Business
FCT-IRS Automation’ll Block Leakages, Boost Revenue -Chairman
Mr Abdullahi Attah, the Executive Chairman of FCT Internal Revenue Service (FCT-IRS) says ongoing automation project being implemented by the service will help block leakages and boost revenue generation in the territory.
Attah disclosed this in an interview with newsmen yesterday.
He explained that FCT-IRS had gotten approval from Bureau for Public Procurement in Dec. 2020, to implement its automaton project and make it technology-driven.
He said that with the approval, more than 80 per cent of tax administration and other procedures in FCT would be automated.
He listed tax collection, assessment and certification or clearance as part of procedures to be automated.
According to him, the new initiative will find solution to any form of sharp practices by personnel of the agency, taxpayers and banks.
“With the automation we are putting in place now, there is no hiding place for any of our staff that may want to involve shoddy deal , you cannot collect cash, money must be paid automatically through the banks and when it is paid, with remittance, it will go straight to our TSA in CBN.
“Until we see your money in CBN, you can’t get a receipt, so our staff cannot play any game with taxpayers. On assessment, the forms that tax officers could hide in a file is no longer possible because our assessment will be automated too.
“Once we do it, I will sit in my office, with the computer, I will see all the assessment they have done every day.
“With this our automation project, if you want to find out whether you have Tax Identification Number (TIN), you just dial *7737*22# and then the system will take you through.
“We just established a contact centre and it will start functioning on Monday Feb. 22. If you dial 07002200002, the system will take you to our contact centre and they will assist you to resolve your problem” he explained.
Attah said FCT-IRS under his leadership was committed to become fully technology-driven, adding that in a short while, the agency would run a paperless office.
“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.