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FG Targets 70m Nigerians, Churches, Mosques in New Tax Net

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Federal government has initiated a nationwide tax awareness campaign to capturing 70 million more tax payers in its net.

Briefing the press, yesterday, in Abuja on the initiative, Mrs. Kemi Adeosun, minister of Finance, said 7,500 young graduates would be recruited for that purpose.

According to her, those to undertake the campaign will be engaged for a fixed term of two years.

She said those to be recruited, who would be christened Community Tax Liaison Officers (CTLO), would be trained and deployed to communities to raise awareness and educate citizens at all levels on the tax system in Nigeria and why they should pay their taxes.

Specifically CTLOs would: “Increase tax awareness to raise compliance; educate all citizens on the tax system; tax outreach to increase the number of tax payers; and enroll new tax payers.”

The minister explained that the CTLOs would not act as tax collectors, as their mandate would be to only educate the public on the nation’s tax system and the benefits of taxation.

Justifying the CTLO initiative, Mrs. Adeosun said: “With a tax to GDP ratio of only 6 per cent, one of the lowest in the world and 14 million tax payers out of 69.6 million economically active people (20 per cent), there is a lot of work to be done in creating awareness and bringing people into the tax system.”

“A CTLO is not expected to assess people for tax purposes or collect taxes on behalf of the Federal Government of Nigeria.     We will recruit up to 7,500 CTLOs through the N-Power Program.”

On the campaign strategy, she said CTLOs would be deployed nationwide and would address the public in places within each community, especially markets, schools, churches, mosques and airports.

Mrs. Adeosun said that the diversification of the nation’s economy had made it imperative to increase the number of tax payers and that with a larger tax payers base who pay a little each, the tax revenue would significantly appreciate.

She added that tax administration in the country has been designed in such a way that those who earn small incomes pay very little tax, while high income earners, pay larger taxes.

Mr. Tunde Fowler, chairman of the Federal Inland revenue, added that graduates between the ages of 18 and 35 would be recruited through the N-Power website under the tab, “N-Power Tax”.

He said that all an interested applicant needed to do would be to visit the N-Power website atwww.npower.gov.ng  for full eligibility requirements.

According to him, “CTLOs would enjoy performance based incentives as well as the opportunity to be sponsored to pursue professional tax examinations if they qualify.”


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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