

S. and UK.

According to him, the FIRS issues tax-deductible donation certificates to carefully vetted registered charities, whose operations meet Nigeria’s statutory ‘public character’ requirements.

Akinwunmi said that Section 25(c) of the Companies Income Tax Act (CITA) permits companies to charitable donations to charities with tax-deductible donations certificates to a ‘donation relief’.

“The donation relief provision is aimed at encouraging corporate bodies in Nigeria to channel their Corporate Social Responsibilities (CSR) donations to carefully-vetted non-governmental bodies.”

He said that corporate organisations that donate to it would now enjoy donation relief under its new status, “which is an allowance to deduct their donations from their taxable profits.”

Akinwunmi expressed excitement at the funding possibilities that the foundation’s new status offers.

“We are thrilled by this development. Our projects are making a huge difference in the lives of people and this certification will encourage us and our partners to do more.

“We are thankful to the FIRS for providing us with an opportunity to raise funds at a scale that will enhance our ability to reach more Nigerians.

“The foundation has raised over N200 million in the past year through its thrift shops, corporate donations drives and snacks business.

“It has undertaken projects in Borno, Cross River, Imo, Kano, Lagos Nasarawa, Niger, Ogun and Osun states respectively and planned to extend its operations to all parts of the country by 2023.”

Reacting to the development,  the former Finance Minister expressed her delight at the FIRS’s tax-deductible donations certificate to DashMe foundation.

Adeosun said that the issuance of the certificate by FIRS was a recognition of the charity’s strides in the past year and its commitment to changing the lives of  vulnerable Nigerians.

She said that DashMe Foundation was recently granted a similar certificate in the U.S, adding that the approval would energise the charity’s drive to obtain the same tax-exempt status in the UK.

“I am delighted that FIRS has recognised DashMe Foundation as being worthy of this rare status. We believe that more corporate bodies will be incentivised to donate to us now that they know that their donations will be fully tax deductible.

“The certificate will significantly enhance our capacity to raise more funds from the corporate sector and also enhance our ability to initiate more life-changing projects for Nigeria’s most vulnerable children, women and other disempowered groups.”

Newsmen report that the vision of DashMe Foundation raises funds from within Nigeria and the Diaspora to change the lives of Nigeria’s most disempowered persons through projects that seek to improve the lives of orphaned children, women and underprivileged groups.

The foundation’s current projects include orphanage building project in Imo and Ogun states, sponsorship of orphans in universities, provision of prosthetic limbs and start-up capital for amputees and regular food donations to several orphanages and IDP camps. ( NAN)

Economy

We’ll Continue Borrowing Within Sustainable Limits- FG

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 The Federal Government says it will continue to borrow within manageable and sustainable limits in accordance with the Debt Management Office (DMO) debt sustainability framework.

This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Wednesday.

President Bola Tinubu recently requested the approval of the 2024 – 2026 external borrowing rolling plan from the National Assembly.

Tinubu has requested the National Assembly’s approval to secure external loans of 21.5 million dollars and 15 billion Yuan, along with a grant of 65 million Euro, as part of the federal government’s proposed 2025–2026 external borrowing plan.

Manga said that the proposed borrowing plan was an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003.

“The plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc.

“By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad-hoc or reactive borrowing practices.

“This strategic method enhances the country’s ability to implement effective fiscal policies and mobilise development resources,” he said.

According to the statement, the borrowing plan does not equate to actual borrowing for the period.

“The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is 1.23 billion dollars, and it has not yet been drawn.

“This is planned for H2 2025, the plan is for both federal and several state governments across numerous geopolitical zones including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

“Importantly, it should be noted that the borrowing rolling plan does not equate to an automatic increase in the nation’s debt burden.

“The nature of the rolling plan means that borrowings are split over the period of the projects, for example, a large proportion of projects in the 2024–2026 rolling plan have multi-year drawdowns of between five to seven years which are project-tied loans,” Manga said.

He said that these projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, rail and road infrastructure.

According to him, the majority of the proposed borrowing will be sourced from the country’s development partners, like the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank.

Manga said that these institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

He said that the government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90 per cent in 2023.

Manga said that the government has ended the distortionary and inflationary ways and means.

According to him, there is significant revenue expectations from the Nigerian National Petroleum Corporation Limited (NNPC Ltd), technology-enabled monitoring and collection of surpluses from government owned enterprises and revenue-generating ministries, departments, and agencies and legacy outstanding dues.

“Having achieved a fair degree of macroeconomic stabilisation, the overarching goal of the federal government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth.

“Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture.

“These investments will lay the groundwork for long-term economic diversification and encourage private sector participation.

“Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing,” he said.(NAN)

 The Federal Government says it will continue to borrow within manageable and sustainable limits in accordance with the Debt Management Office (DMO) debt sustainability framework.

This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Wednesday.

