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FIRS Sets Ambitious Goals For Revenue Growth And Leak Prevention

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FIRS Sets Ambitious Goals For Revenue Growth And Leak Prevention....KINDLY READ THE FULL STORY HERE▶

The newly appointed acting chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, emphasized on Monday the agency’s unwavering commitment to fostering the growth and development of Nigeria.

Adedeji, who assumed office after being appointed as FIRS’s acting chairman by President Bola Ahmed Tinubu last Thursday, conveyed this message in a statement posted on X (formerly Twitter).

He expressed ambitious aspirations, aiming to surpass Africa’s average tax-to-GDP ratio of 16.5% and achieve a remarkable 18% within three years. This, he noted, would contribute to reducing the nation’s reliance on borrowing and ensuring its financial sustainability.

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Adedeji further articulated FIRS’s determination to align itself with President Bola Tinubu’s Fiscal Policy and Tax Reforms Committee, fostering collaboration to help the government shape a prosperous fiscal landscape that empowers national growth and development.

He highlighted the agency’s strategic focus on placing innovation, technology, and fresh ideas at the forefront of its operations. This strategic approach, Adedeji asserted, would empower FIRS to enhance efficiency, combat revenue leakage, and strengthen coordination and accountability within the organization.

Adedeji’s overarching goal is to nurture voluntary tax compliance by establishing a modern, dependable tax system that garners the trust and admiration of all stakeholders. He envisions an environment where taxpayers willingly fulfill their civic duties.

In the event of deviations from tax obligations, Adedeji assured that FIRS would diligently enforce its responsibilities. The agency plans to implement a robust enforcement model that effectively discourages tax evasion while maintaining fairness and transparency in its processes.

Adedeji emphasized a fundamental aspect of FIRS’s mission: elucidating to taxpayers the significance of their civic duty and the agency’s commitment to simplifying Nigeria’s tax system, making it accessible and comprehensible. This approach is expected to facilitate voluntary tax payments and cultivate a sense of civic responsibility.

Quality data will serve as the cornerstone of FIRS’s operations, enabling them to measure progress, make informed decisions, and uphold the highest standards of accountability, recognizing the importance of data-driven strategies for success.

Adedeji pledged to maintain an open-door policy, actively engaging with stakeholders to collaboratively build a tax administration that all Nigerians can take pride in. He emphasized the non-negotiable principles of integrity, confidentiality, professionalism, and fairness in the agency’s service to the nation.

Lastly, Adedeji extended heartfelt appreciation to his predecessor, Muhammad Nami, whose leadership elevated FIRS standards during his tenure, setting the stage for the agency’s future endeavors. He concluded by emphasizing his belief in the importance of revenue growth as the lifeblood of a nation’s economy, enabling the fulfillment of essential duties to its citizens.

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Government Agencies: Ireti Kingibe Sends Clear Message To Senate, Reveals What She Wants.

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The senator representing the Federal Capital Territory (FCT), Ireti Kingibe, has called on the Senate to ensure that government agencies perform their responsibilities in line with the law.....KINDLY READ THE FULL STORY HERE▶

reports that Kingibe made the call during plenary on Thursday while supporting a motion sponsored by Senator Abdul Ningi, which sought strict compliance with resolutions passed by the Senate.

The lawmaker stressed that Nigerians deserve a government that listens to their concerns and responds to their needs.

Kingibe said she had joined Ningi in urging the Senate leadership and committee chairmen to use their constitutional powers to ensure that government agencies comply with the law.

She stated, “I joined my voice with that of my colleague, Senator Abdul Ningi, on the need for strict compliance with Senate resolutions, urging the Senate leadership and committee chairmen to utilise our constitutional powers to ensure that government agencies carry out their duties in accordance with the law.

“Where institutions fail to comply, the appropriate steps must be taken in accordance with due process.”

The senator emphasised that the responsibility of lawmakers extends beyond making laws and approving government budgets.

