Economy

FIRS Tasks Revenue Generating Agencies on Electronic Tax System

Published

5 years ago

20/04/2021

By Adedapo Adesanya

The Federal Inland Revenue Service (FIRS) has advised revenue-generating agencies at all levels to embrace automated processes and electronic solutions for effective tax administration.

The Executive Chairman of the service, Mr Muhammad Nami, gave the advice in Abuja at the first Nigeria Governors’ Forum (NGF) Technology and Tax Event for heads of State Inland Revenue Services and authorities.

The event, organised by NGF in partnership with the World Bank and the International Centre for Tax and Development (ICTD), was aimed at supporting a learning ecosystem for tax administration in Nigeria.

Mr Nami, represented by an Executive Director in the FIRS, Mr M. L. Abubakar, said there was the need to look inwards on how to improve the revenue of the states to augment the shortfall of allocations from the federation account.

He said that over time, taxation all over the world had always been the most reliable and sustainable source of government revenue if well harnessed and effectively administered.

“For us as a mono-product economy, the reliance on oil revenue in the previous years has exposed our dear country to huge revenue challenges and resulted in poor budget implementation across the three tiers.

“Therefore, proffering solution to these nagging revenue challenges requires a deliberate strategic action plan hence, the need and justification for today’s event.

“Taxation, in most advanced jurisdictions, has gone beyond the bricks-and-mortar model but relies more on data and intelligence which are driven by technology.

“The adoption of technology in revenue administration processes is crucial and a major enabler for enhanced and sustainable revenue generation in a globalised and knowledge-driven world.

“Therefore, revenue authorities at all levels must adopt automated processes and embrace e-solutions both in their internal operations and in dealing with the taxpayers within their respective jurisdictions,” Mr Nami said.

According to him, FIRS, as the country’s leading tax institution, has taken some steps at automating its processes from e-registration, e-filing, e-payment, e-receipt, e-collection and e-TCC, to ensure that it improves on tax collections.

The executive chairman said that there was no better time for the event than now when there was a very pertinent need to shore up revenue in order to meet the budgetary gaps facing the federal and state governments.

He stressed the need to consider e-solutions that would enhance effective taxation of the informal sector which remained a huge source of untapped revenue, the harmonisation of taxpayer database and exchange of information with other stakeholders.

The NGF Director-General, Mr Asishana Okauru, in his remarks said that the lessons of the COVID-19 pandemic pointed to one direction: that all revenue administrations needed to move to a digital future.

Mr Okauru said that digitisation did not only bring about efficiency, but it provided opportunities for more people to be involved.

He identified a weak environment for tax policy and low technological integration in tax administration as critical factors undermining efforts to mobilise domestic revenues in Nigeria.

“Specifically for tax authorities, one big lesson that we have learnt is the criticality of internet-based business support systems and payment platforms for the automation of all back-end operational processes and payments across all revenue streams.

“From our research last year, we already know that most contact-intensive taxes are at risk, given the lessons we learnt during the period of the lockdown where taxes collected from contact-intensive taxes fell by an average of 40 per cent across all states in Nigeria.

“Coupled with a weak environment for tax policy and tax legitimacy, low technological integration in tax administration has undermined efforts to mobilise domestic revenues in the country.

“This has undermined the capacity of tax authorities to collect taxes efficiently and the ability of taxpayers to meet their tax responsibilities conveniently.’’

Mr Okauru said that historically, many governments had taken the path of least resistance, maintaining tax systems that allowed them to maximise whatever limited options were available rather than expanding into digital and more efficient tax systems.

“Amidst this transformation, we also recognise risks of data ownership, data protection and cybersecurity. This, each government must envisage.

“It would require a strong in-house IT team and an experienced legal department that will help protect the interest of all parties, including taxpayers.’’

The NGF director-general noted that the goal of the event was to help facilitate the scale-up of modern, taxpayer-friendly, and technology-driven revenue administrations in all states of the federation capable of providing world-class services.

He added that the event was also to facilitate technology-driven revenue administrations in states characterised by efficient, paperless operations, and equipped with ICT-enabled risk-based enforcement capable of optimising their revenue mobilisation strategies.

Mr Okauru also pledged that the NGF would continue to do its best to bring such collaborations together to provide opportunities for states to benefit from a global perspective and to ensure that no state was left behind.

Economy

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

Published

4 hours 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

4 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

5 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.