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FCT-IRS Generates Over N203bn

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The Federal Capital Territory Internal Revenue Service has disclosed that it generated about N203bn in 2023, representing a 63% increase from the N124bn it generated in 2022.

Acting Chairman of the FCT-IRS, Haruna Abdullahi, disclosed at a news conference in Abuja on Wednesday, where he also revealed that the service hoped to generate about N250bn in 2024.

The PUNCH earlier reported that the Service had generated N98.5bn in seven months between January and July 2023, as opposed to the N65.7bn generated in 2022 within the same period.

Abdullahi said the revenue tax collection of the FCT had grown from barely N46bn in 2017, to N124bn in 2022, representing an over 270% increase, adding that the service was optimistic that it could generate N250bn with the support of staff of the FCTA, the National Assembly, and other key stakeholders.

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He said, “The Tax Revenue Collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022, indicating over 270% growth. At this point, I would like to inform the general public that, as of December 19, 2023, the FCT-IRS, for the first time since its inception in 2015, has exceeded the N200 billion mark by generating the sum of N203,147,090,410.5 annual revenue for the year 2023. This is a huge milestone for the service, and it represents about a 63.34% increase in collection from the preceding year.

“For the year 2024, FCT-IRS has a target of N250 billion (Two-hundred and Fifty Billion Naira), we are determined and optimistic that we will realize and surpass that, with the committed and dedicated staff of the service, support from the FCT Administration, the National Assembly, and other key stakeholders, including our esteemed taxpayers, it is achievable, and the task ahead is surmountable.”

The acting chairman explained that the taxpayer base of the FCT had grown from 543,969 individuals, and 284,746 non-individuals in 2015 to 1,108,162 individuals, and 389,981 non-individuals in 2023.

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He added that the FCT-IRS would begin the enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended) and Section 31 of the FCT IRS Act 2015, which required Secretariats, Departments and Agencies, commercial banks, and other corporate bodies to demand and verify Tax Compliance Certificates as precondition for rendering services in the FCT.

As part of our efforts to ensure compliance with filing of returns, the Service will, in accordance with the tax laws apply penalty for non-filing of annual returns by 31st January of every year for employers and 31st March of every year for individuals. A comprehensive reassessment of returns will be intensified, which will be followed by constant monitoring and compliance exercises.

“For the avoidance of doubt, section 32 of the FCT-IRS Act, 2015 empowers the Chairman of the Service to authorize any Officer of the Service to have free access to properties and records of taxpayers for the purpose of compliance with the tax laws. The Service will not only hesitate to prosecute tax offenders through the instrumentality of the law, but will ensure that all taxes due to FCT are recovered,” he said.

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CBN Sells Fresh Dollars To BDCs At N1,021/$

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The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.

Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.

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“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”

CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.

In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.

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Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.

The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.

Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.

The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.

On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.

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JUST IN: FirstBank Gets New MD/CEO

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Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.

Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.

Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.

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Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.

Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.

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A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.

Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.

With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.

 

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CBN Gives New Directive On Lending In Real Estate

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The Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.

The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.

In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.

This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.

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The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.

An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.

All Deposit Money Banks are now mandated to adhere to this revised LDR.

The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.

Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.

READ ALSO: JUST IN: CBN Increases Interest Rate To 24.75%

Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.

The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.

“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.

“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.

“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”

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