And the trend of raking in more revenue to finance people-oriented projects continues.
Since his appointment as the Executive Chairman of the Federal Inland Revenue Service (FIRS) on 9th December, 2019, the country has witnessed and benefitted from his expertise in tax matters.
This is unsurprising given his professional and career pedigree. As immediate past Chairman of the African Tax Administrators Forum (ATAF), Mr. Nami led the birth of a consciousness in the continent that technology was the future of taxation.
He has carried that philosophy and campaign to the Commonwealth Association of Tax Administrators (CATA), where he has been President since 2021.
The Bayero University Kano graduate, Nami is a trained and skillful Tax, Accounting and Management Professional with high qualifications and professional practicing licences from relevant professional bodies.
He has been in the business of Auditing, Tax Management and Advisory Management Services to diverse clients in the Banking, Manufacturing, Services, Public Sector and Non-Profit Organisations for around three decades.
He has transformed the revenue collection for Nigeria by deploying his vast experience, deep knowledge and patriotism to bear on his role as Chairman of the FIRS and Joint Tax Board.
The improved tax collection in the country since his assumption of office as Chairman of the Federal Inland Revenue Service (FIRS) to date is evidenced in Tax Statistics/Report the institution has released from 2020 to date.
Whereas the FIRS raked in N10.1 trillion in 2022, the highest ever so far; the same Service could only generate N3,741.7574 trillion out of a modest target total revenue of N4,572.2090 trillion in 2015.
The total collection for 2015 at N3.714 trillion was the equivalent of slightly over one third of the 2022 collection.
Three years later in 2018, the revenue target for the FIRS was N6,747.0344 trillion.
However, that target proved ambitious as the Service was abled to generate only N5,320.8914 trillion that year.
The total revenue for 2018 was just above half of the N10.1 trillion generated by Muhammadu Mami and his team in 2022.
While briefing the National Economic Council (NEC) recently, the top tax man attributed the high tax collection success in the first half year to three factors namely: improved voluntary tax compliance by taxpayers; the continued improvement of automation of tax administration processes, including the updated VAT filing processes; and strong engagement with stakeholders in both the formal and informal sectors of the economy.
He assured the NEC that, “the performance in the second half of the year would be better considering the continuing improvement to our tax administration processes.”
It is heartwarming that the January to June 2023 tax collected in the sum of N5.5 trillion is more than the entire collection of N5.320 trillion in 2018.
Also the N5.5 trillion was more than the target of N5.3 trillion set for the first six months of this year. And the FIRS joyfully celebrated it as the largest tax collected for any six months since tax collection started in Nigeria.
Muhammad Nami disclosed that the non-oil sector contributed more revenue than the oil sector, “Tax revenue collected from the oil sector from January to June 2023 stood at N1.73 trillion, as against a target of N2.3 trillion; while non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.”
It is important to remember that he was appointed Chairman FIRS in December 2019.
In that year, the revenue target was N8,802.3860 trillion. But the total collection for that year was below six trillion: it was N5,261.9163 trillion.
There was a shortfall of over N3.5 trillion.
In 2020 his first full year in office, FIRS collected N4.95 trillion a shade below the target of N5,076.8518, at 98 per cent performance.
It was achieved amidst a recession, the COVID-19 worldwide economic shutdown, low oil revenue and the economic disruptions caused by the EndSARS protests.
The NBS affirmed that the FIRS collected N6.405 trillion in 2021.
The target for that year was N6.401 trillion. It was a 101 per cent success story.
But it was triumphantly dwarfed by the N10.1 trillion best-ever collection so far achieved in 2022.
Salisu Na’inna Dambatta wrote from Dambatta town.
Dangote Refinery to start production by October and November 2023
The Dangote Refinery is gearing up to commence refining operations, with plans to produce diesel and jet fuel by October 2023 and petrol by November 30, 2023, according to the Executive Director of the Dangote Group, Devakumar Edwin.
According to reports, Edwin in an interview with newsmen disclosed that the refinery is on track to receive its first crude cargo within two weeks.
Initially, the facility is set to produce up to 370,000 barrels per day of diesel and jet fuel in October 2023.
