Breaking News
Just In: Tinubu Govt To Name Mohammad Nami-Led FIRS As Sole Revenue Collector For MDAs
The Nigerian Government revealed that the Mohammad Nami-led Federal Inland Revenue Service will begin the collection of taxes usually operated by 62 other agencies including the Nigerian Customs Service.
Taiwo Oyedele, the head of the Presidential Committee on Tax Policy and Fiscal Reforms disclosed this in an interview with Channels TV on Wednesday.
He said this means the Customs Service can now focus on trade facilitation and border protection, and Nigerian Communications Commission on regulating telecommunications as they are not set up to collect revenue.
Revenue collection
In the interview, Oyedele noted that Nigeria’s revenue from taxes is one of the lowest in the world adding,
“Ironically, our cost of collection is one of the highest. And the reason for that is that we’ve got all manners of agencies. The Federal Government alone, we have 63 MDAs that were given revenue targets last year, no: in the 2023 budget,”
“And two things that would come up from that: on one hand, these agencies are being distracted from doing their primary function which is to facilitate the economy. Number two, they were not set up to collect revenue, so, they won’t be able to collect revenue efficiently.
“So, move those revenue collection functions to the FIRS. It has two advantages: the cost of collection and efficiency will improve, these guys will focus on their work, and the economy will benefit as a result.”
Proper duties
He noted that this means FG agencies will focus on service delivery and less on raising revenue, adding:
“If you are Customs, focus on trade facilitation, and border protection and if you are NCC (Nigerian Communications Commission), just regulate telecommunications. You are not set up to collect revenue.
“It can be your revenue and someone else can collect it for you. There will be more transparency because you see what is being collected and is accounted for properly. It is also a way of holding ourselves to account as to how we spend the money we collect from the people.”
He added that he expects pushback from stakeholders and others benefitting from the process, but the committees would stick to its sole objective and added the presidential committee would look into excess bank charges.
Tax Gap
He also pointed out that Nigeria has a significant tax gap estimated in the region of N20 trillion urging that we need to focus more on the few major taxes – Value Added Tax, Corporate Income Tax, Personal Income Tax, adding:
“A lot of people are not (tax) compliant, particularly the middle class and the elite, some of them are in the tax net with one or two fingers, you pay a thousand naira as tax when you should have paid N10m,” he said.
“In fact, we plan to repeal many of the taxes that currently make doing business difficult without introducing new ones and yet collect more,”
Last Month, President Bola Tinubu approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms.
The committee, chaired by Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), will consist of experts from the private and public sectors. Its mandate encompasses tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.
Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.
The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”
In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.
The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.
“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.
Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.
This marks the second time within ten months that the state legislature has initiated such a move.
At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.
The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.
Amaewhule announced that the notice would be served on the governor within the next seven days.
During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.
Breaking News
Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials
The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.
According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.
The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.
It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.
More details later…
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
Rivers Crisis: Full List Of 8 Misconduct Allegations Against Governor Fubara
Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
Wizkid Becomes First African Artist To Enter Spotify’s 10 Billion Streams Elite
Funke Akindele’s Behind The Scenes Becomes West Africa’s All-Time Box Office King
Rivers Assembly Formally Serves Impeachment Notice To Gov. Fubara
-
News2 days agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
-
News2 days agoYour Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
-
News1 day agoHow Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
-
News9 hours agoBoko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim