COVER
FIRS Nets N4. 012 Trillion in Nine Months
By Tony Obiechina, ABUJA
The Federal Inland Revenue Service (FIRS), collected the sum of N4. 012 Trillion in three quarters (January-September 2019).
Executive Chairman, Tunde Fowler told the Senate Committee on Appropriations on Thursday in Abuja.
A statement from FIRS said the amount was N77.
89 billion above the N3. 941 trillion collected between January-September 2018. According to the statement, though the amount collected represents 60.77 trillion of the N8. 8 trillion target of the FIRS for 2019, Fowler was optimistic that FIRS will do better than the N5.3 trillion it collected last year.At the 2020 National Budget hearing before the Senate Committee on Finance, Comptroller General Customs, Col.
Hameed Ali(rtd) said the closure of Nigerian borders to a deluge of imports was not solely about revenue.Rather it’s about the protection of Nigerians from bandit, illegal drug importers and merchants dumping expired rice and other products on Nigerians. “Even at that, we are not doing badly since we closed the borders. Before we closed the border, we were doing N4. 7 billion daily. Now, we realise N5.8 billion daily. But it is more than that” he explained.
Fowler on the other hand challenged Senators to have the courage to pass legislations that will send tax evaders to jail. If they do, he said, the over 40,000 taxpayers who have between N100 million and N 1billion as turnover in their accounts, who are not paying taxes will quickly pay their taxes.
“Just a little over 3000 of the taxpayers who have lien on their accounts have paid N103 billion. In Nigeria, if you have the courage to pass laws that will send tax defaulters to jail, the 40,000 tax defaulters will pay.
“In terms of whether revenues cannot be generated by enforcement, we have gone over various programmes to bring people into the tax net. Before this in 2016, there was a tax amnesty in which 5000 companies came through and they also paid N92 billion within 45 days. VAIDS was also N90 billion. And it took one year.
“The question I’d like to ask you is, can N90bn make a difference in a developed or even a developing country? It will make a lot of difference.
“These are businesses or individuals that have income but had refused to pay taxes. Currently, we have close to 40, 000 of those accounts under lien for which they have not paid any taxes
“And I believe that this is a crime the society and I think that we are at that point now where we have no choice than to enforce payment. I did highlight earlier that 3000 of those accounts paid N102billion.
“I think that we have reached that stage where the society in general should not condone those among us who have the opportunity and privilege to have a job or to earn profits and also accept them not to pay taxes to contribute to the society”.
Fowler contended that it is not true that Nigeria has not given or is not giving incentives to small businesses.
“I will first start with incentives. It was true that the past government, the government before this one did give a lot of incentives. And if you look at history of business and incentives regardless of which country you are in, businesses do no grow because of incentives, they grow because they believe that they can make profits and of course, they want certainty.
“But in terms of incentives for the small scale businesses with turnovers of N25 million and bellow, within the Finance Bill that has also been submitted for approval, there is recommendation to reduce the Companies Income Tax (CIT) rate from 30 percent to 20 percent. “Over the last few years, from 2015, we had waived all interests and penalties for small scale businesses that did not remit taxes or up-to date with their filing.
Also, we have decided with the Ministry of Finance and government to assist the small scale businesses and I believe that the office of the Vice President did indicate through the President that we’d try to make sure that there is a policy that 40 percent of local expenditure is given to local businesses which includes the small scale businesses.
Sounding emotive on how taxes, however little could make an impact in the live of Nigerians, Fowler told the committee led by Senator Barau Jubril Mailiya:
“But with this in mind, I would like to bring this to the House. I did find out, some years back that Nigeria has the highest rate of infant mortality and that was due to malaria. And in discussing with the hospitals, it was clear that with N2, 500, a child’s life could be saved.
So, even for the small-scale businesses that make profits, even if they go to pay taxes, even if it is the minimal tax, everyone who earns an income should pay tax irrespective of how small it is with the consideration a sum as small of N2, 500 could save a life.
“In terms of production, Yes. Production activities creates employment. Employment creates more tax revenue. For you to be in a state of production, you need infrastructure. So, the question is, what comes first, the chicken or the egg.
“The Government needs funds to provide the infrastructure that would be conducive for business. And of course, once it is conducive for business, tax revenues will come in. we have to look at most of them side by side.
“In terms of my target not being met, I did mention that my 2019 target is a 32 percent increase over my 2018 target. In terms of total collection, we are currently ahead of 2018 target by 13 percent which translates to N71 billion. We believe that the non-oil sector will continue to improve.
“We are currently at 72 percent in the non-oil sector. The bulk of the revenue of the FIRS comes from the middle of the year, from July to December. We are still hopeful that if the non-oil sector continues to improve, we achieve 80 percent of the target. That should be sufficient.
