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Economy

FG Begins Voluntary Tax Compliance Campaign

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  • FG Begins Voluntary Tax Compliance Campaign

The Federal Government on Thursday commenced an aggressive campaign to drive the rate of voluntary tax compliance in the country and boost tax revenue.

The campaign, which commenced at the headquarters of the Ministry of Finance in Abuja, saw top officials of the ministry as well as the Federal Inland Revenue Service visiting markets and other popular places within the Federal Capital Territory to sensitise people of the need for voluntary tax compliance.

The awareness campaign is part of measures to implement last week’s directive issued by Acting President Yemi Osinbajo that for the next one year, every Thursday should be celebrated as a tax day to educate Nigerians on the benefits of taxation.

The Chairman, FIRS, Mr. Babatunde Fowler, who led the campaign in Abuja, said the tax awareness programme would be taken to all the 36 states of the federation.

He stated that the campaign would continue every Thursday for the next one year as declared by Osinbajo at the launch of the Voluntary Assets and Income Declaration Scheme.

He said in collaboration with the state governments, the campaign would raise the level of tax awareness and result in massive enrolment of new taxpayers.

According to him, through the programme, the Federal Government is targeting to bring in four million new taxpayers into the tax net as well as increase the level of payment among the 14 million already registered taxpayers.

He said, “The only way we can make Nigeria sweet is to start paying our taxes. We have come out with the Voluntary Assets and Income Declaration Scheme, which gives everybody the opportunity to come out and declare their income and pay their contribution to ensure that Nigeria becomes a better place.

“I’m sure that if we all contribute, Nigeria will become the Nigeria of our dreams; the Nigeria that is prosperous and conducive to live in. Let’s join hands together to realise this dream by paying taxes.”

The Chairman, Abuja Municipal Area Council Traders’ Association, Mr. Edozie Ugwu, said traders would cooperate with the government by paying taxes in such a way that it would be difficult for the government to come with excuses for non-performance.

“We are ready to pay our taxes because without taxes, we cannot make the country work. We thank you for giving us the opportunity to regularise our taxes,” he said.

The VAIDS offers a grace period from July 1, 2017 to March 31, 2018, for tax defaulters to voluntarily pay back to government what they owe.

In exchange for full and honest declaration, the government promised to waive penalties that should have been levied and also waive the interest that should have been paid on overdue taxes.

Also, those who declare honestly will not be subjected to any investigation or tax audit after the grace period.

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.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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