Business
FIRS Rakes In N4.178tr From Taxes
The Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Mamman Nami yesterday said the agency has raked in N4.178trillion revenue out of the N4. 239trillion target it set for itself between January and October.
He also claimed that he inherited N38billion debts from his predecessor, Mr. Babatunde Fowler which included about N20billion official debts and N18billion unofficial.
He explained that it is the core mandate of the FIRS to collect Stamp Duties, adding that the first tax introduced in 1904 by the British colonial masters was Stamp Duties.
Nami, who made the clarifications in a chat with some media chiefs in Abuja, said the FIRS was not usurping the powers of any agency.
He expressed optimism that the agency should be able to exceed the N5. 076trillion tax receipts for 2020
He said: “As at October, we have realised about N4.178trillion out of our target of N4.230trillion. This translates to about 98 per cent or approximately 99per cent.
“All things being equal, we should be able to exceed our target of N5.076 trillion by the end of 2020.”
On the allegation that his predecessors could not meet revenue target, he said: “I don’t think that is correct. I remember former Executive Chairman, Ifueko Omoigui-Okauru and her successor, Kabiru Mashi met their targets and even exceeded them. But since they left office, nobody has come in to ensure that this type of performance is sustained.
“What we have done as a team, I don’t want to give myself credit because they are fantastic, is to leverage their experience of about 30 years, to see that we come up with strategies that will move tax administration forward. And one of the things we have done is to ensure that we deploy technology,” he explained.
He said the FIRS under him inherited about N38billion debts officially and unofficially.
He said: “We actually met a lot of debts but like someone said, service is a growing concern. What we met was about N20billion and what we have prioritized is paying them by installment. I think as it is today, we have gone past 50 per cent. That is what we saw officially.
“Unofficially, we met a debt of about N18 billion which was borrowed from our Special Project Account. Today, I think we have refunded about N11billion to that account,” he said.
Nami insisted that it is the prerogative of the FIRS to collect Stamp Duty because it is a tax introduced to the country in 1904 by the colonial masters.
“When you talk of Stamp Duty, we have stated our core mandate and if you define Stamp Duty, you will now realise that we are not usurping anybody’s powers. It is somebody who wanted to take our powers from us.
“If our responsibility as a revenue generating unit is to assess, collect and account for tax, it will be unfair for any agency of government to now say that it wants to collect tax irrespective of the way the tax is called.
”I want you to also remember that the first tax introduced in Nigeria by the colonial masters in 1904 was Stamp Duty. If this was the first tax and if somebody is coming in 2016, 2017, 2018, 2019 and 2020 to say that this person or agency should administer this, I think it should be strange to all of us,” Nami said, adding that the FIRS was not “sleeping over tax evasion” because it is a serious crime being committed by big men in the society.
He said some service providers have been uncovered in Lagos for not remitting Value Added Tax (VAT) running into billions of naira.
The FIRS chief said: “Tax evasion is a very serious crime; it is a thing that worries us a lot. This is why we have a department in the Enforcement Support Group called Special Crime Department. We are actually not sleeping over it; we are not trying to ignore the fact that there are big men in this country that are evading taxes
“But from the way we are going, we have what we call multiplier effects even in business investment. We are a typical investment country, so it is one thing that leads to another.
“What I have done is to empower Enforcement Support Group to leverage technology and secondly other stakeholders’ collaboration for information sharing.
“We just concluded one investigation in Lagos. That was why I hid myself in Lagos for one week. We discovered that there are service providers, let me not be specific, that work for some of our taxpayers but they collect VAT and they do not remit.
“I can assure you that there are people that are so big in this country but assessments have been raised in billions of naira and sent to them. Like I said, it is an indirect tax regime that we are pursuing. We told them that they are only agents, it has got nothing to do with their income, it has nothing to do with the profits they made for rendering these services.
“They have earned 100 per cent of their income and something (VAT) that is added on top to bring to the FIRS, they collected and kept.
“So, what we did was to attach the invoice for such organisations and asked them to give us the money. They know they cannot come near us, we won’t tolerate such things. And it is as a result of that the revenue figure continues to increase.”
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter