The Federal Inland Revenue Service (FIRS) has described The Punch newspaper’s report on its approved budgetary provisions for uniforms and meals for the 2022 fiscal year as totally ill-informed and baseless and advised the public to ignore in its entirety the newspaper’s ‘misleading’ report.. The federal revenue agency in a statement issued by the Special […]
Taxation
NNPC Unveils Plans To Utilize Tax Credit Scheme For Road Projects
The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has hinted of plans by the corporation to rebuild key roads used in the transportation of petroleum products under the Federal Government’s Tax Credit Scheme. Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector […]
Why Nigeria, Ghana, Others Shun Debt Suspension Initiative – W/Bank
The World Bank has explained why Nigeria, Ghana and some other countries refused to participate in a temporary suspension of debt service payments under its Debt Service Suspension Initiative (DSSI), saying the affected countries are concerned about future access to debt and credit-rating downgrades. The DSSI offered 73 IDA-eligible and least developed countries a temporary […]
Diversification Of Nigerian Economy On Course – FIRS Boss
Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has maintained that the diversification of the Nigerian economy, though a work in progress, is on course. Nami, was quoted in a statement by his SA Media and Communication, Johannes Wojuola, as making this remark while speaking at the ‘Public Presentation and Breakdown of […]
Low-Income Countries’ Debt Peaks At $860Bn In 2020
The World Bank in a new report released on Monday stated that efforts by governments around the world to tackle the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages further aggravated loc-income countries’ debt stock, rising by 12 percent to a record $860 billion in 2020. The Breton Woods institution noted that while […]
Only 41Mn Taxpayers Captured So Far In FIRS Database – Nami
The Federal Inland Revenue Service (FIRS), has said that only 41 million taxpayers are captured in the nation’s tax net so far in a population of over 200 million citizens. The Chairman of the federal revenue agency, Mr. Muhammad Nami, disclosed this at the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’ in […]
Excise Duties On Carbonated Drinks To Commence Jan 2022 – Ahmed
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Friday confirmed that government’s fiscal measure relating to the administration of Excise Duties on carbonated drinks would start in January 2022 The minister, who gave this hint during the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’, said the imposition […]
FG’s Transactions Now Accessible On Open Transparency Portal – Idris
The Accountant General of the Federation, Ahmed Idris, has said that the recently launched Open Transparency Portal (OTP) by the Federal Government now makes it easy for members of the public to access information on financial transactions by Ministries, Departments and Agencies (MDAs). Idris made this disclosure while addressing members of the Governing Council of […]
FIRS Cautions Firms Against Late Filing Of Returns On CITA
The Federal Inland Revenue Service (FIRS) has warned companies that late returns on Company Income Tax Returns beyond 30th November 2021 for the 2021 tax year will attract penalty and interest for late filing. A Public Notice signed by the FIRS Chairman, Muhammad Nami, dated October 6, 2021 and titled “Expiration of Waiver of Late Returns Penalty and Interest on […]
Nigeria Records 51% Oil Revenue Shortfall, As Buhari Proposes N3.6Trn For Debt Servicing In 2022
President Muhammadu Buhari on Thursday disclosed that the Federal Government’s share of oil revenue as at July this year totalled N570.23 billion, representing 51 percent shortfall from the budgetary target for the seven months period. Buhari gave this hint in his address on the proposed N16.39 trillion Appropriation Bill 2022 at the National Assembly. He […]