The Federal Inland Revenue Service of Nigeria (FIRS) has disclosed that a total of N12.62 trillion was generated as revenue from  2016 to 2018.
 
This was revealed in a document made available to newsmen by the Head of Communications and Servicom Department of the agency, Wahab Gbadamosi.
 
N3.3 trillion was generated in 2016, N4.02 trillion in 2017 and N5.32 trillion was realised in 2018, making it the highest revenue generated in the last three years.
 
The document stated that this was made possible as a result of several initiatives designed by the agency to ensure a robust tax administration that is beneficial to all stakeholders.
 
It explained that non-oil tax revenue increased to N2.149 trillion in 2016, N2.5 trillion in 2017 and N2.852 trillion in 2018.
 
The document quoted the Executive Chairman of the agency, Babatunde Fowler saying the achievement was a reflection of the diversification of the Nigerian economy by the Federal Government.
 
“This does not mean that we have left behind the oil tax revenues. It grew from N1.15 trillion in 2016 to N1.52 trillion in 2017 and N2.52trillion in 2018. Non-oil tax revenue is still over in excess of the oil tax revenue.
 
“We also do collect four per cent in terms of cost of collection but only for non-oil revenue collected. On oil revenue collection, we do not get any commission and we have been able to make sure that our services are more efficient and convenient to taxpayers.
 
“This has brought about a considerable reduction in the cost of collection of actual taxes.
 
“In 2016, it was 2.6 per cent, 2017, 2.49 per cent and 2018, 2.14 per cent, meaning that our actual cost of collection is heading downwards based on the efficiency and technology that we are deploying to tax collection.
 
“Some of the ICT initiatives that we have continued to build on are the e-payment channels which make it convenient and easy to pay taxes anywhere in the world and to also download receipts of payment from any point one so desires,” he said.
 
President Muhammadu Buhari has said only those with integrity and interest of Nigeria will be considered in the next cabinet.
 
He also promised to appoint more women and youth during his second tenure, acknowledging the “significant role” they played toward his re-election.
 
While the leading opposition candidate, Atiku Abubakar of the Peoples Democratic Party, is challenging the outcome of the 2019 presidential polls, Buhari has since been announcing his plans for the second tenure.
 
The president had earlier said that his next four years in office as Nigeria’s leader will be tough.
 
Femi Adesina, the Special Adviser, Media and Publicity to the President, had also revealed that Buhari will likely dissolve his cabinet before his May 29 swearing-in.
 
While speaking at a dinner organized by All Progressives Congress (APC) women and youth organised to celebrate his re-election, on Saturday, Buhari assured that his administration would not disappoint them.
 
He explained that more fertilizers were being made available to Nigerian farmers at a lower rate, adding that this has resulted in an increase in agricultural production and reduction in food importation.
 
Buhari also called on Nigerian youth to embrace agriculture to ensure more food sufficiency and food export.
 
He again faulted the 16-year rule of the Peoples Democratic Party (PDP) which he said, “wasted the nation’s resources”.
 
According to him, the country witnessed “rampant infrastructure decay” in spite of the huge resources earned during the period.
 
The U. S. has congratulated Nigeria on its successful presidential election and President Muhammadu Buhari on his re-election.
 
U.S. Secretary of State Michael Pompeo, in a statement, noted the assessments of international and domestic observer missions affirming the overall credibility of the election.
 
Pompeo said the United States’ assessment was “in spite of localised violence and irregularities”.
 
He called on all Nigerians to ensure successful Gubernatorial and House of Assembly elections on March 9.
 
Pompeo said: “The United States congratulates the people of Nigeria on a successful presidential election, and President Muhammadu Buhari on his re-election.
 
“We commend all those Nigerians who participated peacefully in the election and condemn those whose acts of violence harmed Nigerians and the electoral process.
 
“We note the assessments of international and domestic observer missions affirming the overall credibility of the election, despite localised violence and irregularities.
 
“We also congratulate all the other candidates for their peaceful participation in the electoral process.
 
“We call on all Nigerians to ensure successful state elections next week.
 
“Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations”.
 
In the presidential election, held on February 23, Buhari polled 15,191,847 votes and his closest challenger, People’s Democratic Party’s candidate and former Vice President Atiku Abubakar polled 11,255,978 votes to emerge a runner-up.
 
Buhari, who was declared re-elected by the Independent National Electoral Commission, also won in 19 states, to defeat other 72 candidates including Atiku, who won 17 states and the Federal Capital Territory, to occupy the second position.
The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has said that the volume of fraud in Nigerian banks increased to N25 billion in the last five years.
 
This was disclosed by the Protem President of the institute, Dr. Victoria Enape in Abuja on Friday at the opening of intensive training for forensic and investigative auditors.
 
She noted that the training had become necessary going by the global acknowledgment of corruption in most government and financial institution and its (corruption) rejection by the United Nation, World Bank and International Monetary Fund.
 
