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FIRS to introduce electronic invoice to improve tax system

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The Federal Inland Revenue Service (FIRS) says it will introduce an electronic invoice (e-invoice) to improve the tax system in Nigeria.

Zacchaeus Adedeji, executive chairman, FIRS, spoke on Wednesday in Lagos during an engagement with the organised private sector on ‘Emerging Tax Matters’.

Adedeji was represented by Oti Olaniyi, acting director of the medium taxpayers department at the FIRS.

“The e-invoice was necessary as the country moved forward to innovate and enhance its tax system”, Adedeji said.

Adedeji said the initiative, a digital solution for managing invoices, is in line with the Tax Administration and Enforcement Act 2007.

The taxman said it is also part of the FIRS’s digital transformation strategy and would facilitate real-time transaction validation and storage — benefiting business-to-business, business-to-consumer, and business-to-government transactions.

He said the emerging tax matters in Nigeria present both challenges and opportunities.

“Our collective efforts will pave the way for a more prosperous and resilient Nigeria,” Adedeji said.

“As we move forward, we encourage you to support these initiatives with constructive feedback and collaboration.

“By doing so, we can all build a stronger, more resilient economy that benefits everyone.”

Adedeji said Nigeria could develop a tax system to support sustainable growth and equitable development by embracing reforms, leveraging technology, and ensuring transparency.

He said the country has gotten to a crucial juncture in its economic evolution and must explore various tax incentives to stimulate local industries.

The FIRS chairman added that the informal sector, which constitutes a large part of the economy, posed unique challenges as many small and micro businesses operated outside the formal tax system.

He said to engage the sector effectively, the government would explore simplified tax regimes and registration incentives.

LCCI CALLS FOR PARTNERSHIP TO ENSURE TAX POLICIES SUPPORT BUSINESSES

In his remarks, Gabriel Idahosa, president of Lagos Chamber of Commerce and Industry (LCCI), urged the FIRS to collaborate with the private sector and government to ensure that tax policies support business innovation and competitiveness.

Speaking on reforms, Idahosa said Nigeria’s tax system had undergone significant transformations driven by reforms and policy changes to boost revenue, simplify compliance, and address critical fiscal challenges.

He said under its new leadership, the FIRS had set ambitious goals to increase tax collection by 57 percent, targeting a revenue of N19.4 trillion for 2024.

Idahosa said though the country’s current tax-to-gross domestic product (GDP) ratio stood at 10.86 percent, the government aimed to achieve a tax-to-GDP ratio of 18 percent within the next three years through newly introduced tax reforms.

According to the LCCI president, reaching the goal would require concerted effort from both the public and private sectors, along with targeted reforms aimed at simplifying tax policies and encouraging compliance.

“There is also a growing need for collaboration between the private sector and the government to ensure that tax policies support business innovation and competitiveness,” Idahosa said.

“For instance, recommending tax breaks for wage increases and removing barriers to foreign currency-denominated transactions can create a more robust investment environment.

“As we move forward in 2024, Nigeria’s fiscal policy is at a critical juncture; the drive to expand the tax net, streamline the system and boost compliance is essential for securing Nigeria’s economic future.”

Idahosa said for the reforms to succeed, the government must foster trust through transparency and fairness, while businesses and citizens must embrace a culture of tax compliance.

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APPLY: FIRS begins recruitment of senior managers, directors

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The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.

Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.

The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).

Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).

“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.

“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.

“Applicant must have completed NYSC not later than 31st December 2017.

“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”

The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.

“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.

“Knowledge of business/industry environment within which taxpayers operate.

“Ability to work as a regulator with the courage to ensure full compliance with laws.

“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”

The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.

The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.

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UBA GMD calls for public-private partnership to accelerate economic growth

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Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.

Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.

According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.

The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).

Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.

“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.

“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

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Petrol to sell at N935/litre from today, says IPMAN

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The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell at N935 per litre beginning from Monday (today) based on the latest arrangement with the Dangote Petroleum Refinery.

IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.

“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935,” Garima stated.

The association also stated that over 30,000 of its members are set to commence petrol loading from the Dangote Petroleum Refinery and the Port Harcourt Refining Company following the reduction of the ex-depot price of the product to N899 per litre.

This came as it was observed that the pump price of petrol dropped on Sunday to between N950 and N980 per litre in a few filling stations in Lagos including MRS, BOVAS and NNPC. However, the cost was above N1,000 per litre in many other outlets in the state.

But IPMAN promised on Sunday that the price would drop further, as it said the cost of petrol would reduce to N935 per litre in more filling stations by Monday (today) in view of Dangote refinery’s new arrangement.

Similarly, retail outlet owners under the auspices of the Petroleum Products Retail Outlet Owners Association of Nigeria have begun registration with MRS filling station to lift Dangote petrol at N935 per litre.

The IPMAN National Publicity officer, Chinedu Ukadike, and the PETROAN President, Billy Gillis-Harry, disclosed these during separate exclusive interviews with The PUNCH on Sunday.

The development came after intense pricing competition in the nation’s downstream sector, which triggered a price war between NNPCL and Dangote due to a reduction in the ex-depot price to N899 per litre.

On Saturday, the NNPCL, in a surprising development, slashed petrol prices by 12 per cent, to the delight of Nigerians and marketers.

This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlet Owners Association of Nigeria in a statement on Saturday.

Before now, petrol prices had consistently increased, causing customers to worry that the price hike might be sustained during the festive season.

The reduction in price to N935 in Lagos confirms projections by marketers and was exclusively reported by The PUNCH last Friday.

Providing further updates on the preparations for product lifting, the IPMAN publicity officer stated that marketers are getting ready to start loading petrol at a reduced price, as the national oil company has updated its pricing on the purchase portal.

Ukadike also said that the competition for market share between NNPCL and Dangote is beneficial for Nigerians because, in the end, it will reveal the true cost of PMS production and the expenses incurred in logistics.

According to him, the price war is central to a deregulated oil sector.

He said, “NNPCL has changed their price at their portal. It means that everyone who has access to that portal can be able to request and pay for products. Once you pay, you will called to the depot to pick up your products. Yes, they have changed the price on their portal.”

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