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Don urges NASS to amend FIRS Act to improve revenue generation

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FIRS collects N6.4 trillion as taxes in 2021- Nami

Prof. Jide Oladipo, a lecturer at the National Institute for Legislative and Democratic Studies, Abuja, has urged the National Assembly to amend the Federal Inland Revenue Service (FIRS) Act to expand its scope of operations.

He gave the advice while speaking at a monthly policy dialogue organised by the office of Senior Special Assistant to the President on Policy Development and Analysis in Abuja, while delivering a lecture on, “Funding the Next Level Agenda: Challenges and Prospects”, saying the gesture would allow FIRS to generate more revenue for the country.

“The National Assembly needs to amend FIRS Act to expand its scope of operations; there is currently lack of data on the number of taxable Nigerians.

“The FIRS has lots more to do; it has to improve on revenue collection because only those in formal sector pay income tax at present.

“For example how do we capture those in informal sector, the National Assembly has to amend the act to make that happen,” he said.

Oladipo also said the Federal Government should overhaul revenue generating agencies in the country to improve revenue generation.

“The federal government needs to overhaul revenue generating agencies to enhance their operations.

“We commend the NNPC for introducing reforms in its operations, but more still needs to be done.

“As it is now, the NNPC has lost many buyers of its crude; efforts must be made to look for new market so Nigeria can earn the necessary foreign exchange.

Also read:  Reps C’ttee asks FIRS to return N4.6bn to FCT

“The NNPC should also address the current low capacity utilisation of the refineries.
“It is sad that Nigeria is importing fuel from outside when we have refineries in the country,” he said.

Oladipo added: “Do we want to build new refineries or continue with old ones, I think we have to take a decision on this.”

He urged the federal government to also end the smuggling of fuel to neighbouring countries.

“We cannot continue to subsidise fuel for our neighbours’ consumption, I think government needs to deploy technology around borders to check this.

Oladipo also stressed the need for government to strengthen the whistle blower policy to help tackle economic saboteurs.

“The whistle blower policy should be strengthened to help tackle smuggling around our borders, it may also help in tackling large scale oil bunkering in Niger Delta,” he said.

Oladipo also advised government to strengthen the Treasury Single Account (TSA) to address abuse by officials.
“The TSA has proved to be one of the best government policies but more needs to be done on its operation.

“Presently, some officials are taking advantage of the loopholes associated with the system by denying government some revenue; that has to be addressed,” he said.

A cross section of the participants said the good delivery tilted more to the Government than to the people.

 

Economy

Naira Appreciates By 9.7% Against Dollar At Official Market

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Naira Appreciates By 9.7% Against Dollar At Official Market

…Naira trades between N1,501 and N1,310 against the dollar at Investor’s and Exporter’s (I&E) window

 On Monday, Naira experienced huge appreciation at the official market, trading at N1,339.33 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N143.48

This represents a 9.67 per cent gain when compared to the previous trading date on Friday, May 24, 2024, exchanging at N1,482.81.

However, the total daily turnover reduced to $180.80 million on Monday down from $556.25 million recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,501 and N1,310 against the dollar..

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Economy

NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

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NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

The Nigerian Exchange Ltd. (NGX) says it has delisted the entire issued share capital of Arbico Plc from its daily official list after 46 years of listing.

The NGX disclosed in its weekly official report made available to newsmen in Lagos that the company was delisted on Monday.

Arbico, a building and civil engineering construction company, was established in 1958 and listed on the Exchange in 1978.

Shareholders of the company had in March approved the voluntary delisting of the shares of the company from the bourse and sought the regulator’s approval.

NGX said: “Refer to our market bulletin of May 17, 2024, with reference number: NGXREG/IRD/MB26/24/05/17 wherein the Market was notified of the suspension placed on trading in the securities of Arbico Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from the NGX.

“Please be informed that the entire issued share capital of Arbico was on Monday, May 20, 2024, delisted from the daily official list of the NGX.

Also in the week, Jaiz Bank Plc, Nigeria’s first full-service non-interest financial institution, declared to pay its shareholders a dividend of 4k per share on July 16.

FBN Holdings Plc also announced to pay its shareholders a dividend of 40k on Aug. 23.

On trade, the NGX All-Share Index and Market Capitalisation depreciated by 0.52 per cent to close the week at 97,612.51 and N55.218 trillion respectively, as against 98,125.73 and N55.508 trillion respectively reported in the previous week.

As a result, investors lost a total of N290 billion this week.

Similarly, all other indices finished lower except NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus ll and NGX Industrial Goods which appreciated by 1.74, 0.31, 0.72, 0.44 and 0.19 per cent while the NGX ASeM index closed flat.

