Economy
Tax: Kaduna Eliminates Pilferages, Emerges 5th in IGR Collection – Official
The Executive Chairman of the Kaduna State Internal Revenue Service (KADIRS), Mr Jerry Adams, says they have eliminated all tax leakages and corrupt practices, where the state emerges fifth in IGR collection in Nigeria.
Adams said this on Saturday in Kaduna at the Chartered Institute of Taxation of Nigeria (CITN) Kaduna & District Society’s 2023
Annual Tax Week dinner.
The theme of the week was: “Taxation: A Panacea to Economic Growth and Development”.
Adams, represented by Alhaji Ibrahim Galadima, said that KADIRS had enthroned an exemplary record in the collection of taxes.
He said, “Apparently, all our processes are automated and payments can be made online without any hassle.
”Our unprecedented revenue efforts in the past years have yielded positive outcomes and made us became the cynosure of all eyes of states in recent years.”
According to him, taxation is the most elastic and dependable source of government revenue.
Adams added that in the contemporary period, taxes were not limited to the quantum of money collected but used for the purposes of the growth and development of the national economy.
The executive chairman said that taxation was now an instrument of fiscal policy used to accelerate economic growth through the functions of allocation of resources.
It is also used for income redistribution through poverty eradication and provision of public goods like education, health and infrastructure and stabilisation.
Adams commended the immediate past administration of the state for laying the groundwork and the present administration for consolidating and building on those gains which made Kaduna stand out in the IGR collection.
He also commended the selfless and relentless efforts of the members of staff of KADIRS in the performance of their official duties.
Earlier, the Auditor General of Kaduna State, Mr Abubakar Abdullahi, said taxation was not just about collecting revenue.
He said, ”It is about creating an enabling environment for businesses to thrive, attracting investments, and providing equal public services to citizens.
“It is through effective tax policies and administration that we can bridge the gap between economic development and social welfare, ensuring that prosperity is shared by all.”
Abdullahi advocated dynamism of the tax system, adding that it would keep pace with the changing economic and technological landscape.
“We must strive for simplicity, transparency, and fairness in our tax policies, minimising the burden on taxpayers while maximising revenue for national development.
”To achieve this, collaboration and cooperation between the Government, tax professionals, and taxpayers are paramount.
“By working together, we can create a tax system that encourages voluntary compliance, reduces tax evasion, and fosters a culture of tax payment as a civic duty,”he said .
Abdullahi acknowledged the hard work and dedication of tax professionals who tirelessly navigate the complexities of tax laws, advising individuals and businesses.
According to him, they are also contributing to the growth of the country and ensuring compliance with tax regulations.
Also speaking, the Kaduna District Chairman of the CITN, Mr Dalhatu Abdulazeez, said taxation played a significant role in the development and progress of the country.
According to him, taxation is not merely a means of revenue generation for the government, but a mechanism that fosters socio-economic growth, promotes good governance, and ensures a more equitable distribution of resources.
Abdulazeez said that CITN has been at the forefront of promoting professionalism, knowledge, and expertise in the field of taxation.
“As the premier professional body for tax practitioners in Nigeria, the Institute has been instrumental in shaping tax policies, providing guidance to professionals, and upholding the highest ethical standards in the practice of taxation,”he said.
Abdulazeez said that the event brought together professionals, experts and stakeholders in the field of taxation to celebrate the achievements, advancements and challenges faced in the realm of taxation in the country.
He also said the annual tax week featured visitation to orphanage homes, sport competitions and meaningful interactions with past chairmen of the CITN.
Abdulazeez thanked their sponsors and partners for their support, and members of the district for their dedication and hard work.
The News Agency of Nigeria (NAN) reports that the high point of the event was the presentation of awards to individuals who contributed to the development of CITN in Kaduna.
Those awarded were the Chairman of KADIRS, the Commissioner, Planning and Budget Commission, Hajiya Amina Etsu, Mr Abdulkadir Kayode, Mr Rahmon Obafunso and Mr Theophilus Ashaolu, among others. (NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
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