According to her, the National Assembly must also ensure that decisions made in the interest of Nigerians are implemented and that the concerns of their constituents receive adequate attention.

“Our responsibility goes beyond passing laws and approving budgets. It includes ensuring that decisions taken in the interest of Nigerians are implemented and that the concerns of our communities receive the attention they deserve,” she said.

Kingibe reiterated her commitment to promoting accountability, upholding the rule of law and ensuring that the needs of Nigerians are not neglected.

She added, “The people deserve a government that listens, acts and delivers. I remain committed to strengthening accountability, upholding the rule of law and ensuring that the voices and needs of our people are never overlooked.”

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Court Grants UBA Order Against Vitol, Four Others Over $242m Petroleum Products Dispute.

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A Lagos State High Court has reportedly granted interim Mareva injunctions in favour of United Bank for Africa Plc (UBA) against Swiss-based energy trading company Vitol SA and four other shipping companies over a disputed $242 million petroleum products transaction.....KINDLY READ THE FULL STORY HERE▶

reports that UBA accused Vitol of wrongfully releasing petroleum cargoes that were consigned to the bank’s order in the relevant bills of lading.

During proceedings, UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant interim preservative orders against Vitol and the other shipping companies.

In its ruling, the presiding judge, Justice K. A. Jose, granted three prayers contained in UBA’s application, including requests to prevent the dissipation of assets and restrict dealings with funds up to the disputed amount. However, the judge specified that the orders applied only to the second respondent.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was filed pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

In the substantive proceedings, UBA intends to argue that Vitol SA and the owners of the vessels involved are liable for alleged conversion, misrepresentation and negligence arising from the failure to deliver the petroleum products.

The bank also listed 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, explained that the bank had issued a letter of credit in favour of Vitol SA to facilitate a petroleum products transaction.

According to the affidavit, the cargo was transported to Nigeria, after which the vessels’ masters issued several bills of lading.

UBA alleged that Vitol subsequently endorsed the bills of lading in the bank’s favour and handed over the original documents to it.

The bank maintained that the endorsement entitled it to take possession of the cargo once the voyage had been completed.

However, Chilaka stated that UBA had yet to receive the gasoil despite the completion of the voyage.

“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.

UBA further alleged that the cargo was instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.

The bank maintained that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it alleged they failed to fulfil.

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Where Did Nigeria’s Ebola Patient Contract The Virus? Africa CDC Speaks Out.

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The Director-General of the Africa Centres for Disease Control and Prevention (Africa CDC), Dr Jean Kaseya, has said the source of Nigeria’s Ebola case remains unknown.....KINDLY READ THE FULL STORY HERE▶

According to reports, Kaseya disclosed this during an appearance on Channels Television’s The Morning Brief on Thursday.

He explained that although the patient travelled to Nigeria from Uganda, there is no confirmed evidence that she contracted the virus in the East African country.

Kaseya said investigations were ongoing to establish whether the infection originated in Kampala, Uganda, or another location.

“What we know is that the lady came from Uganda, but what we don’t know is whether it is a transmission from Uganda, Kampala, or a transmission that came from another place. When we have answers to these questions, I will go back to Uganda to discuss the issue.

“From what I know now, Uganda has declared the end of the outbreak,” he said.

The Africa CDC chief revealed that the agency was engaging with authorities in Nigeria, Uganda and the Democratic Republic of the Congo (DRC) to determine the source of the infection and prevent the situation from escalating into a diplomatic dispute.

He added that the patient, who was born in Nigeria and resides in Abuja, arrived in the Federal Capital Territory with her husband on October 3 after spending several days in Uganda.

Meanwhile, Uganda’s Ministry of Health had earlier stated that the Nigerian national travelled to eastern DRC for business before passing through Uganda on her way to Nigeria.

The ministry stressed that the patient’s transit through Uganda did not necessarily mean she contracted the virus there.

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