Connect with us

News

Tax now highest revenue source to federation – FG

Published

on

The Federal Government has charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation.

It disclosed this on Tuesday through the Accountant-General of the Federation, Oluwatoyin Madein, at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja, with the theme: Sustainable Tax Culture and Economic Roadmap for Nation Building.

The government pointed out that based on the current high revenue from taxes, members of the Federation Accounts Allocation Committee were always looking forward to the figures from the Federal Inland Revenue Service every month, in order to have funds to share to the three tiers of government.

Madein said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.

Advertisement

“Tax revenue as at today is the highest source of revenue accruing to the federation. Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”

FIRS exceeded its 2023 revenue target by N816bn, as its total actual revenue collection for last year stood at N12.37tn, outperforming the N11.56tn target.

This is contained in a presentation by Amina Ado, Coordinating Director of Special Tax Operations Group at the FIRS.

ALSO READ  #BBNaija: Netizens call for Phyna’s disqualification for tossing object at Bella (Video)

At the CITN conference on Tuesday, the accountant-general tasked tax practitioners to step up efforts in collecting taxes, so as to shore up more revenue for the government to provide infrastructure and other amenities.

Madein said, “Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable and sustainable world.

Advertisement

“Like I said earlier, at FAAC we eagerly look forward to tax numbers because at the moment revenue from non-oil has been a great revenue source to the federation.
“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to, because for even infrastructure development, it is only through funds that we can get it done.”

She further stated that it was her strong belief that “the conference will go a long way to deepen the collaboration between our organisations in building capacity for all the professionals, experts and tax payers for better understanding of the tax laws, rules and regulations.”

On his part, the President/Chairman of Council, CITN, Samuel Agbeluyi, while delivering his remarks earlier, pointed out that the withdrawal of subsidies on fuel and electricity had reduced the purchasing power of the masses.

He noted that raising electricity tariff for a selected band after fuel subsidy was withdrawn “is going to reduce the purchasing power of the masses. So we urge govt to consider these actions on the masses.
He, however, stated that the institute was happy to know that President Bola Tinubu had asked the Central Bank of Nigeria to slow down on the recent cybersecurity levy that was approved by the apex bank.

ALSO READ  Designer of Nigeria’s flag, Pa Michael Taiwo Akinkunmi (O.F.R) is dead

“We will continue to advise the govt on its policies, considering how these polices affect the citizens,” Agbeluyi stated.

Advertisement

It was reported on Sunday that President Bola had asked the CBN to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Meanwhile, the CITN president explained that in building a sustainable tax culture in Nigeria, government at all levels have a great role to play.

Advertisement

“Taxation, in all its aspects, demands the utmost level of professionalism due to its critical importance to economic sustainability.

“In furtherance of efforts at sustaining a tax paying culture, it is important to emphasise judicious use of tax revenue to engender trust between government and the taxpayer thereby entrenching a taxpaying culture and by extension contributing to nation building.

“At the subnational level, particularly at the various revenue authorities, there is the need to invest in technology and people to effectively track revenues in the digital space including cryptocurrency to maximise government revenue flow,” he stated.

ALSO READ  Fire rages at Sokoto Central Market

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crime

ICYMI: Oba of Benin accuses EFCC of corruption

Published

on

Oba of Benin, Ewuare II has alleged that the Economic and Financial Crimes Commission is aiding crimes in the country.

The monarch made the allegations when he received the new Benin Zonal Director of EFCC, Effa Okim in his Palace in Benin on Monday.

He cited a case involving unnamed former palace officials who were left off the hook after they were arrested for fraud and handed over to EFCC in Benin for investigation and prosecution.

The Oba alleged that some EFCC operatives allegedly handled the case with kid gloves, which led to the release of the culprits a few years ago.

Advertisement

The monarch, who did not name the palace officials, expressed shock that the EFCC investigators allegedly swept glaring evidence of fraud against them (the palace officials) under the carpet.

While tasking the commission to fight crime without fear or favour, the Oba added,” We want to draw your attention to one or two grey areas in your operations”.

“No matter how much you try to support the EFFC from the palace, It is very difficult because they seem to listen to other parties. What I have been told is that they take instructions from the highest bidder.

“You know that I have been known for speaking the truth. I was not happy about certain things that happened with your predecessor.

“We get news from everywhere. We try to assist the EFCC. I even wrote a letter to the then-chairman who was removed from office.

Advertisement
ALSO READ  Democracy Day: We’ll strengthen Enugu people’s faith with impactful projects – Enugu

“I even sent an emissary to talk to him regarding certain elements in Edo State, particularly the palace.

“How can EFCC operatives, especially, the lady who handled the case I cited earlier behave like that? If I was asked to comment on her performance, I would score her zero. I do not know if she was doing an EFCC job or just dancing to the tunes of people who were giving her money.

