News

Tax Reforms: No cause for alarm, FIRS assures Nigerians

Published

1 month ago

October 16, 2024

By Mario Deepromoter

The chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed the fears of Nigerians on the possible introduction of new taxes through proposed tax reform laws.

Mr Adedeji, during an interactive session with members of the Senate Committee on Finance in Abuja on Tuesday, assured Nigerians that the tax reform laws would not entail the introduction of new taxes or an increase in the already existing ones.

“Tax reform will not introduce any tax or increase the percentage of the existing ones, but it will reduce the number of taxes being paid by Nigerians.

“No agency will be merged in the process of carrying out the reform, and no job will be taken from anybody.

“The tax reform basically seeks to increase the simplicity and efficiency of tax administration in Nigeria,” he said.

Mr Adedeji said there were four executive bills already forwarded to both chambers of the National Assembly to legalise the reform.

According to him, the bills include the Nigeria Tax Bill, Nigeria Tax Administration Act (amendment) bill, Nigeria Revenue Service bill, and Joint Revenue Board (establishment ) bill.

Mr Adedeji said the four bills, when passed, would, among others, help to harmonise the multiple tax laws in the country.

“They will drive efficiency and modernisation, simplify tax laws and ensure synergy among the agencies involved.

“The bills will also increase efficiency and effectiveness in government savings, promote transparency and integrity in revenue collection, align with international standards and broaden Nigeria’s tax base,” he said.

When asked why FIRS, as contained in one of the bills, would be changed to Nigeria Revenue Service (NRS), Mr Adedeji said the present name of the agency did not cover the scope of its services.

“Like the Value Added Tax (VAT), 85 per cent are remitted to states while the federal government gets the remaining 15 per cent,” he said.

In his remarks, the committee chairman, Sani Musa, said the purpose of the interactive session was for the FIRS to update the committee on what the tax reform bills were aiming at.

He commended the FIRS boss for meeting the revenue targets set in the fiscal year, even as he urged him to go beyond the target.

Source: ibomfocus

News

HoR to Hold Interactive Session on Executive Tax Return Bills

Published

2 hours ago

November 17, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives is set to host an internal Interactive Session on the four Executive Tax Reform Bills currently before the National Assembly, on Monday, November 18, 2024, in Abuja.

This was contained in a statement by the House Spokesman, Rep. Akin Rotimi, on Sunday in Abuja.

According to him, this initiative, championed by the House Leadership, underscores our commitment to ensuring robust engagement and informed legislative action on critical policy reforms.

The statement reads in part: “It aims to provide Members of the House with a platform to engage directly with the principal promoters of the tax reform bills from the Executive arm of government.

“Thus, this engagement will enable Honourable Members seek clarifications, pose critical questions, and gain deeper insights into the proposed reforms. Such understanding is vital to strengthening the legislative process and enhancing Members’ contributions to the deliberations on these bills.

“Recognising the national significance of the proposed reforms and their implications for fiscal policy and governance.

“The 10th House of Representatives remains committed to its mandate of advancing the nation’s development through transparent, inclusive, and informed legislative processes.

“The public is invited to note that while this is an internal interactive session, it does not foreclose the customary public hearing—a crucial step in the lawmaking process. At such hearings, members of the public are provided with an opportunity to gain deeper insights into legislative proposals and make meaningful inputs aimed at shaping effective reforms”, Rotimi stated.

News

FG Commends Governor Bago For Intervention In Federal Road Projects Across The State

Published

2 hours ago

November 17, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government has commended Niger State Governor, Mohammed Umaru Bago, for his intervention in several federal road projects across the state.

Minister of Works, Senator David Umahi, gave the commendation during an interactive session in Abuja with Niger State Government, and contractors handling various federal road projects in the state, to reviewed ongoing federal road projects in Niger with the goal of addressing outstanding issues.

Umahi praised the Governor’s efforts, calling them “unprecedented,” and acknowledged his exemplary leadership in personally leading the state delegation to the meeting, this is even as he urged other state governors to follow the example set by Governor Bago, emphasizing the importance of effective and continuous project supervision.

The Minister also stressed the need for improved collaboration between federal legislators and the Ministry to ensure sufficient funding for the execution of these projects, and warned contractors to adhere strictly to project specifications, stating that failure to do so would result in contract termination.

The Minister of State for Works, Bello Goronyo, who also lauded Governor Bago, described him as a hardworking and passionate leader, and highlighted that the Governor’s people-oriented programs reflect his deep commitment to the wellbeing of his constituents.

In his remarks the Niger Governor revealed that the state government is intervening in 18 federal road projects, aimed at complementing President Bola Ahmed Tinubu’s Renewed Hope agenda.

Bago suggested that such peer reviews should occur quarterly and encouraged his fellow governors to participate, as it would motivate the Federal Government to further support the people.

The Governor also applauded the Minister of Works for his courage, capacity, and competence in managing his responsibilities.

News

#OndoDecides2024: APC congratulates Aiyedatiwa, applauds Ondo electorate

Published

7 hours ago

November 17, 2024

Naijablitznews

By Francesca Hangeior

The All Progressives Congress has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his re-election in the just-concluded governorship election.

Aiyedatiwa won the election, having polled a total of 366,781 votes across all 18 Local Government Areas of the state.

He defeated his closest rival — Agboola Ajayi of the Peoples Democratic Party, who got 117,845 votes.

In a statement issued by the APC National Publicity Secretary, Felix Morka, on Sunday, and made available to PUNCH Online, the party described Aiyedatiwa as a “clear attestation” that his administration’s policies “resonated deeply with the electorate.”

The statement read, “The All Progressives Congress (APC) heartily congratulates the Governor of Ondo State, His Excellency, Lucky Orimisan Aiyedatiwa, on his re-election.

“Your Excellency’s resounding victory in the just-concluded Ondo State gubernatorial election is a clear attestation that your administration’s policies and programmes and campaign message of hope and consolidation have resonated deeply with the electorate.