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FIRS Hits N5.320 trillion Tax Revenue Target in 2018

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The Federal Inland Revenue Service (FIRS) has set an N8 trillion revenue target this year, its Executive Chairman Tunde Fowler said yesterday.

Fowler, who spoke in Lagos at the opening of the 2019 FIRS Management and Stakeholders Retreat tagged: “Parliamentary support for effective taxation of the digital economy”, said the Service generated N5.320 trillion for the government last year.

Prior to 2018, the highest revenue figure ever attained by the FIRS was N5.07 trillion, which it generated in 2012. He described the N5.320 trillion generated by the FIRS as remarkable, given that it was achieved at a period when oil prices averaged $70 per barrel compared to the period between 2010 and 2013 when oil price was at an average of $100 to $120 per barrel.

The non-oil component of the N5.320 trillion was N2.467 trillion (53.62 per cent), while oil contributed N2.852 trillion (46.38 per cent). The FIRS collected N212, 792 billion exclusively from audit, a figure that arose from 2,278 cases, and with a huge reduction in audit circle.

Fowler said: “While we have been steadily increasing revenue collection over the years, our cost of collection has actually been going down. In 2016, we collected N3, 307 trillion; in 2017, we collected N4, 027 trillion and in 2018, we collected N5, 320 trillion.

“Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing. In 2016, it was 2.6 per cent. In 2017, it was 2.49 per cent, while in 2018 it was 2.14 per cent.”

He added that the Service has been working hard to ensure an increase in the amount of non-oil revenue it collects. The non-oil collection, he disclosed, contributed 64.99 per cent in 2016, 62.25 per cent in 2017 and 53.62 per cent last year.

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National News

NLC reacts to N27,000 minimum wage approval

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The Nigeria Labour Congress has rejected the N27,000 new national minimum wage adopted by the National Council of States on Tuesday.

The NLC Secretary-General, Dr. Peter Ozo-Eson, made this known to the News Agency of Nigeria in Abuja.

According to him, the council has no jurisdiction determining another amount after a Tripartite Committee had submitted its report.

“It is abysmal of government to be delaying the submission of an Executive Bill to the National Assembly and by wrongfully adopting N27,000 through the council of states,” he said.

However, Ozo-Eson said the NLC has scheduled an emergency National Executive Council meeting for Friday to weigh on the deadline given to government within which to submit an executive bill to the National Assembly.

The NLC scribe added that the Federal Government was only projecting a shutdown of the economy with its latest action.

“This is because workers should not be held responsible for any development after its NEC meeting on Friday,’’ he said.

(NAN)

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Money

Ambode fails to present 2019 budget again

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The Lagos State House of Assembly yesterday rejected the request of the state governor, Mr Akinwunmi Ambode, to formally present the 2019 appropriation bill valued at N852.317 billion.

Lagos State Governor Akinwunmi-Ambode

Contrary to the position of the office of the Chief Press Secretary to the governor that the 2019 budget would be presented yesterday, the request was not listed as part of the agenda of the state House of Assembly for the day.

It was revealed that Ambode had since last week contacted the state assembly that he was ready to present the 2019 budget, though it was not clear if the assembly agreed to the governor’s request to present the budget yesterday.

Based on the invitation to journalists for the budget presentation, the state house correspondents trooped to the state assembly for the exercise.

However, the correspondents were denied access to the legislative chambers, the venue of the budget presentation.

Despite the high expectation that the budget would be presented yesterday, security operatives at the assembly denied the state house correspondents access to the legislative chamber after waiting for about 30 minutes or more for the presentation of the 2019 budget.

After about 30 minutes, a police officer, who introduced himself as officer-in-charge, asked the state house correspondents to leave the assembly complex, perhaps acting on the directive of the speaker, Hon. Mudashiru Obasa.

The police officer claimed that he received information from the speaker that the lawmakers would not take the governor’s budget presentation as earlier expected.

He said the speaker was having a private meeting with other lawmakers and would not want to be disturbed.

He said, “I know you are journalists and here for your job but the budget will not be presented today. The speaker and the lawmakers are having a private session and would not like to see people at the lobby”.

Ambode had been having a frosty relationship with the lawmakers after he fell out with the leadership of the All Progressives Congress (APC) in the state.

There were reports of an attempt to impeach Ambode, though the speaker denied it.

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IMF lowers Nigeria’s growth progression

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The International Monetary Fund (IMF) has cut Nigeria’s Gross Domestic Product (GDP) projection for 2019 to two per cent, from the 2.3 per cent it had predicted for the country previously.

The fund stated this in its World Economic Outlook (WEO) update titled, “A Weakening Global Expansion,” released Monday.

