Economy

VAIDS: Tax Payment Drives Accountability—Adeosun

Published

9 years ago

05/07/2017

By Modupe Gbadeyanka

Minister of Finance, Mrs Kemi Adeosun, has disclosed that payment of tax by citizens will strengthen government’s accountability, especially at the state level.

Mrs Adeosun made this disclosure yesterday while on Channels TV to speak on the recently launched tax evasion amnesty programme of the Federal Government tagged the Voluntary Assets and Income Declaration Scheme (VAIDS), which commenced on July 1, 2017.

The Minister said it was natural for citizens to avoid paying taxes to the government, but stressed that when they eventually do, they ask questions on how their taxes are being utilised, which she said would keep the government on its toes.

She also said government usually map out punishment for tax defaulters because everywhere in the world, nobody likes to pay taxes.

“No one like paying taxes anywhere in the world, if there are no consequences for not paying taxes, people will not pay because nobody likes to,” the Minister said on Channels TV’s Sunrise Daily programme.

In the clips shared on her official Twitter page, which were viewed by Business Post, Mrs Adeosun said, “I think there is an argument that has been going on in Nigeria for many years and it is a very convenient one.

“People always ask ‘what is the government doing (with the already paid taxes) and because government is not providing (the necessary basis amenities to) me, I am not going to pay taxes’.

“Our position on this is if you look at successful nations, they have high rate of tax compliant and Nigeria intends to join that group. So, this administration is determined to change that mentality.”

The Minister further said, “Personal Income Tax is going to the state government and increasing those paying the tax will increase the physical health of the state governments.”

“This is part of our drive to reduce our reliance on oil. Many countries don’t have natural resources, but they rely on their taxes.

“We need to rebuild and enhance our tax system and I think it would help accountability because when people start paying taxes, they will take more interest in holding government to account; getting involved in budgeting and others because their money is involved rather than money shared from Abuja,” she said.

The newly launched VAIDS is expected to capture about 4 million new taxpayers from the 36 states and the Federal Capital Territory.

The scheme is to be implemented by the Federal Government in partnership with state governments and it is expected to lapse till March 31, 2018.

Government said it is targeting about $1 billion from the scheme, which aims to give tax payers a time-limited opportunity to regularise their tax status without penalty.

“Proceeds of this scheme will not disappear. We will provide regular updates on the funds collected to date, and how those funds are being put to very transparent use,” Mrs Adeosun had assured in a statement issued by her Ministry before the programme was launched on Thursday, June 29, 2017.

Economy

Selling Pressure Shrinks Nigerian Stocks by 0.02%

Published

6 hours ago

28/03/2026

Dipo Olowookere

By Dipo Olowookere

Nigerian stocks shrank by 0.02 per cent as a result of renewed selling pressure, after the consumer goods index crumbled by 0.89 per cent, and the banking space contracted by 0.23 per cent.

Business Post reports that the Nigerian Exchange (NGX) Limited weakened yesterday despite the energy sector closing 1.78 per cent higher, the insurance segment increasing by 0.31 per cent, and the industrial goods counter closing flat.

The All-Share Index (ASI) eased by 44.83 points to 200,913.06 points from 200,957.89 points, and the market capitalisation decreased by N29 billion to N128.969 trillion from N128.998 trillion.

eTranzact lost 10.00 per cent to trade at N20.70, Abbey Mortgage Bank declined by 10.00 per cent to N9.90, Cadbury Nigeria retreated by 10.00 per cent to N63.00, Eterna also fell by 10.00 per cent to N33.75, and DAAR Communications dipped by 9.50 per cent to N1.81.

Conversely, Premier Paints appreciated by 9.97 per cent to N37.50, Zichis gained 9.97 per cent to trade at N13.79, McNichols improved by 9.93 per cent to N7.42, John Holt chalked up 9.86 per cent to close at N18.95, and Trans Nationwide Express went up by 9.75 per cent to N2.59.

On the last day of the week, 595.2 million equities valued at N24.5 billion were transacted in 43,440 deals versus the 678.1 million equities worth N33.1 billion traded in 42,222 deals in the previous session.

This showed an improvement in the number of deals by 2.89 per cent, and a cut in the trading volume and value by 12.22 per cent and 25.98 per cent, respectively.

Wema Bank ended the day as the busiest stock after a turnover of 131.5 million units worth N3.5 billion, Legend Internet traded 41.6 million units valued at N339.2 million, Zichis sold 35.2 million units for N485.6 million, Access Holdings exchanged 29.4 million units worth N764.8 million, and Japaul transacted 21.5 million units valued at N74.6 million.

