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Economy

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

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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

Selloffs in Dangote Cement, MTN, others Push Equity own by 1.23%

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Selloffs in the shares of Dangote Cement, Conoil, MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 per cent to close the week’s trading sessions.

Specifically, investors lost N672 billion or 1.24 per cent, as the market capitalisation, which opened at N54.

707 trillion, closed at N54.035 trillion.

The All-Share Index also lost 1.

24 per cent or 1.228.32 point, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07per cent.

Selloffs in Dangote Cement, MTN Nigeria,  Fidelity Bank, Sovereign Trust Insurance and Nestle made the market performance to be on a negative terrain.

Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 per cent.

A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously.

Meanwhile, Dangote Cement and Conoil led the losers table by percentage terms of 10 each to close at N135, N90.90 per share respectively.

MTN trailed by 9.96 per cent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 per cent to close at N2.03, while Sovereign Trust Insurance shed 6.52 per cent to close at 43k per share.

On the gainers table, The Initiative Plc and FTN Cocoa Processors led by 10 per cent each to close at N1.98 and N1.65 per share respectively.

Juli Plc followed closely by 9.97 per cent to close at N3.75, Champion Breweries Plc gained 9.94 per cent to close at N3.76 and PZ Nigeria rose by 9.93 per cent to close at N33.75 per share.

On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.

United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.

Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.

However, market breadth closed positive with 43 gainers and eight losers on the trading floor.(NAN)

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Economy

We Currently have $30bn Investment Commitments – FG

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says Nigeria currently has about 30 billion dollars investment committment from various investors.

Uzoka-Anite said this at the ongoing Ministerial Media briefing in Abuja on Friday.

According to her, the commitments will be redeemed over the course of five to eight years.

She said investments, commitments, and pledges were also received from our oil and gas free zone, adding that last week, some of them committed an additional 10 billion dollars in investments.

“I hosted the managing director of SHELL who explained to me about the investment plans of shell.

“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that.

And I can tell you that they are not leaving.

“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.

Uzoka-Anite, who envisaged more investments into the country, said  it would not have been possible without the commitment of President Bola Tinubu led administration.

She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government. (NAN)

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Economy

Nigerian Breweries Records N106bn Loss in 2023

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Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss.

Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd.

(NGX)

Agbebaku said the gross profit of the company for the year under review also fell by 0.

3 percent to N212.5 billion, compared to N213.20 billion posted in the previous year.

He stated that the operating profit of the company declined by 15.

3 per cent to 45 billion, as against N53 billion recorded in the corresponding year.

The company secretary said that the firm recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.

According to him, the company however was able to grow its revenue by nine per cent to N599 billion, compared to N551 billion posted in the previous year, which was aided by positive price mix.

Agbebaku stated that the Nigeria business landscape experienced significant shifts in 2023, with substantial impact on businesses and livelihoods nationwide.

He explained that the Naira notes redesign which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.

Agbebaku said: “High double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.

“Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion further exacerbated the already difficult environment for the populace and businesses.

“In a difficult operating environment, the Board will ensure that the company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities.

He said the company would continue to be resilient and forward-thinking, leveraging on its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.(NAN)

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