Economy
Network, KADIRS Engage Media to Increase Visibility of IGR in Kaduna
Tax Justice Network (TJN), in partnership with the Kaduna State Internal Revenue Service (KADIRS), has engaged the media in ensuring possible ways of increasing visibility of Internally-Generated Revenue (IGR) through their reportage in Kaduna.
The round table engagement, which was aimed at enlistment of the support of media in Kaduna, was also supported by Christain aid.
The Coordinator of TJN in Kaduna, Mr Simeon Olatunde, described the media as a strategic partner whose contributions in promoting fair, inclusive and citizen driven tax process was paramount.
He noted that the TJN was a loose network of civil society and media advocate for equity and inclusive prosperity in Kaduna State.
It fosters social economic justice through equitable and fair tax system in the state and beyond.
“Over the years, we have been promoting good governance, tax education and awareness to protect and advance taxpayers’ rights and compliance collaboratively with the state government, private sector and development partners to improve and enhance the tax system that is inclusive and citizens driven,” he said.
According to Olatunde, the knowledge of tax is scanty among the media partners in Kaduna, which informed the round table engagement.
“The Network which has a loose coalition with tax concern, discovered that the media who was also part of the network and have very scanty knowledge of tax which sometimes revolves around figures and tax lines.
“Everything we are doing at the network with media is only at the micro level, not at a wider coverage,” he said.
He, therefore, said the engagement was to carry along other media, to expand the scope and educate, build their capacity to bring an end to the issues of tax education.
On educating public on tax administration, Olatunde said the network engaged communities through Community Development Charter (CDC) process to discuss concerns about tax at their community level.
The coordinator stressed the TJN’s committment in advocating development levy and tax for service, to ensure that specific amount of money was going back to the community.
Earlier, Mr Zakari Muhammad, KADIRS Head of Corporate Communication, said the specific objectives of the engagement was to increase the understanding and knowledge of media partners on IGR, and importance as a sustainable source of revenue generation.
He added that it was also to reawaken the media on their roles in empowering the residents to hold the government accountable.
Muhammad also said that the KADIRS was keen about receiving feedback, comments from stakeholders on achievements, challenges, and evidence in relation to the current state of IGR and its budget contribution in the media space.
He therefore emphasised the crucial role of media in reporting and advocating voluntary compliance in Kaduna state, while soliciting their support for a robust reportage of tax system, regime and other related issues within the tax space.
Also, A Media Resource Person, Mr Philip Yatai, said revenue generation, particularly IGR, was one of the key drivers of every development project.
He noted that the sole revenue earning for Nigeria which is the oil, is depleting globally and attached with many issues.
According to him, every developed country has its development tied to its IGR.
Yatai therefore said that the KADIRS had been working, including media engagement, which was not enough.
He, therefore, said the TJN worked in collaboration with the KADIRS to bring onboard the media to carry out sensitisation, advocacy and development journalism on tax administration with emphasis on tax justice and tax for service.
Yatai called on the government and civil society to always respond to the media calls and work with them as partners to achieve the common goal of service to humanity and communities through tax generation.
Earlier, The Acting Executive Chairman of KADIRS, Mr Jerry Adams, said the service was the sole authority mandated to collect and account for all taxes, levies, fees, charges and rates in the state as listed in the first schedule to the Law.
Adams, represented by the KADIRS Executive Director, Revenue Operations, Dr Muhammand Lawal, gave an overview of taxes and reforms since 2015 to date in Kaduna state.
He noted that a lot of transformation and structural reforms, which cut across manual to digitisation in tax administration, had seen improvement in KADIRS operations over the years.
According to him, the transformation over the year had increased the state IGR, which ranked the state among top five in the country on IGR.
Adams, therefore, urged the citizens to imbibe voluntary tax payment, to continue enjoying development across all stratas of the state.(NAN)
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
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)