Business
IGR Database: Ondo captures fresh 295,222 Taxpayers
The Ondo State Board of Internal Revenue says it has captured an additional 295,222 taxpayers into its database.
Chairman of the board, Mr Akin Akinsehinwa, told newsmen in Akure last Thursday that the state now had 355,222 taxpayers.
Akinsehinwa, who was appointed in 2014, said the board was making efforts to improve on the state’s internally-generated revenue (IGR).
He said that before 2014, the state had 60,000 taxpayers because there was no standard way of tax collection.
“The number is still not enough and we are striving to get it increased and we will fish out those still in hiding.
“For instance, despite Gov. Mimiko’s magnanimity to the artisans in the state, they are not cooperating with us; they did not even pay anything last year.
“When we took over, we started our transformation by creating efficient directorates, making us to have clear cut reports on what we get, so that we could have a standard process of tax collection.
“We had to tackle elusively coordinated directorates and restructured and created relevant departments such as Tax Enlightenment and Education Department, and a Legal Department, which intensified our enforcement,” he said.
The board chairman said he met a leakage process because of the manual process of doing things, which gave room for a lot of manipulations.
“There were a lot of fake papers flying in the board and our accounts were not properly monitored, which allowed some banks to manipulate and suppress the board’s accounts.
“But having worked in banks for 19 years, I know how to track them down by monitoring them on a regular basis.
“We had to do a massive bank duty assessment and we generated over N1 billion between 2014 and 2015,” he recalled.
Akinsehinwa said the board was able to deal with high indebtedness of Federal Government’s Ministries, Departments and Agencies (MDAs) in the state which hindered the state revenue.
“Before 2014, we were receiving N15 million monthly as taxes from federal ministries, departments and agencies in this state, but now we are getting about N50 million monthly,” he said.
According to him, it is pitiful that some state ministries, departments and agencies do not know their roles as tax collectors.
Akinsehinwa said that staff of the board were subjected to a series of trainings and seminars to boost their professional efficiency.
“When I was appointed, we had to send the staff on mandatory professional courses to re-orientate them, while we sought redeployment of those who were unyielding,” he said.
The chairman noted that the board also introduced a Land Use Charge, to widen the scope of taxes.
The revenue board boss added that there was a plan to set up a special court to hear tax cases in the state.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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