Business

In its seamless efforts to provide information of corporate customers’ transactions above ₦10 million and individuals above ₦5 million, Nigeria Federal Inland Revenue Service (FIRS) has developed a portal called Deposit Money Banks (DMBs). The momentum was awarded the International Standard Organization (ISO) 27001:2013 on the 6th of October 2021. ISO Certification, FIRS Chairman Muhammed Nami said, affirms that the DMBS is secure, the data processes and data it possesses are secure as well as the taxpayer information it holds and receives within Nigeria and across the world. “Deposit Money Banks (DMBs) is sacrosanct as the conduct of field tax…

The Board of Directors of Nigeria LNG Limited, NLNG, has approved the supply of 100 per cent of the company’s Liquefied Petroleum Gas, LPG, production (Propane & Butane) to the Nigerian market. NLNG is currently the highest single supplier of LPG into the domestic market, with an estimated 400,000 metric ton, MT, supplied in 2021. In a statement on Thursday, the NLNG said the development will crash the price of cooking gas which has been rising since March 2021. The statement quoted the Managing Director/CEO of company, Dr Philip Mshelbila, as expressing strong commitment to the continued growth of the…

FIRS collects N6.4 trillion as taxes in 2021- Nami The Federal Inland Revenue Service (FIRS) collected about N6.4 trillion as taxes in 2021. Its Executive Chairman, Muhammad Nami, gave the figure in Abuja on Wednesday at a public presentation and breakdown of highlights of the 2022 Appropriation Act. “We collected more than 70 per cent of the target set for 2021 with the help of technology and I assure Nigeria that we will do better in 2022. “The figures will be fully published soon,’’ Nami said. He added that technology helped to access taxpayers’ records, and to exchange locally and…

At about 11 am, on Friday, November 12, 2021, there was a buzz among tax aficionados: Muhammad Nami, the Federal Inland Revenue Service (FIRS) boss had been elected the President of the Commonwealth Association of Tax Administrators (CATA). He is the first Nigerian in the history of CATA to be so elected. CATA is an association constituted at the meeting of the Commonwealth Finance Ministers in Barbados in 1977 to promote the improvement of tax administration within the Commonwealth with particular interest in developing countries. In 1978, 26 countries, including Nigeria formed CATA; the membership has grown to 47 today.…

By Bernard Okri In the second week of December 2019, when President Muhammadu Buhari announced the nomination of a certain Muhammad Nami to be the forerunner of the Federal Inland Revenue Service, many were taken by surprise. Known very well to staff of the FIRS, who he met during his many visits seeking tax clearance and other regulatory documents for his client, Nami was not your populist political appointee at that time. His resume was not partisan. But bold on his resume was the fact that he was a tax man. He had risen at the PKF International to the…

How Muhammad Nami's Giant Strides, Competency And Transparency Is Repositioning FIRS To An Apex Agency According to a famous quote attributed to Theodore Isaac Rubin, it said “Happiness does not come from doing easy work, but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.” That is what can simple describe the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, a man who has been working tirelessly to see a new beginning of his agency vested with the massive responsibility to generate revenue for the country. Since…

FIRS TO INSTITUTE TAX COMPLIANCE MEASURES ON OPERATORS IN THE MARITIME AND AVIATION INDUSTRY The Federal Inland Revenue Service (FIRS) has stated that it would commence back-end tax audit on operators in the maritime and aviation industries. The Executive Chairman, Muhammad Nami, disclosed this Thursday (October, 28, 2021) while delivering an address at the Pedabo Thought Leadership Breakfast Session, focused on tax issues and the impact on development in the maritime and aviation industry, held in Lagos State. “The FIRS will soon launch a tax audit exercise on operators in the maritime and aviation industries.” He stated, adding that “Back-end…

FINANCE BILL 2021: “Our Tax System Must Work For Every Nigerian” — FIRS Executive Chairman The 2021 Finance Bill must be tailored towards enabling an efficient tax system that works for every Nigerian. This was the position of the Federal Inland Revenue Service (FIRS) disclosed by its Executive Chairman, Muhammad Nami to journalists after a stakeholder engagement on the Finance Bill 2021, today at the House of Representatives, Abuja. “Our laws and policies must first and foremost work for the Nigerian people who we have either been elected or appointed to serve.” Nami stated. “Whatever proposals that have been submitted…

Despite Rising Food Prices, NBS Says Nigeria’s Inflation Drops To 15.99% The National Bureau of Statistics has said that Nigeria’s inflation rate declined for the seventh consecutive month to 15.99 per cent in October The Statistician General of the Federation, Simon Harry disclosed this on Monday in Abuja while presenting the details of the Consumer Price Index report for October. The claim by the NBS contradicts the current economic realities in the country where the prices of food and services have been trending upwards. In recent times, the skyrocketing food prices in major cities across the country are being reported…