Furthermore, Edwin outlined the refinery’s strategy for gradually increasing petrol production, to reach an impressive 650,000 barrels per day by November 30.
He expressed the refinery’s readiness to receive crude oil:
- “Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.”
Regarding the shift in the original timeline, Edwin explained that the Nigerian National Petroleum Corporation Limited (NNPCL) had already committed their crude oil to another entity on a forward basis, causing a temporary delay.
He assured that this setback is momentary, and the refinery will exclusively use Nigerian crude oil from November 2023 onwards.
Edwin highlighted that the Nigerian oil will be purchased in US dollars, not in naira, as the refinery operates within a free trade zone on the outskirts of Lagos. However, due to its equity stake, the NNPCL will supply some crude at discounted prices.
The Dangote refinery is equipped to process various crudes, including most African grades, Middle Eastern Arab Light, and even US light-tight oil.
- “We can take even some of the Russian grades… if the global system opens up to allow us to receive them. If you look at our production profile, 50% of my production will meet 100% of the requirements of the country.”
Excess gasoline, meeting 10 ppm sulfur Euro 5 quality, will be exported to other African markets, the US, and South America, albeit in relatively small volumes.
Jet fuel will be exported to Europe, while diesel will be sold in sub-Saharan Africa.
Edwin emphasized that the refinery would benefit Nigeria significantly, providing a reliable supply of environmentally friendly refined products and generating substantial foreign exchange for the country.
Furthermore, he noted that the Dangote refinery will play a pivotal role in addressing fuel supply challenges faced by import-dependent West Africa, particularly following Nigeria’s removal of fuel subsidies, which had resulted in a thriving illicit gasoline market due to price fluctuations.
Edwin added that the revenues generated from the refinery’s operations will be reinvested in further developments, underscoring Aliko Dangote’s commitment to Nigeria.
- “The money will be coming back in, and it will go for further investments,” he affirmed, highlighting Dangote’s dedication to the nation.
G20: Tony Elumelu Co-Chairs Business Council in India with President Tinubu
Tony Elumelu, Chairman of Heirs Holdings and CFR, will co-chair the G20 Business Council in India, joining President Bola Ahmed Tinubu for the Nigeria-India Presidential roundtable during the G20 summit in New Delhi.
This collaborative event, organized by the Nigerian High Commission in India, CII, and NIBC, highlights President Tinubu’s address.
The G20 Business Council, also known as the Business 20 (B20), serves as the official G20 dialogue forum with the global business community.
Established in 2010, the B20 is one of the most prominent Engagement Groups within the G20 framework, bringing together companies and business organizations to provide their perspectives on global economic and trade governance.
It speaks with a unified voice on behalf of the entire G20 business community.
One of the key objectives of the B20 is to promote economic integration in Africa. As stated on the B20 India website, the B20 aims to “offer extensive support to make this process a success and work towards African economic development.”
This agenda is expected to benefit not only nations within Africa but also have broader implications for global economic growth and cooperation.
The G20, comprised of the world’s largest and most advanced economies, is the foremost platform for international economic cooperation. Nigeria’s President, President Tinubu, was extended a special invitation by India, the current G20 host, earlier in the year, underscoring the nation’s role in shaping global economic discourse and collaboration.
Tinubu appoints Khalil Halilu as EVC/CEO of NASENI
President Tinubu has appointed Khalil Suleiman Halilu to be the Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI).
Mr. Halilu’s appointment as Executive Vice Chairman and Chief Executive Officer was confirmed by the Presidency on Friday, 1 September, according to the statement released by Ajuri Ngelale, the Special Adviser to President Tinubu on Media and Publicity.
As EVC/CEO of NASENI, Mr Halilu is expected to bring his significant experience as an innovator and technology expert to bear in this important new national assignment.
The newly appointed Executive Vice Chairman and CEO of NASENI who is 32 years old will serve an initial term of five years as specified by relevant sections of the NASENI Act, 2014, the statement revealed.
Mr. Halilu’s appointment hereby terminates the tenure of Dr. Bashir Gwandu as EVC/CEO of the National Agency for Science and Engineering Infrastructure (NASENI).
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