Adeosun Calls For Taxation Reforms In Nigeria

 

The Chairman, Ogun State Internal Revenue, Mr. Adekunle Adeosun, has called for the harmonisation and reforms in the tax administration Nigeria.

Adeosun appealed to the Federal Government to change the way the value-added tax is administered in the country.

“That is why we say there is need to change the narratives on value-added tax collection and administration to give equitable recognition to the appropriate states as it is done with oil,” he added.

The revenue boss, however, admitted the state government has put in some measures N10bn monthly target from its personal tax, thereby capturing about 45 high net worth individuals into the tax net, with about N700m raked in monthly.

He further said, “The current infrastructural development being put in place by the state government has resulted in massive and voluntary tax compliance in the state.

“The Ogun State Internal Revenue is able to capture 45 high net worth individuals in the tax net and now rakes in over N700m from such individuals.”

“It also increases numbers of taxpayers in that category from two to 45 which represents a milestone in the quest to earn revenue from non-oil sector championed by the FG.

“The massive investment in the infrastructure and effective security mechanism for which the present administration is putting in place is now paying off as more high net worth living in and working in the state are not only brought into the tax net but also remits over N10m and above.”

Number Of Displaced Children Hits1.4 Million – UNICEF

unicef-on-idp-childrenThe United Nations (UN) Children Agency, UNICEF, says that the number of children forced to flee Boko Haram’s insurgency in Nigeria and neighbouring countries has reached 1.4 million.

UNICEF added that around 500,000 were displaced in the last five months, after a sharp rise in attacks by the terrorist group.

According to UNICEF, in northern Nigeria alone, nearly 1.2 million children – over half of them under 5-years-old – have been forced to flee their homes.

An additional 265,000 children have been uprooted in Cameroon, Chad and Niger.

UNICEF scaled up its operations and vaccinated over 315,000 children against measles in 2015, as well as arranged safe drinking water for 200,000 people. It has also provided schooling and counselling.

Meanwhile, the National Emergency Management Agency (NEMA) has said that the number of Internally Displaced Persons (IDPs) as at July 2015 has increased to 2.1 million from 1.5 million.

The Deputy Director Planning of NEMA, Emenike Umesi, explained that most of them are located in Borno, Yobe and Adamawa states.

Foreign Investment In Nigeria Reaches N800billion

Foreign Direct Investments (FDI) in Nigeria has reached a record N800 billion in January this year.

This comes as prominent corporations from the United States of America, Canada, The Netherlands and Turkey increased their investment stakes in the country, in a pace never seen before.

The Central Bank of Nigeria’s figures for third quarter of last year showed that a total of $1.4 billion was injected into the economy through FDI while $4.6 billion came in through portfolio investments, with another $4.7 billion invested in the nation’s capital market.

The current inflows and investment commitments with different gestation periods focus on infrastructure development, construction of power plants for the enhancement of electricity generation, mining, healthcare, agriculture and agro-allied sectors of the Nigerian economy.