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Nigeria Lost N5.4trn From Tax Evasion By Multinational- FIRS

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The Federal Inland Revenue Service (FIRS) has revealed that Nigeria lost about N5.4 trillion between 2007 and 2017 through tax evasion by multinational companies operating in Nigeria.
Executive Chairman of the Service, Mr Muhammad Naru, disclosed this in a statement issued and signed by Abdullahi Ismaila Ahmad, Director, Communications and Liaison Department of the FIRS on Monday after a “Workshop on Effective Audit of multinational corporations for Domestic Revenue Mobilisation in Nigeria,” organized by the Service in junction with the Tax Justice Network.
Executive Chairman of the Service, Mr. Muhammad Nami stated that “between 2007 and 2017” Nigeria was reported to have lost over US$178 billion (about N5.4 trillion at today’s rate) through tax evasion by Multinationals” doing business in the country.
He cited a 2014 report by the High-Level Panel on Illicit Financial Flows from Africa, which stated that “Nigeria accounted for 30.5% of money lost by the continent through illicit financial flows.”
To check this revenue loss, the FIRS Boss said the service had created 35 additional Tax Audit Units in the country to stem illicit financial flow out of Nigeria and improve tax compliance rate.
Observing that some multinational corporations were “leading in tax compliance in various sectors” he was however worried that “many rich Multinational Corporations do not pay the right taxes due from them, let alone pay their taxes voluntarily.”
He charged participants at the workshop to come up with “a novel methodology that would be used to uncover illicit financial flows” and “provide an overview of related policy options for enhancing tax revenue collection in general.”
According to Nami, “at the FIRS, we are paying greater attention to tax audit in general and Transfer Pricing audit in particular in order to improve the level of tax compliance in the country”
He added that, “as a result, in the last one year, we have created more than 35 additional Tax Audit Units and deployed experienced and capable staff to take charge of these offices.
He further stated that with the signing of the 2021 budget of ¦ 13.588 trillion and given the recent decline of oil fortunes, “which had been the major revenue earner for the country, taxation is expected to continue to shoulder the government’s budget performance the way it did in 2020.”

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Rice Millers Raise Alarm Over Smuggling Of Foreign Rice Into Nigeria

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The National Chairman, Rice Millers Association of Nigeria (RIMAN), Peter Dama, has raised the alarm over the smuggling of foreign rice into Nigeria following the reopening of Nigerian borders.
Dama, in a press statement, yesterday, praised the Nigerian Government on its efforts to ensure the growth in the domestic rice sector but expressed serious concern on the smuggling of foreign rice into the country.
“Millions of tons of smuggled rice is being off loaded at the following borders daily basis without any interruption, or checks by the customs and security agencies for onward transportation Into Nigeria markets, e.g. Kano, Abuja, Jos, Lagos and several cities in the country,” he said.
“The borders frequently used for the smuggling activities are Babura, Kongolon, Ibadan, Oyo State, Seme, Owede, Benin and so many other illegal routes into the country.”
Dama appealed to the Nigerian Government to properly equip and compensate adequately all customs officers manning the borders to enable them function effectively to reduce rice smuggling into the country.
He sympathised with officers and men of the Nigerian Customs Service and other security personnel who have been murdered in cold blood by smugglers.
“Any custom personnel or security agent found to be compromising his position through bribery and corruption to allow smuggled rice into the country should be arrested and prosecuted and if found guilty, be dismissed from service.
“Any truck or means of transportation used to transport smuggled rice into Nigeria through the borders should be confiscated with the entire goods, while the culprits arrested and prosecuted and jailed if found guilty.
“We appeal to the government to set in motion urgently committees made up of various security agencies to raid Nigerians markets and confiscate any smuggled rice found and marketers caught with smuggled rice products be termed economic saboteurs and be prosecuted.
“Stores owned by these unpatriotic economic saboteurs also be sealed up completely, until after paying up fines or after serving prison terms before such stores are reopened.
“These foreign rice sellers and distributors in the market are themselves economic saboteurs by accepting to market banned goods in the country, they should not be spared as they are contributing in the destruction of our common wealth and our attempt to be self sufficiency in national food security.”
He advised the Federal Government to subsidized rice millers, processors, and farmers in the entire rice value to make it more competitive.

