- Federal Govt Clears N33.13bn PAYE Liabilities
The Federal Inland Revenue Service has said that the Federal Government has cleared N33.13bn outstanding PAYE tax liabilities owed by Federal Ministries, Departments and Agencies to states from 2002 to 2016, in the South-West region.
The chairman, Joint Tax Board, Mr Babatunde Fowler, disclosed this on Thursday when he inaugurated the new National Taxpayer Identification Number registration system in the South-West geopolitical zone.
He said the TIN registration system and Consolidated National Taxpayers Database introduced by the JTB would improve the efficiency and output of the entire tax administration process and provide convenience to taxpayers and tax authorities.
According to the JTB chairman, the new system will ensure that the taxpayer’s information is available whenever and wherever it is needed.
Fowler said the system possessed the capability to integrate with relevant agencies and leverage already captured data, deploy analytics to discover underlying and correlating trends and patterns that could lead to increased Internally Generated Revenue for all tiers of government.
These agencies, he added, included the Corporate Affairs Commission, Nigeria Customs Service, Nigeria Immigration Service, Federal Road Safety Corps, Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System, Nigeria Identity Management Commission and Nigerian Communications Commission.
He said, “This will significantly reduce the burden of manual taxpayer information management and by extension grossly crash the cost of collection.
“The system is designed in such a manner that each taxpayer is assigned a unique and universal Taxpayer Identification Number and it is now possible for any taxpayer to view, retrieve or update their tax profile from anywhere 24/7.”
According to him, the new TIN registration system and its consolidated database of individual and corporate taxpayers’ have been designed to form the foundation upon which the nation’s automated tax administration system was built.
The JTB boss mentioned some of its recent milestones to include, “The payment by the Federal Government of all outstanding PAYE tax liabilities owed by Federal MDAs to states from 2002 to 2016, totalling N135.8bn; with a total of N33.13bn paid to the states in the South-West geopolitical zone.”
In his opening remarks at the event, the Executive Secretary, JTB, Oseni Elamah, said the new system was a web-based solution that offered access to authorised users to initiate TIN request from the comfort of their homes/offices real-time online, verify their tax status and print their TIN certificate.
“It is a transparent system that assures timely and accurate collection and recording of basic identification data,” he said
Lagos State Governor, Babajide Sanwo-olu, commended the JTB for initiating the new system, which he said would take tax administration to the next level.
Lagos Loses N1 Trillion to #EndSARS Protest, a Year Budget – Gov
Lagos Needs N1 Trillion to Fix Vandalised Infrastructure, a Year Budget – Gov
The Governor of Lagos State, Babajide Sanwo-Olu, has puts the total economic cost of past week destruction and vandalism in the state at about N1 trillion.
Sanwo-olu, who spoke with the speaker of the House of Representatives, Hon. Femi Gbajabiamila, that was on a fact-finding visit to Lagos on Sunday, said the state may spend up to N1 trillion to fix damages done to infrastructure.
Speaking on the situation, Femi Gbajabiamila, said “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.
“Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.
“I learnt from the governor of Lagos State that it will take N1.0 trillion to rebuild what had been lost and I asked him what is the budget size of the state he said about N1.0 trillion. You can see we are moving backward.
Rotimi Akeredolu, Chairman of the South West Governors, who was part of the visit, stated, “We are indeed surprised at the extent of damage to lives and properties in Lagos. We will be right to say Lagos was turned into a war zone.
“We are deeply concerned with the ease with which public buildings, utilities, police stations and investments of our people have been burnt despite the proximity of security agencies to those areas. However, while responding to the total number of government’s buildings burnt among others,” Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, stated.
“We are still counting. The state is still taking inventories of all that happened and not until all that is concluded we can’t not ascertained for now the total number of burnt structures. But I can tell you it’s very huge.”
Experts Recount Nigeria Losses Ahead Possible Rebuilding, Recovery
Economic Experts Recount Losses Incurred from the #EndSARS Protest Ahead Possible Rebuilding, Recovery
Economic experts have started releasing reports on the size of the damage done to the nation’s economy following the #EndSARS protest that was hijacked by hoodlums and criminals.
The most affected state, Lagos State, will need about $1 trillion, an equivalent to its annual budget, to recoup the economic value of what was lost to the destruction and looting perpetrated by thieves masquerading as protesters.
A Senior Economist/Head, Research & Strategy, Greenwich Merchant Bank, Ayodeji Ebu, said the unrest and the 24 hours curfew that was later imposed by Lagos State to restore order could cost the state at least N54 billion per day.
He explained that the protest would hurt the nation’s foreign direct investment in the remaining part of the year and as well as the first quarter of 2021.
His words: “While it may be difficult to estimate the exact loss so far, based on the significant contribution of Lagos State (approximately 30%) to Nigeria’s total Gross Domestic Product (GDP) and as over 50 percent of Nigeria’s non-oil industrial capacity is located in Lagos, the impact of the crisis will be enormous.
