Connect with us

NEWS

Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

Published

on

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.

Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Dr. Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.

Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one of the largest in Africa around 33% of the country’s population holds one form of cryptocurrency.

According to a report by Chainalysis, Nigeria’s cryptocurrency transaction volume experienced a 9% year-over-year growth, reaching $56.7 billion between July 2022 and June 2023.

He also noted that the forthcoming tax laws aim to overhaul the nation’s revenue administration, harmonize and simplify existing tax laws, and enhance services to support President Bola Tinubu’s economic plan.

He said, “For example, the stamp duty tax law of 1939 when there was no internet or connectivity, nor Local Government. Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”

“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world. When there are innovations of system, you must plan to regulate it in such a way that it is not injurious to economy development of Nigeria,”

Dr. Adedeji expressed gratitude to the National Assembly for its unwavering support to the Federal Inland Revenue Service (FIRS) over the years, which has enabled the agency to meet its targets and facilitate wealth distribution.

Dr. Adedeji further highlighted that the FIRS is on track to achieve the N19.4 trillion target set by the National Assembly at the beginning of the year.

Need for regulating the crypto industry in Nigeria Sen. Muhammed Musa, Chairman of the Senate Committee on Finance, stated that regulating the cryptocurrency industry was crucial for providing the country with appropriate legislation for tax collection and revenue generation.

He mentioned that the process would allow for the modification of tax laws that have been in place since before Nigeria’s independence.

The lawmaker expressed confidence that the Executive would submit the necessary bill after the Senate resumes recess, enabling amendments, repeals, and the re-enactment of laws that align with current trends.
He noted that considering technological advancements, cryptocurrencies have become a significant means of generating income, yet Nigeria lacks the necessary legal framework to govern this area.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS

Governor Dauda Lawal Reshuffles Cabinet, Harps on Strengthening Governance Efficiency

Published

on

By

His Excellency, Dr. Dauda Lawal, Executive Governor of Zamfara State, has approved a minor cabinet reshuffle involving three Honourable Commissioners as part of ongoing efforts to strengthen governance and enhance service delivery across the State.

Announcing the development, the Secretary to the Zamfara State Government, Malam Abubakar Mohammad Nakwada, stated that the redeployment is aimed at strategically repositioning key Ministries for greater efficiency and effective implementation of the Administration’s Rescue Agenda.

The affected Commissioners are:

I. Hon. Abdulrahaman Tumbido, redeployed from the Ministry of Commerce and Industry to the Ministry of Environment and Natural Resources;
II. Hon. Kasimu Yahya Kaura, redeployed from the Ministry of Environment and Natural Resources to the Ministry of Youth and Sports Development; and
III. Hon. Tasiu Musa Shinkafi, redeployed from the Ministry of Youth and Sports Development to the Ministry of Commerce and Industry.

The redeployment takes immediate effect.

Governor Lawal has directed the affected Commissioners to ensure a smooth transition and complete all necessary handing-over processes within one week.

The Governor further charged them to bring renewed vigour, dedication, and innovation to their new assignments, while remaining focused on delivering tangible benefits to the people of Zamfara State in line with the objectives of the Rescue Agenda.

Continue Reading

NEWS

FG Commissions Automotive Training Centre in Gusau, Trains 100 Youths in Mechatronics

Published

on

By

In a significant boost to youth empowerment and alternative energy transportation, the Federal Government has officially commissioned a new Automotive Training Centre in Gusau, Zamfara State. The facility has already commenced operations with an inaugural cohort of 100 youths trained in mechatronics a specialized field combining mechanical and electronic engineering specifically focused on the repair of both petrol and Compressed Natural Gas (CNG)-powered tricycles and motorcycles.The project was executed through a strategic partnership between the National Automotive Design and Development Council (NADDC) and the Zamfara State office of the Made in Nigeria Special Project. The initiative is designed to address two critical national challenges: rising youth unemployment and the need for a skilled workforce capable of maintaining the growing fleet of CNG-powered vehicles, which are being promoted as a cheaper and cleaner alternative to petrol-only engines.Speaking at the commissioning ceremony, Zamfara State Governor, Dr Dauda Lawal, hailed the centre as a transformative step forward. “This is not just about building a workshop; it is about building futures,” Governor Lawal stated. He emphasized that the centre aligns seamlessly with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes job creation and economic diversification, while also reflecting his administration’s commitment to developing skilled manpower across the state. He noted that the focus on CNG technology is particularly timely, given the federal government’s push to lower transportation costs following the removal of fuel subsidies.Reinforcing the federal perspective, the Minister of State for Industry, Senator John Owan Enoh, reaffirmed the government’s broader vision for the automotive sector. He highlighted that the Gusau centre is part of a nationwide strategy to expand Nigeria’s automotive industry through increased local production, the establishment of industrial hubs, and strategic partnerships with global investors. “We are moving from a culture of importing fully built vehicles to one where Nigerians design, assemble, and maintain our own transportation solutions,” Senator Enoh remarked. He added that mechatronics training is critical for the next generation of automotive engineers, who will be essential as the country transitions toward more sustainable fuel sources.Local community leaders and representatives of the trained youths expressed optimism about the initiative. For many of the graduates, the certification offers a viable pathway out of economic hardship, enabling them to set up their own repair workshops or gain employment in the formal automotive sector. The NADDC has indicated that similar training centres are being planned for other states, with the aim of creating a national network of CNG-compatible repair and maintenance hubs.

Continue Reading

NEWS

Governor Dauda Lawal names executive secretaries for two agencies, appoints ZACADEP coordinator

Published

on

By

Zamfara State Governor, Dr Dauda Lawal has approved the appointment of three qualified citizens to head two key state government agencies and a major development project. Disclosing the approval, the Secretary to the Zamfara State Government, Malam Abubakar Mohammad Nakwada, said the appointments are aimed at strengthening the government’s ongoing reforms and service delivery initiatives in the areas of public health, agriculture, livestock development and community-based interventions. Dr. Muhammad Habibu Yelwa is appointed as the new Executive Secretary of the Zamfara State Substance Abuse and Control Agency, while Dr. Usman Ismaila Gusau is named as the Executive Secretary of the Zamfara State Livestock Agency. Similarly, Governor Lawal has reappointed Alhaji Abdullahi Mohammed Nakwada as the State Project Coordinator of the Zamfara State Agricultural and Community Development Project (ZACADEP). These appointments take immediate effect.Dr. Muhammad Habibu Yelwa is a seasoned medical practitioner and administrator with extensive experience across the health, social welfare and agricultural sectors. He has served as Permanent Secretary in several ministries and contributed to major policy and institutional reforms in the state. Dr. Usman Ismaila Gusau is a veterinary medicine specialist and public health expert with over twenty-five years of professional experience in veterinary services, epidemiology, livestock health management, and public sector administration. Alhaji Abdullahi Mohammed Nakwada is an experienced agricultural development expert with decades of engagement in agricultural extension, project management, IFAD-supported programmes, and community development initiatives. He currently serves as State Project Coordinator for ISDB ZACADEP. Governor Lawal urged the appointees to deploy their knowledge, administrative experience, and sector-specific expertise to drive impactful development in their respective assignments, in line with his administration’s Rescue Agenda.

Continue Reading

Trending

Mega Awareness 2023