Economy

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

Published

8 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

Senate Approves President Tinubu’s $6bn Loan Request

Published

5 hours ago

31/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Senate has approved President Bola Tinubu’s fresh request for a $6 billion external loan to support key national priorities.

The approval came on Tuesday, March 31, 2026, after the Senate considered a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.

The request was contained in two separate letters from the President, read during plenary.

According to Mr Tinubu, out of the $6 billion, the lion’s share of $5 billion is a Structured Total Return Swap (TRS) external financing programme offered by the First Abu Dhabi Bank, to be released in tranches.

The remaining $1 billion is an export finance facility from the United Kingdom, arranged by Citibank, specifically for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

The facilities are intended to support the implementation of the national budget, funding priority infrastructure projects, and refinancing existing domestic and external debts.

The President also said the loan will help the country to meet urgent financial obligations, noting that the phased drawdown of the borrowing will help ease pressure on debt servicing.

The Senate also approved the issuance of Naira-denominated federal government securities as collateral and the payment of margin obligations in US Dollars.

Earlier, it was reported that President Tinubu sought the red chamber’s approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.

The request, conveyed in a letter read on the Senate floor during Tuesday’s plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from the initial N58.47 trillion to N67.47 trillion.

According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.

The development raises fresh worries about Nigeria’s debt portfolio, which has risen considerably within the three years of the Tinubu-led administration.

Economy

Oando Seals Block KON 13 Production Sharing Deal in Angola

Published

5 hours ago

31/03/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

A production sharing contract (PSC) for Block KON 13 has been signed between Oando Plc and the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG).

With a 45 per cent participating interest, Oando’s wholly owned subsidiary, Oando Exploration and Production Angola Ltd, will serve as operator of the block.

The other partners in the consortium are Effimax Energy – Serviços, Lda (30 per cent), Sonangol Exploração & Produção (15 per cent), and Walcot Ltd (10 per cent).

Block KON 13 is located in the onshore Kwanza Basin, Angola. It has two exploration wells previously drilled to a total depth of 3,000m, with oil shows encountered in one well across various depths.

The addition of Block KON 13 further bolsters the energy firm’s upstream portfolio and underscores its commitment to driving regional growth and energy security.

Recall that before now, Oando acquired the assets of Nigerian Agip Oil Company Limited as part of its expansion strategy.

The latest addition solidifies the company’s strategic entry into the Angolan oil and gas sector and represents a significant step in its long-term vision to grow its upstream operations across Africa. It also represents its first operated international upstream joint venture and further strengthens its position as a prominent player in the continent’s energy landscape.

“The execution of this PSC advances our geographic footprint across Africa and reaffirms the commitment to excellence and execution we have repeatedly demonstrated on the continent.

“We bring proven technical expertise to this asset and a clear mandate to create value for our partners and advance Angola’s energy ambitions for the benefit of the continent.

“We look forward to working with ANPG, our co-venturers, and key stakeholders in moving from agreement to action,” the chief executive of Oando, Mr Wale Tinubu, said.

Oando, through its upstream businesses, holds interests in 14 oil and gas assets spanning exploration, development, and production activities, both onshore and offshore, in Nigeria and São Tomé and Príncipe.

Economy

Tinubu Seeks Senate Approval to Raise 2026 Budget by N9trn

Published

8 hours ago

31/03/2026

Adedapo Adesanya

By Adedapo Adesanya

President Bola Tinubu is seeking Senate approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.

The request, conveyed in a letter read on the Senate floor during plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from N58.47 trillion to N67.47 trillion.

According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.

He said the increase will first address outstanding legal commitments carried over from previous appropriation cycles, preventing them from affecting the execution of the 2026 budget.

The proposal also seeks to consolidate existing government debt within the fiscal framework, while making provisions for a limited number of strategic and priority projects.

President Tinubu added that the revised financing plan is designed to preserve macro-fiscal stability and ease pressure on the domestic financial market.

The Senate is expected to consider the request in the coming days.

In December, the President presented the N58.47 trillion 2026 budget proposal to a joint session of the National Assembly, outlining the government’s priorities anchored on economic stability, infrastructure expansion, security and social investment.

The budget was hinged on assumptions including oil production of 1.84 million barrels per day, an oil price benchmark of $64.85 per barrel, and an exchange rate assumption of N1,400 to the Dollar.

Following the presentation, the Senate passed the appropriation bill for first and second readings, paving the way for detailed consideration by relevant committees.