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FG to Recruit 7,500 Graduates as Tax Advocates

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tax relief
  • FG to Recruit 7,500 Graduates as Tax Advocates

The Federal Government says it will recruit 7,500 graduates as Community Tax Liaison Officers to raise tax awareness among citizens.

The Minister of Finance, Mrs Kemi Adeosun, along with the Chairman, Federal Inland Revenue Service, Mr BabaTunde Fowler, made this known at a joint press briefing on Thursday in Abuja.

Adeosun said that the recruits would be expected to go to schools, churches, mosques, markets and other social places to educate people on the tax system and let them know their obligations.

She said that through this initiative, the government expected to increase the number of taxpayers by 35 percent from 14 million to about 17 million in two years.

“We will be recruiting them through N-Power and they can apply through the website of the Federal Ministry of Finance or through the N-Power website.

“It’s a two-year fixed contract and they will be deployed to states, attached to state Internal Revenue Service or FIRS.

“Their job is to improve the level of education on the Nigeria’s tax system.

“Our tax system is progressive, meaning those who earn less should pay less and those who earn more should pay more.

“A lot of people don’t know that. So it’s a chance to get people on ground to answer all these pertinent questions,” she said.

Adeosun said that graduates of accounting, economics, mathematics and other relevant courses would be given priority under the programme.

She, however, encouraged intelligent graduates interested in a career in tax administration to apply as the government planned to sponsor the recruits to become tax professionals.

“This exercise is extremely important for the fiscal sustainability of states because as you know, most of the revenue for states apart from FAAC is supposed to come from tax.

“So if we improved the number of taxpayers, we will be improving the fiscal health of our state governments as well as the Federal Government.

“It’s an important initiative for the nation as we undertake reforms to reduce our over-dependence on oil.

“We have to make sure that everyone who is economically active pays tax, no matter how little, they have to contribute to the pool,” she said.

On the remuneration, Adeosun said the recruits would be paid N30, 000 monthly and they stood to receive performance-based incentives measured by the number of people they enrolled during the two-year period.

The FIRS chairman reiterated that tax evasion was a punishable offence in the country.

He said that the tax tribunal was being reconstituted as tax dodgers would be prosecuted.

Fowler encouraged citizens to be law abiding and pay their tax.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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