“At the time we were trying to assist EFCC, the report we kept getting was negative and I was not happy about it,” Oba Ewuare II added.

The monarch, however, said the newly appointed Chairman of EFCC, Olanipekun Olukayode is on the path to greatness if he continues to demonstrate fidelity in his duties.

He also pledged the palace’s support to the state government in addressing social inequality and reducing social vices.

Advertisement

Earlier in his address, Okim appealed to the Oba to support advocacy against financial crimes with Edo State ranking second behind Lagos State in the financial crime index in the country.

Recalling the historical ties between his state of origin, Cross River and Edo State, he solicited prayers and royal blessings to enable him to discharge his duties diligently.

Continue Reading

News

ICYMI: ‘Go and bring husband to daddy,’ Ooni of Ife tells daughter at 30

Published

on

The Ooni of Ife, Oba Adeyeye Ogunwusi, has taken to social media to celebrate his daughter, Adeola, who turns 30 on May 20.

Ogunwusi, in his post on Monday, prayed to God to be with his daughter and asked her to bring a man home for marriage because she was ripe for it.

The revered monarch reeled out his expectations to her every 10 years, saying that when she was 10, he spoke to her about school and the future, and when she turned 20, it was about listening and understanding the importance of morals and well-being. But now that she is 30, she should bring a man home for marriage.

He wrote, “Princess Adeola, Aanuoluwapo, Atutunini, Bamdefe Ogunwusi, Omo Ojaja II. I am truly grateful for the fulfilling life you have lived. May God Almighty continue to be with you in all your endeavours. Amen!

Advertisement

“When you turned 10, your father would talk to you about school and your future. At 20, he encouraged you to listen and understand the importance of morals and well-being, even as you sought independence.

“Now that you are 30, you are a grown woman. Your father senses that you no longer wish to be advised as independence has finally set in.

“I talked 10 to you and got your subtle independent behaviour in return. I talked 20 to you, and I still got your near-obvious independence behaviour in return. Now I’m talking 30 to a grown woman, so go and bring husband to daddy. With love from the throne of Oduduwa.

ALSO READ  Fire rages at Sokoto Central Market

“Congratulations, and may God continue to guide you in all your pursuits,” he wrote.

However, the post has been greeted by warm reception from Nigerians as some men have begun to show interest in the daughter of the revered monarch.

Advertisement

One user on Instagram who identified with the handle, KaybabaofHouston, said, “Daddy, please tag her. Let us begin to show our interest in her.”

ArosoIbitoye said, “Awesome! I have handsome boys here who will be willing to be inlaw to the king, sir.”

Rydow said, “Men mount. Where is her handle? I have single friends who are serious.”

“I want to marry your daughter sir,” one Ronnietthreads wrote.

Advertisement
Continue Reading

News

Abuja shopping complex shut after assault on soldiers

Published

on

Officers of the Nigeria Army have reportedly shut Banex Plaza, a shopping complex located in the Wuse 2 area of the Federal Capital Territory, following attacks on some of its personnel over the weekend.

A trader at the nearby Emab Plaza, simply known as Mr Somto, confirmed this to our correspondent via phone call on Monday.

“Yes, Banex is locked down. We are not affected by it though. And some men of the army are here”, he said.

Another shop owner, who runs an Apple products store at the complex, who spoke to our correspondent on the condition of anonymity, also confirmed the development, adding that they were still in talks with the army.

Advertisement

“No, we are not open. You know because of the issue that happened, the army has locked down the place. At each gate of Banex now, there is a Hilux vehicle, an army Hilux. They won’t even let you cross the place.

“But maybe between tomorrow and next, it will be open, we don’t know. We are still on it, having meetings with them”, he said

Theheute reports that the FCT Police Command on Saturday, deployed officers of the Intelligence Response Team to the area after a conflict ensued between traders and some soldiers.

A viral video seen by our correspondent on X showed a multitude of civilians overpowering some soldiers during a free-for-all at Banex.

The FCT Police Command, in a statement by its spokesperson, Josephine Adeh, later on Saturday night, said the police had restored peace in the affected area, adding that a buyer had gone with four soldiers to demand a refund after the purchased phone developed faults, which the shop owner resisted.

Advertisement
ALSO READ  Angry Madrid fans mock Samuel Chukwueze

“This action resulted in a confrontation and squabble with the military officer. This development led some irate youths to attack the military officer which led to an uproar in the environs”, the statement read.

Meanwhile, personnel of the Nigeria Army, in a reprisal, reportedly stormed the plaza on Saturday evening, beating passersby and manning guards, while a circulating video also showed the soldiers punishing some individuals.

Continue Reading

Trending

Copyright © 2022 TheHeute.