President Bola Tinubu recently requested the approval of the 2024 – 2026 external borrowing rolling plan from the National Assembly.

Tinubu has requested the National Assembly’s approval to secure external loans of 21.5 million dollars and 15 billion Yuan, along with a grant of 65 million Euro, as part of the federal government’s proposed 2025–2026 external borrowing plan.

Manga said that the proposed borrowing plan was an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003.

“The plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc.

“By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad-hoc or reactive borrowing practices.

“This strategic method enhances the country’s ability to implement effective fiscal policies and mobilise development resources,” he said.

According to the statement, the borrowing plan does not equate to actual borrowing for the period.

“The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is 1.23 billion dollars, and it has not yet been drawn.

“This is planned for H2 2025, the plan is for both federal and several state governments across numerous geopolitical zones including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

“Importantly, it should be noted that the borrowing rolling plan does not equate to an automatic increase in the nation’s debt burden.

“The nature of the rolling plan means that borrowings are split over the period of the projects, for example, a large proportion of projects in the 2024–2026 rolling plan have multi-year drawdowns of between five to seven years which are project-tied loans,” Manga said.

He said that these projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, rail and road infrastructure.

According to him, the majority of the proposed borrowing will be sourced from the country’s development partners, like the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank.

Manga said that these institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

He said that the government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90 per cent in 2023.

Manga said that the government has ended the distortionary and inflationary ways and means.

According to him, there is significant revenue expectations from the Nigerian National Petroleum Corporation Limited (NNPC Ltd), technology-enabled monitoring and collection of surpluses from government owned enterprises and revenue-generating ministries, departments, and agencies and legacy outstanding dues.

“Having achieved a fair degree of macroeconomic stabilisation, the overarching goal of the federal government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth.

“Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture.

“These investments will lay the groundwork for long-term economic diversification and encourage private sector participation.

“Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing,” he said.(NAN)

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Economy

Organise Informal Sector, Tax Prosperity Not Poverty, Adedeji Tasks Officials

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The Chairman, Joint Tax Board (JTB), Dr Zacch Adedeji, has urged officials of the board to organise traders and artisans into a formal body before capturing them in the tax net.

Adedeji said that this was in line with the agenda of President Bola Tinubu not to tax poverty but prosperity.

The chairman stated this at the 157th Joint Tax Board meeting held in Ibadan, on Monday.

The theme of the meeting “Taxation of the Informal Sector: Potentials and Challenges”.

Speaking on the theme of the event, Adedeji stressed the need to evolve a system that would make the informal sector formal before it could be taxed.

Adedeji, who also doubles as the Chairman, Federal Inland Revenue Service, (FIRS), said “What I would not expect from the JTB meeting is to define a system that would tax the informal sector.

“The only thing is to formalize the informal sector, not to design a system on how to collect tax from market men and women.

“As revenue administrator, our goal is to organise the informal sector so that it can fit into existing tax law.”

Citing a report of the National Bureau of Statistics (NBS) in the first quarter of 2023, the chairman said that the nation’s unemployment index was attributable to recognised informal work.

Adedeji stated that workers in that sector accounted for 92.6 per cent of the employed population in the country as at Q1 2023.

“JTB IS transiting to the Joint Revenue Board with expanded scope and functions.

“We are hopeful that by the time we hold the next meeting of the Board, the Joint Revenue Board (Establishment) Bill would have been signed into Law by the President.

“The meetings of the board provide the platform for members to engage and brainstorm on contemporary and emerging issues on tax, and taxation,” he said.

In his address, Gov. Seyi Makinde of Oyo State, said the theme of the meeting was apt and timely, stressing that it coincides with the agenda of the state to improve on its internally generated revenue.

According to him, the meeting should find the best way forward in addressing the issue of the informal sector and balance the identified challenges.

“Nigeria is rich in natural resources, but it is a poor country because economic prosperity does not base on natural resources,”

Makinde also said that knowledge, skill and intensive production were required for economic prosperity, not just the availability of natural resources.

He stressed the need to move from expecting Federal Allocations to generating income internally.

“We are actively ensuring that people are productive and moving the revenue base forward,” Makinde said.

The governor said that tax drive should be done by simplifying tax processes, incentives for compliance like access to empowerment schemes and loans.

He urged JTB to deepen partnership and innovation in using data on tax to track and administer it.

Earlier, the Executive Chairman, Oyo State Board of Internal Revenue, Mr Olufemi Awakan, said the meeting was to address tax-related matters, evolve a workable, effective and
efficient tax system across the states and at the Federal level.

He urged participants to find amicable solutions to challenges of tax jurisdiction, among others.

Tax administrators from all the 36 states of the federation, who are members of JTB, were in attendance. (NAN) 

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Economy

Customs Zone D Seizes Contraband Worth N110m

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The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.

The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.

He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.

40 kilogramme of pangolin scales.

Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.

The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.

He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.

The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.

“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.

The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)

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