Economy
Kwara Digitisation Process Yields Result as Annual IGR Hits N27bn
By Modupe Gbadeyanka
About N27.0 billion was generated in 12 months by the Kwara State government as internally generated revenue (IGR), 95.61 per cent lower than the target it set for 2021.
This disclosure was made by the Kwara State Internal Revenue Service (KW-IRS) and it is coming a year after the state and the nation were locked down as a result of the coronavirus pandemic.
For about six months in 2020, the federal government imposed a lockdown in the country to curtail the spread of the deadly virus, causing businesses to either shut down or operate remotely, affecting revenue generation.
In a statement signed by the Executive Chairman of KW-IRS, Ms Shade Omoniyi, it was stated that the agency projected to rake N29.2 billion in the year under review but it was unable to meet this target.
However, the funds generated last year remains the highest annual IGR recorded since the agency was founded in 2016.
Analysis indicated that in the first quarter of 2021, KW-IRS raked N9.6 billion and in Q2, it raked N6.5 billion and in the third and fourth quarter of the year, it generated N5.7 billion and N5.2 billion respectively.
Ms Omoniyi attributed the decline in the IGR from Q2 to Q4 to challenges associated with general apathy in the adoption of some newly introduced revenue collection processes, non-remittance, as well as seasonal collections.
But she said the annual rise in IGR was buoyed by “the gradual recovery of the economy after the pandemic, continuous consolidation and digitization of all revenue lines of the state, both of which are helping to reduce revenue loss, leakages, and diversion of revenues accruable to the state government.”
She assured that the agency is not relenting in its efforts of provision of seamless tax administration, continuous tax advocacy through various mass media platforms and stakeholders’ engagement to ensure tax compliance, prompt payment and remittance of tax arrears, eradication of under deductions and non-remittance of taxes due on income.
Ms Omoniyi this year, the organisation plans to consolidate on the digitization process which aims at achieving taxpayers’ convenience, as some of our major structural improvements include the Self-Service Portal where taxpayers could perform basic tasks in the comfort of their locations.
She noted that in 2022, the agency will broaden its tax net and make IGR collection seamless in the informal sector as several initiatives introduced at the Kwara State capital will be taken to all the local government areas with its continuous expansion of operations to all councils and the recruitment and deployment of additional 100 staff for improved efficiency at the grassroots.
The KW-IRS chief further said the agency will introduce cashless payments schemes in several touchpoints across the state with the consolidation of payment platforms and continuous improvement on its automation system across board.
She further assured that as the year 2022 progresses, KW-IRS will continue to establish more profitable partnerships and effective work relationships with all stakeholders for smooth revenue administration and strategic development of the state.
“The Service remains committed to improving its processes, promoting collective work ethics, and seamless provision of tax administration for the growth of Kwara State IGR,” the statement added.
Ms Omoniyi charged all business owners in the state to register their businesses with the KW-IRS, ensure tax returns are done within the time allowable by law, declare all sources of income for appropriate assessment, and pay all that is due on income as tax within the stipulated time.
By Dipo Olowookere
Sustained profit-taking in high-cap stock like Dangote Cement deepened the woes of the Nigerian Exchange (NGX) Limited on Wednesday.
The domestic equity market lost 1.47 per cent at midweek as the National Bureau of Statistics (NBS) revealed that inflation in Nigeria was further elevated in December 2024 by 34.80 per cent, prompting investors to maintain their selling pressure stance.
Data showed that the industrial goods index depreciated by 4.70 per cent at the close of business as the insurance sector slumped by 3.47 per cent.
However, the consumer goods space improved by 0.99 per cent, the energy counter appreciated by 0.15 per cent, and the banking industry gained 0.02 per cent.
When the closing gong was struck by 2:30 pm to signal the close of trading activities yesterday, the All-Share Index (ASI) was down by 1,529.59 points to 102,095.95 points from 103,625.54 points and the market capitalisation went down by N933 billion to N62.257 trillion from N63.190 trillion.
Like the preceding trading day, investor sentiment was weak at midweek after Customs Street ended with 28 price gainers and 39 price losers, implying a negative market breadth index.
Universal Insurance and Dangote Cement were the biggest price losers as they shed 10.00 per cent each to close at 63 Kobo, and N387.90, respectively, as John Holt declined by 9.99 per cent to N8.47, Transcorp Power lost 9.97 per cent to close at N324.00, and Omatek tumbled by 9.89 per cent to 82 Kobo.
