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 Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.
The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.
Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.
The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.
Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.
He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange started the new week on an upward trajectory after it closed higher by 0.52 per cent on Monday, May 4.
This raised the market capitalisation by N12.48 billion to N2.409 trillion from last Thursday’s N2.396 trillion, and moved the NASD Unlisted Security Index (NSI) higher by 20.86 points to 4,026.64 points from 4,005.78 points.
The unlisted securities market gained weight yesterday despite recording two price gainers and two price losers.
FrieslandCampina Wamco Nigeria Plc added N8.92 to sell at N98.14 per share versus N89.24 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N1.12 to N77.14 per unit from N76.02 per unit.
Conversely, NASD Plc lost N3.47 to sell at N31.23 per share compared with the previous price of N34.70 per share, and Food Concepts Plc declined by 26 Kobo to settle at N2.41 per unit, in contrast to the previous rate of N2.67 per unit.
During the session, the volume of securities traded by investors fell by 14.4 per cent to 751,518 units from 877,682 units, and the number of deals decreased by 44.1 per cent to 31 deals from 56 deals, while the value of securities climbed 32.8 per cent to N35.4 million from N26.7 million.
The most active stock by value on a year-to-date basis remained Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.2 million units transacted for N4.1 billion, and Okitipupa Plc with 27.8 million units sold for N1.9 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Adedapo Adesanya
The Naira opened the week in the green territory in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday after it further appreciated against the US Dollar by N9.71 or 0.7 per cent to quote at N1,365.23/$1 compared with the previous session’s value of N1,374.94/$1.
The scenario was not different with the Pound Sterling at the same market window, where it gained N6.99 to sell for N1,851.25/£1 versus last Thursday’s closing price of N1,858.24/£1, and appreciated against the Euro by N8.62 to close at N1,607.58/€1, in contrast to the N1,612.87/€1 it was traded in the previous trading day.
Similarly, at the black market, the Naira improved its value against the greenback yesterday by N5 to settle at N1,380/$1 versus the previous rate of N1,385/$1, and at the GTBank FX desk, it closed flat at N1,384/$1.
The Nigerian Naira put up a good performance against the Dollar during the session due to sustained monetary tightening by the Central Bank of Nigeria (CBN) and a steady increase in foreign exchange inflows.
Specifically, stronger diaspora remittances, oil-related inflows, and a decline in speculative demand for the Dollar played pivotal roles in anchoring market expectations.
Sufficient FX liquidity has continued to keep the Naira stable. The local currency stayed strong despite an 83 per cent decline in CBN FX intervention in April to $150 million from $985 million in March.
As for the cryptocurrency market, prices were mixed as broader crypto markets were diverse and macro risks persisted, amid ongoing US-Iran tensions and steady central bank policy, with upcoming US earnings and jobs data seen as potential catalysts for further bitcoin volatility.
Bitcoin (BTC) gained 1.3 per cent to sell at $80,889.94, Ethereum (ETH) jumped 0.3 per cent to $2,376.40, Cardano (ADA) increased by 0.2 per cent to $0.2529, and TRON (TRX) appreciated by 0.2 per cent to $0.3399.
On the flip side, Dogecoin (DOGE) slid 0.8 per cent to $0.1113, Ripple (XRP) went down by 0.5 per cent to $1.40, Binance Coin (BNB) dropped 0.4 per cent to $626.41, and Solana (SOL) shrank by 0.3 per cent to $84.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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