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N10.1 Trillion Tax Revenue: Firs Has Again Broken The Jinx
The Federal Inland Revenue Service (FIRS), government’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria, have been recording tremendous successes and living up to it’s mandate especially under the leadership of the Executive Chairman, Muhammad Nami.
Prior to the present leadership, the FIRS was seen to be limited in capacity as it could not efficiently facilitate an effective tax collection system through bringing more tax paying entities into the national tax net. And this reflected in low revenue generation for the Federal Government year in, year out.
But amazingly, in 2020, the agency received commendations for exceeding its revenue target in the second quarter (Q2) of 2020; it generated N19.15 billion above its N1.27 trillion target and this was just few months after Muhammad Nami assumed office. More intriguing is the fact that that was the first time in five years (since Q2 of 2015) that the FIRS would be surpassing its revenue target.
In 2021, the Service achieved a record tax collection of N6.405 trillion, representing over a hundred per cent of its collection target for the year and also marked the first time that agency crossed the six trillion mark. And this was despite the economic downturn experienced in the world as a result of the coronavirus pandemic. This was good, but the tax collection agency did not rest on its oars rather it went further to prove that with the right kind of visionary leadership, it can do better and that there are better days ahead for the country. And this it did by building on the success already recorded.
More recently, the agency re-wrote Nigeria’s tax collection history when it announced in its “FIRS 2022 Performance Update” report that it collected over N10.1 trillion in tax revenue in the year 2022, signifying over 96 per cent of its collection target for the year, marking the highest tax collection ever recorded in its history and the first time that the FIRS will cross the N10 trillion mark in tax revenue collection.
Out of the N10.1 trillion collected in revenue, oil sector collection stood at N4.09 trillion (representing 59% of the total collection) while non-oil tax contributed N5.96 trillion (representing 41%). Also, Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion. Also according to the report, the N10.1 trillion realized from tax is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1.8 trillion.
Of course you would agree with me that this unprecedented milestone is not a sheer bit of luck, it did not just happen by chance. It is as a result of deliberate, well thought out plans, strategies and efforts put in place which has now metamorphosed into a jinx breaker in the history of the apex tax administration agency in Nigeria.
The report shed more light on this. It stated that “the Muhammad Nami-led management upon assumption of office came up with a four-point focus, namely: administrative and operational restructuring; making the service customer-focused; creating a data-centric institution; and automation of administrative and operational processes”.
It further noted that over the period of 2020 to 2022, “the management introduced reforms bordering around this four-point at different times and this is what is now gradually yielding fruits. Notable amongst this is the restructuring of the administration of the Service for maximum efficiency and achievement of internal cohesion such that all functional units now work in unison towards the achievement of set goals.
“The Service had also automated most of the administrative and operational processes. A major leap was the full deployment of the TaxPro Max for end-to-end administration of taxes in June 2021. The module for the automated TCC went live 1st January 2023 while taxpayers had already downloaded over 1,000 TCCs this year without having to visit FIRS office.
“It also noted that the Service had operationalised its data mining and analysis system thereby allowing for data-backed taxpayer profiling”.
Another breakthrough that was instrumental to this historical feat in the FIRS is the opening of 25 new satellite tax offices across the country as part of the agency’s goal to “bring tax services nearer to the taxpaying public while bringing FIRS nearer to the public”. According to the FIRS, the purpose of the new tax offices was to “help bring many taxpayers into the tax net, help fill companies income tax, and value added tax as well as monitor compliance with other taxes,”
All these conscious efforts summed up together, birthed the new era that we are witnessing today in the FIRS under the leadership of a seasoned tax consultant and administrator who has proven to be more than equal to the task. The FIRS Boss’ top notch reforms and strategies have not just ushered the agency into a whole new era but also paved way for it to achieve much more than it had achieved in the previous years.
And like the agency rightly said, its goal is to build on the current reforms, identify more areas where it can improve in the delivery and efficiency of its collection, and plug loopholes while deploying innovative reforms in data and artificial intelligence.
