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General News

FIRS Rakes in N6.4 Trillion in 2021-  Nami

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Federal government tax receipts in 2021 rose by 29.4 per cent  to 6.41 trillion naira, according to Muhammad Nami, executive chairman, Federal Inland Revenue Service (FIRS).

FIRS Rakes in N6.4 Trillion in 2021-  Nami

Nami said that his agency achieved the result despite issues brought up by the pandemic.

Federal government has repeatedly said it wants to boost non-oil revenues since oil sales make up 90% of foreign exchange receipts.

But raising more money from taxes has proved difficult in a country where so many small business are not registered.

It plans to prioritise tax collection from its digital economy in 2022 and focus on non-resident firms with significant economic presence that generate turnover in the country.

Nami said the final number had come in slightly higher than the initial forecast of 6.40 trillion naira, thanks to digitization which facilitated collections in 2021.

Value-added taxes contributed the most followed by corporate taxes, he said.

“The deployment of the new automated tax administration system in June 2021 was a game-changer,” Nami said in a report.

Tax receipts dropped to 4.95 trillion naira in 2020 after a COVID-19 induced lockdown impacted businesses and a recession that year hurt economy. The FIRS collected 5.27 trillion naira in 2019, it said.

The World Bank said last year that Nigeria needed to boost non-oil taxes to at least 12.75% of gross domestic product to boost growth. It said tax collection sits at around 4.5% of GDP, one of the lowest rates in the world.

The FIRS said non-oil sector contributed 69% to total taxes in 2021, as much as in 2020 and up from 60% in 2019.


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General News

FG Halts Controversial FRC Dues amid Industry Outcry

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Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.

FG Halts Controversial FRC Dues amid Industry Outcry

Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.

The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.

The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.

At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.

Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”

She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.


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General News

SON Pledges to Standardize Made-in-Aba Products

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The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.

Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).

According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.

“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.

“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.

“In Aba, SON has been proactive in educating manufacturers about standardization.’’

The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.

“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.

“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.

“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.

 


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General News

EFCC Arrests 133 @ Ponzi Scheme Training Academy

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Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.

EFCC Arrests 133 @ Ponzi Scheme Training Academy

They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.

The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.

The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.

They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.

The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.

Items recovered from the suspects include phones, computers and other electronic gadgets.

They will be charged to court as soon as investigations are concluded.


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