Connect with us

Economy

FCT-IRS Sets To Impose N500,000 Fine On Annual Tax Return Defaulters

Published

on

FCT-IRS

FCT-IRS Sets To Impose N500,000 Fine On Annual Tax Return Defaulters

FCT-IRS sets to impose N500,000 fine on annual tax return defaulters. Mr Ango stated that the law mandates every person, whether in employment or not, to file their annual income tax returns by March 31 every year.

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has threatened to impose a N500,000 minimum penalty on defaulters of annual returns filing in the FCT.

Acting Executive Chairman of the service, Michael Ango, gave the warning in Abuja on Thursday, during the FCT-IRS annual sensitization campaign to mobilise FCT residents for voluntary tax compliance.

Mr Ango said that for persons who did not file their 2024 annual returns in January 2025, the law had set a minimum penalty of N500,000.

He said that the first filing deadline for the year was January 31, 2025, where the employer’s annual returns were due, adding that a reasonable number of companies had filed.

He commended every company that filed their employees’ annual returns, adding that the FCT-IRS would write them a letter of commendation.

He, however, said, “For those who did not file, we are also going to write them a letter but not a letter of commendation. We are sending out penalties’ notification for noncompliance and then giving them a chance to comply.

We have already written to a number of them, informing them of the minimum penalty of N500,000, but that is not just it, we also have the power to prosecute defaulters.’’

He added that another deadline would come up in 30 days for every person, whether in employment or not, to file their annual income tax.

Mr Ango stated that the law mandates every person, whether in employment or not, to file their annual income tax returns by March 31 every year.

“This is one of the things that we hope this road show will be able to achieve. We want to see compliance as high as possible,” he said.

He appealed to law-abiding citizens to pay their taxes voluntarily, adding that payment of tax was a lawful obligation.

According to him, where the law creates an obligation, it also creates penalties and sanctions for noncompliance.

He said, “We believe in voluntary compliance as the best form of compliance, but if you do not comply voluntarily, we’ll have no option than to enforce the law, even if we don’t want to.

The laws mandate us to do so, but we pray, and we hope that it doesn’t get there, but there are also responsibilities expected from the public.

We expect those of you who have not registered to come and register with the FCT-IRS.
We pray that one day we’ll have 100 per cent tax compliance in Abuja and we’ll all be able to sit down and say that I contributed to the building of this great city, Abuja.”

He pointed out that the focus of the current administration for about two years had been on infrastructure, roads, rehabilitation of schools and hospitals, and provision of other social infrastructure.

“The Abuja that we envisage is an Abuja that can compete with any major capital city in the world. That is the FCT Minister Nyesom Wike’s vision, and we believe that that vision is achievable.

FCT-IRS

FCT-IRS

We are out on the road to let Abuja residents know that the FCT-IRS wants to partner with them to build a world-class city where we have good roads, running water, good hospitals, improved security, and where our children can go to good schools.

We want a city where we have streetlights, recreation parks, and all of the other things that make a city lovable,” Mr Ango said.

Economy

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Published

on

By

Muhammadu Inuwa Yahaya

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.

The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.

Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.

He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.

Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.

He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.

The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.

He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.

“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.

Muhammadu Inuwa Yahaya

Muhammadu Inuwa Yahaya

Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.

She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.

Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.

He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.

Continue Reading

Akwa Ibom

Umo Eno Is Committed To Blue Economy, Maritime Development: Oil , Gas

Published

on

By

Umo Eno

Umo Eno Is Committed To Blue Economy, Maritime Development: Oil , Gas

Umo Eno is committed to blue economy, maritime development: Oil , Gas . Akwa Ibom Oil and Gas Professionals have been assured of the commitment of the state government to harnessing the potentials of the blue economy and the extensive maritime development.

The Commissioner for Special Duties and Ibom Deep Sea Port, Comrade Ini Ememobong, reiterated the commitment of the state government to harnessing the potentials when he hosted members of the Akwa Ibom Oil and Gas Professionals to a courtesy call in his office on Thursday, March 13.

He said the recent commissioning of the Surge Protections project and development of Surge lines in Oron, was a demonstration of Governor Umo Eno’s dedication to maritime development, emphasising that the action would bring greater focus on maritime transport and recreation in the area.

Highlighting the significance of the Ibom Deep Seaport, which he described as a foundation for future development, Comrade Ememobong acknowledged the importance of a collaboration between the Ministry and the maritime oil and gas professionals and assured them of his readiness to work together with them, in order to drive growth and development in the maritime sector so as to achieve the long-term objectives of the state in the maritime sector.

