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Stamp duty doesn’t generate enough money for Nigeria – FIRS

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Stamp duty doesn’t generate enough money for Nigeria - FIRS
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Stamp duty doesn’t generate enough money for Nigeria – FIRS

The Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami, has decried the inefficiencies in the current stamp duty and capital gain tax collection system.

According to him, these inefficiencies have led to poor revenue generation from these taxes.

Nami disclosed this at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.

The theme of the tax week for this year is, “Efficient Tax Administration as a Panacea for Increased Revenue Generation”

He said the theme was apt as it reflected the current efforts of the governments at all levels to increase revenue generation and reduce debt financing.

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The FIRS boss added that the government’s efforts to boost revenue are currently hindered by insecurity, high exchange rate and the effects of COVID-19.

Nami added, “The Federal Government needs money to provide more critical infrastructure, maintain existing ones and provide medical and educational facilities to the teaming youth and by extension reduce unemployment.

“I believe that this occasion will generate new ideas, innovations and strategies for enhancing revenue collection by the Federal and State governments through their various Revenue Authorities.

Stamp duty doesn’t generate enough money for Nigeria – FIRS

“Looking at the topics for paper presentation, discussions will centre on Stamp Duty and Capital Gains Tax. These taxes are currently not being adequately collected and it is my sincere hope that discussions here will generate the much needed drive for efficient administration of these taxes and ultimately increase revenue generation by both the state and federal governments.”

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On his part, the Accountant General of the Federation, Ahmed Idris, who was represented by Salawu Zubair, stated that there was a need for the country to spend more on critical infrastructure.

“What is clear is that we need for revenue, the challenge we have is not that our budget is big. The DG budget has also reiterated this, he said that what is required is for us to spend more, considering the infrastructural deficit that we have.

“That is why the Minister of Finance has always mentioned that the challenge we have in the country is a revenue challenge,” he said.

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He added that the Office of the Accountant-General of the Federation remains committed to the implementation of public financial reforms that are meant to deepen transparency, efficiency and accountability, in the use of public resources for the common good of Nigerians.

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CBN rejects account opening for BVN violators

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CBN rejects account opening for BVN violators
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CBN rejects account opening for BVN violators

The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule.
The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.

According to the apex bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes.

it therefore described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.

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In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).

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INTERPOL Elects Baba Umar As Vice President For Africa

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INTERPOL Elects Baba Umar As Vice President For Africa
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INTERPOL Elects Baba Umar As Vice President For Africa

INTERPOL has elected Nigeria’s Assistant Inspector General of Police, AIG GARBA Baba Umar as the Vice President (Africa) and Executive Committee Member of the International Criminal Police Organization (ICPO) – INTERPOL.

Umar was the Head of INTERPOL National Central Bureau (NCB), Nigeria.

A statement by the Force Public Relations Officer, CP Frank Mba on Thursday said Umar was elected in the early hours of that day “in the 89th INTERPOL General Assembly currently holding at the Halic Congress Hall, Istanbul, Turkey”.

The statement said, “The year 2021 General Assembly, which have in attendance 470 Police Chiefs, Ministers and Senior Law Enforcement Officials from the 195 INTERPOL member countries, seeks to identify areas where the organization can reinforce the global security architecture and enhance collaboration against national and transnational crimes.

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INTERPOL Elects Baba Umar As Vice President For Africa

“AIG Garba, one of Nigeria’s finest criminal investigators and professional strategic police manager, with over thirty (30) years policing experience both at national and international levels, polled the highest number of votes in the elections. With this appointment, which will span through a period of 3yrs, AIG Garba is expected to bring his wealth of experience to bear in coordinating INTERPOL operations targeted at ensuring a safer world for people and communities across the African continent.
“This is in addition to drawing international policing support and cooperation towards advancing public safety and security, protecting the cyberspace and generally addressing challenges faced by law enforcement officers and policing managers in the continent.

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“The Nigeria’s delegation to the 89th INTERPOL General Assembly was led by the Honourable Minister of Police Affairs, Muhammad Maigari Dingyadi, ably supported by the Inspector General of Police, IGP Usman Alkali Baba, psc (+), NPM, fdc. The other members of the delegation are: the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa and the Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo (represented by the Naval Provost Marshal).”

INTERPOL Elects Baba Umar As Vice President For Africa

INTERPOL Elects Baba Umar As Vice President For Africa

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FCMB Sees Flat Loan Growth, Eyes UK Licence

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FCMB Sees Flat Loan Growth, Eyes UK Licence
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FCMB Sees Flat Loan Growth, Eyes UK Licence

A mid-tier lender, First City Monument Bank, expects loan growth to be flat this year — down from last year’s 5.4 per cent rise — as oil companies pay down debt, according to its Group Chief Executive Officer, Ladi Balogun.

Balogun said the bank would focus on retail banking with a higher margin this year to make up for a drop in government bond yields as the lender might not be able to write large loans quickly enough to counter-balance repayments by oil firms.

He said the economy was improving after the country experienced its worst recession in a quarter of a century in 2016, which should boost consumers, Reuters reported.

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“We expect to see large repayments in the oil and gas sector this year. We agree that the (economy) will be improving but largely because of chunky pay-down; we don’t think we would be able to replace quickly,” he told an analyst call, adding, “We are pushing more in the area of retail banking.”

Balogun said the group was seeking to convert its wholesale banking unit in Britain, FCMB UK, into a retail bank, as part of its push to grow its balance sheet and tap into non-institutional customers in Britain.

He stated that the impact of the British strategy would not be immediate but would enable the lender to achieve incremental growth.

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