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October 19, 2023 “FIRS Won’t Burden Companies with More Taxes” – Zacch Adedeji

“FIRS Won’t Burden Companies with More Taxes” – Zacch Adedeji

The acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, has allayed fears being expressed by corporate organisations over the resolve of the service to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to an increase in taxes.

The FIRS boss said such resolve would not necessarily lead to an increase in taxes or the introduction of new taxes as the President Bola Tinubu-led administration is determined to create a wholesome environment for businesses to flourish.

The FIRS chairman had said the agency under his leadership would, in the next three years, achieve an eight per cent rise in tax-to-GDP ratio to surpass Africa’s average of 16.5% without stifling investment or economic growth.

The plan had triggered muffled apprehensions among corporate entities that the decision could cause an increase in tax rates or the introduction of new ones.

Addressing representatives of top large tax-paying companies during a get-together at Four Points by Sheraton in Lagos on Wednesday, Adedeji said, “Our belief, understanding and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”

In a statement by his Special Adviser on Media and Communication, Dare Adekanmbi, on Thursday, he quoted the FIRS chairman as saying that the invited companies and those willing to carry out their tax obligations voluntarily have nothing to be afraid of.

“Our plan is simple. We want to grow tax revenue, and we only want to tax prosperity and not poverty.

“Therefore, it is not in our interest to kill the trees that bear the fruits. My first ‘love letter’ to you is to appreciate what you have done. So, you don’t have anything to be afraid of.

“We will not collect what is not due to us. But we don’t want anyone not to pay what is due to us. Fair engagement is our plan. Rest assured that the 18% tax-to-GDP target will not translate to an increase in taxes.

“If you have been listening to Mr Taiwo Oyedele who is the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, you will have known that part of the mandate of the committee is to reduce the number of taxes,” he said.

According to him, the purpose of the engagement with the companies is to factor their inputs into the strategic action plan being mapped out in order to address challenges hampering tax revenue collection.

He lauded the invited companies for their high sense of responsibility, urging them to continue to discharge their tax obligation diligently.

“I must also commend your commitment to upholding high tax compliance standards and responsible corporate citizenship, which sets you apart as the top taxpayers in Nigeria.

“This aligns perfectly with our vision of making taxation the pivot of national development through voluntary compliance. Your respective industries play a pivotal role in generating substantial tax revenue for the government and in shaping the economic and fiscal stability of the nation.

“We are not unmindful of the challenges facing businesses in Nigeria with the ongoing reforms to improve economic performance. These are painful but necessary choices we must make as a nation to attain our full potential,” he said.

October 18, 2023 Federal Government Begins 25,000 Conditional Cash Transfer

Federal Government Begins 25,000 Conditional Cash Transfer

The Federal Government has officially unveiled the President’s Renewed Hope Conditional Cash Transfer Programme designed to cushion effects of fuel subsidy removal and other economic shocks for vulnerable groups in Nigeria.

During the flag off, which coincided with International Day for Eradication of Poverty, at the Presidential Villa, Abuja, yesterday, Tinubu said the scheme will cater for 15 million households and is specifically aimed at uplifting the poor and vulnerable.

The programme, expected to cost around N1.125 trillion, will assist 62 million beneficiaries in the next three months, each receiving N75,000.

At the symbolic ceremony for the initial five beneficiaries, Tinubu, who was represented by Secretary to the Government of the Federation (SGF), George Akume, said his administration is determined to lead from the front and ensure all Nigerians enjoy sustained social protection.

He disclosed that the government is working to develop and deploy more interventions to help Nigerians. He said these include: investment of N100 billion to purchase 3,000 units of 20-seater Compressed Natural Gas (CNG) powered buses for cheaper transportation; investment of N200 billion to cultivate 500,000 hectares of farmland to boost food security; and release of 2,000 metric tons of grains from strategic reserves to households across the 36 states and the Federal Capital Territory;

The President also announced planned distribution of 225,000 metric tons of fertiliser and seedlings to farmers; release of N75 billion to support 100,000 SMEs and start-ups; Renewed Hope shelter programme for the poor, refugees, and internally displaced persons; Renewed Hope business grants and loans for vulnerable market women, farmers, and traders; and Renewed Hope support to MSME covering one million MSMEs.

