Federal, Lagos Inland Revenue Start Joint Tax Audit/Investigation

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June 8, 2023

The Federal Inland Revenue Service (FIRS) and Lagos Internal Revenue Service (LIRS), have signed a Memorandum of Understanding (MoU) to establish a Joint FIRS and LIRS Audit and Investigation Team aimed at encouraging the exchange of information between both agencies.

In the communique by Ayodele Subair, Executive Chairman of LIRS and Muhammad Nami, Executive Chairman of FIRS yesterday, June 7, the general public, taxpayers and tax practitioners are charged to provide full support and cooperation to both Agencies for the overall economic beneﬁt of all stakeholders.

According to the MoU, the overall objective of the Joint Tax Audit would be to improve tax administration by reducing tax compliance cost thereby enabling ease of doing business in the country.

Speaking on the MoU, Ayodele Subair said that while the importance of the agreement was to foster greater collaboration between the two agencies: “There is no reason to debate the above as it has been established that tax compliance and good governance are expected to co-exist as the undividable social contract that binds citizens and governments anywhere in the world. Therefore, citizens and governments are expected to fulfil their end of the bargain in achieving a balance.”

According to the FIRS Executive Chairman, Muhammad Nami: ‘’the cooperation would enable the two authorities to work as a team in sharing relevant information that would assist both parties in their tax administration and enforcement roles as it would also provide capacity building between both tax authorities.

“We will carry out a joint audit and investigation as a team, we will also conduct an automatic exchange of information for gathering data for the purpose of tax administration. With that information, we would be able to carry out tax administration seamlessly.”

The communique said that while the notice was issued for the information and guidance of the general public, taxpayers and tax practitioners in line with the memorandum of understanding, the collaboration between both Agencies in the area of exchange of information will ensure efficiency, accurate assessments and increased revenue for funding of Government expenditure,

FIRS and LIRS, the communique said, are leveraging on their existing distinct competencies in tax administration to collaborate in the areas of exchange of information, harmonization of an integrated tax system and joint tax audit or investigation exercise (where necessary) in carrying out their respective mandates for the purpose of optimizing tax revenue to the Federal Government and the Lagos State Government respectively.

The collaboration is expected to improve tax administration with a view to enhancing tax revenue generation, creation of a robust database and improve on the country’s tax-to-GDP ratio.

The parties are expected to establish a Joint Audit or Investigation Team to be known as the FIRS/LSBIR JAIT (hereinafter referred to as “JAIT”), whose membership shall be determined by both parties to conduct a joint audit or investigation exercise which shall be concluded timeously.

The communique assured the public that employees of both parties will abide by the Code of Conduct and Ethical compliance to assure that the implementation of the MOU does not impact negatively on the taxpayers and the parties.

Nigeria Had Been Feeding West Africa With Subsidized Fuel, Major Marketer Confirms

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Greenbarge Reporters

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June 8, 2023

The Managing Director of the Northwest Petroleum & Gas Company Limited, Winifred Akpani has confirmed that Nigeria had been feeding the whole of the West African subregion with subsidized fuel long before the government of Bola Tinubu removed it.

Speaking to newsmen shortly after a solidarity visit to President Tinubu today, June 7, at the Presidential villa, Abuja the major oil marketer said: “we have been feeding the whole West Africa Sub Saharan Africa, with fuel.

“Since last week Monday, and it’s difficult to believe that it’s only 10 days that this happened, if you check, all those neighboring countries have all their prices shot up.

“Probably maybe Niger is the cheapest with about N580 per liter because they were all feeding on Nigeria’s fuel.”

She defended the removal of the subsidy, saying that it is all about repositioning the country.

“I think Nigeria has suffered for too long. It’s about putting your money in the right place. “We spent like N4 trillion last year. We have spent N4 trillion this year for the first three, four months already.

“We are at about spending 2.7 trillion in subsidy and by the end of this year, we would have been at over 6.7 trillion. How much of that really goes to the populace?”

The boss of the oil marketer stressed that Nigeria cannot be subsidizing the whole of Africa, especially when the country has a lot of its own problems.

“So we came today to express our support and to see how we can cooperate with government because ultimately, you can’t kill the people you’re trying to save. So we’re not going to sit back and say, hey, yes, you have removed subsidy, so it’s fine. There are a aches, there are pains, what can we all do?”

She said that a lot of suggestions were made to the President on how to move the country forward.

