- FIRS Hits 79.35% of 2017 Collection Target in 10 Months, Says Fowler
The Federal Inland Revenue Service (FIRS) has said in Abuja that it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.
The Executive Chairman of FIRS, Tunde Fowler, disclosed this at an interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organised by House of Representatives Committee on Finance and Appropriations.
The FIRS boss who briefed the joint committees on key strategies for achieving the objectives of the 2018 budget, said FIRS justification for 2018-2020 Revenue frameworks was based on Federal Government Economic Recovery and Growth Plan (ERGP).
According to him, FIRS deployed technology to ramp up more revenue for the Country, especially as its tax assessment between 2013 and 2015 revealed N1 trillion after its tax audit exercise.
The chief tax officer of the country said the exercise had already yielded over N3.7 billion in collection of taxes into federal government coffers.
This, he said, was a pointer of its ability to meet FIRS assumptions for the 2018 – 2020 M-TEF expectations.
These successes, he noted, were as a result of various measures adopted by the service to ensure increased collections of federal government dues in corporate and individual taxes.
He added that the measure would continue to be relevant in achieving better collections in 2018.
While listing the measures that brought about the successes, Fowler said the new modalities structured for optimal access of accruable dues from Voluntary Assets and Income Declaration Scheme (VAIDS) had yielded over 54 million dollars (N16.73 billion) and N207.41 billion), totalling about N16.40 billion at the federal level only.
“We have stepped up enforcement activities against task defaulters on different fronts; these include placing non-compliance stickers on business premises of tax payers with outstanding amounts but made no move to liquidate it.”
“We also adopted substitution as enforcement tool by putting a lien on the bank account of erran tax payers. “This in my view will serve as deterrent to defaulters and consequently increase tax collection.
“FIRS has so far collected over N6 billion and $4.2 million (over N1.4 billion), totalling over N7.7 billion. “This drive is continuous and will be unrelenting going forward,” he said.
Crude Oil Dips Slightly on Friday Amid Demand Concerns
On Friday, global crude oil prices experienced a slight dip, primarily attributed to mounting concerns surrounding demand despite signs of a tightening market.
Brent crude prices edged lower, nearing $83 per barrel, following a recent uptick of 1.6% over two consecutive sessions.
Similarly, West Texas Intermediate (WTI) crude hovered around $78 per barrel. Despite the dip, market indicators suggest a relatively robust market, with US crude inventories expanding less than anticipated in the previous week.
The oil market finds itself amidst a complex dynamic, balancing optimistic signals such as reduced OPEC+ output and heightened tensions in the Middle East against persistent worries about Chinese demand, particularly as the nation grapples with economic challenges.
This delicate equilibrium has led oil futures to mirror the oscillations of broader stock markets, underscoring the interconnectedness of global economic factors.
Analysts, including Michael Tran from RBC Capital Markets LLC, highlight the recurring theme of robust oil demand juxtaposed with concerning Chinese macroeconomic data, contributing to market volatility.
Also, recent attacks on commercial shipping in the Red Sea by Houthi militants have added a risk premium to oil futures, reflecting geopolitical uncertainties beyond immediate demand-supply dynamics.
While US crude inventories saw a slight rise, they remain below seasonal averages, indicating some resilience in the market despite prevailing uncertainties.
Nigeria’s Petrol Imports Decrease by 1 Billion Litres Following Subsidy Removal
Nigeria’s monthly petrol imports declined by approximately 1 billion litres following the fuel subsidy removal by President Bola Ahmed Tinubu, the National Bureau of Statistics (NBS) reported.
The NBS findings illuminate the tangible effects of this policy shift on the country’s petroleum importation dynamics.
Prior to the subsidy removal, the NBS report delineated a consistent pattern of petrol imports with quantities ranging between 1.91 billion and 2.29 billion litres from March to May 2023.
However, in the aftermath of Tinubu’s decision, the nation witnessed a notable downturn in petrol imports, with figures plummeting to 1.64 billion litres in June, the first post-subsidy month.
This downward trend persisted in subsequent months, with July recording a further reduction to 1.45 billion litres and August witnessing a significant decline to 1.09 billion litres.
August’s import figures represented a decrease of over 1 billion litres compared to the corresponding period in 2022.
The NBS report underscores the pivotal role of the subsidy removal in reshaping Nigeria’s petrol import landscape with the Nigerian National Petroleum Company emerging as the sole importer of fuel in the current scenario.
Despite higher petrol imports in the first half of 2023 compared to the previous year, the decline in June, July, and August underscores the profound impact of subsidy removal on import dynamics, affirming the NBS’s latest findings.
Nigeria’s Oil Rig Count Soars From 11 to 30, Says NUPRC CEO
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced a surge in the country’s oil rig count.
Komolafe disclosed that Nigeria’s oil rigs have escalated from 11 to 30, a substantial increase since 2011.
Attributing this surge to concerted efforts by NUPRC and other governmental stakeholders, Komolafe highlighted the importance of instilling confidence, certainty, and predictability in the oil and gas industry.
He explained the pivotal role of the recently implemented Petroleum Industry Act (PIA), which has spurred significant capital expenditure amounting to billions of dollars over the past two and a half years.
Speaking in Lagos after receiving The Sun Award, Komolafe underscored the effective discharge of NUPRC’s statutory mandate, which has contributed to the success stories witnessed in the sector.
The surge in Nigeria’s oil rig count signifies a tangible measure of vibrant activities within the upstream oil and gas sector, reflecting increased drilling activity and heightened industry dynamism.
Also, Komolafe noted that NUPRC has issued over 17 regulations aimed at enhancing certainty and predictability in industry operations, aligning with the objectives outlined in the PIA.
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