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Tax reforms will reduce taxes, not introduce new ones, says FIRS

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Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), has assured Nigerians that the ongoing tax reform will reduce taxes not introduce new ones or raise existing tax rates.

Adedeji gave the assurance during an interactive session with members of the senate committee on finance in Abuja on Tuesday.

Addressing concerns over the impact of the reforms, he clarified that the primary goal is to reduce the number of taxes paid by Nigerians and increase the efficiency of tax administration in Nigeria.

“The tax reform will not introduce any taxes or increase percentage of existing ones but reduce number of taxes being paid by Nigerians,” Adedeji said.

“The tax reform basically seeks to increase simplicity and efficiency of tax administration in Nigeria.”

He also noted that no agencies would be merged, and no jobs would be lost in the course of implementing the reforms, adding that the existing tax policies are not meant to tax poverty but to focus on prosperity.

“We are taxing fruits, not seeds—returns, not investments,” he said.

Providing an update on four executive bills currently before the national assembly, Adedeji said when passed into law, the bills will harmonise multiple tax laws, enhance efficiency and modernisation, simplify tax regulations, and foster synergy among revenue-generating agencies.

The bills include the Nigeria tax bill, the Nigeria Tax Administration Act (Amendment) bill, the Nigeria Revenue Service bill, and the Joint Revenue Board (Establishment) bill.

The reforms, according to Adedeji, will promote transparency, align with international standards, expand the tax base, and improve government savings.

President Bola Tinubu’s administration plans to introduce a series of reforms designed to boost government revenues and strengthen the economy.

The federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies on September 23.

On Monday, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said the personal income tax of Nigerians earning above N1.5 million will be increased gradually to 25 percent under the new economic stabilisation bill.

Also, on June 4, Oyedele said the committee proposed the reduction of the company income tax (CIT) by 5 percent over two years.

‘CURRENT NAME DOES NOT REFLECT SCOPE OF SERVICES’ 

Speaking on the proposed change of the agency’s name to the Nigeria Revenue Service (NRS), the FIRS boss said the current name does not fully reflect the scope of its services.

He also said 85 percent of the value-added tax (VAT) collected is remitted to state governments, while only 15 percent goes to the federal government.

In his remarks, Sani Musa, chairman of the senate committee on finance, reiterated the importance of tax reforms to the government’s agenda and called for contributions from all stakeholders.

“Tax reforms are central to the government’s agenda and require meaningful contributions from all stakeholders,” he said.

Musa commended the FIRS chairman for meeting the revenue targets for the fiscal year and urged him to go beyond the set targets.

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5 places to avoid during festive season

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The festive season is a time of joy and celebration, but it also comes with more risks, especially visiting some places.

The “ember months” (September to December) bring more travel, busy activities, and sadly, an increase in crimes and accidents.

As people prepare for Christmas and New Year, staying safe is very important.

Here are five places to avoid during the festive season and the reasons why.

Highways with a history of banditry
Highways are known for banditry and kidnappings. During the festive season, these roads become even more dangerous because many people are travelling.

Criminals often target travelers for robbery or ransom. There are higher risks of hijackings, kidnappings, and armed robbery. Use safer routes or trusted transport services that have security arrangements.

Crowded markets
Busy markets are popular during the festive season. However, they are also hotspots for pickpockets, scammers, and even stampedes because of the large crowds.

Crowds increase the chances of theft, and emergencies like fires or stampedes can happen. Shop early or use online stores for safer and easier shopping.

Nightclubs and unsafe late-night spots
During the festive season, many people visit nightclubs and bars to celebrate. However, places in unsafe neighbourhoods or with poor lighting can be risky. Armed robbery, gang fights, or even kidnappings are common threats.

These spots often lack proper security and can turn dangerous quickly. Choose well-secured venues and avoid staying out too late.

Remote villages or unsafe communities
Some villages face problems like banditry, terrorism, and communal clashes. Travelling to such places during the festive season can be risky as criminals take advantage of visitors.

These areas usually have poor security and emergency services. If you must go, inform authorities or travel with organised escorts.

Overcrowded public transport hubs

Bus parks, train stations, and airports get very crowded during the festive season. These places are targets for pickpockets, scammers, and sometimes terrorists. Poor crowd control can also lead to accidents or panic situations.

Overcrowding raises the chances of theft, stampedes, and other dangers. Travel during less busy hours and stay alert at all times.

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NNPC rejects false claims, confirms Port Harcourt refinery operational

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….says product loading ongoing

The Nigerian National Petroleum Company Limited has insisted that the renovated Port Harcourt refinery is still working.

The state-owned oil giant clarified that preparations for loading operations on Saturday were underway.