She said that over time, Nigeria had depended on PMS because it was cheap, regretting that gas was not developed. “There’s electricity. So we’ll have alternate sources of energy. It doesn’t have to be PMS.

Now suddenly, we now realize that we have gas in abundance.

“There was no fresh investment. Nobody’s going to invest in an economy that is not free. “You’re going to have restrictions. since maybe July last year, I don’t think NNPC has paid anything into the Federation accounts.

“As a matter of fact, we’re actually going to start billing the Federation because there was spending more on a subsidy than they were earning. So these are the problems and that’s why we said it was important for the government to understand that we do support and we are very willing and able to help Nigeria transit this situation.

“The President did listen to us very graciously. And it was interesting, because we all suddenly remember that he’s an accountant first and foremost.

“He asked and he interjected with very, very intelligent questions, and he understood what we meant by saying we want a complete free market. “Free market to have one exchange rate so people can stop trading in dollars. When there’s free exchange rate then we can compete in importation, have competitive licensing, and having refineries running.

“Ee have gone through so many years of no fresh investments, all you ever see are new depot being built? Why is that because that’s all it takes. If you do that, then you become a marketer and you can begin to sell fuel but no. And we also try to explain that whereas you were buying 10,000 matrix ton of petrol for N4 billion, today you have to pay N12 billion. So it’s also important to recognize the fact that the pain is not only for the populace, it’s for the marketers, we’re going to see mergers.

“We’re going to have drop off because that’s a lot of money. But that’s also not to say that we’re going to have scarcity No. Finally we’re going to have our real volumes. “We have stopped feeding most of Africa already, the volumes have dropped. And it’s not only because you’re saying we can’t afford transportation. It’s only the man who has a Jeep that will spend N70,000 now to fuel his car.

“The man who doesn’t have a car doesn’t have to worry about that. All he needs is transportation. And to that extent, we recognize this fact that we have to have an effective mass transit system so that people don’t want to be bothered to drive cars have alternatives, and they’re not going to be stuck at home because they can move.

“So, most of what we talked about is how do we go from here? How can we actually make it work? How can we go back to almost the points where we are before? It’s possible.

“And I say that with all sense of responsibility. And one good thing we also have recognize is the fact that a lot of jobs are going to be created, new businesses are going to come up.

“That’s an adage that says sometimes if you don’t shut a door a window doesn’t open. “And you will find out that maybe that window that opens because of the timing, there’s a lot of opportunity that comes through that.

“So for us it was a very, very good meeting. And we had an input in which we also were able to discuss about helping the economic team, participating in what they’re doing, because they were the people on the field were the ones doing this distribution. What can we do differently?

“And one thing that the President also stated clearly is that we must minimize frictions in this system. We must have a free market that works. “Whether is licensing if you say you are licensing, how long does it take to license it has to be done promptly.

“So in a nutshell, I think that covers essentially what this meeting was all about. We believe by July, which is only a month away, we’re going to begin to really see what is being put in place to help, to assist and to make sure that people can go back to seamless living.

“And we all collectively agree that we’re going to work at providing real mass transit buses that work, the ones that run on CNG, which is a compressed natural gas and diesel interchangeably, and hopefully we’re going to start with about 50 to 100.

“And that is in the very, very short term. And these are locally produced, so you see that we’re also providing jobs, a lot more jobs because we’re using local assembly plants, we are not importing this.

“That is less pressure on our foreign exchange, and that’s more jobs for Nigerians. And Mr President was very happy with that. And we’re really relieved to thank the President because he has a perfect understanding of a lot of the issues.

“I guess we’re not surprised but we were almost amazed to use that word. He asked all the right questions and he pointed to who could solve this problem and that problem.

“So like I said, we’re really, really grateful that we’ve had this interaction, and we’ll take it from there.

“And hopefully, everybody here and Nigerians at large will begin to see that even if this sounded very difficult, it’s a very, very good move, and very courageous.

“We’ve been trying to do this for so many years. “No president has had the courage to do this. “But now we’ll have to face it and like we said, support is what is required now to sit this through.”

36 State Governors Declare Support For Oil Subsidy Removal

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Greenbarge Reporters

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June 8, 2023

Governors in the 36 States of the Federation have expressed support for President Bola Tinubu’s Government on the removal of fuel subsidy payments in the country and other policy initiatives.