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Wike Pledges N500m To Support Sokoto Rebuild Burnt Market

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The Rivers State Government has pledged N500million to support the Sokoto State Government rebuild the Sokoto Central Market that was gutted by fire, last Tuesday.
Part of the money would also be used to support victims of the devastating fire that destroyed goods worth billions of Naira.
The Rivers State Governor, Chief Nyesom Wike, made the pledge on behalf of the state government during a visit to the Sokoto State Governor, Hon Aminu Tambuwal, last Wednesday.
Wike, who was conducted round the destroyed market by Tambuwal, said he was saddened by the devastating fire that razed over 60 per cent of the 16,000 shops in the market.
“We have come here to commiserate and sympathise with our brother, our friend and the good people of Sokoto State on what had happened to one of the biggest market in this country, the Sokoto Central Market.
“When I got the information last night, I was touched and I said as brothers, what affects you affects us. What affects Sokoto State affects Rivers State.”
The Rivers State governor, who empathized with the traders over the loss of their goods worth billions of Naira, thanked God that no life was lost in the disastrous inferno.
“There is nothing you can equate with life. That there was no life lost; we give glory to the almighty Allah. Having come here, I’ve seen the level of destruction, it is unfortunate. People have lost their goods; the state government will have to see how this market will be brought back to the way it is supposed to be.
“We sympathise with you. We identify with you and we know the negative effect on the economy of the various families; families who depend for day to day trading and sales of their goods.”
Wike expressed his appreciation to the various security and paramilitary agencies that prevented the fire from destroying the entire market.
He pledged that the government of Rivers State would support Sokoto State to rebuild the market and ameliorate the plight of the traders with N500million.
“On behalf of the government and the people of Rivers State, we will support the Sokoto State government to see how quickly they can rebuild this market” he added.
In his response, the Sokoto State Governor, Hon Aminu Tambuwal thanked Wike and the people of Rivers State for the kind gesture.
Wike also paid a courtesy visit to the Sultan of Sokoto, Muhammad Sa’ad Abubakar in his palace to commiserate with him over the demise of his junior brother, Hon. Abdulkadir Jeli Abubakar, who was Sokoto State commissioner for home affairs.
In his response, Sultan of Sokoto, Muhammad Sa’ad Abubakar, acknowledged the age-long relationship between Sokoto and Rivers State, and lauded Wike for sustaining it.
He explained that Wike’s visit and pledge to support Sokoto State was a demonstration of what Nigeria is and should be.
The Sultan further commended Wike for his remarkable developmental stride in Rivers State.
“I commend you and congratulate you for all what you have been doing for Rivers State in particular, because we have seen a lot of infrastructure being put in place and that is why they call you Mr Project in Rivers.
“You have just some few more years; please, do much more so that nobody will beat you when he takes over from you”.
Similarly, the Sultan lauded Tambuwal for his judicious management of the state resources which earned the state a World Bank grant under the State Fiscal Transparency, Accountability And Sustainability (SFTAS) programme.

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Reasons Why Train Travel is the Best

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Train travel is one of the most underrated form of long-distance travel available. Well, there are moments whereby air travels will face its own ups and downs. Cars can also easily go misaligned, but train travel is unlikely to face any form of mishap.

Trains can actually get you everywhere, the only thing is that they can’t cross oceans and most remote areas don’t have access to trans.

But if you have a tight budget and you want to travel within the continent, city to city then they are good option that you should try, and play games at https://www.francaisonlinecasinos.net/machine-a-sous/

Here are some of the reasons that you need to consider taking a train to your next destination.

Cost

In some countries trains are very cheap. But that’s not the case in the US. In the USA trains are not cheap, but in general terms they are cheaper than a plane especially when it comes to short distances.

Moreover, most train stations offer its passengers discounts on different destinations. Nevertheless, children under 2 years old ride for free whereas kids from 2 to 15 years will ride half price. Above all, train prices are very stable compared to other means of transport.

Sanity

When it comes to other means of transport such as airplane and buses you will get to stand in long check-in lines. But you will never see such at train stations. In most cases, at train stations you will just get your ticket and just walk in the train without any hassle. This offers the best sanity any passenger would love to have.

Comfort

Train rides are smooth sailing, the seats are roomy enough for you to sit, relax and enjoy your journey. At the same time, you have the best chance to play best online keno casino games in peace without any form of disturbance.

 

 

 

 

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