Economy
LIRS to Leverage Technology, Advocacy to Boost Lagos Revenue
By Modupe Gbadeyanka
The Lagos State Internal Revenue Service (LIRS) has re-echoed its determination to boost the revenue of the state government through technology and advocacy.
The executive chairman of the agency, Mr Ayodele Subair, disclosed that the use of technology has helped to optimise the organisation’s operations while also enhancing revenue generation for the state.
Mr Subair, who was a guest on a public enlightenment television programme on taxation, monitored on Channels Television recently, also stated that effective advocacy can significantly enhance the state’s revenue generation.
“One of the first things we did was to look at the market, the taxpayers and then we did some element of market segmentation, recognising that there are some players in the market who work in an unstructured environment, some work in a structured environment, formal and informal,” the tax expert said the newly launched 30-minute show known as The Tax Talk.
“We looked at the situation where we have high net worth individuals, and then we set up shop to make sure that we plan to cater for the different needs of the different segments of taxpayers.
“So, having done that, we looked at our processes, did a lot of process reengineering, and looked at removing all the things that would make our jobs longer or more difficult.
“We also looked at the staffing arrangements, we looked at human resources and designed a whole set of training programs to ensure that everybody is up to the task,” he averred.
The Tax Talk is an LIRS production that is aired weekly on TVC, Channels TV, LTV and WAP TV.
Speaking further, he said, “We looked at the applications that we had in place in terms of the software. How efficient were they? How easy was it for members of the public to access and also to understand? So, we came up with the e-tax application, which is an end-to-end tax administrative solution.
“It runs through the whole process, right from registration to raising of assessments, up to the filing of tax returns, making payments through the various payment channels, the ability to print out the receipts, and of course, at the end of the day, generate tax clearance certificates. So, with that in place, it’s gone a long way.”
According to him, “If we did not introduce technology, no, doubt, we’re going to have very, very limited success. We have our e-tax, and we also have our IBILE hub software to take care of the informal sector. One of the key features of the IBILE hub software is that it allows instalment payments from members of the sector.
“With the e-tax solution, people no longer have to troop and come to LIRS offices. From the comfort of their homes, they can carry out all their tax business, all the things that had issues in the past, that had problems, that created tension between the public and members of the organization, all these have been taken out completely. And there’s the ease of doing business.
“So, with this, move in that direction, we expect to move the revenue upwards continually. We’re quite confident that we will get there.
“We’re exploring constantly and bringing initiatives on how we can leverage fully on technology. We intend to set up some research units that will delve more into technology to see how it can be relevant to our operations and, of course, to the benefit of taxpayers. We’re constantly looking at how we can make tax experience very easy for members of the public.”
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.
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