Economy
FIRS Rakes N2.11tr in Seven Months
By Modupe Gbadeyanka
The sum of N2.11 trillion has been generated as revenue in the first seven months of this year by the Federal Inland Revenue Service (FIRS), data from the agency has revealed.
According to the data, the FIRS collected N720.28 billion as Petroleum Profit Tax (PPT) from January to July this year, while the Value Added Tax (VAT) revenue collected in the same period was N548.22 billion.
The News Agency of Nigeria (NAN), which obtained the report from FIRS on Monday, disclosed that the Federal Government had also collected the sum of N679.9 billion as Company Income Tax (CIT) and N91.4 billion as Education Tax collection.
The FIRS said it the aggregate revenue projected in the 2017 budget is N4.94 trillion, out of which oil revenue will contribute N1.98 trillion.
This is based on an estimated crude oil production of 2.2 mbpd converted at an exchange rate of N305 to a dollar.
Non-oil revenue for the year is projected at N1.37 trillion, which represents about 28 per cent of the budgeted revenue.
Independent revenues, various recoveries and mining will account for the balance of about N1.58 trillion.
The report also showed that consolidated tax revenue for the first seven month of the year was N62.3 billion, which already supersedes the N59.8 billion generated from the area in the entire 2016 financial year.
Also, the service recorded success in boosting its collection of National Information Technology Development Fund (NITDEF) levy, which went from N6.75 billion in 2016 to N9.87 in the first seven months of 2017.
A further analysis of the report showed that the service generated more money from taxing the non-oil sector compared to the oil and gas sector.
The report showed that non-oil tax revenue contribution was at 65.9 per cent while oil and gas contribution to revenue for the year was at 34 per cent so far.
According to the report, tax improvements recorded so far was due to the latest steps by the service to increase tax collection.
“FIRS have adopted e-services as a medium to achieve innovation, convenience and transparency of its operations to ensure that every effort is made to improve efficiency in collections and tax administrations.
“A 45-day window from October 5 to November 2017 was given to tax payers with tax liabilities to come forward and pay 25 per cent of the agreed tax liability, spreading the balance liability while waiving penalty and interest.
“FIRS in collaboration with Corporate Affairs Commission, Central Bank of Nigeria and Nigeria Customs Service undertook a massive Nationwide registration exercise of new taxpayers in 2016.
“We are also carrying out a sector-by-sector tax audit, which have increased compliance across all tax types and taxpayers categories. Over N8 billion have been recovered through this.
“Also, the Voluntary Assets and Income Declaration Scheme (VAIDS) encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities to boost revenue collection.
“All this will help improve the low tax ratio from 6 per cent to 15 per cent by 2020 and curb the use of tax havens for illicit fund flow and tax avoidance,” it stated.
According to the report, the service was instrumental in the signing of a Bilateral Taxation Agreement on double taxation on income and capital gains.
Also, the service had signed the Organisation for Economic Co-operation and Development’s Multilateral Instrument, which aims to tackle issue of base erosion and profit shifting by multinational companies operating in the country.
The report showed there were currently a number of bills at the National Assembly that when passed would help to improve tax revenue.
Some of the bills include the Stamp Duties Act Bill, 2017 and the Value Added Tax Bill, 2015.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