The Commissioner stated that the industrial city envisioned by the Governor aims to build indigenous capacity and ensure local participation in its development, saying, “This is where the local content law comes into play, requiring that a certain percentage of the project’s workforce, services, and materials be sourced locally.”

“To activate this law, however, there needs to be available capacity among local individuals and businesses.

This is why His Excellency has prioritised capacity procurement, which ensures that the necessary skills and resources are in place before project execution begins. By doing so, the government can guarantee that local communities are well-prepared to take advantage of the opportunities arising from the industrial city’s development,” he emphasised.

Comrade Ememobong seized the occasion to commend the technical committee, led by Mrs. Mfon Usoro, in driving the Ibom Deep Seaport project forward, saying the committee is ready to collaborate with key stakeholders to turn the vision of the Ibom Deep Seaport into a reality.

Earlier, while addressing the Commissioner, the leader of the delegation and Secretary General Port State Control for the West and Central African Region, Captain Sunday Umoren, expressed his team’s enthusiasm in supporting the development of Akwa Ibom State’s maritime sector.

As indigenes of the state, with expertise in various sectors of the maritime cluster, they seek to give back by investing in human capacity building, in view of the upcoming Ibom Deep Seaport.

Umo Eno

Umo Eno

“We are here to render our services to you; we will respect your support in planning because the deep seaport is coming: the port is just a notch, but there are other aspects to port development, which if we don’t position ourselves very well, we may end up having a deep seaport in Akwa Ibom but not making the best out of it.” He said.

Other members of the team were the Senior Special Assistant to the Governor on Project and Director of Project, Ibom Deep Seaport, Engr. Akaninyene Ekong; Former District Surveyor NIMASA, Marine Surveyor Engr. Eyo James; and Project Lead, Shell UK, Adjunct Professor John Moores University, UK, Prof Maurice Asuquo.

Also on the team were the Chief Engineer, Jad Construction limited, Warri, Engr. Iniobong Ebong; Marine Pilot, Nigerian Ports Authority, Bonny/Port Harcourt Pilotage District, Rivers Port Complex, Nkopuyo Abraham.

Continue Reading

Economy

Tinubu Reveals How Buhari Almost Bankrupted Nigeria; He Quickly Saved The Country

Published

on

By

Buhari Almost Bankrupted Nigeria

Tinubu Reveals How Buhari Almost Bankrupted Nigeria; He Quickly Saved The Country

Tinubu reveals how Buhari almost bankrupted Nigeria; He quickly saved The country. The statement came hours after Muhammadu Buhari issued a statement Thursday afternoon reiterating his loyalty to the president and the ruling APC.

President Bola Tinubu on Thursday said he took over a Nigeria that was in the throes of bankruptcy after eight years of his predecessor Muhammadu Buhari.

“Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” Mr Tinubu said during a meeting with a group of supporters at the State House in Abuja.
The Nigerian leader has faced criticism for mishandling the economy after inflation soared for consumer items nationwide, a development analyst blamed mainly on the president’s decision to eliminate subsidies on essential petroleum products.

Mr Buhari was the first politician to be elected president on the platform of the All Progressives Congress, serving two terms of four years each from 2015 to 2023. He handed power to Mr Tinubu on the same platform, arguing during his last days in office that he had turned the nation’s socio-economic conditions around during his tenure.

Both leaders remained key political allies, and Mr Buhari issued a statement earlier on Thursday reiterating his loyalty to Mr Tinubu and the APC, following rumours that the former president was considering joining a budding alliance to defeat Mr Tinubu at the ballot in 2027.

It was unclear how Mr Tinubu’s statement would be received by Mr Buhari, who now lives in Kaduna following his exit from power.

A spokesman for the former president did not immediately return a request seeking comments about his successor’s statement Thursday night.

A State House press release said the president sought to assuage citizens that conditions would continue to improve after inflation showed signs of cooling in recent months.

Read the full press statement as issued by the president’s spokesman Bayo Onanuga below:
President Bola Ahmed Tinubu articulated on Thursday the rationale behind his administration’s economic reforms, saying the primary motive was protecting the interests of future generations.
.
“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said.

He made these remarks at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The President highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties:

“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse.

President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”

He said firm adherence to democratic tenets is the best route to economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball.

“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”

Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) and at what the two organisations were offering Nigerians.

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

Buhari Almost Bankrupted Nigeria

Buhari Almost Bankrupted Nigeria

“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.

Other members of the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo and Hon. Eze Nwauwa.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
March 13, 2025

Continue Reading

Trending