The governors, who took turns to speak when the President hosted members of the Nigerian Governors’ Forum (NGF), led by its chairman, AbdulRahman AbdulRazaq of Kwara State, at the State House today, June 7, acknowledged the President’s moves to run an all-inclusive leadership and statesmanship.

They congratulated President Tinubu for tackling the fuel subsidy behemoth, promising to work with him to ameliorate the short-term impact of the policy.

President Tinubu had earlier called on the governors to collaborate with the Federal Government to tacke the menace of poverty in the country, saying that the level of impoverishment is unacceptable.

The President advised the political leaders to downplay their differences and jointly focus on alleviating the sufferings and pains of the people.

“We can see the effects of poverty on the faces of our people. Poverty is not hereditary, it is from the society. Our position is to eliminate poverty. Set aside partisan politics, we are here to deliberate about Nigeria and nation-building.”

President Tinubu stated that the nation should be seen as one big family.

“We are a family occupying one house, and sleeping in different rooms. If we see it that way and push forward, we will get our people out of poverty. A determined mind is a fertile ground for delivering on results.”

The President said that good governance would safeguard the future of democracy.

“Present in this room is our diversity in culture and politics, but we are one nation. The unity and stability of the country rest upon us.

“We are in a democracy and we have to nurture the democracy. It is a hard-earned system and not easy to manage. If anyone thinks it is easy, look at other nations who are over a hundred years in democracy.

“We have managed ourselves very well to have a democracy. We have campaigned and arrived at our present destination. We must work for our people,’’ President Tinubu told the governors, while assuring them that he would maintain an open-door policy.

The President said that he is prepared to share ideas, strengthen institutions, and create bottom-up frameworks that will improve the livelihood of Nigerians.

“What do we do in the face of crushing poverty? What do we do with our development goals? We took the bull by the horns by removing the elephant in the room, before the nation sinks.

“We need synergy to fight other vices like corruption. We are trying to get smugglers out of the way. How do we work together to galvanize the economy, and put resources in place. We must think and perform.

“After removing subsidy, there must be savings accruing to the Federation Account,’’ he noted.

President Tinubu said the education sector must be improved as part of efforts to reduce poverty and penury.

“How do we address the unacceptable level of poverty? How much are we investing in education, which is the only tool against poverty? I am ready to collaborate with you.’’

The President also drew attention to the security problems in some states, admonishing the governors that all efforts should be put in place to tackle the security situation, without thinking it’s only for those facing it.

The Chairman of the NGF and Governor of Kwara State, AbdulRasaq, thanked the President for the invitation to deliberate on the challenges of poverty and security, promising that the governors would support the Federal Government in meeting the targets of human development.

“The NGF will follow the tradition of working constitutionally and harmoniously with you,’’ he said.

The meeting, which was attended by Vice President Kashim Shettima and new Secretary to the Government of the Federation George Akume, had 22 governors and two deputy governors from Edo and Niger States, in attendance.

The governors made suggestions highlighting the plight of citizens in their states, assuring the President of their support in proffering solutions through the National Economic Council.

NYSC, NPC, UNICEF Join Forces To Revolutionize Birth Registration in Nigeria

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Editorial staff

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June 7, 2023

The National Youth Service Corps (NYSC), the National Population Commission (NPC), and the United Nations Children’s Fund (UNICEF) have announced a new partnership aimed at enhancing birth registration in Nigeria.

The signing of a Memorandum of Understanding (MoU), today, June 7, solidifies the commitment of the three organizations to collaborate and support the digitalized birth registration process in 22 states and the Federal Capital Territory (FCT).

Information reaching us at Greenbarge Reporters online newspaper and hardcopy magazine said that the partnership is aimed at providing a robust framework within which the parties can implement a comprehensive and efficient digitalized birth registration process across Nigeria.

By leveraging their existing resources and facilities, the NYSC, NPC, and UNICEF intend to benefit at least 12 million under-5 eligible children who will be registered as primary beneficiaries.

Families, parents, caregivers, communities, households, state and local government areas (LGAs), and ward level administrators will be indirect beneficiaries of this collaboration.

Speaking on the collaboration, the Director General NYSC, Brigadier General Y. D Ahmed expressed his enthusiasm, saying: “The NYSC is honoured to join hands with the NPC and UNICEF in this vital initiative.

“Our deployment of 850 corps members as coordinators and supervisors, spread across 22 states and the FCT, will ensure effective monitoring and supervision of the birth registration process. Together, we will strive to achieve comprehensive data collection and availability, supporting increased birth registration coverage in our respective LGAs.”

