The Federal Inland Revenue Service (FIRS) has announced that it realised N2.52 trillion from various taxes from January to June 2018.
The amount showed that the Service had realised 75 per cent of its total target for the year, which is an improvement over what was realised in the corresponding period in 2017.
A report on the revenue performance by the agency, submitted to the Minister of Finance, Mrs. Kemi Adeosun, during the weekend confirmed that the figure represented an increase of N746 billion, representing 42 per cent when compared to the N1.7 trillion total tax revenue realised in the corresponding period in 2017.
A breakdown of the total amount shows that N1.6 trillion was collected as Petroleum Profit Tax (PPT) as against N636 billion resulting in a variance of N532 billion.
From the company income tax (CIT), the FIRS realized a total of N680 billion, which was N128 billion more than the N551 billion in the previous year. The Value Added Tax (VAT) yielded a total of N536 billion in the period under review, which was N68.8 billion more than the N467 billion realised in 2017.
ECOWAS Parliament: Nigeria, others seek support for regional security
Nigeria is pushing for the enhancing of regional security to guarantee peace and economic growth in West Africa.
Nigeria’s position is contained in its Country Report presented to the 2023 second Ordinary Session of the ECOWAS Parliament in Abuja.
It harps on the need for member countries to work together in addressing security challenges through various approaches to ensure stability.
The News Agency of Nigeria (NAN) reports that the report was presented by Lynda Ikeazu on behalf of the Nigerian delegation.
Ikeazu said Nigeria would want to see the harmonisation of the regional security agenda geared towards a mutual linked security goals.
“Given the transnational nature of the threats, non-military peace efforts would take priority over an overly militarised approach to security.
“A military approach has had the unintended effect of protracted armed conflicts across West Africa.
“Given Chad’s proximity to Sudan, ECOWAS under Nigeria’s leadership will take on an active role in finding a solution to the crisis in Sudan.
“Which emphasises President Bola Tinubu’s July meeting with leaders of Niger, Guinea-Bissau and Benin to discuss the security challenges in the region at the Nigerian nation’s capital.
“A key element of Tinubu’s likely ECOWAS agenda is the prioritising of security.
“Tinubu said in his speech that, without a peaceful environment, progress and development in the region will continue to remain elusive,’’ she said.
NAN reports that Cape Verde, Senegal, Cote d’lvoire and the Gambia, also presented their countries reports with key attention on regional security.
Cape Verde expressed worries that the the country is located at a crossroad of routes normally used by transnational organised criminals.
“It has numerous shelters on all the islands, which has been exploited with some intensity in the relatively recent past by drug traffickers.
“However, the state has invested heavily in securing its borders.
“Also, by relying on international cooperation, it has been determined and firm in combating the phenomenon of drug trafficking, and has been successful in doing so.
“With regards to internal security and organised crime, the state has adopted a series of measures based on the principle of zero tolerance of crime,’’ it added.
For Senegal, the country said though it has enjoyed political stability, it is however located in a sub-regional environment charactrised by instability and security challenges.
“The ranking of the country on the World Bank’s political stability and absence of Violence/Terrorism Index improved from -0.28 in 2011 to -0.17 in 2021, on a scale of -2.5 to 2.5.
“However, in terms of security, there are still pockets of hostilities around the borders with Mali, Guinea-Bissau and Gambia in the Casamance region,” it stated.
The Gambian report, on the other hand, indicated that the country has experienced relative calmness and peace, which enabled it to record major successes within the security sector including the Security Sector Reform.
It stated that the reform was centered on conducting series of trainings for the security sector particularly the Gambia Police Force, Immigration, Drug Law Enforcement Agency, and Prison Service.
“All these efforts are geared towards guaranteeing the protection of human rights and non-recurrence of the violation of fundamental human rights by security forces.’’
In another report, the International Academy for Counter-Terrorism (AILCT) has trained security and judicial personnel across countries on the fight against terrorism and prevention of radicalisation.
