Connect with us

Economy

Tax: Kaduna Eliminates Pilferages, Emerges 5th in IGR Collection – Official

Published

on

Share

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)

Economy

Naira Gains as CBN Reforms Show Impact

Published

on

Share

The Naira appreciated in the official market on Friday, trading at N1,492.

49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.
The local currency ended Wednesday’s trading at N1,499.
11 against the Dollar. The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.
Analysts have praised the CBN for the steady progress of the Naira since December 2024. However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate. Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Speaking to newsmen on Friday, Aremu called for increased production to sustain the Naira’s gains. He described the currency’s steady appreciation against the Dollar as a positive development. “But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said. He urged the CBN to focus on boosting productive activity in the economy to maintain stability. According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity. “The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy. “If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise. “The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand. “Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said. He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira. Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions. “The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said. Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves. The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline. “We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated. “The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

Continue Reading

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

Published

on

Share

The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

Continue Reading

Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

Published

on

dailyasset-greetings
Share

The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS1 hour ago

APC Adopts Indirect Primary to Pick candidate for Anambra Governorship Election 

Share The All Progressives Congress National Working Committee (APCNWC) has adopted indirect primary mode to pick its governorship candidate for...

NEWS1 hour ago

I-G Links Security of Schools to Nation’s Security 

ShareThe Inspector General (IG) of Police, Mr Kayode Egbetokun, stated that the safety of Nigerian educational institutions determines the nation’s...

NEWS1 hour ago

Be Proud of National Theatre, Defend it – CBN Governor

Share Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to take ownership of the revitalised National...

NEWS2 hours ago

FG Employs 774 Health Fellows 

Share President Bola Tinubu has approved the employment of 774 National Health Fellows, an initiative led by the Federal Ministry...

NEWS2 hours ago

Fubara Assures Adequate Response to Fire Outbreak in Rivers 

SharePort Harcourt, Gov. Siminalayi Fubara of River has reaffirmed his administration’s commitment to quick response to fire outbreak and emergencies...

NEWS2 hours ago

Jigawa Govt. Spent N342m on Safe School Coordination Centre Project – Namadi

Share The Jigawa government has expended N342 million on the establishment of Safe School Rapid Response Coordination Centre in the...

NEWS15 hours ago

el-Rufai – Not Your Accidental Critic.

ShareBy Simon Imobo-Tswam Mallam Nasir el-Rufai, the immediate-past governor of Kaduna state, is in the news, again. Your browser does...

Ikorodu Building Collapse Ikorodu Building Collapse
NEWS15 hours ago

2 killed, 6 Injured as Lagos Building Under Construction Collapses

ShareThe Lagos State Emergency Management Agency (LASEMA) has extricated two adult males, with six injured persons from a building under...

POLITICS16 hours ago

Lawmaker Blames Opposition Crisis for Defections

Share A member of the House of Representatives, Cyriacus Umeha, has blamed the wave of defections from opposition parties to...

NEWS16 hours ago

PDP Leaders Urge Adediran to Rejoin Party

ShareThe People’s Democratic Party (PDP) National Secretary, Mr Ude Okoye, has led other party chieftains to visit the party’s 2023...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc