By Modupe Gbadeyanka

Owners of companies operating in Lagos State have been reminded of the statutory filing of their annual tax returns for the 2024 financial year on or before Friday, January 31, 2025.

This reminder was issued by the Lagos State Internal Revenue Service (LIRS) through its Deputy Director for Corporate Communications, Mrs Monsurat Amasa-Oyelude.

The agency emphasized that employers are required to adhere to this in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

The statement quoted the Chairman of LIRS, Mr Ayodele Subair, as stressing that the filing of the tax returns is a legal obligation, warning that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.

Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).

“Employers must prioritize the timely filing of their annual income tax returns to avoid penalties.

“Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, which is essential for Lagos State’s fiscal planning and sustainability,” the LIRS chief stated.

To simplify the process, the agency has transitioned to a fully digital filing system, allowing employers to file their annual tax returns exclusively through the LIRS e-Tax portal, as manual submissions are no longer accepted.

Mr Subair described the e-Tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.

Employers are reminded to include the Payer ID of all employees in their returns, advising employees without a Taxpayer ID to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.

To assist employers, LIRS has deployed staff across its offices to provide guidance on using the e-Tax portal and addressing related concerns.

By Adedapo Adesanya

For almost a month, the National Bureau of Statistics (NBS) website has been down, blocking access to crucial information about the Nigerian economy.

The nation’s statistics agency shut down its website after it claims it had been hacked on December 18, 2024.

Since then, important information such as capital flows into the Nigerian economy in the third quarter of 2024, as well as an update on outstanding local and foreign debt for the same period, have become inaccessible.

The website blackout occurred a day after the NBS published its Crime Experience and Security Perception Survey on December 17. According to the report, Nigerians paid a total of N2.23 trillion in ransom within one year, from May 2023 to April 2024.

There was a widespread report (excluding Business Post) that the Department of State Services (DSS) summoned the Statistician-General of the Federation, Mr Adeniran Adeyemi, based on the report.

This was later denied by the secret police.

The agency then closed the site on December 18, further warning against using any information posted on it until it was fully restored.

In its last update on X, formerly Twitter, the stats office said, “This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you.”

This lack of information has raised worry about inflation report for December, which is usually due on January 15 as per recent trends.

The inflation numbers set the tone for decisions of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, which should hold its first policy meeting for 2025 on January 27-28.

Analysts told this newspaper that the continued blackout on the NBS website raises concerns about credibility and trust on data that will be provided in the future.

By Adedapo Adesanya

The Society of Energy Editors (SEE) expects the Nigerian energy sector to witness significant developments in the first quarter of 2025.

This, according to the society, would be driven by President Bola Tinubu’s proposed N49.7 trillion budget for the year.

The budget is anchored on an increase in base crude oil production to 2.06 million barrels per day, expected to drive down inflation from 34.6 per cent to 15 per cent in 2025.

In its Nigeria Energy Outlook Q1 2025, the group said key areas to watch in the energy sector in the first quarter of the year include oil oil exploration and production; domestic crude refining; gas production and liquefied natural gas (LNG) export; power generation and transmission as well as labour relations.

“The government’s target to increase crude oil production is ambitious, but its feasibility hinges on addressing security challenges, particularly in the Niger Delta region.

“Nigeria plans to hold a fresh oil licensing round in 2025 focused primarily on handing out blocks that remained undeveloped, as the country battles to raise crude reserves and production,” it said in the outlook.

It added that “the federal government would have to show the necessary political will and apply a lot of push for this fresh oil licensing round to happen during the year as planned”.

On domestic refining, the organisation noted that the commencement of petroleum refining at the Dangote Refinery is expected to reduce fuel imports and ease the burden of petroleum subsidies.

However, it added that the steady supply of crude oil feedstock from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Refinery would be crucial in determining the refinery’s impact on the economy in 2025.

Nigeria spent N9.176 trillion on the importation of the Premium Motor Spirit (PMS), also known as petrol, in nine months, from January to September 2024, rising by 60.87 percent, compared with N5.704 trillion worth of the commodity imported in the same period in 2023.

Focusing on gas production and LNG exports, the SEE projected that Nigeria’s gas sector will grow during the first quarter, driven by the government’s “Decade of Gas” initiative and the country’s ambitions to increase its gas reserves to 210 trillion cubic feet, Tcf, in 2025 and 220 Tcf by 2030.

“Gas production and supply will also increase in response to the Federal Government initiative on gas for automobiles and the need to meet the current shortfalls being experienced by power generating stations and industries,” it also projected.

According to the SEE, gas export through the Nigeria LNG Limited will be steady during the first quarter.

In the area of power generation and transmission, the Society of Energy Editors, said efforts to expand power generation and improve transmission infrastructure will continue, with a focus on increasing the share of renewable energy sources in the energy mix.

It maintained that power transmission and distribution infrastructure remained very weak with the national grid recording 12 incidents of collapse in 2024. Adding that 2025 would witness a repeat owing to poor mitigation measures aimed at tackling inherent weaknesses.

On labour relations, the society stated that the government would need to address labour concerns in the downstream and upstream petroleum sectors, as well as in the electricity sector, to maintain stability and avoid disruptions.

Listing challenges and opportunities, it noted that the government’s expectations for reducing inflation and improving the exchange rate may be challenging to achieve, given the current market realities.

It asserted that the development of the Niger Delta region, through the activities of the Niger Delta Development Commission, would be crucial in addressing the root causes of insecurity and instability in the region.

“The solid minerals sector offers significant opportunities for revenue growth and job creation, but the government will need to address the challenges of artisanal mining and ensure that the sector is developed in a sustainable and responsible manner.

“Overall, the first quarter of 2025 will be critical in setting the tone for Nigeria’s energy sector in the year ahead. The government’s policies and initiatives will need to be carefully implemented to address the challenges facing the sector and to unlock its full potential,” the report stated.