The NPC, as a key partner, will play a crucial role in ensuring the success of this partnership.

According to Chairman of NPC, Nasir Isa Kwarra: “We are committed to supporting the recruitment of ad hoc birth registrars at the ward level and ensuring the availability of registration materials to coordinators and supervisors.

“By distributing protocols, checklists, FAQs, and informational materials, we aim to engage local government chairpersons, traditional and religious leaders, and communities to promote the importance of birth registration.

“Together, we will generate and analyze digitalised birth registration data at the LGAs and wards, ultimately increasing birth registration coverage.”

UNICEF, a leading organization in child welfare and development, will bring its expertise to the table to support the digitalised birth registration services in focus states. “Our primary focus will be on providing technical assistance and evidence-based interventions,” emphasized Cristian Munduate, UNICEF representative in Nigeria.

“By integrating birth registration into routine health service delivery, conducting the digitalized birth registration process, and increasing awareness through state and community-level campaigns, we aim to ensure that every child has access to and benefits from the essential health and birth registration interventions they deserve.”

Through this partnership, the NYSC, NPC, and UNICEF are committed to promoting the importance of birth registration within the National Youth Corps programs, stimulating increased demand for birth registration services in health facilities and at the community level. The collaboration will also foster constructive engagement with local government chairpersons, traditional and religious leaders, leveraging their support to enhance the digitalized birth registration process.

MTN Still Nigeria Market Leader, Makes N554 Billion To Beat Dangote

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Editorial staff

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June 7, 2023

MTN Nigeria Communications (MTNN) Plc has beaten Dangote Cement Plc, and others to emerge as the most profitable company in Nigeria in 2022 after making N553.97 billion.

This is based on information gathered from the companies audited results released on the Nigerian Exchange (NGX).

According to the NGX, Nigerian economy expanded by 3.1 percent in real terms in 2022, representing slow growth when compared to the previous year’s 3.4 percent expansion. Headline inflation also rose to a 21-year high of 18.77 percent in 2022 due to the pass-through effect of the Russia-Ukraine war.

Businesses in the country have been able to increase their income, whilst giving value in the form of dividends to their shareholders.

In 2022, fifty top companies were listed on the Nigerian Exchange (NGX) posted profit before tax of N3.54 trillion, surpassing the previous year by 8.1 percent (N3.27 trillion).

Senator George Akume Takes Oath Of Office As SGF

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Editorial staff

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June 7, 2023

The immediate-past Minister of Special Duties and Intergovernmental Affairs, Senator George Akume has taken an oath of office to assume the position of the Secretary to the Government of the Federation (SGF).

Senator Akume, who also served as two-term Governor of Benue State, was sworn-In today, June 7, by President Bola Tinubu in the Council Chambers of the State House, Abuja.

Akume, 70, was Governor of Benue State from May 1999 to May 2007. After his tenure as governor, he was elected into the National Assembly as the Senator representing Benue North West Senatorial zone in 2007.

Senator Akume was re-elected in 2011 and 2015, demonstrating the trust reposed in him by his constituents.

During his term in the Senate, Akume served as Minority Leader from June 2011 to June 2015.

Prior to his political career, Akume started work as a civil servant in the Benue State Civil Service in 1979 as a Land Officer.

Over the years, he held various positions in both the State and Federal governments, retiring voluntarily as a Federal Permanent Secretary, Establishments and Management Services, in 1998.

Speaking to newsmen after his inauguration, Akume said:

”It is an honour to be chosen to serve in this exalted position out of over 200 million Nigerians. It is a challenge to serve in line with the oaths I have taken today. I assure Nigerians I will do my best and I will not disappoint the President.

”I will not disappoint this country; I will not disappoint my party. I believe Nigerians will find fulfillment in my responsibility as I discharge my duties.”

Also present at the ceremony were the Governor of Benue State, Fr. Hyacinth Alia, Kwara State Governor, AbdulRahman AbdulRazaq, the wife of the SGF, Regina Akume, some former governors, the leadership of the All Progressive Congress, family members and well-wishers.

36 State Governors Declare Support For Oil Subsidy Removal

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Editorial staff

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June 7, 2023

Governors in the 36 States of the Federation have expressed support for President Bola Tinubu’s Government on the removal of fuel subsidy payments in the country and other policy initiatives of the government.