Business

The Road Infrastructure Tax Credit Scheme has been described by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami as one of the greatest innovations of the Federal government in its resolve to tackle Nigeria’s infrastructure deficit. The scheme which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the country with participants being entitled to Tax Credits against their future Companies Income Tax was the subject of debate at the Senate Stakeholder and Public Hearing on the 2023 Medium-Term Expenditure Framework (MTEF) and Fiscal Paper, which held yesterday at…

The naira has continued its downward trend, falling to N702 per dollar at the parallel market on Monday. The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for foreign currency in the street market. The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12. Last month, the naira weakened to N707 a dollar. It later strengthened…

Nigeria’s biggest network provider, MTN Nigeria has reversed itself on the claims that it remitted N757.5bn to the Federal Government in 2021. The company said last week that the actual amount paid to the tax authority- the Federal Inland Revenue Service in 2021 was N291.67bn. “Without prejudice but specific to the Federal Inland Revenue Service (FIRS), direct remittances by the company to FIRS in 2021 was N291.7bn. While the balance represents VAT, levies, fees and duties paid to other Federal Government agencies.,” MTN reversed earlier claims. The telecom firm said VAT on revenue paid to the government was N98.99bn; Withholding…

The naira lost against the dollar on Wednesday at the Investors and Exporters’ window, exchanging at N426.58. The figure represented a depreciation of 0.57 per cent compared with N424.17 it exchanged for the dollar on Tuesday. The open indicative rate closed at N426.50 to the dollar on Wednesday. An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N426.58. The naira sold for as low as N414 to the dollar within the day’s trading. A total of 144.03 million dollars was traded in foreign exchange at the official Investors…

The Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines’ Air Transport Licence (ATL) and Air Operator Certificate (AOC), indefinitely. NCAA Director-General, Captain Musa Nuhu, announced this in a statement on Wednesday. He stated that the suspension of the operations of the airlines would take effect from midnight of July 20. “The suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015,” Nuhu said. According to him, the suspension order has since been communicated to the management of Dana Airlines. The NCAA chief…

The Court of Appeal, sitting in Lagos today has upheld the appeal filed by the Federal Inland Revenue Service (FIRS), against the Lagos Hotel Owners Association of Nigeria. The Court of Appeal set aside the Federal High Court judgment in favour of the Association. In 2019, the Association had gotten a judgment from the Federal High Court sitting in Lagos, whereby the court had invalidated the powers of the FIRS to collect VAT from the members of the Association. The FIRS thereafter appealed the judgment at the Court of Appeal. Today judgment has affirmed the authority of FIRS to collect…

An investment of $12.24 million made by Peter Obi as Anambra State governor on behalf of the state government in International Breweries is now down to $5.38 million. Peter Obi had claimed in an interview with Arise TV in 2018 that he invested over $20 million in International Breweries on behalf of Anambra state as a governor, and that the investment was worth almost $100 million at the time. In the interview, Obi said, “Tomorrow, they are commissioning a facility in Sagamu, International Breweries, the biggest brewery in Africa. Anambra state is the single highest shareholder in that facility, I…