Connect with us

General News

Lagos Lawmakers Commend LIRS on Historic N1 Trillion Revenue Milestone

Published

on

Kindly share this post

Legislators in Lagos State have commended the Lagos State Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing ₦1 trillion.

This landmark accomplishment positions LIRS as the first sub-national revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration.

Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa’ad Olumoh, alongside Hon. Femi Saheed, former Chairman of the House Committee on Finance, lauded LIRS and its Executive Chairman, Mr. Ayodele Subair, for their exemplary leadership and dedication to enhancing the state’s revenue performance.

In a recent interview, Hon. Lukman Sa’ad Olumoh described the achievement as a testament to the dedication and expertise of the LIRS team. He emphasized that Lagos State has set a benchmark in revenue collection, serving as a model for other states to emulate. Representing the Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly, he praised Mr. Subair for fostering a culture of efficiency and innovation within the agency, which has significantly contributed to its success.

Speaking during the 2024 budget signing ceremony, Hon. Lukman Sa’ad Olumoh conveyed to Governor Babajide Sanwo-Olu that Lagos State has reached an exceptional level in revenue generation.

He acknowledged LIRS’s historic achievement of surpassing the N1 trillion mark and expressed confidence in the agency’s ability to exceed future targets.

He further urged the state government to sustain its support for LIRS, emphasizing that continued improvements in revenue collection could reduce reliance on external borrowing.

“You cannot expect remarkable results without placing the right people in key positions. LIRS is managed by a team of highly skilled professionals. While it operates as a government agency, its structure and operations reflect global best practices.

“The agency has evolved into a world-class institution, moving from Good Shepherd’s House to the state-of-the-art Revenue House. A visit to its facilities will reveal an environment that fosters excellence.

“Under the leadership of Mr. Ayodele Subair, a visionary and dedicated professional, LIRS has achieved remarkable success. The agency’s work culture and improved operational environment have been instrumental in reaching this milestone,” Hon. Lukman Sa’ad Olumoh stated.

Looking ahead, Hon. Lukman Sa’ad Olumoh noted that based on LIRS’s consistent performance, the revenue target for 2025 has been set at N1.4 trillion.

He assured that as Lagos’s economy continues to expand and more employment opportunities are created, this growth in revenue collection would not impose additional burdens on residents but rather result from enhanced tax compliance and structured reforms.

“LIRS has demonstrated steady growth over the past five years. We have set a revenue target of N1.4 trillion for 2025, and I am confident that the agency can surpass this goal. Lagos State has the capacity to generate over N4 trillion in internal revenue without negatively impacting its residents,” he added.

He also highlighted the role of upcoming tax reforms at the federal level, noting that the Joint Tax Board (JTB) would ensure a well-structured tax administration system.

He reassured the public that no adverse fiscal policies would be introduced, emphasizing that the focus remains on improving compliance and fostering a positive tax culture.

In a formal congratulatory letter addressed to Mr. Subair, Hon. Femi Saheed, who represents Kosofe II Constituency, commended the LIRS team for their dedication, resilience, and strategic approach to revenue collection.

He reiterated the Lagos State House of Assembly’s commitment to providing the necessary legislative support to enable the agency to achieve even greater success.

“I extend my heartfelt congratulations to you and your forward-thinking management team for surpassing the N1 trillion revenue mark in 2024.

“My colleagues and I commend your resilience, transparency, and commitment to excellence. Your achievements bring immense pride to Lagos State, and I am confident that 2025 will be even more rewarding.

“As a key revenue agency, we remain dedicated to supporting your efforts in achieving greater milestones,” the letter stated.

With this historic achievement, LIRS continues to reinforce its position as a leader in revenue generation, setting new standards for tax administration in Nigeria.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Customs Ditches Fast Track Scheme for Authorised Economic Operator

Published

on

Kindly share this post

Nigeria Customs Service (NCS) is transitioning to its Authorised Economic Operator (AEO) Programme, meant to ease trade processes, after over a decade under the Fast Track Scheme.

Customs Ditches Fast Track Scheme for Authorised Economic Operator

The service is racing to meet international best practices under the World Customs Organisation’s (WCO) SAFE Framework of Standards, and contained in Sections 108 to 111 of the Nigeria Customs Service Act, 2023.

The programme, the Service said, is expected to reward “trusted traders” who meet specified “compliance, financial, and security criteria.”

Approved operators will benefit from “pre-arrival clearance, minimal inspection, expedited release, and possible mutual recognition with other customs administrations.”

“The scheme is also designed to build trust, ensure cargo integrity, and enhance the predictability and transparency of Nigeria’s import-export operations,” the Service said.

The current Fast Track Scheme, implemented by the Service in 2013 under a more limited eligibility model and was upgraded to an online-based model called Fast Track 2.0, introduced in 2023. The scheme will be officially decommissioned on 31 December 2025.

“All beneficiaries currently enrolled in the Fast Track Scheme are mandated to initiate their migration to the AEO Compliance Programme by submitting their applications through the dedicated portal,” Customs said, adding that only companies approved under the AEO Programme will continue to enjoy trade facilitation privileges previously accorded under the Fast Track scheme.

“AEOs may include manufacturers, importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports, terminal operators, integrated operators, warehouses, distributors and freight forwarders,” The Service wrote in a handbook.

It requires that an applicant for AEO certification must be an Economic Operator in the international supply chain.

It also added that “The applying entity must be registered with the Corporate Affairs Commission (CAC), with a registration period of at least 5 years for AEO Security and Safety (AEO-S) and a minimum of 3 years for AEO Customs Simplification (AEO-C).”

The company must hold a valid Tax Clearance Certificate, with a minimum coverage of 5 years for AEO Security and Safety (c) and at least three years for AEO Customs Simplification (AEO-C).

The company must also provide an audited financial report for a minimum of five years for AEO Security and Safety (AEO-S) and at least three years for AEO Customs Simplification (AEO-C).

Relevant operational licences must also be provided alongside other relevant regulatory certifications (ISO certifications, SON, NAFDAC, etc.).

AEO-S applicants must also require ISO 28001–an international standard that defines the requirements of the Supply Chain Security Management System and provides a management model for organisations seeking to implement it.

 


Kindly share this post
Continue Reading

General News

NOA Warns of Fake N1000 Notes in Circulation, How to Identify Them

Published

on

Kindly share this post

National Orientation Agency (NOA) in Kwara has cautioned the public on fake N1000 notes circulating in the state.

NOA Warns of Fake N1000 Notes in Circulation, How to Identify Them

Alhaji Abdulganiyu Dare, state director of NOA, disclosed this in a statement issued in Ilorin.

Dare emphasised the need for vigilance among residents and business owners in the state.

According to him, there is confirmed intelligence reports of syndicates flooding the area with counterfeit currency with batch numbers 364232 and 898248.

Dare said the counterfeit notes can be identified by their blurred portraits, watermarks, and irregular security features.

He urged the public to be cautious when handling large sums of money.

“The syndicates behind this crime exploit peak commercial hours in major local markets to carry out transactions with counterfeit notes.

“They target unsuspecting POS operators and merchants by defrauding them of their hard-earned money.

“NOA Kwara Directorate is committed to sensitising the public on the dangers of fake currency and the importance of verifying the authenticity of banknotes.

“The agency is working tirelessly to ensure that residents of Kwara are protected from financial scams,” he said.

While describing the crime as unpatriotic and capable of distorting the Nigerian economy, Dare said NOA would work closely with security agencies to bring the culprits to book.

The director advised residents to report any suspicious transactions or individuals to the authorities immediately.

“Together, we can build a safer and more secure financial environment for all residents of Kwara.

“By working together, the NOA and the public can prevent the circulation of fake currency and protect the financial interests of Kwara residents,” he said.


Kindly share this post
Continue Reading

General News

NCC, IHS Towers Lead Others To NITRA-ALTON CNII & Telecom Sustainability Conference 2025

Published

on

Kindly share this post

Telecom industry regulator, the Nigerian Communications Commission (NCC) and other industry operators, including IHS Towers, Digital Realty and 9mobile Nigeria, have joined the line of partners that will chart the way forward as stakeholders gather for the Maiden Edition of the CNII & Telecom Sustainability Conference 2025 being organized as a collaboration between media body, the Nigeria Information Technology Association (NITRA) and Industry advocacy group, the Association of Licenced Telecom Operators of Nigeria (ALTON).

Scheduled for August 7, 2025 in Lagos, the event, which is expected to host the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, will also bring stakeholders from Nigeria Security and Civil Defence Corps (NSCDC) and the Peace Corps Nigeria, to discuss the security of infrastructure, stakeholders’ roles, and the practical implementation of the Critical National Information Infrastructure (CNII) Presidential Order.

Headlining the event, with its theme as “Telecoms Industry Sustainability and the CNII Act – Way Forward”, IHS Towers will throw light on the state of infrastructure in the country, while the Panel Session will discuss the “Role expectations of stakeholders in the implementation of the CNII Act”

Keynote speeches will come from the NCC EVC, Dr. Aminu Maida and the President of the Association of Telecommunication Companies of Nigeria (ATCON).

The Nigerian Designation and Protection of Critical National Information Infrastructure (CNII) Order, 2024, aims to safeguard critical infrastructure like telecommunications networks, financial systems, and power grids by designating them as CNII and outlining measures for their protection. This order, signed in June 2024, is an extension of the Cybercrimes Act of 2015 and seeks to reduce disruptions to these vital systems.

Some of the questions stakeholders will give answers to at the Panel Discussion include:

  • How do we ensure that this Order is implemented to the letter?
  • What are the roles of each stakeholder in the industry – Federal, States, Operators, Consumers, and other actors?
  • Are telecom companies keying into the CNII provisions, and how?
  • Are there areas worth looking into once more, or is the Order perfect as it is?
  • What is the role of regulators in ensuring public compliance to the Bill?
  • How do we ensure security?
  • What is the place of collaboration?
  • Publicity: how much of the CNII provisions are the public aware of?
  • How can we sustain the growth and development of telecommunications in Nigeria?

According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, this industry collaborative event will afford stakeholders in the public and private sectors the opportunity to sit back together and review how well the CNII Order has thus far been implemented, and to re-strategise, if need be, on the way forward.

“This event is key because it will bring Stakeholders to the CNII plan to a roundtable to re-evaluate the decision, make amends and continue the journey. This has to be a periodic gathering to make the goals of this order achievable,” he said.

ALTON is the official private sector industry body for all providers of telecommunications and subsidiary services in Nigeria.

The Chairman of ALTON, Engr. Gbenga Adebayo and the Chairman of NITRA, Mr. Chike Onwuegbuchi will be on hand to welcome industry stakeholders.


Kindly share this post
Continue Reading

Trending