“AILCT offers three types of training; a unit training camp, a management training school and a research institute.
“To date, almost 1,000 trainees have been trained at the academy, including soldiers, gendarmes, police officers and judges from 26 African countries.”
All the reports were adopted during the session presided by the Speaker, Mr Sidie Tunis.
2024 Budget demonstrates Tinubu’s commitment to fiscal responsibility – Information Minister
The Minister of Information and National Orientation, Alhaji Mohammed Idris, says the 2024 Appropriation Bill of N27.5 trillion submitted to the National Assembly demonstrates President Bola Tinubu’s commitment to fiscal responsibility.
Idris stated this at the 2023 Public Lecture and Annual General Meeting of the Kaduna State Chapter of the Nigerian Institute of Public Relations (NIPR) on Saturday in Abuja.
The meeting with the theme, “Demographic transition, ethical resources, and sustainable development: Reflection on Northern Nigeria”, was organised by the Kaduna Chapter of the NIPR.
The minister described Tinubu as a transformational leader with a solid track record in the private sector and at the level of subnational government.
According to Idris, Tinubu is a man who will not be fazed by challenges and obstacles, because he is a man that is more than equal to the task.
“Just this week, he presented the 2024 Appropriation Bill of N27.5 trillion to the National Assembly, the first full-year budget of his administration.
“The budget as presented, signifies a pivotal step towards the realisation of his Renewed Hope Agenda, by aligning fiscal strategies and priorities with broader national development objectives.
“In addition to its focus on development priorities, the budget demonstrates Tinubu’s commitment to fiscal responsibility with all sense of sincerity, transparency and accountability.
“President Tinubu’s administration recognizes the importance of prudent financial management as the foundation for long-term economic stability.
“As the 2024 appropriation bill moves through the legislative process, we are very optimistic that its passage will mark the beginning of a transformative era, bringing tangible improvements to the lives of Nigerians.
“Before the budget presentation, President Tinubu had assented to an equally important Supplementary Budget, signed some landmark bills and Executive Orders into law, and inaugurated initiatives on fiscal policy reform,” he said.
The minister added that the goal has been to deliver relief to the Nigerian people, and lay the groundwork for true and lasting prosperity.
On the theme of the public lecture, Idris said the concept of demographic transition is a very important one for Nigeria, considering the place it occupies as Africa’s most populous country.
According to him, by the year 2050, Nigeria will be the third most populous country in the world, after India and China, and ahead of the United States.
“On top of this, we are a very young population, with a median age of 19. What this means is that half of the population of our country is younger than 20.
“We owe these teeming young people a great deal, starting with ensuring that they are educated for the world of the 21st century. Indeed, with our population, we are at a crossroads.
“The choice is now up to us, as leaders, as elites, regarding what direction Nigeria will proceed in.
“Today’s young people, if properly educated and catered for, will be tomorrow’s engaged and productive labour force.
“Demographics are not only about age; gender is another important element. Nigeria’s population is roughly split evenly between men and women.
“One of the pillars of President Bola Tinubu’s Eight-Point Agenda is inclusivity, which means inclusive policies and programmes for all segments of the population, especially youth and women.
“You can see manifestations of this, even in the array of appointments made by the president so far, and the prominence given to young people and to women,” the minister said.
The President and Chairman of Council of the Institute of NIPR, Dr Ike Neliaku, represented by a Fellow of the Institute, Alhaji Bashir Chedi, commended the Kaduna Chapter for being active, consistent and always setting the pace.
According to Neliaku, the theme for the conference is very apt and urged members to keep to the ethic and values of the NIPR and also to add value to organisations they are working for.
Similarly, the Chairman of Kaduna Chapter of the NIPR, Mr Haroun Malami, said public relations served as an indispensable tool for shaping perception and fostering a supportive environment contributing to sustainable development initiatives.
