Economy

Multiple Taxes Don’t Exit in Nigeria—LIRS Director

Published

7 years ago

10/12/2018

The Sun

A director at the Lagos Inland Revenue Service (LIRS), Mrs Shade Coker, has declared that there are no cases of multiple taxation in the nation contrary to the widely spread believe, alleging that people use the advantage of lack of information to spread the misinformation.

Mrs Coker who stated this during the official launch of Tax pal Nigeria, a platform that makes tax solution easy stated that taxation is Nigeria seems cumbersome due to inadequate information about system of taxation in the country.

She said that tax Taxpal is that friendly tax café that serves taxable Nigerians and Nigerian residents with spot on tax information required to help them fulfil their end of the social contract – pay their taxes.

She said the law requires records to document all of tax deductions, urging Nigerians to demand payment details and report any agency they feel their transaction is not transparent in order to remove the challenge of the multiple taxation they experience.

On complaints of multiple taxation, Mrs Coker said “Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxation when you pay the same tax to different tiers of government.

“What we have found out is that a lot of people categorise any payment to government as a tax. “For example if you receive fine, a penalty they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user charges and not taxes.”

Also, she identified taxation of electronic related businesses as one of the greatest challenges confronting the payment of tax in Nigeria.

Tax problem increase because this online transaction and businesses are difficult at the moment for one to capture, so their payment becomes really difficult to track.

However, she said the Federal Government has through the ministry of information and also through the office of the Vice President have been talking about the different projects that have been financed with tax revenues and I think as Nigerians begin to see those dividends of democracy, very good spending, people will be more encouraged to pay more taxes.”

In the same vein, the Chief Operating Officer of the Firm, Mr Jide Banjo said the government has the responsibility of being transparent and efficient with how the taxes are spent. Tax apathy and evasion can be reduced where there is high level of transparency and visible development.

Mr Banjo stressed the importance of taxation in any economy, which cannot be overemphasized, noting its effects remain significant.

“It helps greatly in the redistribution of income and gives the government funds that it can use to finance public services such as provision of adequate national security, public infrastructure, social security services, power, roads network and a host of other social amenities.

“The ability of the state or in broader view, a nation to generate a substantial amount of revenue from taxes opens up opportunities for it to provide public services and improve the economy.

He said at a recent tax stakeholder forum organized by PwC, a survey was conducted to find out why many Nigerians do not pay tax.

The result was insightful but not surprising; 70% said it is because people cannot see taxpayers’ money at work, 22.5% said it was due to the tax rules that are unclear and compliance process being too complex while 7.5% said it is due to poor enforcement by tax authorities.

More so, Mr Banjo stated that the National Bureau of Statistics (NBS) recently released tax collection data of all 36 states of the federation, which totalled N683.6 billion out of which Lagos state accounted for N268 bn.

Uniquely, Lagosians amongst many other states can see infrastructural advancement as dividends of their tax remittance.

“We believe that this development is only a tip of the iceberg when over 50% taxable residents pay their taxes instead of the 10million footing the bills of 77million as earlier mentioned. He citing the Vice Presidents Yemi Osinbajo statement while he was speaking at the 20th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN) held in May this year, Osinbajo said, “as of May 2017, only 14 million economically-active Nigerians paid taxes. That number is now in excess of 19 million, and still growing,” That is good news for us at Taxpal. We are charged to help increase that number exponentially he said.

Economy

NASD OTC Exchange Inches Up 0.03% as CSCS Outshines Four Price Decliners

Published

1 hour ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.

According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.

As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.

The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.

The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.

Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.

Economy

Naira Opens Week Weaker at N1,364/$ at NAFEX After N5.80 Loss

Published

2 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.

Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.

In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.

Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.

The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.

Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.

The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.

A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.

Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.

The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.

Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.

However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

NASCON Targets Deeper Cost Optimisation, Accelerated Digital Transformation, Others

Published

2 hours ago

28/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the leading salt makers in Nigeria, NASCON Allied Industries Plc, has set its eyes on some strategies aimed to deliver more value to shareholders.

The chief executive of the company, Mrs Aderemi Saka, said efforts are being made to surpass the performance of last year.

In the 2025 financial year, the organisation recorded a 27 per cent growth in revenue, while post-tax profit grew by over 100 per cent to N33.5 billion, with the earnings per share (EPS) expanding by 115 per cent to N12.41 from N5.77 Kobo in the previous year.

The impressive performance, attributed to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management, resulted in a 200 per cent increase in dividend payout to shareholders to N6 per share.

Mrs Saka, at the firm’s Annual General Meeting (AGM) in Lagos, said the strategic priorities for the coming year include deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.

Earlier, the chairman of NASCON, Mr Olakunle Alake, informed shareholders that the achievements for last year were due to improved operational efficiency, strict cost management and the dedication of the company’s workforce.

“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors. Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders,” Mr Alake said.

He noted that operational sustainability remains a core pillar of the organisation’s strategy, stressing that during the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility.

In addition, the company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.

A director in the organisation, Mrs Tonya Lawani, emphasised that the firm remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.

Speaking on behalf of shareholders, Mr Faruk Umar expressed strong confidence in the company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation.

He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the entity to deliver even greater value to all stakeholders.