Business
PHALGA Set To Improve Revenue Collection
The Port Harcourt City
Local Government Council says in order to beef up internally generated revenue, efforts are underway to deploy best practices in the collection of internally generated revenue while completely eliminating touting from the system.
Speaking with The Tide in an exclusive interview, the Mayor of Port Harcourt City, Samuel Sunny Ejekwu, said that his administration was set to operate a cashless system in the payment of taxes to curb corruption and eliminate miscreants, whose activities have adversely affected the revenue of the council.
He complained that since his administration, “there has not been any improvement in the internally generated revenue”, adding “rather it has been on the downward slide, which is the reason why members of this executive have taken a resolution to review the revenue policies of the council,” because according to him, “what we met on ground was not good enough”.
The mayor added that “the issue of beefing up internally generated revenue has been there over the years”, which he insisted, “the council is doing everything to address as quickly as possible.
“In our last executive council meeting, we passed a resolution which is intended to be implemented in a couple of weeks, and once implementation starts, I am very positive and strongly believe that our internally generated revenue would improve,” he pointed out.
Ejekwu said: “The good thing about the cashless policy in our new transaction model is that customers no longer need to handle cash or carry money to the council or to banks to pay in, but can use Point Of Sales (POS), Automated Teller Machines (ATM) or the Internet Banking platform to pay required taxes, fees, levies, permits, and the amount is debited from the customer’s account without necessarily paying cash to faceless agents and miscreants posing as task force members to fraudulently extort money from companies and individuals. Life is so simple now that investors would no longer complain of being duped by criminals or multiple taxation as everything is now being done transparently because of the best practices we are adopting.”
The mayor also stated that “although the Rivers State Government had harmonized taxes in the past, but the implementation has not been on a full-scale”, expressing confidence that “when full-scale implementation begins, it will be a win-win situation for all stakeholders”.
He also hinted that in order to attract investors, the caretaker administration has begun to reach out to some corporate bodies, noting that, “we are getting some positive responses, and we believe that they are supportive of our programmes and policies, and want to partner with us to achieve the sustainable development of the city”.
Susan Serekara-Nwikhana
“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.