By achieving this, it will harness and even improve on its momentum in 2023 to provide sustainable tax revenue that would fund government’s projects, services, programmes and amenities.
Ijanada Jantiku, a public affairs commentator writes from Borno State.
LG Electronics (LG) unveiled its new television lineup for 2023, which boasts a range of technological advancements designed to deliver superior picture quality, sound performance, and usability. This lineup is headlined by its most advanced range of OLED TVs yet, the OLED evo C3. With premium self-lit picture quality, powerful image processing technologies, and an enhanced webOS platform offering even more smart features and services, the company’s latest OLED TVs elevate viewing experiences as only LG OLED can.
It’s been 10 years since LG first released OLED, and in that time, much has changed. What’s new for 2023’s big TVs, and is it worth getting excited about? It might be difficult to believe, but TVs are celebrating a bit of an anniversary this year as OLED turns ten.
“At LG, we are committed to continuous innovation across our home entertainment products, and our 2023 TV range is no exception. And as our technologies have evolved, so has the role of the TV in Nigerian homes,” said Choongbae Seok, General Manager, TV Division, LG Electronics West African Operations.
“Whether it be the hub where people gather for the latest sporting match, game, or movie, or a statement piece positioned to impress invited guests, this year we are providing a television for every consumer,” he said.
The C3 OLED evo provides higher brightness and color accuracy, as well as amazing clarity and detail, thanks to the precision and performance of LG OLED evo technology and the new α9 AI Processor Gen6. It comes in 83, 77, and 65-inch sizes. The other lineup includes the QNED 81 Series (75’’, 65″); the Nano 77 Series (75”, 65”, 55″); and the UHD UR Series (75’’, 65”, 55”, 50”). LG TVs now feature a slimmer design and minimal bezel that complement your home interior. Upgrade your viewing experience to enjoy vivid colors and breathtaking detail in real 4K.
LG continues to leverage its technological leadership, not just to create products and services for a better life. 2023 LG OLED TVs are designed to be kinder to the environment, from production all the way through to disposal, creating sustainable cycles. LG OLED TVs have no backlighting unit, meaning each TV requires fewer materials to produce than a conventional LED TV. They also employ many components made from recycled plastics and are even shipped in eco-packaging made from recyclable materials and featuring single-color printing. Easier on viewers’ eyes, LG’s 2023 model OLED TV has been certified low-blue-light by TÜV Rheinland and flicker-free by UL Solutions.
Outlets such as CNET highlighted the OLED C3, saying, “It sets the standard for high-end TV picture quality.” (CNET, 06/23)
For TechRadar, the LG OLED C3 arrives with new HDR-improving picture processing, a pleasing look, a smart TV interface overhaul, and a wealth of features that will appeal to both gamers and movie fans. “LG has delivered another winner with the C3 OLED,” the review noted. (TechRadar, 03/2023)
The LG range of 2023 TVs comprises the following:
Faster HDMI switching
The new LG OLED TV models support a wide range of HDMI 2.1a-compatible features, with 4 ports available on the C3 models again. They are also the first TVs to be certified by the HDMI organization for the recently announced Quick Media Switching VRR (QMS-VRR). QMS-VRR eliminates the momentary black screen when switching between content from different sources connected via the TV’s HDMI 2.1a-compatible ports. This is only available when using HDMI 2.1 QMS VRR-certified source devices.
Gaming remains a focus
For the ultimate gaming experience, LG OLED and QNED TVs feature a 0.1 ms response time, low input lag, and up to four HDMI 2.1a-compatible ports. LG OLED TVs are also equipped with Game Optimizer, which allows users to quickly select and switch between game-related features such as game genre display presets. Settings for Nvidia G-Sync, FreeSync Premium, and variable refresh rate (VRR) are also easily accessible through the Game Optimizer.
Improved picture and sound quality
The latest processor in the Alpha series uses LG’s advanced AI-powered deep learning technology to ensure excellent picture and sound quality. AI Picture Pro offers improved upscaling for greater clarity, and improved dynamic tone mapping helps bring out depth and detail in every image. AI Picture Pro also includes image processing technology that recognizes and refines objects or faces to have more lifelike HDR quality. In addition, AI Sound Pro ensures that viewers can immerse themselves even more in what is happening on screen by delivering virtual 9.1.2 surround sound through the TV’s built-in speaker system.