Economy

OTC Exchange Falls 0.73% as CSCS Leads Losers’ Chart

Published

7 hours ago

28/03/2026

Adedapo Adesanya

By Adedapo Adesanya

A loss recorded by market bellwether, Central Securities Clearing System (CSCS) Plc, outweighed the presence of three price gainers, weakening the NASD Over-the-Counter (OTC) Securities Exchange by 0.73 per cent on Friday, March 27.

The Nigerian securities depository firm lost N6.27 during the session to close at N80.10 per share compared with the previous day’s N86.37 per share.

As a result, the market capitalisation shrank by N18.41 billion to N2.512 trillion from the previous session’s N2.531 trillion, and the NASD Unlisted Security Index (NSI) declined by 30.77 points to 4,199.69 points from 4,230.46 points.

The green side of the price movement log showed 11 Plc appreciating by N31.92 to N351.17 per unit from N319.25 per unit, Nigeria Mortgage Refinance Company Plc (NMRC) rose by 55 Kobo to sell at N6.05 per share compared with Thursday’s closing price of N5.50 per share, and IPWA Plc recorded a 50 Kobo growth to end at N5.51per unit, in contrast to the preceding day’s N5.01 per unit.

When the bourse closed for the day, there was a 17,067.5 per cent surge in the voluime of transactions to 58.6 million units from 342,825 units, the value of trades increased by 6,895.4 per cent in the value of securities traded as it closed at N1.6 billion compared to N23.0 million, and the number of deals executed at the session rose 85.2 per cent to 50 deals compared to the preceding session’s 27 deals.

CSCS Plc remained the most active stock by value on a year-to-date basis with 56.2 million units exchanged for N3.8 billion, Infrastructure Guarantee Credit Plc followed with 400 million units valued at N1.2 billion, and Okitipupa Plc came next with 6.5 million units traded at N1.2 billion.

Resourcery Plc closed the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units sold for N415.7 million, followed by Infrastructure Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 133.0 million units at N511.1 million.

Economy

Naira Settles N1,380/$ at Spot Market, N1,410/$1 at Black Market

Published

7 hours ago

28/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the black market segment of the foreign exchange (FX) market on Friday, March 27, data obtained by Business Post showed. It also remained unchanged at the GTBank FX counter at N1,401/$1.

However, it further appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEX) during the session by N3.30 or 0.2 per cent to N1,380.58/$1 from the previous day’s rate of N1,383.88/$1.

In the same vein, the domestic currency improved its value against the Pound Sterling in the spot market yesterday by N10.77 to trade at N1,836.99/$1 compared with the preceding session’s N1,847.76/£1, and gained N5.06 against the Euro to sell at N1,592.08/€1 versus N1,597.14/€1.

The Naira remains under pressure, but the current range indicates a form of stability as the Central Bank of Nigeria (CBN) reiterated its promise to anchor reforms around FX rate stability and stronger reserves to support financial markets.

Amid the currency pressures, the apex bank introduced a series of measures aimed at improving liquidity and strengthening the FX market. In a key move, the apex bank removed the cash pooling requirement for International Oil Companies (IOCs), allowing them full access to their repatriated export proceeds from the previous 50 per cent.

However, the country could see less short-term Dollar supply staying in the country and may invite pressure on the Naira if outflows exceed inflows.

The pressure on the currency comes amid a sustained decline in Nigeria’s external reserves, which provide the central bank with the buffer to support the naira. The reserves fell for the ninth consecutive day to $49.48 billion as of March 26, 2026, marking a decline of $540 million, or 1.08 per cent, from $50.02 billion recorded on March 11.

Meanwhile, the cryptocurrency market tumbled on Friday due to a broader sell-off in US equities, which recorded a $17 trillion loss. The Friday plunge fits into a pattern since the war in Iran broke out, with gains on Monday turning into losses by the end of the week.

Ethereum (ETH) depreciated by 3.2 per cent to $2,003.73, Bitcoin (BTC) fell by 3.1 per cent to $66,439.48, Solana (SOL) dropped by 2.9 per cent to $83.44, Cardano (ADA) crashed to $0.2474, Binance Coin (BNB) went down by 2.4 per cent to $613.17, TRON (TRX) dipped 1.5 per cent to $0.3113, Dogecoin (DOGE) declined by 1.4 per cent to $0.0908, and Ripple (XRP) slumped 1.4 per cent to sell at $1.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.