Business

FIRS Targets N1.8trillion Revenue From VAT Collections In 2017

Published

8 years ago

July 24, 2017

The Federal Inland Revenue Service (FIRS) Tuesday, declared N1.8 trillion as its expected revenue collection from Value Added Tax (VAT) for the year 2017 .
The Executive Chairman of FIRS, Mr Tunde Fowler made this revelation during the 2017 budget defence presentation to the Senate Committee on Finance by his agency .
The FIRS boss told the committee that the budget was focused on capacity to increase VAT and other non-oil revenue.
He noted that principally, VAT is expected to grow from an actual of N828 billion to a budget of N1.8 trillion which is over 125 per cent increase.
He also told the committee that the achievement of the 2017 budget will be driven by VAT collection.
“The Service in realization of this responsibility and challenges of doing manual collection, have automated VAT collection for the critical sectors of the economy notably telecommunications, airlines and financial institutions.” he added .
Fowler said that the deployment of the platforms is at no cost to
the Service while the consultants will only be rewarded on incremental revenue generated.
He told the committee that the Service proposed to collect the following tax revenue target as derived from Federal Government 2016-2018 Medium Term Revenue Framework (MTRF) for 2017 amounting to a total of N4.89 trillion.
Fowler. said that the budget for oil revenue dropped by 9 per cent
over 2016 actual due to low oil price that operated in the year.
On budget parameter, the FIRS boss said that the 2017 projected
cost of collection of N153.44 billion is higher than the
2016 approval estimate which stood at N143.90 billion.
The figure, he said, represent a cost of collection increase of 6.63 per cent on overall projected non-oil revenue including
VAT, stamp duties and levy. Fowler prayed the Senate to approve “the surplus budget of N848arising from an expected total revenue of N153.4 billion over expenditure of N152.6 billion.”
On the revenue projections performance for the period January
to June 2017, the FIRS boss said that the analysis showed that the Service have recorded an increase of N224 billion representing an overall increase of 14 per cent in 2017,
when compared with the collection performance for the
corresponding period in 2016.
His words “We have therefore achieved 72.93 per cent of our half year target of N2.44 trillion for 2017 as against 74.2 per cent of N2.1 trillion for the corresponding period in 2016.
He put tax collection between January to June 2017 at
N1,782,922,600.000 with variation of N224,140,900,000 giving 14 per cent increase of the same period in 2016.
“The chairman may note that we attained this collection performance despite several challenges, as we have continued to vigorously pursued our strategies internally wile improving collaboration with relevant stakeholders to boost our collections.
“The strategies put in place are on course and progressively
yielding fruits. We are hopeful therefore that the efforts being made will translate to significant tax yields before the end of 2017.”
Chairman Senate Committee on Finance, Senator John Enoh, stressed the
need for the FIRS to work to achieve approved target.
Enoh noted that with a deficit of over N2 trillion in 2017 national budget, it would impact negatively on the
implementation of the 2017 budge if the Service failed to meet its target.

Business

Nigeria Targets $1bn Deals At TICAD9 – Tinubu

Published

1 day ago

August 22, 2025

The Tide

Nigeria’s President, Bola Tinubu has said that country is participating in the ongoing 9th Tokyo International Conference on African Development (TICAD9) with a mission to unlock over $1billion in trade and investment opportunities.

Tinunu, qho wrote on his X handle on Wednesday, said Nigeria’s engagement at the summit, themed “Co-create innovative solutions with Africa”, was anchored on green innovation, industrial growth, and youth empowerment.

“Our participation aims to unlock $1Billion+ in trade & investment, drive green innovation & industrial growth, expand opportunities for our youth, and position Nigeria as the heart and gateway to West Africa’s vast market”, he stated.

Describing the conference as a launchpad for lasting development and global partnership, Tinubu noted that Nigeria’s push was built on “technology, talent and trust.”

He added that Nigeria will continue to play a leadership role on the continent, declaring that: “Nigeria will lead, and Africa will rise.”

Business

Bayelsa Recommits To Agro-Economy Diversification … As Delegation Rounds-Off Rwandan Tour

Published

1 day ago

August 22, 2025

The Tide

Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, has said the state is committed to diversification of its economy by promoting food security, job and wealth creation through revolutionization of the agricultural sector.

Senator Ewhrudjakpo stated this during his presentation at a panel discussion in Kigali, capital of Rwanda, during a week-long agricultural tour of the State’s delegation to the East African nation, saying Government was poised to among other approaches, aggressively pursue conservation agriculture and regenerative farming to boost food production in the state.

A statement from the Senior Special Assistant to the Deputy Governor on Media, Mr. Doubara Atasi, quoted him as saying that the delegation comprised top government functionaries, including chairmen of the eight Local Government Areas of the state.

The Deputy Governor explained that the study tour was aimed at strengthening knowledge in modern agricultural practices such as mechanization and climate-smart food production technologies.

Other officials who participated in the discussions, according to the Media Aide of the Deputy Governor include, the Chief Executive of Rwanda Cooperation, Ms. Patricie Uwase, and the Vice Chancellor of the Rwandan Institute for Conservative Agriculture (RICA), Dr. Olusegun Yerokun.

