World News

FIRS’ HUGE TAKINGS, ANOTHER GAIN OF BUHARINOMICS-BMO

FIRS’ HUGE TAKINGS, ANOTHER GAIN OF BUHARINOMICS-BMO

FIRS' HUGE TAKINGS, ANOTHER GAIN OF BUHARINOMICS-BMO The Buhari Media Organisation (BMO) has hailed the Federal inland Revenue Service (FIRS) for effectively using technology to improve its productivity and exceed its 2021 collection target of N6.04trn despite global economic challenges. BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that it shows the level of creativity being deployed on President Muhammadu Buhari's watch to make Nigeria depend less on oil proceeds. "We are quite aware of efforts by some entrenched interests to literally stop the FIRS from using the technological tools it was bent…
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‘We Achieved Over 100% Of Our Target in 2021’ – FIRS

‘We Achieved Over 100% Of Our Target in 2021’ – FIRS

Despite the global economic challenges occasioned by the Coronavirus pandemic, as well as the disruption of business activities in 2020 by nationwide protests, the Federal Inland Revenue Service (FIRS) achieved over a hundred percent of its collection target for the year 2021. “Notwithstanding the limitations faced in 2020/2021, the Service achieved over a hundred percent of its collection target,” Executive Chairman, Muhammad Nami stated in the FIRS 2021 Performance Update signed by him. “The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of…
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We developed DMBS to provide information of corporate customers – FIRS

We developed DMBS to provide information of corporate customers – FIRS

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…
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Price of cooking gas to crash as NLNG begins supply to domestic market

Price of cooking gas to crash as NLNG begins supply to domestic market

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…
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FIRS collects N6.4 trillion as taxes in 2021- Nami

FIRS collects N6.4 trillion as taxes in 2021- Nami

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…
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Reforms And Results: Exporting A Success Story To The Commonwealth

Reforms And Results: Exporting A Success Story To The Commonwealth

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.…
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Union Bank Takeover: Customers/Nigerians Kick As Indians Are Set To Head New Titan Trust Bank

Union Bank Takeover: Customers/Nigerians Kick As Indians Are Set To Head New Titan Trust Bank

Union Bank Takeover: Customers/Nigerians Kick As Indians Are Set To Head New Titan Trust Bank Customers of Union Bank plc have expressed worry over Union Bank of Nigeria, UBN Plc, being managed by a Non Nigerian as Titan Trust Bank Limited, a two-year old private bank, acquires 89.39 percent equity previously held by core investors in the 105 years old first generation bank. Total News 24 investigation reveals that that the new investors in Union Bank claim that they are a foreign entity and are planning to place a non-Nigerian in the helm of affairs in our Union Bank. Atlas…
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BREAKING: South Africa’s Archbishop Desmond Tutu dies at 90

BREAKING: South Africa’s Archbishop Desmond Tutu dies at 90

South Africa's Archbishop Desmond Tutu dies at 90 Archbishop Desmond Tutu, the Nobel Peace prize laureate who helped end apartheid in South Africa, has died aged 90. President Cyril Ramaphosa said the churchman's death marked "another chapter of bereavement in our nation's farewell to a generation of outstanding South Africans". He said Archbishop Tutu had helped bequeath "a liberated South Africa". Tutu was one of the country's best known figures at home and abroad. A contemporary of anti-apartheid icon Nelson Mandela, he was was one of the driving forces behind the movement to end the policy of racial segregation and…
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Assessing Nami’s Two Years At The Helm Of The Federal Inland Revenue Service

Assessing Nami’s Two Years At The Helm Of The Federal Inland Revenue Service

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…
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How Muhammad Nami’s Giant Strides, Competency And Transparency Is Repositioning FIRS To An Apex Agency

How Muhammad Nami’s Giant Strides, Competency And Transparency Is Repositioning FIRS To An Apex Agency

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…
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