October 18, 2023 Kamaru Usman in Race for Multiple Titles Against Chimaev

Kamaru Usman in Race for Multiple Titles Against Chimaev

Former UFC welterweight champion Kamaru Usman has big plans in the UFC as he eyes both his former title and the middleweight crown.

‘The Nigerian Nightmare’ has been out of action since a rematch with Leon Edwards in March. At UFC 286, Kamaru Usman suffered his second-straight loss to the Brit, this time by unanimous decision. Following the defeat, the former champion was linked to a matchup with Stephen Thompson.

However, he will instead move to middleweight this Saturday night to face Khamazat Chimaev. The Swedish fighter was originally slated to face Paulo Costa, but the Brazilian was pulled out due to an elbow injury. As a result, Usman chose to step up on less than two weeks’ notice to fight at UFC 294.

However, despite his upcoming debut at 185 pounds, Kamaru Usman isn’t done at welterweight revealing this in a recent interview with TMZ Sports.

“Sean Strickland is a champion, I’ve already taken care of him,” Kamaru Usman stated in the interview discussing his champ-champ aspirations.

“Not to say he’s not better, he is. But I’ve got a mountain in front of me that I need to climb and scale so we’ll get through that first. Then we’ll worry about what’s next, but it’s a no-brainer. No (I’m not done at welterweight), absolutely not.”

“What a way to go out! I might mic drop. Grab the middleweight belt, go down, grab the welterweight. What a way to go out though. I want both! I’ve wanted champ-champ, but what a way. To go get the top one, then come back down and get it. Nobody has ever done that, it would be crazy.”

Israel Adesanya was initially expected to get an immediate title rematch against Strickland following his loss at UFC 293 but after the announcement of his hiatus, his compatriot, Usman has now gotten the shot.

October 17, 2023 Super Eagles Conquer 10-Man Mambas of Mozambique

Super Eagles Conquer 10-Man Mambas of Mozambique

The Super eagles of Nigeria on Monday, got their very first Victory in a friendly match in 5 years as goals by Terem Moffi, Frank Onyeka and Moses Simon steered Nigeria to a 3-2 victory over 10-man Mozambique in their international friendly encounter in Portimäo, Portugal.

The hard fought victory in Portugal was the first for the Super Eagles in a friendly match in 55 months, which dates back to March 2019 when Paul Onuachu’s first minute goal accounted for the defeat of seven-time African champions, Egypt, at the Stephen Keshi Stadium in Asaba.

The Mambas got in front with a shock goal after only six minutes when Catamo dragged the ball past goalkeeper Francis Uzoho, who anticipated the ball in a different direction.

France -based striker Terem Moffi then equalized in the 19th minute, when he had the last laugh as the Mozambican defenders threw themselves at every shot in their penalty area.

Midfielder Frank Onyeka put Nigeria in front at the half hour mark, when his measured shot from the edge of the box sailed into the net. The Super Eagles, who have adopted the battle cry ‘Let’s Do It Again’ for their quest for a fourth Africa Cup of Nations title come Cote d’Ivoire early next year, dominated afterwards and got a third goal when the irrepressible Moses Simon netted from the penalty spot in added time in the first half.

The southern Africans were bullish in the second period, unhindered by the numerical disadvantage following a red card to one of their players in the first half, and got a second goal through Bangal with 10 minutes into the closing half.

Victory means the Eagles have established a winning mentality ahead of the 2026 FIFA World Cup qualifying matches starting in November, as well as the 43th Africa Cup of Nations in Cote d’Ivoire.

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