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FIRS Generates N4.9trn from Taxes in 2021

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By Tony Obiechina, Abuja 

The Federal Inland Revenue Service said it generated the sum of N4.9trn between January and November, 2021 from taxes for the Federation.

Out of the N4.

9trn collected since the beginning of the year, 77 per cent representing N3.
77trn was from non-oil sources, while oil revenue is 23 per cent or N1.
23trn

The Service also unveiled its contact centre for taxpayers to access services of the agency by speaking with a call centre agent in various Nigerian languages to resolve identified challenges.

The Executive Chairman of FIRS, Mr.

Muhammad Nami, stated this on Monday in Abuja at a National Symposium on “Taxation and Challenges of External Shocks: Lessons and Policy Options for Nigeria.”

The event was organised by the FIRS in conjunction with the Usmanu Danfodiyo University, Sokoto.

Nami said FIRS will henceforth go through the Ministry of Finance, Budget and National Planning to ensure that all government revenue is included in the accounting for taxes generated.

The FIRS system, he stated, will now simultaneously indicate the amounts invested by taxpayers in road infrastructure which is consistent with executive order 007.

The FIRS boss said, “For the country to achieve meaningful and sustainable growth in tax revenue, and minimize our dependence on oil revenue, there is the need for continuous reform of our operations and processes, of our human capital development, the adoption of technology, and the tax laws.

“These key areas have remained paramount to the current Board and Management of the Service. And the achievements we have recorded in improving and sustaining the revenue growth since 2020 to date irrespective of the challenges posed by the Covid-19 can be attributed to these reform initiatives”.

He said the system would also show the tax waivers granted pioneer companies, import and excise duties waived through the operations of the Nigeria Customs and all other revenues generated by Ministries Departments and Agencies (MDAs) on behalf of the Federal, State and Local governments in Nigeria.

According to him, the measures, when implemented, will align Nigeria with global best practices in reporting public finance and guarantee a more transparent and more accurate picture of the country’s Tax-to-Gross Domestic Product ratio.

The FIRS Boss said the move would also help ensure that all government revenue is included in the fiscal accounts and annual statistics of the FIRS.

David Adejoh, who represented the Secretary to the Government of the Federation, Boss Mustapha, said that the time has come for Nigeria to strongly harness all non-oil revenue sources, especially now that the rampaging COVID-19 crisis has crashed the demand for petroleum products.

“We need to seek other sources of revenue besides oil to avoid a looming fiscal crisis that can decapitate the economy.

“Tax Pro Max has really helped in revenue generation, but our tax to GDP ratio is still low at six per cent; lower than some African countries and efforts should be made to improve it”, he added.

In her keynote address on Taxation and the Challenges of External Shocks: Lessons and Policy Options for Nigeria, a former Executive Chairman, FIRS, Mrs Ifueko Omogui Okauru urged the FIRS to allow companies to carry out a self-audit and remit the taxes they feel is appropriate, while the agency works out ways to ascertain whether the money was inadequate or not.

According to her, this was better than not collecting any revenue whenever there is a tax dispute with evaders.

Meanwhile, the National Bureau of Statistics (NBS) says the total value-added tax
(VAT) collected on behalf of the federation decreased by N11.75
billion within three months to N500.49 billion in the third quarter of 2021.
This was contained in its latest report released yesterday.
VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS).
In the last quarter, VAT collection amounted to N512.25 billion.
Year-on-year, there was an improvement in the collection as the FIRS collected N496.39 billion, N512.25 billion and N500.49 billion in the
first, second and third quarters of 2021.
This is higher compared to the corresponding figures of 2020 at N324.58 billion, N327.20 billion and N424.71 billion, respectively.
It shows growth rates of 52.93 percent in Q1 2021, 56.56 percent in Q2 2021 and 17.84 percent in Q3 of 2021.
Further analysis shows that in Q3 2021, the manufacturing activity; information and communication activity; and mining & quarrying activity accounted for the top three largest shares of total revenue
collected sector-wise, representing 30.87 percent (N91.2 billion), 20.05 percent (N59.3 billion), and 9.62 percent (N28.4 billion),
respectively.
On the flip side, activities of extraterritorial organisations and bodies generated the least VAT in the quarter under review with N20.15
million. This was followed by activities of households as employers, undifferentiated goods and services (N90.83 million) and water supply, sewerage, waste management and remediation activities (236.75
million).
Nigeria had raised its VAT rate from 5 percent to 7.5 percent in 2020—but the International Monetary Fund (IMF) had also advised that the
rate should be increased to at least 10 percent by 2022.
On the other hand, first and second quarter 2021 Company Income Tax (CIT) collections were N392.65 billion and N472.07 billion,
respectively, higher than the corresponding quarter of last year.
By the third quarter of 2021, this has increased to N472.52 billion, yet higher than Q3 of the previou

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Nigeria, Germany Deepen Economic Cooperation, Strengthen Partnership

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By Tony Obiechina, Abuja

The Federal Government has reaffirmed its commitment to strengthening Nigeria’s bilateral relations with Germany, with renewed focus on economic cooperation, investment promotion, energy partnerships, and the effective implementation of existing agreements.

