Economy
Nami charges professional tax bodies on contribution to tax development in Nigeria
The Executive Chairman of the Federal Inland Revenue Service (FIRS) Muhammad Nami has called on professional bodies in the regulation of tax practice to lead conversations on matters of tax policy and tax laws in the country.
Mr. Muhammad Nami made the call yesterday while hosting a meeting of the Council Members of the Chartered Institute of Taxation of Nigeria (CITN), the Institute of Chartered Accountants of Nigeria (ICAN), and the Association of National Accountants of Nigeria (ANAN) to discuss the implementation of an MoU on standardisation of tax practice in Nigeria.
In a statement by the Special Assistant to the Executive Chairman, on Media and Communications, Mr Johannes Oluwatobi Wojuola which was made available to CAPITAL POST in Abuja on Thursday, quoted Nami to have called for value-based leadership approach from the councils, urged the professional bodies to work hand-in-hand with the Service to deepen the FIRS institutional framework through qualitative reporting and effective representation of their clients.
“Our professional bodies need to speak on matters of tax policies and tax laws especially on proposals to annual Finance Bills.
“We also urge you to help the Service to deepen institutional framework through quality reporting and effective representation of clients by our professional colleagues.
“We need to stem the tides in improving financial reporting to reduce the spate of ‘copy and paste’ financial reporting system as we experience today.” Mr. Nami stated.
Speaking further, the FIRS Executive Chairman who is also a Fellow of two of the three professional bodies explained that on the part of the FIRS, the tax authority had adopted renewed strategies to tackle financial reporting concerns.
Mr. Nami noted that the FIRS had created new departments such as the Intelligence, Strategic Data Mining and Analysis Department, the Special Crimes Department, the Tax Incentives Management Department and the Emerging and Special Taxes Department, which he stated are at the forefront of unravelling financial reporting issues through data mining.
He also noted that the FIRS alongside State Inland Revenue Services are collaborating with the National Identity Management Commission (NIMC) to build a databank to improve tax investigation.
Other strategies include the accreditation of tax consultants and auditors in the FIRS, the review of data from Automatic Exchange of Information as well as increased enforcement actions.
The Presidents of the three bodies, Professor Benjamin Osisioma of ANAN, Mr. Tijjani Musa Isa of ICAN and Mr. Adesina Adedayo of the CITN commended the FIRS Executive Chairman for showing leadership in pushing for and enabling a resolution of the squabbles between the three bodies.
While thanking Mr. Nami for his leadership, the Professor Osisioma noted that failure to cooperate amongst the three bodies would lead to chaos in tax practice regulation in the country.
“If we fail to cooperate and collaborate, we would destroy what we are trying to build,” he stated.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
The Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi who was appointed by President Bola Ahmed Tinubu last week has assumed office on Monday.
In a brief ceremony marking his assumption at the Treasury Office in Abuja, he promised to be fair to staff of the office which he said, they would not be intimidated or victimized during his tenure of office.
In his maiden address to the entire staff of the Office of the Office of the Accountant General of the Federation, he called for unity, professionalism and commitment in order to achieve the objectives of the office.
He recalled how he suffered victimisaton in hands of previous Chief Executives where he worked, he promised that it would not be the case as he was elevated as the Accountant General of the Federation.
He said: “It is good to be back, this is our home, nobody will drive us out. I want everybody to have the spirit of togetherness.
“I am not in any group, I am not going to polarize the house.
“If I fail, everyone here has failed. I am ready to commit myself to the service of the public.”
The Accountant General called on staff to let the past go and forge a new spirit in order to move the office forward for the good of the nation and the current administration.
“During my interview for this job, when I was asked what I would do differently to change the image of the Treasury House, I wanted to put the question back to you.
“What will you do differently to correct the image of the OAGF? The question is to all staff members.
“Everyone of us must work to change the perception of the country’s treasury.
“I have been a victim of the chief executive officer firing directors he or she doesn’t like.
He assured the staff of the Treasury House of cooperation they haven’t seen in their lifetime professional career, saying, ‘I don’t like him. Please remove him’, I am not going to be that leader,” he said.
CAPITAL POST recalled that President Bola Tinubu last week approved the appointment of had last week approved the appointment of Mr Babatunde Ogunjimi as the country’s new Accountant General thereby putting to rest the guesswork of who should be the next occupier of the Treasury House.
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