ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, February 27, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Federal, state, local governments share N612billion in November

Minister of Finance, Ngozi Okonjo-Iweala

Nigeria revenue agency decries multi-billion Naira loss through import waivers

byBassey Udo
June 10, 2014
2 min read

The Nigerian Customs Service says FG spends recklessly on waivers on import/export that do benefit the economy.

The Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, has said that it is worried by the incessant loss of revenue by the Federal Government through the existing waiver regime in the country.

Recently, the Nigeria Customs Service, NCS, revealed that between 2011 and 2013, import waivers granted various individuals and groups by the Ministry of Finance cost the Federal Government N1.4 trillion.

The Minister of Finance, Ngozi Okonjo-Iweala, had claimed that the government spent only about N171 billion on waivers as incentive to some critical sectors, such as manufacturing, agriculture, power, and gas to boost the growth of the economy.

But the NCS said more than 65 per cent of these ‘incentives’ were reckless, as they were granted for the import/export on questionable and unapproved goods, ranging from rice to fish and kola-nuts, that had no significant bearing on the economy.

To put a stop to the high rate of revenue losses through these indiscriminate waivers and tax holidays, RMAFC Chairman, Elias Mbam, said the agency resolved to meet with top NCS officials and those of the Federal Inland Revenue Service, FIRS, to plug areas of leakages.

Mr. Mbam told officials of the Nigerian Investment Promotion Council, NIPC, who visited him in Abuja that the revenue mobilization agency would also meet with other revenue generating agencies, namely the Nigerian National Petroleum Corporation, NNPC and its subsidiaries as well as the Central Bank of Nigeria, CBN.

The Chairman said the major concern of the series of meetings would be on how to develop strategies to cut down on the huge losses, which, he said, significantly hurts the economy.

He urged the NIPC to exercise caution and ensure that due diligence is strictly observed in the process of granting pioneer status to companies and businesses in order to check abuses and reduce revenue losses.

RelatedNews

Osinbajo opposes cryptocurrency ban

FG seeks asset manager for N1 trn infrastructure company

VIDEO: How bandits terrorised Kagara for years before students abduction

Nigeria records 634 new COVID-19 cases, six deaths

Critics say the pioneer status granted the Nigeria LNG by the Babangida/Abacha military administration on inception of the plant has been a drain, as the Federal Government was denied multi-billion Naira in revenues that could have accrued to it from its operations in the last ten years.

The RMAFC Chairman stressed the need for multi-stakeholder collaboration in promoting investment in all critical sectors of the country’s economy. He said this will help fast-track the attainment of national development objectives such as the Vision 20-2020 and the Transformation Agenda of the present administration.

“Nigeria remains an investors’ haven with numerous opportunities in oil and gas, manufacturing, agriculture, telecommunications, chemicals, transport and power sectors waiting to be tapped,” Mr. Mbam said.

Dangote adbanner 728x90_2 (1)

To adequately harness the country’s resources, Mr. Mbam said it is necessary for concerted efforts to be made by all relevant stakeholders to attract foreign direct investments, FDIs, through the provision of critical infrastructure, legal and regulatory frameworks and tax incentives.

He said the Commission, through its economic diversification programme, was leading the effort to bring all stakeholders together in the quest to establish the enabling environment for sustainable investment climate.

The coming together, he said, would help turn around the country’s economy, boost its revenue base, create employment opportunities for the teeming unemployed youths and generally improve the socio-economic conditions of the populace.

The NIPC Executive Secretary, Saratu Umar, said her agency had since inception granted Pioneer Status Incentives to about 410 companies in different sectors of the economy.

These, she said, comprise 175 in the manufacturing, 42 in agriculture and agro-allied, 40 in oil and gas, 35 in Information and communication technology and telecommunications, eight in chemical and four in transport sectors.

Mrs. Umar pointed out that the PSI was a fiscal concession designed by government and backed by law to encourage and promote certain targeted industries, activities, products and services identified by the government as priority areas and growth drivers of the economy.

ADVERTISEMENT
  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (2)
premiumtimes



PT Mag Campaign AD

Previous Post

BRAZIL 2014 Team Profile: England

Next Post

BRAZIL 2014 Team Profile: Italy

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Floor of Stock Exchange

NSE: Heavy sell-offs in Wema, Zenith, MTNN shares spur N155bn loss

February 27, 2021
Naira notes used to illustrate market trading

Naira crosses three-month mark in parallel market fall

February 26, 2021
Vice President Yemi Osinbajo speaking at the ministerial retreat[PHOTO CREDIT: @ProfOsinbajo]

Osinbajo opposes cryptocurrency ban

February 26, 2021
Central Bank of Nigeria (CBN)

FG seeks asset manager for N1 trn infrastructure company

February 26, 2021
MUNICH, GERMANY - FEBRUARY 17: Microsoft founder Bill Gates speaks during a book presentation at the 53rd Munich Security Conference at Hotel Bayerischer Hof in Munich, Germany, on Februrary 16, 2017. The annual event brings together government representatives and security experts from across the globe. Andreas Gebert / Anadolu Agency | Keine Weitergabe an Wiederverkäufer.

Bill Gates says not keen about Bitcoin

February 26, 2021
A switchboard of prepaid meters in an official building in Abuja.

Over 600,000 electricity meters deployed under MAP since 2019 — NERC

February 26, 2021
Next Post
BRAZIL 2014 Team Profile: Italy

BRAZIL 2014 Team Profile: Italy

Tribute to John Abba Ogbodo, By Paul Ibe

How Jonathan, PDP helped Sanusi to become Emir of Kano, By Paul Ibe

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,625,368 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.