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this statement during a  visit to the Ministry in Abuja on Monday by the Ambassador of the Federal Republic of Germany to Nigeria, Stefan Rössel.

The minister welcomed the ambassador and his delegation, expressing Nigeria’s appreciation for Germany’s longstanding partnership and support for the country’s economic reform programme, particularly in the early stages of implementation.

He recalled that when German Chancellor Olaf Scholz visited Nigeria, the Federal Government was pursuing significant economic reforms that required support from international partners, including Germany, the World Bank, the International Monetary Fund and the European Union.

The minister said Germany’s support has contributed to Nigeria’s progress in its reform efforts, adding that the country remains grateful for the cooperation and assistance it has received from its development partners.

He also acknowledged Germany’s role in facilitating high-level engagements between the two countries, particularly in trade, investment and energy cooperation, noting that discussions during the Nigerian President’s visit to Germany advanced talks on key energy agreements.

Senator Bagudu further commended Germany’s commitment to multilateral cooperation and international engagement, emphasising the importance of sustained partnerships to address evolving global economic and political challenges.

He noted that Nigeria and Germany had built a strong foundation for bilateral cooperation over the years, with significant opportunities to expand their partnership in areas that support economic growth and development.

The minister disclosed that discussions had covered cooperation involving €25 million and €300 million in export credit guarantees, identifying these as important areas for continued engagement as Nigeria seeks to expand investment opportunities and strengthen its capacity to utilise available resources effectively.

According to him, Nigeria’s reform efforts have created an opportunity to place greater emphasis on attracting investment, strengthening productive capacity, and translating international partnerships into tangible economic outcomes.

He assured the German ambassador that the ministry was prepared to work closely with the German government and its relevant institutions to deepen bilateral relations and broaden areas of mutual interest.

Earlier, Ambassador Rössel expressed appreciation for the warm reception he received, describing the relationship between Nigeria and Germany as strong and longstanding.

The ambassador, who arrived in Nigeria a few weeks ago, reaffirmed Germany’s commitment to building on the partnership’s achievements and to exploring opportunities for further cooperation.

He acknowledged that both countries were operating in an increasingly complex global environment characterised by evolving strategic, political and economic challenges.

Despite these circumstances, Ambassador Rössel expressed confidence that the longstanding relationship between Nigeria and Germany would provide a solid foundation for addressing emerging issues and sustaining mutually beneficial cooperation in the years ahead.

He also welcomed the ministry’s readiness to continue working with Germany, noting the importance of maintaining established partnerships while adapting to evolving circumstances.

In her remarks, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, congratulated Ambassador Rössel on his appointment, welcomed him to Nigeria, and expressed the ministry’s readiness to collaborate with him and with relevant German agencies.

She emphasised the importance of translating bilateral agreements and shared commitments into practical outcomes, noting that effective implementation remained critical to achieving the partnership’s objectives.

Dr Uzoka-Anite assured the ambassador that the ministry would continue to facilitate collaboration and support efforts to ensure joint initiatives progressed efficiently and delivered meaningful results.

The Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr Deborah Odoh, also welcomed the German delegation, describing Germany as a reliable partner whose technical expertise, knowledge exchange and experience had contributed to Nigeria’s development.

She said the ministry expects the ambassador’s tenure to create further opportunities to strengthen cooperation and to advance the longstanding relationship between the two countries.

The courtesy visit reaffirmed Nigeria and Germany’s shared commitment to sustaining bilateral engagement, deepening economic cooperation, and exploring opportunities for expanded investment and development collaboration.

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DAILY ASSET Appoints Torough, Editor, Names Eze, Deputy

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By Laide Akinboade, Abuja 

As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.

A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.

“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.

In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.

“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.

Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.

“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.

He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.

Torough, the new Editor has had a steady rise in the Newspaper in the last five years.

A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor.  He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment. 

Torough  has  attended several journalistic workshops and trainings to properly equip himself for the task ahead.

The statement also said the Management named Eze Okechukwu as Deputy Editor.

Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and  DAILY ASSET Newspaper correspondent  covering the Senate, having joined the organization in 2021.

Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.

Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.

Aside from his journalistic excellence, he has a great deal of passion for sports.

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Insecurity: Northern Govs, Monarchs Seek Six-month Mining Suspension

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From Ngutor Dekera, Kaduna and Aliyu Askira, Kano

Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.

The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.
The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.

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