Economy
FG Has Improved Standard of Living of Taxpayers—Fowler
By Modupe Gbadeyanka
Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has said the tax agency has the obligation to fund all tiers of government.
Mr Fowler explained that the revenue collected by the agency goes into the federal government accounts, and then shared among the federal, state and local governments of the federation.
According to him, 85 percent of Value Added Tax (VAT) goes to the state governments while the remaining 15 percent is taken by the federal government.
The tax chief, speaking in a documentary produced by Boldfaces, stated that the revenues collected by the FIRS have helped the federal government provide good roads, healthcare services, education, security, infrastructure, and a conducive environment for business to grow, and improve the taxpayers standard of living across the nation.
The documentary tagged ‘FIRS Moments on Boldfaces’ highlighted the FIRS services and the Executive Chairman’s innovative ideas in the area of revenue generation and the bold strides of Mr Fowler’s record achievement of generating N4.3 trillion in 2017.
In the first quarter of 2018 (January-March), FIRS collected N1.171 trillion compared with N778.1 billion in 2017. This was N393.3 billion more than the 2017 collection in comparison to similar period last year and represents a 51 per cent increase in collection.
These collections have assisted the federal government in an economy that is just coming out of recession.
Business Post reports that over the last two and half years, Nigeria, Africa’s largest market, has experienced a massive dwindling of oil revenue which has affected the economy.
In 2016, the country went into recession, but only got out of it in the second quarter of last year.
When Nigeria was in recession, government relied on taxes to support the economy, coming out with an initiative last year called the Voluntary Asset and Income Declaration Scheme (VAIDS).
Anchor and producer of Boldfaces, Mrs Tricia Eseigbe, who was at the headquarters of FIRS to present the official DVD copy of the documentary directed by Mr Kingsley Kerry, said if all income earners pay the right amount of tax, government can have more money to provide the basis amenities citizens need.
She urged Nigerians to tune in and watch the FIRS Boldfaces documentary, which she said captures the realities of FIRS ‘Plugging the Gap’ mission and Mr Fowler’s creative strategies in achieving the set goals of persuasion, engagement and enforcement.
According to her, “Paying the right amount of tax is a social responsibility to our nation’s growth.”
The FIRS Moments on Boldfaces also featured top FIRS team including the Coordinating Director, Domestic Tax Group & Special Advisor to the Executive Chairman, Mr Abiodu Aina, who spoke on tax registration and stamp duty.
Mr Aina reiterated that simplicity is the key word in tax registration, pointing out that it’s so much easier to register now as a tax payer in Nigeria than it used to be.
The FIRS Moments on Boldfaces documentary is currently showing on local and international TV networks including AIT, NTA and Channels TV on weekdays and weekends as well as online broadcast via www.boldfacesonline.com, BoldfacesTV YouTube channel, Facebook, Twitter and other prominent internet blog sites.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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