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FG Launches New Tax ID, Widens Dragnet

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Federal Government has directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax Board (JTB) in the release of relevant individual records.

 

Vice President Yemi Osinbajo stated this while inaugurating the New National Tax Identification Number (TIN) Registration System on Monday in Abuja.

 

The new tax administration was built around data, adding that without credible and comprehensive data, an efficient tax system would be impossible.

 

TIN was a vital instrument to uniquely identify, as well as register new taxpayers and bring them into the tax bracket.

 

The vice president said that TIN gave the managers of the national tax administration systems the capacity to conveniently and efficiently access and connect information from multiple sources.

 

He added that this formed the basis for projecting future revenues and for making realistic expenditure plans, for governments.

 

Osinbajo said that the ultimate outcome of TIN was increased revenues for the government at all tiers, to fund investments in infrastructure, social investment, human capital development, and more.

 

According to him, the new initiative aligns fully with the Federal Government’s strategic objectives as outlined in the Economic Recovery and Growth Plan (ERGP).

 

“We seek to achieve is really to attract business and more importantly, local business; and it is local business investment that develops the economy the most.

 

“If it is easy for the local person to do business, it becomes more attractive to the international business to come into the country.

 

“All of these reforms attract the levels of investment and inflows the Nigerian economy requires for sustainable economic growth.

 

“In the light of the foregoing, all agencies critical to the optimal success of this initiative, the CBN and NIBBS, National Identity Management Commission (NIMC), are hereby directed by the President to provide the fullest co-operation to the JTB especially in the release of the relevant individual records.

 

“The JTB, led by its chairman, Mr. Babatunde Fowler, all the partners and stakeholders who have made this possible, deserve our commendation for this giant leap.

 

“The Nigerian business and economic environment is the better for your hard work and continuous innovation,” Osinbajo said.

 

On his part, Fowler, who is also the Executive Chairman, Federal Inland Revenue Service (FIRS), said that tax-revenue administration in the 21st century had evolved into a systematic and deliberate process underpinned by availability of reliable data.

 

He said the new TIN registration system would be reinforcing the laudable efforts of the administration towards building a robust tax-revenue administration system.

 

Fowler added the new system would also promote a tax-friendly environment and ensure a sustainable and inclusive economy for all Nigerians.

 

He said that during the first tenure of the administration, there was an expansion of the tax base from N10 million to 20 million taxpayers with a potential for an increase of up to 45 million before the end of the third quarter of 2019.

 

The executive chairman said there was a growth in the IGR of states by over 46.11 percent from N800.02 billion in 2016 to N1.16 trillion in 2018.

 

“For the first time in the history of Nigeria, the Federal Government paid all outstanding PAYE tax liabilities owed by the Federal MDAs from 2002.to 2016 totalling about N135 billing to various state governments.

 

“We hope that this gesture will encourage state governments to also promptly remit all withholding taxes and VAT due to the federation account.

 

“In the Tax Administration Section of the World Bank Ease of Doing Business Nigeria moved up positively by 25 points during the period and it is expected that the country would further move up the ranking by the time of review for 2019 is published,” Fowler said.

 

Chairmen of Boards of Internal Revenue from the 36 states of the federation attended the event.

 

The highlight of the event was the issuance of a tax certificate to the Vice President.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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