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FIRS Proposes Road Infrastructure Tax

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FIRS Proposes Road Infrastructure Tax

The Federal Inland Revenue Service (FIRS) says it is proposing the introduction of road infrastructure tax in Nigeria, to make the informal sector contribute to building a modern society.

Chairman of the revenue agency, Muhammad Nami, disclosed this yesterday while receiving a delegation of the Nigeria Union of Journalists (NUJ) led by its national president, Chris Isiguzo, in his Abuja office, according to a statement issued by the FIRS.

Nami said the proposed road infrastructure tax to be administered by FIRS, will provide the government with adequate funding for road construction, rehabilitation and maintenance as well as providing the needed security for roads in the country.

In justifying the move, Nami said in many jurisdictions, road users pay for the use of road infrastructure as such it shouldn’t be seen as an additional burden on the citizens because it has the potential of making life better for everyone.

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He explained that Nigeria’s economy presently relies heavily on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry. He added that the service created 10 Value Added Tax (VAT) regional coordination offices across the country to drive the collection of VAT.

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Revenue Streams

Communication Ministry Gives Zero Allocation to Nipost Out of N137.2billion Capital Votes

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Communication Ministry Gives Zero Allocation to Nipost Out of N137.2billion Capital Votes

Nigeria Postal Service ( NIPOST) , got zero allocation from N137.2billion capital votes earmarked for the Ministry of  Communication and Digital Economy as well as the three Parastatals under it .

While in the proposed N160.593billion budget for the Ministry, NIGCOMSAT, NIPOST and National Identity Management Commission (NIMC), the Ministry got N85.231billion for capital votes, NIMC N46.533billion and NIGCOMSAT N5.440billion, NIPOST has zero allocation.

This was made known by the joint committee of the National Assembly on Communication during budget defense session with the Minister of Communication and Digital Economy, Dr Isa Ali Pantami and heads of agencies under the Ministry at the National Assembly on Thursday.

The Committee Chaired by Senator Oluremi Tinubu expressed dissatisfaction with the development sating it was wrong for the agency not to be given any capital vote for 2022 fiscal year. Senator Tinubu specifically asked the Minister whether the zero capital budget allocation proposed for NIPOST in 2022 was based on non – request by the agency or lack of fund.

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The Committee she added, may have to appropriate something for the agency if there is no solid reason for the zero allocation. The Minister in his response said, he was not against some votes taken from the capital estimates of the Ministry for NIPOST.

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Business Africa

Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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N81.41bn Spends on Refineries, Refined No Crude-NNPC

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NNPC

Data obtained from the Nigerian National Petroleum Corporation, NNPC showed that a total of N81.41bn was consumed on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil.

It was further gathered that for 13 straight months, Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company had been running without refining any volume of crude oil.

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Data from the fused refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.

The National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, said, “Getting our refineries working optimally is so vital now to save us the continued depletion of our foreign exchange.

“I know the NNPC is working towards that and we hope the refineries will come on board as soon as possible because this might also help in reducing the cost of refined petroleum products.” He added.

The Director-General, Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, noted that the dominance of the public sector in this space had significantly slowed down the progress and development of the oil and gas sector.

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