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FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector

The agency has announced a significantly huge amount it collected as tax for the month of July.

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FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector,7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS, Tax debt payments extended to August 31- FIRS

The Federal Inland Revenue Service (FIRS) has announced that it generated a total sum of N490 billion in tax receipts in the month of July.

While making the disclosure in a statement on Thursday, September 17, 2020, the revenue agency disclosed that N438 billion out of that amount was generated from non-oil receipts, which represents 89% of the total figure, while N52 billion is from oil receipts, which represents 11% of the total collection.

Explore the Nairametrics Research Website for Economic and Financial Data

The FIRS stated that the significant drop in oil revenue could be attributable to the global shock caused by the coronavirus pandemic which led to a crash in crude oil prices and huge output cuts by oil-producing countries.

The statement also quoted the Executive Chairman of FIRS, Muhammad Nami, as attributing the increase in the non-oil receipt to the various reform measures that have been introduced by the board and management of the service, as well as the dedication of the staff. He said that it was gratifying to note that their collective effort as stakeholders was paying off.

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(READ MORE:FIRS retires coordinating directors, appoints new ones)

The FIRS boss revealed that the FIRS continued to record a significant increase in tax revenue from non-oil sources, despite the national and global economic crises caused by COVID-19. He said that non-oil tax receipts had consistently contributed 75-90% of the total tax receipt in recent months.

READ: OECD reduces global economic decline to 4.5% from earlier forecast of 6% 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Sports

UK: Premier League, other Elite Sports to continue amid lockdown

Premier League, other Elite sports will continue amid the national lockdown.

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Boris Johnson, United Kingdom, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI, UK Prime Minister diagnosed of Coronavirus

The United Kingdom has announced that the Premier League and other Elite sports will continue amid the national lockdown imposed by the government.

This was disclosed by the Prime Minister Boris Johnson on Saturday during a news conference.

Johnson gave a thumbs up and said ‘Yes to the Premier League’ when asked if top-flight football will continue but said that games of non-professional sport will be on hold till after the lockdown.

The Premier League and other elite sports will be allowed to continue “due to the testing regimes in place for professional sportspeople”. Extensive testing and social distancing measures have been applied across the sport which have proven successful.

What you should know

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Amidst fears of a second wave of the Covid-19, and after over 24,000 confirmed cases of the deadly virus and 310 deaths, Prime Minister Johnson announced a national lockdown in England to last for four weeks, running from Thursday till December 2nd.

The imminent lockdown, which will be England’s second official shutdown in 2020, which was announced due to the surging numbers of Covid-19 cases and to prevent a “medical and moral disaster” for the National Health Service (NHS). Germany also announced a national lockdown last week.

Over 1,500 Premier League players and staff members were tested in October, with eight positive results returned, and testing protocols have seen them quickly isolated.

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Some players like Paul Pogba, Sadio Mane, and Thiago Alcantara amongst the rest recovered.

The Premier League are confident they can navigate the latest restrictions without the need for a suspension this time round, after a three month suspension in March.

The new restrictions would delay the introduction of fans to the stadiums until at least 2021.

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Coronavirus

COVID-19 Update in Nigeria

On the 31st of October 2020, 162 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,853 confirmed cases.

On the 31st of October 2020, 162 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.

To date, 62,853 cases have been confirmed, 58,675 cases have been discharged and 1,144 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 625,510 tests have been carried out as of October 31st, 2020 compared to 620,758 tests a day earlier.

COVID-19 Case Updates- 31st October 2020,

  • Total Number of Cases – 62,853
  • Total Number Discharged – 58,675
  • Total Deaths – 1,144
  • Total Tests Carried out – 625,510

According to the NCDC, the 162 new cases were reported from 14 states- Gombe (54), FCT (35), Lagos (26), Ogun (12), Plateau (10), Rivers (10), Kaduna (4), Ekiti (3), Edo (2), Osun (2), Bayelsa (1), Imo (1), Ondo (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,238, followed by Abuja (6,088), Plateau (3,640), Oyo (3,448), Rivers (2,820), Edo (2,666), Kaduna (2,652), Ogun (2,043), Delta (1,814), Kano (1,747), Ondo (1,667), Enugu (1,314),  Kwara (1,069), Ebonyi (1,049), Katsina (952), Gombe (937). Osun (928), Abia (898),  Borno (745), and Bauchi (713).

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Imo State has recorded 617 cases, Benue (493), Nasarawa (482), Bayelsa (413),  Ekiti (335), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Companies

Nestle Nigeria to pay interim dividend of over N19 billion to shareholders

The interim dividend will be paid on or before December 11, 2020 to shareholders whose names appear on the Register as at 7th December 2020.

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Why Nestle Nigeria’s return remains strong - EFG Hermes, Nestle Nigeria Plc appoints new Director, Nestle Plc: FY 2019 Revenue beats estimate; but profit underperforms, GTB, Zenith Bank, & Nestle emerge as Renaissance Capital’s top stock picks

One of the largest food and beverage companies in Africa, Nestle Nigeria Plc, has announced the payment of a total ₦19.81 billion as interim dividend to its shareholders.

The company is expected to pay an Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company. This equals N19.18 billion.

READ: Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million

This information is contained in a notification which was signed by the Company’s Secretary, Bode Ayeku, and sent to the Nigerian Stock Exchange today.

The notification partly reads:

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An Interim Dividend of N25.00 per 50 kobo ordinary share, subject to appropriate withholding tax will be to the shareholders whose names appear on the Register of Members as at the close of business on 20 November.”

READ: Unit holders earn N1.5 billion from UPDC REIT

What you should know

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  • The Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company owned by the shareholders of the leading telecommunications company. This gives a total interim dividend of ₦19,816,406,300.00, to be distributed to the shareholders of the company.
  • To enable Greenwich Registrars & Data Solutions, Nestle’s Registrar, prepare for the payment of interim dividend, the Register of Shareholders will be closed from 23 – 27 November 2020.
  • The interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as of 20th December 2020, on or around 7th December, 2020.
  • Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-dividend Mandate Activation Form, complete and submit to their respective banks.
  • Shareholders with dividend warrants and share certificates that have remained unclaimed, are yet to be presented for payment, or returned for validation are advised to complete the e-dividend registration or contact the Registrars.

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