This was contained in a statement by Olufemi Soneye, the NNPC’s Chief Corporate Communications Officer, on Saturday.

Soneye was reacting to a report that the refinery had stopped loading petroleum products barely one month after it was declared open.

According to him, the refinery is fully operational, as verified a few days ago by former NNPC Group Managing Directors. .

Saturday PUNCH had earlier reported that less than a month after the Port Harcourt Refining Company appeared to have resumed production, the facility had stopped working.

Reacting, Soneye said preparation for today’s loading was ongoing at the time of sending out the statement.

“The attention of the Nigerian National Petroleum Company Limited has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

“Preparation for the day’s loading operation is currently ongoing,” he said in the statement.

He urged members of the public to disregard the report saying the malicious reports were the work of individuals attempting to create artificial scarcity and exploit Nigerians.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians,” he stressed.

Olatunji Grace, a social media user with the handle @Tunjigrace, expressed her frustration, questioning the intentions of those who wish for things to go wrong in Nigeria. 

She criticised individuals who discredit positive developments, stating, “Who are these people? 

Does any other nation have such unfortunate citizens who pray for failure?”

 She also expressed disappointment in a report by Punch Newspaper, describing it as “devilish and stupid journalism” that hides behind the guise of a “report.”

Another user, Patrick @Williamskane4, accused news media organisations of working with opposition political parties to spread fake news and misinformation.

He stated, “In collaboration with some opposition political parties, they spread lies, making propaganda their trade.”

Meanwhile, another user, Sarki @Waspapping_, defended the Old Port Harcourt Refinery’s operations, stating that the refinery is fully functional.

He questioned why some individuals and media outlets were spreading false narratives about shortages, claiming they aimed to exploit Nigerians.

Sarki emphasised that such misinformation benefits those who profit from scarcity and high prices and urged Nigerians to see through the lies and support local production efforts.

For decades, efforts to revive the Port Harcourt Refining Company (PHRC) seemed insurmountable. However, under Mele Kyari’s leadership, the once-elusive goal has been realised, signalling a critical step toward achieving energy self-sufficiency. This success is not only a milestone for the NNPCL but a testament to Kyari’s resolve to transform Nigeria’s energy landscape.

The Port Harcourt Refinery Company in Eleme is a sprawling facility divided into a 60,000-barrel-per-day-old refinery, and a new one capable of refining 150,000 barrels per day. The old refinery, operational since 1965, is Nigeria’s first refinery and had remained idle since 1990 when the newer unit became the primary production hub.

After over 30 years of dormancy, the old Port Harcourt refinery, which has a unique configuration where one barrel of crude oil yields a maximum of 23–24 per cent gasoline, was recently reopened by the NNPC Limited amid shock by forces against the revival of the country’s four refineries.  

After the $1.5 billion approved by the Federal Government in 2021 for the comprehensive rehabilitation of the refinery had been judiciously spent, the NNPCL under Kyari’s sound leadership, reopened the Old Port Harcourt Refinery on Tuesday, November 26, 2024.

Today, the old Port Harcourt refinery is currently producing straight-run gasoline (Naphtha) blended into 1.4 million liters of PMS daily; 900,000 liters of kerosene; 1.5 million liters of Automotive Gas Oil (Diesel); 2.1 million liters of Low Pour Fuel Oil (LPFO), and additional volumes of Liquefied Petroleum Gas (LPG), also known as cooking gas.

Attempts by sceptics to rubbish the achievement recorded with the 60,000-barrel-per-day Port Harcourt refinery had been roundly repudiated by the NNPCL, workers at the refinery, experts, and delegates from the Presidency, Nigeria Labour Congress, Trade Union Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, and Nigeria Union of Petroleum and Natural Gas Workers.

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Dangote Refinery partners MRS to sell petrol at N935

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President of Dangote Industries Limited, Aliko Dangote, has commended President Bola Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to a reduction in prices of petroleum products in the country.

The refinery also announced its partnership with MRS Petrol station to sell petrol from its retail outlets nationwide at N935 per litre.

The firm made the announcement in a statement posted on its social media handles on Saturday.

It said the partnership is to ensure that this price reduction gets to the end consumers.

Recall that on Thursday, the 650,000 barrels per day refinery announced an N71 price reduction to N899.50 for interested marketers while offering credit facilities to ease off taking.

The development has promoted a pricing war in the downstream sector, with the National Nigerian Petroleum Company Limited announcing a price reduction to N899 per litre.

The statement read, “Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote, has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to a reduction in prices of petroleum products in the country.

“To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre.”

This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In the statement, Dangote also called on other oil marketers such as the NNPC retail and all others, “To work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will, therefore, continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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