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FIRS To Block $10 Billion Tax Leakage By Multinational
The Federal Inland Revenue Service (FIRS) says it is working towards blocking about $10 billion tax leakages by multinational corporations operating in the country who engaged in illicit profit shifting.
FIRS Executive Chairman, Muhammad Nami, said this at the 2020 Corporate Plan Retreat of the service in Abuja on Friday.
He added that if the country was able to detect and block tax avoidance schemes by multinational corporations, it would be able to improve its tax revenue collection.
“Since I assumed office as chairman, we have revised the organisational structure of the service that reflected management aspiration reviewed and redesigned tax audit and investigations functions and currently we are reviewing all lien cases with a view to closing them and introduce new enforcement strategies.
“In addition, we have initiated several reform projects with a view to reversing our current performance level to a more acceptable level by government,” he said.
The FIRS boss, however, stated that the service was targeting 10 per cent to Gross Domestic Product (GDP) ratio in the next four years.
Mr Nami said the service was also targeting a minimum of $5 million staff to revenue ratio within the period.
According to him, the service has agreed that in the next four years it will improve its performance on a long term and sustainable basis.
In her remarks, Minister of Finance, Budget and National Planning, Zainab Ahmed, said taxation was key to government’s plans to diversify the economy.
Represented by Fatima Hayyatu, Director Technical Department, Mr Ahmed said the present administration’s plan to take 100 million Nigerians out of poverty in 10 years could be realised through improved revenue that would be generated by agencies of government like FIRS to develop infrastructure.
She urged participants at the retreat to fashion out ways to boost revenue generation especially in the non-oil sector.
News
Man dies after setting himself, wife on fire in Ondo
An as-yet-unnamed man has died after setting himself and his wife ablaze in the Ijoka Area of Akure, Ondo State.
It was gathered that the couple, who had been married for ten years and had two children, had separated following an undisclosed marital issue.
The incident was disclosed by the state police command on its X handle on Friday.
The police reported that the deceased took the fatal action against himself and his wife after he had begged her for reconciliation, but she refused to end the crisis.
A police source, who requested anonymity as they were not authorised to speak on the matter, said: “The man had been separated from his wife for some time but had been begging her to end the conflict between them and continue their lives as husband and wife. However, the wife refused.
“So, on a fateful day, the deceased invited his estranged wife to his house to pick up an item. When she arrived, he began begging her again. But the wife insisted on not reconciling, which led him to lock the door from the back, pour petrol on both himself and the woman, and set them on fire. He died on the spot.”
When contacted, the state Police Public Relations Officer, Funmilayo Odunlami, confirmed the incident, adding that while the husband died, the wife was still in hospital receiving treatment.
Odunlami stated, “They were married and, along the way, had issues that caused them to stay apart. The deceased asked his wife to come over and collect a wardrobe. When she arrived, he began threatening to kill himself but later locked the door so that both of them would die together.
“Using fuel and a lighter, he set himself and the woman ablaze. He died on the spot, while the woman suffered major burns.”
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Nigeria cannot achieve meaningful development without power sector reforms –VP Shettima
Nigeria’s Vice President, Kashim Shettima, says the country cannot achieve economic development without addressing the power sector crisis.
This is as he urged leaders in the country to rise above their differences, confront the power sector crisis and make Nigeria an industrialized nation.
Shettima stated this when while inaugurating the National Economic Council, NEC, Ad-Hoc Committee on National Electrification and NEC Ad Hoc Committee on Polio Eradication at the Presidential Villa, Abuja.
“One common thing with these countries and others in the post-industrial revolution community is that they have largely resolved the issue of energy insufficiency.
“There is no doubt that we cannot dream of meaningful national economic development without addressing the issue in the power sector and ensuring that Nigerians have accessible, available and affordable energy,” he stated.
While regretting that an estimated 40-70 percent of Nigerians have no formal access to electricity, Shettima said he is comforted by the knowledge that the calibre and experiences of Governors and other members of the committee will change the narrative in a positive trajectory.
The VP acknowledged the basic challenges in the nation’s power sector, particularly the national grid which has been witnessing system collapse.
Shettima, however, expressed hope that there would soon be significant improvement following the recent reforms in the energy sector which have opened the sector, not only to the participation of, otherwise, excluded players, but also to attract investments, both foreign and local.
News
Tinubu appoints Nwakuche Ndidi acting Controller-General of prisons
President Bola Tinubu has approved the appointment of Nwakuche Ndidi as the Acting Controller-General of the Nigerian Correctional Service.
In a statement released on Friday, Ja’afaru Ahmed, the Secretary of the Civil Defence, Correctional, Fire, and Immigration Board, announced that Ndidi’s appointment will officially begin on December 15, 2024.
His appointment comes after the conclusion of the term of the current Comptroller General, Haliru Nababa.
The statement reads: “The President and Commander-in-Chief of the Armed Forces, Bola Ahmed Tinubu, GCFR, has graciously approved the appointment of Nwakuche Sylvester Ndidi as Acting Controller-General of the Nigerian Correctional Service following the expiration of the tenure of Haliru Nababa. His appointment takes effect from December 15, 2024.
“Nwakuche, born on November 26, 1966, hails from Oguta in Imo State. Until his appointment, he was the Deputy Controller-General in charge of the Training and Staff Development Directorate. He is a fellow of the prestigious National Institute for Policy and Strategic Studies and holds the national honour of Member of the Federal Republic.
“The President further enjoined him to bring his wealth of experience to bear in his new capacity.”
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