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Nigeria Records N520bn Shortfall in Tax Revenue

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Nigeria tax revenue

The Federal Government earned a total of N2.92tn from taxes in the first nine months of 2015, statistics obtained from the Federal Inland Revenue Service have revealed.

The statistics were exclusively obtained by our correspondent in Abuja on Sunday.

The amount when compared with the N3.44tn, which the Federal Government had set for the FIRS as target for the nine-month period, represented a decrease of N520bn.

A breakdown of the tax revenue earned by the service within the period showed that the sum of N756.7bn was collected in the first quarter of 2015 as against the quarterly revenue target of N1.02tn. The N756.7bn was raised from Petroleum Profit Tax, which contributed the sum of N368.59bn, and non-oil taxes on which the sum of N388.1bn was collected.

For the second quarter, a total sum of N1.18tn was collected by the FIRS made up of N306.14bn from PPT, while the balance of N881.9bn was generated from non-oil taxes.

In the third quarter, the FIRS statistics showed that the sum of N980.48bn was generated from taxes as against the quarterly target of N1.14tn. The PPT generated the sum of N325.86bn and non-oil taxes accounted for N654.6bn.

The Executive Chairman, FIRS, Mr. Babatunde Fowler, had shortly after assumption of office, said the service carried out a special audit of all companies operating in the country with a view to increasing the level of compliance with the relevant tax laws, thus improving tax revenue for the country.

Fowler had said there was a need for collaboration between the professional service providers, states’ boards of internal revenue and FIRS, adding that this would assist in increasing tax revenue thus reducing the country’s reliance on oil.

He stated, “We have obligation to the government in ensuring increase in revenue collection. It’s time to stop all forms of unwholesome practices in tax-related issues, because Nigerians need us at this critical time to reposition the country for more resources.

“We don’t have all the answers, we need you from both sides to reposition the entire process. All we are asking for is your cooperation to move the nation’s tax system to another level through your support and other stakeholders.”

Punch

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

UK Government Has Approved Pfizer-BioNTech COVID-19 Vaccine

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The United Kingdom on Wednesday Approved Pfizer-BioNTech COVID-19 Vaccine

British government on Wednesday became the first country to approve Pfizer and BioNTech COVID-19 vaccine for use, according to the UK government.

The vaccine will be rolled out from next week and the first dose could be administered as early as December 7th, stated people familiar with the matter.

Last week, the UK government announced it had ordered 40 million doses of Pfizer and BioNTech COVID-19 and appointed Nadhim Zahawi, the current junior business minister, as the minister responsible for the deployment of the vaccines.

British government on Wednesday morning said, “The Government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use” 

“The vaccine will be made available across the UK from next week.”

Matt Hancock, Health Secretary, revealed that the programme would commence early next week.

“It is very good news,” Hancock said.

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Zabarmari Massacre: Buhari to Provide More Resources for the Nigerian Military

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President Muhammadu Buhari

President Muhammadu Buhari has promised to provide more resources to the military in the aftermath of the Zabarmari massacre.

On Saturday, Boko Haram killed 43 people with around 70 people still missing in Zabarmari, a village in Borno State.

Reacting to the massacre, Buhari, through his official Twitter handle @MBuhari said “Nothing is more important than ensuring the security of lives and property of Nigerians. Everything is secondary when security is at stake. I will ensure that more resources are made available to the military and other security agencies to prosecute the war against terrorism.

“As we mourn all the lives lost in Zabarmari, the Armed Forces have been given the marching order to take the fight to the insurgents, not on a one-off, but on a continuous basis, until we root out the terrorists.

“We will intensify our cooperation with neighbouring countries on bilateral and multilateral levels, to ensure that there is no hiding place for the terrorists.

“As I noted earlier, the massacre by Boko Haram in Zabarmari is nothing short of senseless, barbaric, gruesome and cowardly. It reinforces our resolve to root out all forms of insurgency and insecurity not just in Borno but everywhere across Nigeria.”

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Boko Haram Kills Rice Farmers in Borno State, Northeast Nigeria

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Rice farmers were killed on Saturday morning in the Northeast Nigeria by suspected Islamist militants, Boko Haram, according to a Reuters Report.

The report also noted that 30 of the people killed were beheaded while over a dozen others were still missing.

However, resident of the Zambarmari Village where the attacks took place said a total of 70 people were feared dead.

Another resident and Amnesty International were quoted as saying at least 10 women were among those missing.

In another statement by Edward Kallon, the United Nations’ humanitarian coordinator in Nigeria, it was armed men on motorcycles that led the brutal attack on civilians harvesting their fields.

Armed men on motorcycles led a brutal attack on civilian men and women who were harvesting their fields,” Edward Kallon stated.

“At least 110 civilians were ruthlessly killed and many others were wounded in this attack,” he added, noting that several women are believed to have been kidnapped.

“The incident is the most violent direct attack against innocent civilians this year. I call for the perpetrators of this heinous and senseless act to be brought to justice,” Kallon said.

On Sunday, Governor Babaganan Umara Zulum of Borno State, who was at the burial told journalists that at least 70 farmers were killed on Saturday.

The Governor, therefore, called on the Federal Government to recruit more Civilian Joint Task Force members, Soldiers and civil defence fighters to protect farmers in the region.

He added that people are facing desperate choices.

In one side, they stay at home they may be killed by hunger and starvation, on the other, they go out to their farmlands and risk getting killed by the insurgents,” he said.

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