“This was further compounded with the 24hours curfew that lasted for about four days. Estimating using the Q2’2020 GDP data and assuming there was a total shut down, each day will cost Lagos alone about N54 billon.”
Speaking further, Ebu said: “With Lagos the centre of the civil unrest, which account for 70 percent or $1.1 billion of total capital importation in Q2’2020, we expect this to further impact on direct investment in Q4’2020 and Q1’2021.”
He expects that insurance claims to also rise in line with the damages done on lives and properties.
Similarly, analysts at Cordros Capital, a Lagos based investment banking firm, reacted to the negative impact of the unrest on the nation’s economy.
The analysts said the nation’s economy could contract by as much as 6.91 percent year-on-year in the final quarter of the year due to the unrest. Therefore, they projected a negative growth rate of 4.15 percent year-on-year for the 2020 fiscal year.
In their words, they said “The transportation, trade, and manufacturing sectors are expected to be the hardest hit.
“On transportation, we expect reduced domestic and international flight operations pending when normalcy is restored.
“Similarly, we expect compliance with curfew directives to hinder the free movement of people and goods across the country, further compounding the woes of the transport sector, which is yet to recover from the COVID-19 induced decline.
“While the manufacturing sector is currently being hampered by FX related issues and an unfriendly business environment, the imposition of curfews will further exacerbate the challenges of the sector.
“For the trade sector, the decline in household consumption brought about by higher food prices and shrinking consumers’ income will cascade into weak wholesale and retail trade in conjunction with the pre-existing supply chain constraints.”
Analysts at Fidelity Securities Limited also added their voices and said the protest may cost the nation more than the N700 billion estimation previously estimated by the Lagos Chamber of Commerce.
They said “The EndSARs protest and eventual escalation of the protest would cost the Nigerian economy way more than N700 billion initially estimated by the Lagos Chamber of Commerce. With the current level of destructions, it may take a while for business to run at full capacity as the government as well as the private sector will first have to channel funding into the destroyed infrastructure in a bid to restore things back to the way it was, before even thinking of further improving on the infrastructure.
“Given the level of destruction, more businesses have been affected, more jobs would be lost, and more families would further fall below the poverty line as a result of the looting and burning of business. This is expected to further worsen the economic situation of the country which was already suffering from the impact of Covid-19. The government at this point would need to think out of the box, if it aims to revitalise the economy in the shortest time, else our GDP growth rate may remain negative even into the new year.”
Accordingly, the Electricity Distribution Companies of Nigeria (DISCOs), on Sunday said the destruction of equipment it uses to deliver power and service operations will hurt its revenue generation and service delivery in October and the rest of the fourth quarter.
The DISCOs said “I tell you, assets are been destroyed, which is a significant impact on the industry. The DISCOs are expected to give power and how will it be achieved when our facilities including cables, poles, buildings are destroyed.
“That, however, transcends to money because the DISCOs cannot collect money for bills due to the unrest. Who would want to pay when everybody is angry.
“This means the remittance will be low to the Government on power we have collected. The protest has empowered Nigerians to fight back and the threat to lynch officials collecting bill are high. The properties and cables would have to be fixed on whose account?
“Seriously we are at a crossroad but we have signed an agreement to deliver power and that we would do.”
Nigeria Mulls Selling Electricity to Republic of Chad
Nigeria Considers Selling Electricity to the Republic of Chad
The Federal Government is presently considering selling electricity to the Republic of Chad after a request was made by the neigbouring nation.
The federal government-owned Transmission Company of Nigeria disclosed this on Sunday, adding that a meeting was held last week to discuss the possibilities of plugging the Republic of Chad to the nation’s grid.
Nigeria presently exports electricity to three neighbouring nations, Benin, Togo and the Republic of Niger despite struggling with power supply at home and failed to up its power generation more than the current level of 3,000 -4,500 megawatts in recent years.
On Sunday, the total power generated declined to 3,474.5MW as of 6am, down from 3,776.5MW on Saturday, according to the latest data from the Nigerian Electricity System Operator.
The total number of idle plants rose from 8 on Saturday to 11 on Sunday. These idle plants were Geregu II, Sapele II, Alaoji, Olorunsogo II, Omotosho II, Ihovbor, Gbarain, Ibom Power, AES, ASCO and Trans-Amadi.
A total of twenty-seven plants were presently connected to the national grid, which is being managed by the TCN.
“Meeting between Ministry of Power, TCN, and the Chadian Minister of Energy, Mrs Ramatou Mahamat Houtouin, to discuss the possibilities of connecting the Republic of Chad to the Nigerian national grid [was held] on Wednesday, October 21, 2020,” the TCN said on its Twitter handle on Sunday, alongside pictures of the meeting.
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