Sharing his experience from the study tour, the State’s Commissioner for Agriculture and Natural Resources, Prof. Bekes Sese, described the choice of Rwanda as very appropriate and rewarding as the east African country share a lot of similarities with Nigeria in terms of climate and other environmental conditions.

Prof. Sese, who gave thumbs up to Rwanda for its clean environment and current level of agricultural production, said the same could be replicated in Nigeria, especially in Bayelsa, with proper organization and attitudinal behaviour, noting also that the tour has exposed the delegation to field observation of soil erosion control trials, technical demonstration on artificial insemination in pigs, water-use efficiency and mechanization in crop production.

While encouraging Bayelsans to embrace farming and self-reliance, the Agric commissioner informed that the Governor Douye Diri-led administration was making conscious efforts to change the state agricultural trajectory for good.

“We visited the Rwandan Institute for Conservation Agriculture, and associated facilities located at the Bugesera District, Eastern Province of Rwanda.

“We had the privilege to have field observation of erosion control trials, biosecurity on livestock production, and climate-smart irrigation technologies, with a visit to the Black Soldier Fly (BSF) facility that converts organic waste into high-protein livestock feed and fertilizer.

“I believe the beautiful things including the clean environment in Rwanda can be replicated here in Nigeria, even in Bayelsa with proper organization and the right attitude”, the Commissioner said.

Other members of the State delegation were the Deputy Chief of Staff, Deputy Governor’s Office, Comrade Gowon Toruyouyei; the Commissioner for Local Government and Chieftaincy Affairs, Chief Thompson Amule, his Marine and Blue Economy counterpart, Dr. Faith Izibenua Zibbs-Godwin, heads of Agriculture department in the eight Local Government Areas of the State, a Director from the State Ministry of Marine and Blue Economy and Mr. Ebiuwou Abeki.

The Tide learnt that recently the State Governor, Senator Douye Diri, had charged chairmen of the eight Local Government Areas to key into his administration’s effort to boost agriculture by investing in crops where their areas have comparative advantage to ensure food security and job creation.

Business

Shippers Council Seeks collaboration Against Stowaways

Published

1 day ago

August 22, 2025

The Tide

The Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council, Dr. Pius Akutah, has called for inter-agency and multi-sectoral collaborations to combat the rising incidents of human trafficking and stowaways in the nation’s marine and blue economy sector.

Akutah, who made the call, Tuesday, in his office in Abuja, while receiving the leadership of the National Agency for Prohibition of Trafficking in Persons and the MMS WoFHoF Initiative, who were on a courtesy visit to explore collaboration to combat human trafficking by sea, noted that stowaway is a veritable means of transporting victims of human trafficking to other countries.

He described the menace as transnational organised crime that accounts for a global loss of over $100m annually, adding that the crime started growing in Africa in the last 10 years, taking a dangerous form.

The visit, which was part of the means of rallying relevant agencies, ministries, and stakeholders in the marine and blue economy sector, was facilitated by the MMS WoFHoF Initiative to help combat the menace of human trafficking by sea and gender-based violence.

He stated that he had handled human trafficking cases as a prosecutor for the nation in the past, affirming that the NAPTIP Act of 2003 derived its source from the Transnational Organised Crime Convention 2000, to which Nigeria is a signatory.

According to him, “The menace has become something we should all join hands together to combat because it leads to many criminal activities. The maritime sector is not left out of this; stowaway is a veritable means of transporting victims to other countries.

“You know, before now, they used land transport. Now, stowaways have become a major means of transporting these people, victims, to where they are needed.”

He added that the Minister of Marine and Blue Economy, Adegboyega Oyetola, had spoken eloquently and in strong terms against sexual harassment within the sector, especially onboard ships.

“This is one issue that the Minister will take very seriously. As the port economic regulatory agency in the sector, we are concerned about the port economy, and these are criminal activities that also destroy the economy of the port.

“So, it is also within our mandate to go into this partnership with NAPTIP and your partnering NGO-MMS WoFHoF, and we are committed to that partnership going forward”, Akutah stated.

He explained that within the port sector, many other agencies are very important in this struggle.

Earlier, the Director-General of NAPTIP, Hajia Binta Adamu Bello, who described the NSC as a critical partner, disclosed that due to the intense operational heat on traffickers on the land borders by operatives of NAPTIP, some of the traffickers have now resorted to using the waterways to traffic their victims.

“The shipping, ports, and logistics sectors can play a pivotal role in early detection, prevention, and reporting of trafficking activities, making collaboration between NAPTIP and NSC not only strategic but essential”, she said.

Bello added that the agency is proposing to deepen engagement with the maritime sector in the fight against human trafficking, especially in sensitisation for the identification of potential trafficking cases along the waterways and timely reporting to relevant authorities.

She said, “We propose a collaboration targeting port workers, shipping agents, freight forwarders, crew members, and other maritime stakeholders to identify and report suspected trafficking activities using NSC’s outreach structures, the Nigerian Port Process Manual platforms, and Port Standing Task Team channels to integrate anti-trafficking awareness.”