Conversely, Dangote Sugar, NASCON, and Sunu Assurances chalked up 10.00 per cent each to sell for N36.85, N38.50, and N6.71, respectively, as SAHCO rose by 9.95 per cent to N33.15, and Austin Laz grew by 9.94 per cent to N1.99.
Business Post reports that investors bought and sold 435.5 million equities valued at N9.4 billion in 12,098 deals during the session versus the 503.3 million equities worth N12.6 billion traded in 12,900 deals on Tuesday, indicating a decline in the trading volume, value, and number of deals by 13.47 per cent, 25.40 per cent and 6.22 per cent apiece.
Universal Insurance topped the activity log with the sale of 70.3 million shares for N46.4 million, AIICO Insurance traded 39.7 million equities valued at N67.5 million, Access Holdings exchanged 16.8 million stocks worth N414.0 million, Livestock Feeds transacted 16.8 million shares valued at N106.8 million, and Nigerian Breweries traded 16.2 million equities worth N518.2 million.
By Aduragbemi Omiyale
As the world, particularly the United States prepare for the second coming of Mr Donald Trump to the White House next Monday, there have been significant interest in the cryptocurrency market.
Mr Trump, who was the President of the US from 2017 to 2021, won the 2024 presidential election by defeating the current Vice President, Ms Kamala Harris, who was the candidate of the Democratic Party, and will be sworn-in on Monday, January 20, 2025, for a second term in office.
The Head of Research at Derive.xyz, Mr Sean Dawson, while commenting on the renewed interest in Bitcoin ((BTC) and other digital coins in the market, said, “In the last 24 hours, BTC trading activity has surged, with open interest hitting an impressive $237 million.
“With 38 per cent of BTC contracts being calls bought and 37.3 per cent puts bought, it’s clear that traders are positioning for increased volatility, particularly with the inauguration just days away.
“This appetite for market swings likely reflects growing uncertainty in U.S. markets as expectations for a near-term rate cut diminish.”
“Additionally, bearish sentiment appears to be gaining traction, with BTC puts now making up 40 per cent of all open interest, a sharp increase from 20 per cent just last week. This shift suggests traders are hedging against potential downside risks as we approach the inauguration.
“Implied volatility (IV) trends further highlight this heightened uncertainty. BTC’s 7-day ATM IV has risen by 3 per cent to 56.5 per cent, while the 30-day IV is up 1.5 per cent, now at 57.5%. This steady climb points to a more volatile market sentiment leading up to the event,” he further said.
”ETH, on the other hand, has seen an even more pronounced spike in IV. Over the past 24 hours, ETH’s 7-day IV has surged by 6 per cent to 74 per cent, nearly double the rise seen in BTC.
“Meanwhile, its 30-day IV has climbed 2.5 per cent to 69.5 per cent. This disparity suggests ETH traders are anticipating greater immediate volatility, possibly due to its higher sensitivity to macroeconomic shifts and speculation surrounding post-inauguration policies.
“As the inauguration draws near, these trends underline a pivotal moment for traders, with both BTC and ETH markets reflecting a mix of caution and readiness for potential sharp moves,” Mr Dawson stated.
By Adedapo Adesanya
Nigeria’s inflation hit 34.80 per cent in December 2024 from 34.60 per cent in November 2024, spurred by festive activities.
This was disclosed by the National Bureau of Statistics (NBS) in its first published data after almost a month of blackout on its website following a purported hack.
The December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 headline inflation rate.
This was due to December festive period increases in demand for goods and services.
On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 at 2.64 per cent.
This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.
Meanwhile, the food inflation rate in the festive month was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher compared to the rate recorded in December 2023 at 33.93 per cent.
The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items; yam, water yam, sweet potatoes, etc (potatoes, yam & other tubers class), beer, pinto (tobacco class), guinea corn, maize grains, rice, etc (bread and cereals class), and dried fish-sadine, catfish dried, etc (fish class).
On a month-on-month basis, the Food inflation rate in December 2024 was 2.66 per cent which shows a 0.32 per cent decrease compared to the rate recorded in November 2024 at 2.98 per cent.
The decline can be attributed to the rate of decrease in the average prices of local beer (burukutu), pinto (tobacco Class), fruit juice in tin, malt drinks, etc (soft drinks class), rice, millet, maize flour, etc (bread and cereals class) and water yam, irish potatoes, coco yam, etc (potatoes, yam & other tubers class).
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