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Taxation: FCT-IRS gives 2-week deadline to 10,000 high earners

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The Federal Capital Territory Internal Revenue Service FCT-IRS has announced a special unit for taxation of High Networth Individuals (HNIs) in the FCT, saying it has identified over 10,000 of such persons with income in trillions of Naira.

Accordingly, they have been given a 2-week ultimatum within which to meet up with their tax obligations or risk appropriate sanctions.

Head, Corporate Communications, FCT-IRS, Mustapha Sumaila in a statement on Sunday in Abuja said the Acting Executive Chairman of the Service, Michael Ango, had indicated in a circular that the Unit will focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of tax obligations by HNIs in the FCT.

“The unit, will also be responsible for interface with agencies of government and other organisations, within and outside the FCT regarding the taxation of HNIs in the FCT”, the statement noted.

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He said further to the creation of the Unit, the the FCT-IRS is now focused on the proper identification, profiling and management of high-net-worth individuals within the FCT for tax compliance purposes.

At a meeting to unveil the Unit, the Acting Executive Chairman stated that HNIs are “any individual whether in paid employment, self-employed, carrying on business or having passive annual income of N25 million and above in any financial year”.

He therefore urged all taxpayers that fall within this category to comply with their tax obligations and pay up all outstanding liabilities within two weeks.

“For our HNI taxpayers, we believe it is in our mutual interest that they comply voluntarily and we have identified over 10,000 of such individuals, with income in trillions of Naira, to whom we have started to send notices. We expect that they will respond and comply voluntarily, otherwise, we will apply the relevant provisions of the law and exercise our powers to recover all the outstanding liabilities”, said Ango.

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“It would be recalled that since assuming office as Chief Executive of the Service, Mr. Ango, has consistently emphasized the need to enhance revenue generation in the FCT, in order to support the aggressive infrastructural transformation being undertaken by the Federal Capital Territory Administration under the Honourable Minister of the FCT, His Excellency, Barrister Ezenwo Nyesom Wike, CON.

“The Acting Chairman stated that he would continue to take steps to ensure compliance by all taxpayers, irrespective of status and enjoined all residents of the FCT to continue to support the efforts of this administration to improve the infrastructure and public services in the FCT and satellite towns by paying their taxes”, the statement added.

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BREAKING: President Tinubu Presents N47.9trn Appropriation Bill To NASS

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By Gloria Ikibah
President Bola Ahmed Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 18 December 2024, presented the sum of N47.9 trillion as the proposed 2025 Appropriation Bill, with new borrowings of N13.0 trillion, which is 3.87 per cent of the estimated Gross Domestic Product (GDP).
The President, in his address to the National Assembly described the 2025 Budget as the “Budget of Restoration” which he said, “involves our administration’s roadmap to secure peace, prosperity and hope for our beloved nation”.
The budget of restoration according to president Tinubu, serves as the very hope of the Renewed Hope Agenda and improving the lives of Nigerians.
He said the 2025 budget is one of the reform and transformation to consolidate the key policies of the Tinubu-led administration. Reeling out the progress made he said global economic growth for Nigeria increased from the 2.6% estimated to 3.5% growth.
Naijablitznews.com recalled that the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), and its fiscal parameters, adopted an “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent.”
President Tinubu said the 2025 budge seeks to restore micro economic stability, foster increased growth, employment, human capital development.
He explained further:
* N34.8 trillion revenue to find the budget
*. Government expenditure N47.9 trillion including N5.81 trillium for debt servicing.
* Inflation to reduce from 34.6% to 15%
* Exchange rate from N1,700 per $1 to N1500 and increase crude oil production to 2.06 million barrels per day.
*Reduce the production of petroleum products alongside importation of finished product.
According to the President, defence and security is allocated N4.91 trillion, infrastructure to get N4.06 trillion, while health gets N2.48 trillion and education N3.5 trillion.
Tinubu said the budgetary allocations are informed by the commitment of his administration to security of lives and property, infrastructural development, education and healthcare delivery.
He solicited the support of the lawmakers and Nigerians in addressing the country’s challenges, and said “the time for lamentation is over” .
“Our nation faces challenges… they are surmountable when we work collectively. The time for lamentations is over, the time to act is now…,” Tinubu said.
Details later……
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Gov Adeleke Speaks On Death Sentence For Chicken Thief

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Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

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“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

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Delta Assembly pardons two suspended members

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The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

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“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

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