Meanwhile, Trading in the top three equities namely Ecobank Transnational Incorporated Plc, Access Holdings Plc and United Bank for Africa Plc measured by volume accounted for 1.006 billion shares worth N20.115 billion in 6,849 deals.

This contributed 50.67 and 49.40 per cent to the total equity turnover volume and value respectively.

Also, a turnover of 1.986 billion shares worth N40.715 billion in 38,487 deals was traded this week by investors on the floor of the Exchange in contrast to  1.652 billion shares valued at N42.677 billion traded last week in 38,123 deals.

The Financial Services Industry measured by volume led the activity chart with 1.577 billion shares valued at N30.359 billion traded in 20,697 deals; thus contributing 79.41 and 74.56 per cent to the total equity turnover in volume and value respectively.

The Conglomerates Industry followed with 125.342 million shares worth N1.387 billion in 2,283 deals.

The third place was the Consumer Goods Industry, with a turnover of 77.327 million shares worth N2.446 billion in 4,916 deals.

Also, 24 equities appreciated during the week lower than 28 equities in the previous week.

53 equities also depreciated higher than 51 in the previous week, while 77 equities remained unchanged, higher than 76 recorded the previous week.

Meanwhile, Deap Capital Management and Trust Plc, FNT Cocoa Processors, Transnational Corporation, United Bank For Africa and UPDC Plc led the losers’ table.

The gainers table was led by Berger Paints, Regency Assurance Plc, Cutix Plc, McNichols Plc, and Nestle Plc.

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Economy

ILLEGAL EXPORT: Nigeria Signed Asset Agreement With Jersey For Return Of £2.1m- Fagbemi

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ILLEGAL EXPORT: Nigeria Signed Asset Agreement With Jersey For Return Of £2.1m- Fagbemi

…Secures £20 Million interim costs award, against P&ID

The Federal Government of Nigeria has signed an Asset Sharing Agreement with the Bailiwick of Jersey for the return of 2.1 million pounds proceeds of corruption.

The Attorney-General of the Federation (AGF), Lateef Fagbemi SAN, made this known while presenting the scorecard of his ministry as part of the activities to mark the first anniversary of President Bola Tinubu’s administration.

The minister said that  the signing of the agreement in February this year was in line with the cardinal principle of the present administration in the fight against corruption,

He said President Tinubu has already approved the use of money for the continuation of works on the Abuja-Kano Road project.

Fagbemi said that an efficient justice delivery system is key to ensuring Nigeria’s economic growth and development, as well as ensuring the socio-economic well-being of citizens.

“Effective justice system is measured not only by the numbers of cases which are successfully disposed of but also and more importantly, the strategic measures adopted to avoid litigation.

“Using a combination of effective defence strategies to cases, arbitration, mediation and diligent prosecution of appeal cases, the ministry succeeded in saving the country from huge debt liabilities.

“In the reporting period, a total of 625 cases instituted against the President, Federal Government and its agencies, before States, Federal and ECOWAS Court were served and responded to by the ministry.

“The ministry also received and treated 593 requests for legal advice and petitions from May 2023 till date and in all, we obtained 235 judgments’’.

He noted that the administration had witnessed a landmark decision in an arbitration instituted against Nigeria by Process and Industrial Development Limited (P&ID).

“In that case, a UK commercial court set aside an arbitral award of over 11 billion dollars granted against Nigeria in the United Kingdom for breach of a gas supply and processing agreement.

“So, I am pleased to report that due to concerted efforts of our legal team, Nigeria has been awarded interim costs in the sum of £20 Million against P&ID’’.

Fagbemi noted that the case was a useful lesson that had been learnt as the case had the potential of wiping off the nation’s entire foreign reserves.

He said the issue had led to the development of a Federal Contracts Administration System.

“As noted by the English Court, the genesis of the case is traceable to a flawed contractual agreement that was tainted with fraud’’.

He said that in line with the cardinal principle of the present administration in the fight against corruption, the ministry has achieved success in its International Asset Recovery and Management efforts.

“For the Glencore Settlement, we have concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of 50 million dollars as penalty and compensation for certain activities in Nigeria’’.

He noted that the ministry has equally done well in facilitating international cooperation on terrorism financing and other transnational crimes.

“We have gotten 13 convictions in terrorism financing cases and have also successfully concluded 150 mutual legal assistance requests and 12 extradition requests from Law Enforcement Agencies and foreign countries.

“We secured 160 convictions for criminal offences, 87 convictions for terrorism cases, and 3 novel convictions for extremist terrorism actors involved in the radicalisation of children and violence against women. 

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