It noted that emerging market and developing economies had been tested by difficult external conditions over the past few months amid trade tensions, rising US interest rates, dollar appreciation, capital outflows, and volatile oil prices

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Politics

Read: Why I visited America – Atiku

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Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has stated why he visited the United States of America.

The former vice-president arrived Washington on Thursday despite controversy over the belief that he was facing corruption charges in the US.

Atiku stated that he travelled to the US, because he has a mission to “create the right economic atmosphere for American investments to return to Nigeria”.

Full text below:

It has become pertinent for me to speak about my ongoing visit to the United States of America, where I have met and I am still meeting with the U.S. administration officials and business leaders.

I travelled to the United States of America because I have a mission, which is to create the right economic atmosphere for American investments to return to Nigeria at a rate and quantum that we had before the current Nigerian administration’s policies almost halted the flow of foreign direct investments to Nigeria.

I am in America because Atiku means jobs.

My reason for running for the office of president of Nigeria and even for going into public service in the first place, is because I believe that Nigeria has what it takes to be the beacon of hope for the black race and a leading nation of reckoning in the international community.

This has not materialised over the course of the last four years because, as Chinua Achebe prophetically said in his 1983 book, “the trouble with Nigeria is the failure of leadership.”

The current Nigerian administration has allowed our relationship with our long-standing friends and partners to deteriorate and this has had unfortunate consequences for our economy.

Foreign relations that had been meticulously and delicately built for decades were allowed to deteriorate because members of the incumbent administration mistook their personal interests as the interests of Nigeria and allowed short term goals to dominate their foreign policies.

New friendships should not be made at the cost of old friendships. It is not an either-or situation. Right from Independence, Nigeria has nurtured a policy of non-alignment. We borrowed from the Lincoln policy of malice toward none and charity for all. Sadly, that policy has suffered major setbacks in the last four years.

As a leader in business, I am cognisant of the fact that both Western and Oriental nations will be making the transition from fossil fuels to electric powered vehicles and other green energies over the course of the next two decades. This means that Nigeria’s oil has a limited shelf life.

To be forewarned is to be forearmed and we must, as a nation, begin to make the transition from an oil economy to a modern one based on manufacturing and value-added agricultural chain.

…my vision is for trade to go both ways. Nigeria has a lot to offer America via her creative industry (Nollywood is the world’s third largest movie industry) and rich mining sectors (Nigeria’s Kaduna State is rich in gold ore). I am also eager to find a market in the U.S. for some of the half a million shoes manufactured in Nigeria’s cities of Kano and Aba everyday.

The message I took to the United States business community is not a new message. In my opinion editorial in the British media (“Beyond Brexit – Nigeria wants a new trade deal with Britain”), I submitted that Brexit is an opportunity for Nigeria and the United Kingdom to have a Big Ambitious Free Trade Agreement.
It is only common sense.

In 2014, the African continent as a whole earned $2.4 billion from coffee grown in Africa and shipped mainly to Europe. That sounds impressive. However, one nation alone, Germany, made $3.8 billion from re-exporting Africa’s coffee in 2014.

As a businessman, I see this and I cannot allow it to continue. It is unconscionable, but situations like these will not stop unless Nigeria and Africa have leadership that thinks business, instead of aid, and capital instead of loans.

Nigeria has, perhaps, the highest populations of youth as a segment of the total population, in the world. Already, we have the unfortunate distinction of being the world headquarters of extreme poverty. We cannot afford business as usual. My single-minded focus is to change this dubious record by transforming Nigeria from a consumer nation to a prosumer nation (a nation that consumes what it produces).

For this to happen, we need U.S. firms who have divested from Nigeria, to return. We need Procter and Gamble to reopen its $300 million Nigerian plant, which it shut down last year. We need General Electric to reverse its $2.7 billion pull out of Nigeria.

And my vision is for trade to go both ways. Nigeria has a lot to offer America via her creative industry (Nollywood is the world’s third largest movie industry) and rich mining sectors (Nigeria’s Kaduna State is rich in gold ore). I am also eager to find a market in the U.S. for some of the half a million shoes manufactured in Nigeria’s cities of Kano and Aba everyday.

Someone somewhere said Nigeria’s youth are lazy. I am one of the single largest employers of Nigeria’s youth and I know that assertion is false. My travels in Europe and America is to sell the Nigeria that I know to the world that does not yet know her. A Nigeria with not just a hardworking youthful population, but a nation with some of the smartest working people on earth. A nation that is open for business and a Nigeria that is much more than oil.

And I am certain that if I am successful in selling this Nigeria to the world, the world will come to Nigeria for business. That is why I am in America. Because I believe in JOBS – Jobs, Opportunity, Being United and Security and it is time Nigeria and all Nigerians finally have the opportunity to realise their true potentials.

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