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FG Targets 75% Non-oil Sector Revenue

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  • FG Targets 75% Non-oil Sector Revenue

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has projected that in the next three years, Nigeria’s non-oil revenue will be at about 75 per cent.

He also anticipated that within same period, the number of tax payers in the country would have risen to over 60 million.

Fowler, said this during an interview on Arise Television, that “If you look at where we are coming from and where we are right now, last year we did N5.3 trillion out of which the non-oil sector accounted for 53.6 per cent and that of course was the highest revenue generated in the history of Nigeria.”

He also spoke on the recent inauguration of the Joint Tax Board identification number registration system, explaining that it was basically the same thing as the Tax Identification Number.

“What we have now is a Consolidated Tax Data base. All tax payers within the country and corporate organisations have the tax information residing in one data base. “Prior to this, in line with the constitution, every state has a right to have a tax identification number for its residents. So if you have a transaction for example, in Lagos and you reside in Kano, the Kano Revenue Service will issue you a tax payer certificate which you would bring to Lagos.

“Lagos will now manually confirm that the certificate is genuine and also access the tax based on the transaction you want to carry out in Lagos and at time, this takes a while.

“Also, if they believe your taxes paid in Kano were not sufficient, they would ask you to pay additional tax but now at the touch of a button, your tax history can be seen by tax officials in Lagos and you can carry out your business seamlessly or if you want to do a government contract, and part of the requirements is that you show evidence of a tax clearing certificate, at the touch of a button, that official would see your tax status

“This system also keeps accurate records of all payments to the government so if you want to check your payments from about three to five years ago, you would be able to access your tax information and adequate records of all your transactions.

“It makes business much easier and also improves transparency and accountability and all these can be done 24/7 online, anywhere in the world.”

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

IMF to Review Nigeria’s Growth Forecast Amid Destruction of Businesses, Properties

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IMF Says it May Review Nigeria’s Growth  Amid Recent Development in the Country

Following the destruction of businesses and properties that trailed the #EndSARS protest, the International Monetary Fund (IMF) has said it may review the nation’s growth forecast in view of the new development in the country.

Abebe Selassie, the Director, African Department, International Monetary Fund, made the statement while responding to questions during a virtual IMF press conference on the economic outlook of Sub-Saharan Africa on Thursday.

According to him, the protest is difficult given that Lagos is a very important economic hub and contributes to the overall Nigeria activities.

Selassie said, “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook.

“And much will depend really on how these protests evolve.

“Lagos of course, is a very important economic hub and contributes quite a bit of economic activity to overall Nigeria activities.

“So, if these persist and are showing significant effects on economic data, we will internalise them in due course.”

He further explained that the nation’s economy had been a difficult one in the last four years ever since oil prices plunged in 2015-16.

He said, “I think this is exactly why we have been on the record in Nigeria about how really critical it is to get all of the policy induced barriers out of the way to facilitate stronger economic growth.

“For the government to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential.

“So, I think that development agenda that Nigeria has, I think, has to be tackled with gusto and vigor so that the millions of jobs that the country needs can be created.”

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Economy

Oil Marketers Lose Millions as Hoodlums Set Petrol Tankers on Fire

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Oil Tankers Burnt by Hoodlums as Marketers Lose Millions to Protest

Oil marketers lost millions of Naira to repeated attacks by hoodlums exploiting the #EndSARS protest.

The Independent Petroleum Marketers Association of Nigeria on Thursday said hoodlums have been attacking their trucks since they hijacked the protest earlier in the week.

The association said three petrol laden trucks were burnt again on Thursday in Warri, Delta State.

This came as the Board of Trustees of the Oil and Solid Mineral Producing Area Landlords Association of Nigerian urged protesters across the country to sheathe their swords as the destruction of oil assets and others had become alarming.

Chief Chinedu Ukadike, the Public Relations Officer, IPMAN, who spoke in Abuja said three petrol tankers with petroleum products estimated at about N90 million were set on fire on Thursday.

He said, “The protesters are burning our petrol trucks as we speak right now in Warri. They are burning three trucks. The cost or value of the content in those trucks is about N90m.

“That is outside the worth of the trucks that are being burnt. This is why we asked our tanker drivers to park or temporarily halt the movement of products.”

Ukadike said the association decided to halt the movement of petroleum products on Wednesday to avert a further disaster that could arise attack of oil tankers by angry protesters.

That advise on the temporary halt of tankers movement was vital, particularly for volatile locations where protesters are highly aggressive. So that is what is happening now in Warri, the petrol trucks of oil marketers are being burnt,” he stated on Thursday.

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Economy

LCCI Says FG Loses N700bn to #EndSARS Protest in 12 Days

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Nigeria Loses Over N700 Billion to #EndSARS Protest in 12 Days

The Federal Government lost over N700 billion to the #EndSARS protest in twelve days, according to the Lagos Chamber of Commerce and Industry (LCCI).

Mrs. Toki Mabogunje, the President, LCCI, disclosed this while reviewing the economic implications of the just ended #EndSARS protest.

Mabogunje, who appreciated the value of citizens engagement and the demand for accountability which the protest represents, lamented the negative effect on the nation’s economy.

She said, “These are in consonance with democratic norms. They also form vital ingredients for good governance.

“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.

“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.

“The Nigerian economy has suffered an estimated seven hundred billion naira (N700 billion) loss in the past twelve days.”

She further said the protest has reawakened the need to reform the shortcomings in the nation’s political governance, however added that to protect livelihoods of Nigerians, including business community, the protesters need to move to next stage of civic engagement.

This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid 19 Pandemic and struggling to recover from its devastating effects,” she added.

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