“The main area we are having challenges is the oil-sector which is performing under 50 percent. And that is simply because the level of production is low in relation to budget and the oil price is equally low. but I think that what we should consider is that when you set a target, it should be challenging. I believe that if we can achieve 80 to 85 percent of that target, it is well met”, he added.
On collection, Fowler told the Senators that so far FIRS has collected a total sum of ₦4.012 trillion for January to September, 2019 which is 61% of total target for the period as against ₦3.941 trillion collection for the corresponding period in 2018.
This translates to an increase of ₦71 billion. Full year tax revenue collection in 2018 was ₦5.320 trillion which represents 78.86% collection performance to target for the period. “Kindly note that our budget for 2019 was raised by ₦2.02 trillion representing 30.4% increase over the 2018 budget i.e. ₦6.747 trillion in 2018 to ₦8.8 trillion in 2019.
Our total tax collection to date represents 78.2% achievement of corresponding budget of 2018. Based on the collection, we expect total collection to equal ₦5.4 trillion by end of 2019. “We are pleased to report that our drive towards developing more sustainable sources of tax revenue by shifting the focus from oil revenue to non-oil is also yielding positive results. Non-oil revenue collection for January to September, 2019 stands at ₦2.423 trillion representing 72% achievement of non-oil target for the period while Oil revenue collection of ₦1.588 trillion represents 49% achievement to target for the period.
“The total collection contribution in 2019 shows a percentage ratio of 61% for Non-oil revenue to 39% for Oil revenue, while Non-Oil collection for January to September, 2019 grew by 13% over the Non-oil collection for the corresponding period in 2018.
“Please note that the noticeably low inflow of revenue from PPT for 2019 thus far, is as a result of shortfall in PPT estimates filed by the International Oil Companies (IOC).
This is resultant from huge losses carried forward and tax incentives arising from the Modified Carried Agreements (MCA) by Joint Venture (JV) partners, unutilized Investment Tax Credits carried forward by the Production Sharing Contract (PSC) contractors which subsequently reduced the profits available for Petroleum Profit Tax (PPT).
This is further compounded by production constraints which has continued to fall below the projected figure of 2.3 million bpd for the year.
“The target for FIRS as provided in the MTEF which is before the National Assembly is ₦8.5 trillion. The FIRS Chairman listed the strategies being implemented towards attaining the N8.8 Trillion target as follows: ICT Initiatives, Compliance and Enforcement Initiatives, International Tax Initiatives, Tax Amnesty Programme and Expansion of taxpayer database and other Initiatives
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.
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.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
Appeal Court Upholds Judgment Stopping VIOs from Impounding Vehicles, Imposing Fines
ShareThe Court of Appeal in Abuja, on Thursday, affirmed a judgment barring the Directorate of Road Traffic Services and Vehicle...
Club De Pals Abuja celebrates 30th Anniversary with recognitions and Awards for excellence
ShareTOM CHIAHEMEN All is now set for the grand celebration of the 30th Anniversary of Club De Pals Abuja, the...
Military Neutralises Scores, Rescues 318 Victims as Armed Forces Intensify Nationwide Operations
ShareBy David Torough, Abuja The Armed Forces of Nigeria (AFN) says its troops recorded major breakthroughs across all theatres of...
Security Expert, Jackson Ojo, Calls for Resignation of Matawalle
Share…Says He Can’t Work as Team Member with Chris Musa By Mike Odiakose, Abuja Following the resignation of Minister of...
SON, MSN Partner to Ensure Mycotoxin-free Agriculture
ShareThe Mycotoxicology Society of Nigeria (MSN) in collaboration with the Standards Organization of Nigeria (SON) has moved for the detection...
ShareABUMET Brings Joy to JKS Orphanage Through Annual CSR Outreach By Mike Odiakose, Abuja In line with its long-standing commitment...
Senate Seeks Death Penalty for Terrorism Convicts, Informants, Financiers
ShareBy Eze Okechukwu, Abuja In a major legislative push to curb the worsening state of insecurity, the Senate unanimously approved...
FG Empowers 9,870 Farmers with Inputs, Modern Rice Technologies in Kano
ShareThe Federal Government, through the Kano State Special Agro-Processing Zone (SAPZ) Programme in partnership with IFAD, has empowered 9,870 rice...
FG Unveils National Agricultural Sample Survey, 2023 Report for Food Security
ShareThe Federal Government has launched the National Agricultural Sample Survey (NASS) 2023 report, towards developing data-driven policies to achieve food...
Senate Proposes 2-Year Pupillage for Lawyers Newly Called to Bar
ShareBy Eze Okechukwu, Abuja The Senate has passed a bill to amend the Legal Practitioner Act, 2004 into second reading,...