Business

Finance Bill 2021: Tax System Must Work For Every Nigerian, FIRS Chairman Tells Reps

Published

4 years ago

December 13, 2021

The 2021 Finance Bill must be tailored towards enabling an efficient tax system that works for every Nigerian.

This was the position of the Federal Inland Revenue Service (FIRS) Executive Chairman, Muhammad Nami to journalists after a stakeholder engagement on the Finance Bill 2021, at the House of Representatives, Abuja.

“Our laws and policies must first and foremost work for the Nigerian people who we have either been elected or appointed to serve”, Nami stated.

“Whatever proposals have been submitted for consideration should be looked at critically vis-a-vis what works for Nigeria, the business community, the taxpayers, tax consultants, and the Nigerian system altogether. It will help us more if we realise that our collective effort and service is not about us. It is about our country.

“We must build a tax system that is not only robust but that will outlive our respective services to this nation; whether as members of the executive, the judiciary or the legislature. In other words, these laws must be made in a manner that reflects not just what we feel is right, but what is indeed right—yesterday, today, and continues to be right tomorrow.”

Muhammad Nami further appealed that the Fiscal Policy Reform Committee and the House Committee on Finance should continue to make laws that stand the test of time and reflect economic realities. He further called for laws that will not only assist the government at the three levels in mobilising revenue but will also assist small and medium scale enterprises to grow, and become taxpayers in the future.

The FIRS Executive Chairman also commended the leadership of the National Assembly and members of the Executive for the annual review of the Finance Act which he said has afforded the Federal Government the opportunity to deploy new ways of enhancing domestic revenue mobilisation and improving tax administration in the country.

“The Finance Bills have accorded the Federal Government and the Fiscal Policy Reform Committee the opportunity to annually review and identify gaps in our tax system, to fix them and ensure that government can earn the much-needed revenue for the execution of its mandate. Without the commitment of the National Assembly leadership and members of the Executive, from day one to the fiscal reforms that the Finance Bills were aimed to achieve, we would not have been able to attain the resounding successes we have recorded since 2020.” Nami stated.

Describing the annual review as a “clear demonstration of political will for the actualisation of good governance,” Nami highlighted that it was the enablement provided by the Finance Act 2020 that gave the FIRS the powers to deploy its own digital tax administration solution, TaxPro Max with its attendant results.

“That single revolutionary amendment to the FIRS Establishment Act gave us the power to deploy our home gown digital Tax Administration Solution called the TaxPro-Max. This platform allows for seamless electronic registration of taxpayers, electronic filing of returns and payment of taxes.

“Consequently, it is not surprising that the FIRS was able to collect over N5 trillion between January this year to date while we are confident that we will achieve our total VAT target for the year”, Nami stated.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

19 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.