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FIRS Chairman Calls For Improved e-Payment System

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Mrs Ifueko Omoigui-Okauru, Executive Chairman, Federal Inland Revenue Service (FIRS), on Monday in Abuja said there was the need for improved e-payment system to enhance accountability and transparency.

Omoigui-Okauru in her goodwill message to a two-day training workshop on e-payment said that the e-payment was prone to a lot of challenges hindering its smooth implementation.

The chairman said: “Some of the problems we faced with e-payment at the FIRS among others, has to do with reconciliation; being able to reconcile what is paid, what the banks received and ultimate basic account.

“The complaints and constraints facing accountants in FIRS is also the fact that e-payment has not been as fast as it should be.

“In fact, it’s like we are doing the e-payment on the manual system; we have not seen the full benefits of e-payment.

“Another problem is the diversion of e-payment of taxes to accounts other than those designated at the banks.

“We noted that in some banks this e-payment does not get to the designated accounts but post to some accounts even when we thought that e-payment should go direct,’’ she added.

Omoigui-Okauru urged the workshop participants to find solutions to these issues and ensure that the benefit of e-payment was witnessed in both the public and private sectors.

She commended the effort of the organisers of the workshop and noted that e-payment in spite of its shortfall had helped FIRS to adopt faster process of tax payment.

Mr. Gabriel Ogunsina, the Auditor-General of the Federation, said that e-payment system was a laudable programme but should be subjected to review.

He said efforts should be made to train and retrain accounting personnel to enable them to brace to the current trend in the accounting world.

“I employ stakeholders in the workshop to be attentive to the problems listed so far, proffer ways forward, so that we witness effective implementation of e-payment in our various sectors,’’ he said.

Dr. Ezekiel Oye, the Permanent Secretary, Ministry of Defence, said resistant, slow compliance with change and poor knowledge of ICT had contributed to the slow pace of e-payment implementation.

He called for the elimination of manual system and human interferences in the system for more efficiency and effectiveness.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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