Connect with us

Business News

FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector

The agency has announced a significantly huge amount it collected as tax for the month of July.

Published

on

The Federal Inland Revenue Service (FIRS) has announced that it generated a total sum of N490 billion in tax receipts in the month of July.

While making the disclosure in a statement on Thursday, September 17, 2020, the revenue agency disclosed that N438 billion out of that amount was generated from non-oil receipts, which represents 89% of the total figure, while N52 billion is from oil receipts, which represents 11% of the total collection.

The FIRS stated that the significant drop in oil revenue could be attributable to the global shock caused by the coronavirus pandemic which led to a crash in crude oil prices and huge output cuts by oil-producing countries.

The statement also quoted the Executive Chairman of FIRS, Muhammad Nami, as attributing the increase in the non-oil receipt to the various reform measures that have been introduced by the board and management of the service, as well as the dedication of the staff. He said that it was gratifying to note that their collective effort as stakeholders was paying off.

The FIRS boss revealed that the FIRS continued to record a significant increase in tax revenue from non-oil sources, despite the national and global economic crises caused by COVID-19. He said that non-oil tax receipts had consistently contributed 75-90% of the total tax receipt in recent months.

Advertisement
Click to comment

Leave a Reply

Business

FinRik Shop is helping you expand your business, taking your brand online and facilitating building of e-commerce websites without writing a line of code

Published

on

Nigeria was ranked at 131st out of 190 countries in 2019 when it comes to ease of doing business, therefore doing business in Nigeria is already hard and risky, now you have started, Weldone! Running your business shouldn’t be hard.

That’s why we at FinRik are dedicated to building tools that make doing your business easier from our free hosting infrastructure to crypto payment gateway which also have features that help you save, loan or lend crypto.

The first tool is FinRik Shop, a software built for SMEs that makes taking your business online easy, having full data about your business easier. With FinRik Shop you can create an e-commerce website with zero codes, accept credit cards or bank transfer payment instantly, without third-party involvement, you own everything as regards your business, we don’t take any money from your payment accepted, have access to marketing tools, and every data you need to take your business to the next level.

FinRik Shop is basically a facilitator that helps you to find selling your product on the internet easier and cheaper than it has ever been.
Free hosting, free website, free data management tools, access to cheaper marketing tools, free SSL certificate, free website, customize-able domain, free themes.

FinRik Shop offers access to multiple payment gateway with zero third party involvement, give you an a business owner access to very efficient and affordable next level marketing tool. Sell to anyone, increase productivity.
Free hosting
WhatsApp and email notifications
Online and offline payment integration
Multiple language
Sell to anyone in the world
SEO
Fraud analysis and protection
Detailed sales report
Easily create a master class, connect with more entrepreneurs using FinRik Academy. No-code friendly
A plan for everyone
Access to very affordable email marketing tools
Take you business online and scale simultaneously

Doing business is risky and expensive our job is to help you reduce your amount of monthly debit/liabilities and we have done that by giving you free hosting, crypto infrastructure for businesses, educative tools for entrepreneurs to grow more, marketing tool etc.

 

Continue Reading

Business News

MTN Group seeks to offer for sale shares of MTN Nigeria to the public

Published

on

MTN Group Limited has announced plans to offer for sale, the shares of its Nigerian subsidiary, MTN Nigeria Communications Plc.

The Group has disclosed its intention to proceed with a public offer for sale of 575 million shares in MTN Nigeria.

This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.

The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.

According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.

It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.

Continue Reading

ENERGY

Shell unveils new business line in Nigeria

Published

on

Global energy giant, Shell, has announced the expansion to a new business line in Nigeria with the expansion of natural gas sales and distribution to meet the growing energy needs of wholesale consumers and provide more and cleaner energy across the country. 

The new business line, which is Shell Energy Nigeria will seek to deliver gas-based energy solutions to businesses across the country to help drive economic development while also delivering greater value from the country’s natural resources. 

According to a statement signed by the Media Relations Manager of Shell, Bamidele Odugbesan, the new business is expected to draw on the capabilities and experience of Shell Energy, a leading global provider of reliable, integrated and innovative energy solutions from a portfolio of natural gas, power and environmental products. 

What the General Manager of Shell Energy Nigeria is saying 

The General Manager, Shell Energy Nigeria, Markus Hector, said, “In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources.’’ 

Shell Energy Nigeria’s gas solutions are designed to partner with other sources of energy – including renewables – to provide competitively priced and flexible energy, while helping the country to transition to a lower carbon energy system. 

What the Country Chair of Shell Companies in Nigeria is saying 

The Country Chair of Shell companies in Nigeria, Osagie Okunbor, said, “Shell Energy Nigeria demonstrates our ongoing commitment to powering progress by providing more and cleaner energy solutions in the country. It brings to Nigeria Shell’s decades of marketing and trading experience, a wealth of market knowledge and its ability to integrate energy solutions to support economic development in Nigeria.” 

The new business offers a comprehensive selection of energy solutions available from a single supplier and made possible by one of the industry’s largest trading operations. 

Building on the success of Shell Nigeria Gas, Shell Energy Nigeria, aims to deliver competitive and reliable energy for power generation and industrial users and to develop gas distribution to serve people in new regions. 

What you should know 

This appears to be a new business focus and strategy for Shell in its operations in Nigeria. 

Recall that recently, Shell had intensified its move to drive down carbon emissions as well as deliver value to their shareholders, customers and the general public. 

Meanwhile, Royal Dutch Shell had in July 2021, launched a major divestment of its Nigerian assets as they had engaged Standard Chartered to sell its Shell Petroleum Development Company of Nigeria Limited (SPDC) subsidiary. 

The sources had said that Shell is selling its Nigerian business because it no longer views its activities in the Niger Delta as core to its ongoing strategy, which is driven by the Environmental, Social and Governance (ESG) pressure from its investors. 

Shell Nigeria Gas (SNG) will continue its current operations as part of Shell Energy Nigeria.  

SNG was incorporated in 1998 SNG is a fully owned Shell company for the downstream distribution of gas to over 120 industries and manufacturing plants in Nigeria. The company’s 150-kilometre gas transmission and distribution network serves several distribution systems, including Agbara-Ota industrial cluster in Ogun State, the Aba Cluster in Abia State, and the Port Harcourt Cluster in Rivers State 

Continue Reading

Cryptocurrency Market

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Facebook

Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 100 other subscribers

Trending