Business
Tax Collection: Association Harps On Direct Remittance
The Hoteliers Asso
ciation in Obio Akpor LGA has agreed with the council to collect and remit revenues and taxes from members direct to the council.
The chairman of the hoteliers association, Mr Engine Nwuzi, said last week that the association has agreed with the Obio/Akpor Council that monies meant to be paid to the council as revenue, will now be collected by the association as a group and paid to council.
He said the agreement was reached in a meeting with the council representatives and executive of the association on how to possibly ward-off touting and fake revenue agents that claim to be representing the council.
Nwuzi expressed dissatisfaction over the activities of fake revenue agents and touts that have always been harassing and embarrassing its members for some time.
According to him, with the understanding reached so far with the council, the issue of unwarranted embarrassment by the revenue agents would be over, adding that hoteliers in the area would remit their taxes, levies as revenues to the council directly.
The chairman expressed happiness with the maturity and level of understanding shown by the Obio/Akpor Council, in the effort to curtail waste and touting in the system.
Meanwhile, the chairman, Revenue Association in the council, Mr Chukwuma Akani, said that the understanding reached between the association and the council was born out of the desire to address some of the lapses recorded in remitting revenue to the council.
He, however, urged members of the hoteliers association to live up to the tenants of the agreement it had with the council, pointing out that the council had taken note of its promise, and would abide by the understanding it had reached.
Corlins Walter
Participants at a Summit on Stamp duties act in Abuja recently.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.