Economy

FIRS Generates N3.5tr in 8 months, to Freeze Accounts of 6,772 Billionaires

Published

7 years ago

10/09/2018

By Modupe Gbadeyanka

Not less than N3.5 trillion has been generated as revenue from taxes from January 2018 to August 2018, Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, has disclosed.

A stakeholders’ meeting in Lagos, the taxman said this was N1 trillion more than what was realized throughout 2017.

“If you look at 2018 revenue to date, between January and August, we have done N3.5 trillion, which is N1 trillion over 2017.

“But the main point I want to make is that majority of taxpayers that accounted for this revenue have not changed. The laws have not changed. And to a great extent, the consultants to these companies have not changed. If you look at 2017, there is an increase of close to N800 billion over the 2016 collection.

“The increase in 2018 so far showed N1 trillion. If the same consultants advised or reviewed the accounts of the majority of the taxpayers, one would wonder why such large increases occurred. It is either the taxpayers did not disclose fully their finances to the consultants or the consultants involved in tax planning,” Mr Fowler said.

Also at the stakeholders’ meeting attended by representatives of the Central Bank of Nigeria (CBN), professional accounting and audit firms, tax consultants, Nigerian Bar Association (NBA), Manufacturers Association of Nigeria (MAN), and others, the tax chief disclosed that his agency would soon go after the bank accounts of defaulting taxpayers who are raking in billions of Naira in Nigeria and are not paying taxes.

According to him, over 6772 defaulting billionaire taxpayers have been identified by the FIRS through banks data.

He said most of such taxpayers, who have between N1 and N5 billion in their accounts have no Taxpayer Identification Number (TIN) or have TIN and have not filed any tax returns as taxpayers.

“What we have done is what we call ‘substitution’ which also is in our laws which empowers us to appoint the banks as collection agents for tax.

“So, all these ones of TIN and no pay and no TIN and no pay, to the total of 6772 will have their accounts frozen or put under substitution pending when they come forward.

“First, they refused to come forward in 2016, they refused to come forward under VAT and are still operating here. So, we are putting them under notice that it is their civic responsibility to pay tax and to file returns on these accounts.

“We looked at all businesses, partnerships, corporate accounts that have a minimum turnover of N1 billion per annum for the past three years. First of all, the law states clearly that before you open a corporate account, part of the opening documentation is the tax I.D.

“From the 23 banks we have analysed so far, we have 31,395 records, out of which effectively minus duplications we had 18,602.

“We broke those into three categories: Those that have TIN tax I.D, those that don’t have no TIN and of course no TIN no pay and those that have TIN and have not even paid anything.

“So, on a minimum, every company or business included here over the last three years have had a banking turnover of N3 billion and above. Some of them have had banking turnover of over N5 billion and have not paid one kobo in taxes. Now the total number of TIN and no pay is 6772.

“So, if someone is good in mathematics and you take the minimum level of N3 billion multiply by 409 and they are operating within our society and economy and do not remit or make any tax payment,” he said.

Mr Fowler urged banks “to support us [because] in supporting us, you are supporting Nigeria. In supporting Nigeria, you are supporting all Nigerians and those who have chosen Nigeria as home. And most of all, you are supporting a future that we can leave behind for the upcoming youth of Nigeria.

“I remember this when we were growing up a statement made by Wole Soyinka that our generation is a wasted generation. That (statement) has remained in my mind for many years. Wole Soyinka is still alive. His generation is a generation of 80s and above. Let us not look back and say also our generation has not left any value behind. I think it is time for us to change.”

He appealed to Nigerians to continue to support the government by paying their taxes because “gone are the times or days we ask what has government done for me. We should ask what we are doing for ourselves and the nation first. We should obey the law, pay our taxes, empower our governments at various levels, then sit back and see the end results.

“If we see the amount of the budget that has gone into capital under this present government, but not only gone into the government but being expensed, it is at least three times more when the revenues were even higher.”

Economy

No Discrepancies in Harmonised, Gazetted Tax Laws—Oyedele

Published

3 hours ago

22/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.

Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.

However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.

“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.

“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.

“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”

Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”

He noted that the response given by the committee was that its members had not met on the issue.

“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.

“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.

In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.

The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.

The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.

Economy

Aluminium Extrusion Surges 59.35% to Lead NGX Weekly Gainers’ Chart

Published

3 hours ago

22/12/2025

Dipo Olowookere

By Dipo Olowookere

A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.

However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.

Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.

On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.

The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.

Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.

According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.

The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.

The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.

The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.

Economy

NEPC to Disburse $50m Digital Women Empowerment Fund Q1 2026

Published

4 hours ago

22/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.

The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.

The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.

Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.

Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.

“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.

Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.

“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.