Fowler Tasks Other States to Emulate Enugu Tax System

Image

By Dipo Olowookere

Chairman of the Joint Tax Board (JTB), Mr Tunde Fowler, has challenged state governors in Nigeria to emulate measures put in place by Governor Ifeanyi Ugwuanyi of Enugu State in enhancing the efficiency and productivity of his state’s Board of Internal Service, for improved revenue profile in their various states.

Mr Fowler gave this charge at the 141st meeting of the JTB in Enugu, which was attended by chairmen of the Board of Internal Revenue from the 36 states of the federation.

He commended Mr Ugwuanyi for putting in place a proficient and unparalleled tax regime, which has ensured that the state exceeded the 15 percent tax revenue to Gross Domestic Product (GDP) benchmark suggested by the United Nations for the funding of budgets.

He further praised the Governor for the unprecedented growth in the Internally Generated Revenue (IGR) of the state, as well as the judicious utilisation of the said funds for the rapid development of the state.

The chairman said the objective of the meeting, with the theme: ‘Leveraging on ICT for efficient tax administration and revenue enhancements, focusing on States IRS,’ was to discuss tax matters and how to provide better services as well as “look at contracts executed with tax payers’ money.”

Mr Fowler doubles as the chairman of Federal Inland Revenue Service (FIRS).

Share
Related Stories
Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

More Stories
Image
04-June-2019

SPAR Children’s Day Party Delights Participants Across Nigeria

In her charismatic way of celebrating youngsters, SPAR hosted Nigerian children to a party across various cities in the country during the 2019 Children’s Day celebration. The event took place simultaneously at the various premises of SPAR outlets nationwide. This memorable event saw children engaged in various games and other exciting competitions during the Kids Fun Day and all participants went home with various freebies courtesy of SPAR. The free event made children experience the hospitality of the brand in a serene and conducive atmosphere. In his comment on the SPAR Children’s Day Party, the company’s Group Marketing Head, John

Image
02-November-2017

FMDQ Honours Alade, Onyema, Onasanya, Oduoza, Others

By Modupe Gbadeyanka On Friday, October 27, 2017, FMDQ OTC Securities Exchange (FMDQ) held a befitting cocktail reception and dinner party in honour of the immediate past Chairman of the FMDQ Board of Directors, Mrs Sarah Alade, and six other retired Non-Executive Directors, who served the OTC Exchange until April 28, 2017. The retired Non-Executive Directors who were also honoured at the event were Mr Olabisi Onasanya, Chairman/Chief Executive Officer, The Address Homes Ltd.; Mr Phillips Oduoza, Chairman, Nova Merchant Bank Ltd.; Mr Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC; Alhaji Muhammad Nda, Commissioner/Deputy Chairman, Niger State Planning Commission;

Image
11-November-2020

Sanwo-Olu Picks Olusanya as Substantive Commissioner for Agriculture

By Modupe Gbadeyanka After acting for months, Governor Babajide Sanwo-Olu has chosen Ms Abisola Olusanya as the substantive Commissioner for Agriculture in Lagos State. The confirmation of Ms Olusanya for the position was contained in a circular issued by the State Head of Service, Mr Hakeem Muri-Okunola. The coronation of Oba Omogbolahan Abdulwasiu Lawal, Abisogun II as the 15th Oniru of Iru Kingdom, Lagos by the Governor gave room for Ms Olusanya to occupy the vacant position in an acting capacity. After showing that she was capable of handling the huge task, Mr Sanwo-Olu has decided to keep her for

Image
01-January-2021

DPR Shortlists 161 Firms for Marginal Oilfields Final Round 

By Adedapo Adesanya The Department of Petroleum Resources (DPR) says 161 companies have been shortlisted to advance to the next and final stage of the bid round process for 57 marginal oilfields in the country. This was disclosed by Mr Paul Osu, Head of Public Affairs, DPR in Lagos. He explained that the firms were selected from the over 600 companies which applied for pre-qualification. A marginal field is any field that has reserves booked and reported annually to the DPR and has remained unproduced for a period of over 10 years. ”The 2020 marginal oilfield bid round process is

Image
11-February-2019

Anumudu Wins InterswitchSPAK 1.0 to Emerge Nigeria’s ‘Best Science Student

By Modupe Gbadeyanka Sixteen year old Akachukwu Anumudu of Apostolic Faith Secondary School, Anthony, Lagos, on Saturday, February 9, 2019, emerged winner of the first edition of the InterswitchSPAK National Science Competition held in Lagos. He beat eight other contestants in an intense quiz session to win the grand prize of N7.5 million worth of tertiary education scholarship spread over five years, a laptop and a monthly stipend during the course of the scholarship. The first runner-up was 16-year-old Henry Umunna of the Loyola Jesuit College, Abuja. Umunna won N4 million worth of scholarship spread over three years; while the

Image
26-August-2021

FG Pays N2.02trn from N2.23trn Revenue to Service Debt

By Adedapo Adesanya The federal government has disclosed that it expended N2.02 trillion to service debt in the first six months of this year. This figure represents 90.5 per cent (approximately 91 per cent) of the total revenue of N2.23 trillion generated by the national government within the period. Mr Alfred Okon, who is the Technical Adviser to the Director-General of the Budget Office, Mr Ben Akabueze, made this disclosure while presenting the Overview of FGN 2022 Budget Call Circular report. Mr Okon made the presentation on Thursday at a training themed Government Integrated Financial Management Information System Budget Preparation

Image
22-October-2016

Nigeria Plans $1b Eurobond Sale Before End Of 2016

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has revealed that the Federal Government will issue a Eurobond worth $1 billion before the year 2016 runs out. Mrs Adeosun said the government was optimistic it would get those interested in it. She explained that this was part of the FG’s way of sourcing for funds for the budget. Nigeria plans to borrow a total of $5.8 billion both locally and abroad to fund an expected budget deficit of N2.2 trillion in 2016. Speaking on the sidelines of an investment conference at the London Stock Exchange on Friday, the Minister

Image
28-January-2018

Chinese, Hong Kong Shares Rise as Japanese Stocks Fall

By Investors Hub Asian shares turned in a mixed performance on Friday as investors awaited President Donald Trump’s comments to the World Economic Forum in Davos, Switzerland, along with preliminary data on U.S. fourth-quarter GDP. China’s Shanghai Composite Index rose 10.78 points or 0.3 percent to 3,559.09, while Hong Kong’s Hang Seng Index jumped 499.67 points or 1.5 percent to 33,154.12 after Morgan Stanley boosted its stock targets on a number of Chinese lenders. Chinese industrial profits continued to increase in December, although at a weaker pace than in the previous month, figures from the National Bureau of Statistics showed.

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in