FIRS acting chairman promises no new taxes, focuses on tax compliance
The acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, reassured corporate organizations that the plan to increase Nigeria’s tax-to-GDP ratio to 18 percent from 10.86 won’t result in higher taxes or new levies.
- FIRS acting chairman promises no new taxes, focuses on tax compliance
- BDC operators key to achieving stable exchange rate in Nigeria says ABCON
- Geregu Power achieves 42% revenue surge, outperforms 2022 results
- House of Representatives urges immediate release of N27.6bn for gas flaring relief
- Biden seeks $14bn for Israel as tensions escalate with Hamas
He emphasised the commitment to fostering a business-friendly environment and improving tax compliance without burdening businesses.
Adedeji’s goal is to surpass Africa’s average tax-to-GDP ratio of 16.5 percent over the next three years while ensuring a fair and prosperous taxation system.
BDC operators key to achieving stable exchange rate in Nigeria says ABCON
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), stressed the crucial role of Bureaux De Change operators in stabilizing Nigeria’s exchange rate.
He believes that involving BDCs in the retail forex market is essential to build a strong and stable exchange rate, counter currency depreciation, and improve the domestic economy.
Gwadabe highlights the need to address forex market challenges, including illiquidity and illegal dealers, to achieve exchange rate stability.
Geregu Power achieves 42% revenue surge, outperforms 2022 results
Geregu Power, Nigeria’s leading electricity generation company, announced a remarkable 42 percent increase in revenue for the first nine months of 2023, reaching N55.7 billion.
The company’s interim financial report highlights strong performance, exceeding its entire 2022 revenue, and reporting a pre-tax profit of N17.4 billion, marking a 25.3 percent increase from the same quarter in 2022.
Geregu Power attributes its success to resilience and robust performance despite challenging economic conditions.
House of Representatives urges immediate release of N27.6bn for gas flaring relief
The House of Representatives has called upon the Central Bank of Nigeria and the Ministry of Finance to release N27.6 billion to oil-producing communities.
This funding aims to mitigate the effects of gas flaring on their environment, as mandated by the Petroleum Industry Act 2021.
The House is concerned about the delay in compliance with statutory provisions, emphasising that gas flaring hampers agricultural activities and fuels vandalism and agitations in these communities.
Biden seeks $14bn for Israel as tensions escalate with Hamas
U.S. President Joe Biden has called for additional funding of $14 billion to support Israel’s efforts against Hamas.
In a White House address, he emphasised the urgency of aiding Palestinian civilians in Gaza who are facing dire humanitarian conditions.
Meanwhile, Israel’s defense chief has prepared troops for a potential incursion into the Gaza Strip to combat the Palestinian militant group.
The situation remains tense, with Israel amassing troops near the Gaza border as tensions escalate.
