Business
FIRS Nets N1.5trn In First Quarter
Federal Inland Revenue Service (FIRS) said it collected a total sum of N1.5 trillion revenue as at the end of April.
This is contained in a statement signed by the services’ Director, Communications and Liaison Department, Mr Emmanuel Obeta, on Thursday in Abuja.
According to the statement, the figure is an improvement on what it collected same period last year.
It stated that FIRS had jerked up its internal-revenue target for 2013 to N6 trillion as against the N5.72 trillion target given to it by the Federal Government.
The statement noted that the new target was drawn from the result of its modernisation and automation projects, particularly the Integrated Tax Administration System (ITAS).
“At the Regional Enlarged Management Meeting (REMM) in Lagos on Thursday FIRS Management team’s strategy was on how to achieve the targets of the service.
“Some of the issues discussed at the Lagos REMM included how to improve efficiency in FIRS revenue collection through the implementation of ITAS and improve staff motivation to ensure utmost performance,’’ it stated.
The acting chairman of the service, Mr Kabir Mashi, said that from August, FIRS would begin to implement various components of the ITAS project, which the service had been working on.
He said that when implemented, the ITAS project would enhance online real time payment of taxes and automatic receipt of tax clearance certificates, real time generation of Withholding Tax Credit Notes.
“ITAS is also expected to automate the raising and posting of assessments, filing of withholding tax credit, collation of arrears, risk analysis, production of reports and automated generation of demand letters to taxpayers.
“The Project will also eliminate paper file movement in the organisation and replace that with electronic systems which will ease hiccups in procurement and payment system in the organisation,’’ he said.
Mashi urged the general public to be wary of some fraudulent elements in the society who might be using the name of the service to extort money from them in the name of getting jobs for them in FIRS.
He said that it had come to his notice that some misguided individuals had been peddling rumour that FIRS was recruiting.
“At the moment, FIRS is not recruiting new staff. FIRS has a tradition of advertising widely its recruitment appeals and we will do that when we have another batch of recruitment.
“I have received a lot of text messages and mails from people on this. They said that some people notified them that FIRS is recruiting, but there is nothing like that going on.
“We have concluded 2010 recruitment exercise and I know that recently, we employed some of our contract staff,’’ he said.
Also speaking, Mr Sunday Ogungbesan, the Coordinating Director, Field Operations Group, said such meetings had helped the FIRS to make effective decisions in the past.
He said that the meeting in Lagos would help the service to interact with the staff in Lagos regions and make good decisions.
“Our main focus in 2013 is of consolidation and strengthening existing ground. This we intend to achieve by vigorously pursuing the goals of the restructuring.
“This goals are entrenchment of customer service strategy operations, consolidation of taxpayer segmentation, improvement of taxpayer services, all aimed at improving taxpayer compliance,’’ he said.
Ogungbesan said that if managed properly, all these efforts are expected to result in high level of increased revenue flow into the revenue basket.
“An up to date report of FIRS revenue collection as at the end of May 2013 shows that our collections are beginning to pick up.
“I urge all Tax Controllers, Regional Coordinators and Directors to work continuously to sustain the rising tempo in order to meet the half-year target at the end of June,’’ Ogungbesan said.
Business
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Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
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