Improved webOS and software
This year’s models are equipped with the latest webOS version and include the redesigned All New Home user interface, which offers a wealth of personalization options and more comfort for an even better user experience. The new Quick Cards give users easy access to the content and services they use most, grouped into logical categories such as home office, gaming, music, and sports. Based on their TV behavior and viewing habits, the more advanced webOS ensures that consumers easily receive personalized recommendations tailored to their preferences.
LG TVs are available in all Fouani showrooms nationwide. For more information, kindly visit https://www.lg.com/africa/tvs
Anambra State Governor, Prof. Chukwuma Soludo, has commended the Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, Onitsha people and the sponsors of the annual Ofala festival, Globacom, for their efforts in promoting the annual festival.
The Governor who was a special guest at the 2023 Ofala festival in Onitsha over the weekend said the huge success of the festival and its tourism potentials would complement his government’s efforts in bringing development to the state.
Also speaking at the ceremony, the Obi of Onitsha, Igwe Nnaemeka Achebe, paid glowing tribute to digital solutions provider, Globacom, and other sponsors for their relentless support for the Ofala Festival of Onitsha Kingdom.
The Obi who thanked the telecommunications company for consistently sponsoring the festival for the past twelve years, explained that Globacom had helped to project it as a tourism destination.
He said, “Globacom as our principal partner has remained steadfast with us even with the present economic challenges. We thank them exceedingly and trust that our mutually beneficial partnership will continue to grow”,
Also at the festival on Sunday, Globacom’s Retail Sales Chief, South East and South South, Augustine-ndu Offor, explained that the sustained support of cultural festivals such as Ofala has added economic value to the surrounding region by leading to the development of tourism. He added that it is in line with the vision of empowerment that MoneyMaster Payment Service Bank (MMPSB), a subsidiary of Globacom, was launched this year. MMPSB, through its G-kala wallet enables the unbanked and underbanked to use their mobile phones to send, save, collect and deposit their money, thereby empowering the financially excluded in the society. The 8% interest rate per annum on the G Kala savings account is a good demonstration of the added value the company provides its customers.
The sponsorship agreement between Globacom and Ofala Festival started in 2011 for an initial period of three years. The partnership is now in its 12th year with a new Memorandum of Understanding (MOU) signed with the palace in 2022 to extend the deal to 2025.
The Nigeria Media Nite-Out Award (NMNA) is here again. And up for grabs are professional awards that stands out the worth of a Journalist and the Media Houses they represent.
The Nigeria Media Nite-Out Award since its inception in 2006, has honoured journalists in various categories of the media profession viz a viz Politics, Crime, Aviation, Tourism, Society and others.
Who wins this year? Which newspaper will emerge the best this year 2022-23? Which is the Best TV Station In Nigeria and which is the Radio Station of the Year?
The event will also have in attendance Top government officials, Captains of Industry, and Corporate organisations that are presently making waves. These will be honoured for their different contributions to the growth of the country and for their strong support and identification with the Nigerian Press.
The event is slated for Sunday, October 29th. The D-Day for Nigeria Media Nite-Out Award at The Lagos Airport Hotel, Ikeja, Lagos.
Host is the Honourable Minister for Defence, Bello Matawalle. Co-host, Honourable Speaker, Lagos State House of Assembly, Mudashiru Obasa. Special Guest of Hounour, Oyo State Governor, Mr Seyi Makinde, Governor of Plateau State, Caleb Mutfwang, Honourable Minister for FCT, Nyesom Wike and many other distinguished guests.
Keynote Address will be delivered by the Chairman of Odu’a Group, Otunba Bimbo Ashiru.
This year’s theme is: ‘A Way Out Of Nigeria’s Quagmire In The Next Four Years.’
Nigeria Media Nite-Out Award, a celebration of the fourth estate of government.
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