He said “figures from the National Bureau of Statistics shows that for every new children born in Nigeria between 2016 and 2019, seven were from the northern states”.
The keynote address on ‘Demographic transition, ethical resource and sustainable development, was delivered by the former Governor of Niger, Dr Mua’zu Babangida Aliyu.
The event attracted the Directors-General of Federal Radio Corporation of Nigeria, Dr Mohammed Bulama; Nigerian Television Authority, Salihu Dembos, and Voice of Nigeria, Mr Jibrin Baba Ndace.
Also, in attendance were officials from Zonal Command of EFCC, FIRS, Kaduna State Government, Gombe Indigens Association in Kaduna, Jam’a Matan Arewa and the Nigeria Union of Journalists.
The awards in different categories were given to deserving members and other personalities in governance, gender politics and empowerment, tax administration, public broadcasting and many others.
COP28: NMDPRA x-rays Nigeria’s decabonisation journey, targets $575bn investment opportunities
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the NMDPRA Industry Sustainability Initiative (NISI) will create over 575 billion dollars in capital investment opportunities for Nigeria, through decarbonisation of operations.
The NMDPRA, while hosting a session on “Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role” at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060.
Speaking at the event, Dr Mustapha Lamorde, Authority’s Executive Director, Health, Safety, Environment and Community (HSEC), said investment would be created through infrastructure and technological development, green economy improvement, stakeholder management and human capital development.
Larmode, in a statement said NISI which was created in line with the Global Sustainability Development Goals (SDGs 3, 7, 8, 9, 11, 13, 16, 17) was geared towards achieving Nigeria’s 2060 Net Zero commitment in the midstream and downstream petroleum industry.
He gave a breakdown of the investment opportunities as highlighted sector by sector – $272 billion in power, $127 billion in infrastructure, $96 billion in oil and gas processing optimisation, $80 billion in industry and $2.8 billion in clean cooking.
Larmode said that achieving the target required strong government commitment and collaboration with the private sector using technological innovation.
Mr Anibor Kragha, Executive Secretary, African Refiners and Distributors Association (ARA), said the NMDPRA and the Nigerian Government should harness funding opportunities for Gas projects from international financiers dealing with agriculture.
This, Kragha said was necessary because of the key role being played by gas in the sector.
He urged the NMDPRA as the regulator of the Midstream and Downstream industry, to develop a decade-by-decade plan to decarbonise the mid/downstream with bankable projects that would elicit finance from foreign donor agencies.
He also emphasised the importance of developing and including young people in the decarbonisation drive, as they were expected to play a major role in implementing the initiatives in the future.
Mr Mansur Alkali, Authority’s Executive Director, Midstream and Downstream Gas Infrastructure Fund (MDGIF), explained that the MDGIF which was set-up in pursuant of section 52 of the Petroleum Industry Act, was pivotal towards accelerating investments along gas value chain.
Akali said that the MDGIF was neither a grant nor a loan, but rather an investment initiative designed to de-risk investments through partnerships with private sector players to build the necessary infrastructure to harness the country’s vast gas resources.
Similarly, Mr Abel Nsa, Senior Technical Adviser on Transition Energy to the Minister of State, Petroleum Resources (Gas), Mr Ekperipe Ekpo, said the Host Community Development Framework as inaugurated by the commission for upstream operations amongst other benefits would ensure oil and gas assets were adequately protected.
Nsa also said that the framework would ensure uninterrupted production and supply of petroleum product which were critical to midstream operations.
He added that the Decade of Gas initiative of the government would also guarantee availability of Gas for domestic utility.
According to him, discussions are currently ongoing with upstream gas producers to deliver on the mandate.
In the end, all the panelists agreed that Nigeria’s future lies in increasing its cleaner energy capacity and attracting the right global and domestic finance to critical energy projects.
The session was moderated by Mr Atebe Jerome, Technical Advisor on Health, Safety, Environment and Community, to the Authority Chief Executive.
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