“Government at all levels are losing billions of Naira every day and most of these criminal cases bordering on fraud, corruption and cyber-crimes are partly because there are no forensic and investigative auditors in Nigeria to prevent fraud from taking place.
 
“The place of training of forensic and investigative auditors cannot be overemphasised because the whole world has embraced this current trend years ago which has assisted them in the fight against fraud.
 
“Chartered Institute of Forensic and Investigative Auditors is an anti-fraud organisation, saddled with the responsibility of providing skills to relevant professionals on the use of science and technology to prevent, detect and investigate fraud of all kinds.
 
“The Institute also has mechanism to block illicit financial flows in the country; it therefore becomes indispensable in Nigeria if Nigerians and the future generation must experience peace and economic development,” Enape said.
 
Enape noted that scandalous collapses, financial loses, loss of employment, investment and investors, loss of earnings and means of livelihood are some of the consequential social dislocations and risks of corruption and fraud.
 
According to her, fraud and corruption weakened the institutional capacity of governments and organisations as well as impedes trade and investment.
 
Figures from the Central Bank of Nigeria (CBN) has shown that Nigeria earned a total of N5.54 trillion from oil and gas revenue in 2018.
 
According to the figures, the N5.54 trillion revenue was earned through crude oil/gas sales, petroleum profit tax/royalties and others.
 
A breakdown of the figure revealed that the sum of N1.28 trillion was earned in the first quarter, N1.38 trillion in the second, while N1.39 trillion and N1.46 trillion were in the third and fourth quarter respectively.
 
A further breakdown of the oil receipt showed that the first quarter N1.28 trillion revenue was earned through crude oil sales of N98.21 billion; PPT/royalties, N926.33 billion; and others, N263.51 billion, while for the second quarter, the N1.38 trillion revenue was earned through crude oil sale to the tune of N109.32 billion; PPT/royalties, N841.03 billion; and others, N447.7 billion.
 
In the third quarter, N104.49 billion was earned from crude oil sales, N914.56 billion from PPT/royalties and N375.14 billion from others.
 
In the fourth quarter, Nigeria earned the sum of N103.6 billion from crude oil sales, N1.04 trillion from PPT/royalties while N317.5 billion came in from other oil revenue sources.
 
Pension fund administrators in the country have invested a total of N636.99bn out of the total pension funds in their custody in banks as of the end of November 2018.
 
This figure represents 7.49 per cent of the funds managed by the pension operators.
 
According to figures from the National Pension Commission (PenCom) total pension funds under the review period stand at N8.49 trillion.
 
N15.7bn or 0.19 per cent of the pension assets was invested in mutual funds, while N17.51bn or 0.21 per cent of the funds was invested in cash and other assets.
 
Speaking on the development, the President, Pension Fund Operators Association of Nigeria, Mrs Aderonke Adedeji, explained that the issue of the role of pension funds in economic development had moved into the focus of public attention, particularly with regard to Nigeria’s growing need for long term capital.
 
According to her, the successful mobilisation of pension fund assets and its contributions to the economic growth of any nation were essential policy objectives.
 
“For the first time, our country can now boast of a long term funding base and the impact to date has included the funding of the government and government projects, development of the capital market as well as increased foreign development inflows,” she said.
 
She however said there was need for caution in view of the recent agitations to access the funds for infrastructure.
 

The Presidential Candidate of the People’s Democratic Party (PDP) , Atiku Abubakar, has rejected the announced result of the election, saying he will be challenging it in court.

Abubakar in a statement on Wednesday in Abuja , said that it was clear that there were manifest and premeditated malpractices in many states which negate the results announced.

The Independent National Electoral Commission (INEC) has announced President Muhammadu Buhari as the winner of the Saturday Presidential election.

Buhari was declared re-elected having polled 15,191,847 votes, winning in 19 states, to defeat other 72 candidates including Abubakar, who scored 11, 255,978 votes and won 17 states and the FCT, to occupied the second position.

The PDP had also refused to sign the election result.

Abubakar said one obvious red flag in the election was the statistical impossibility of states ravaged by the war on terror generating much higher voter turnouts than peaceful states.

“The suppressed votes in my strongholds are so apparent and amateurish, that I am ashamed as a Nigerian that such could be allowed to happen. How can total votes in Akwa-Ibom, for instance, be 50 per cent less than what they were in 2015?

“Another glaring anomaly is the disruption of voting in strongholds of the PDP in Lagos, Akwa-Ibom, Rivers and diverse other states, with the authorities doing little or nothing and in some cases facilitating these unfortunate situations.”

Abubakar said that the militarsation of the electoral process was a disservice to Nigeria’s democracy and a throwback to the jackboot era of military dictatorship.

He said that in some areas of the country, such as, Rivers, Akwa Ibom and Imo states, troops deployed for the elections turned their guns on the citizens they were meant to protect, saying this is condemnable and should not be associated with our electoral process in the future.

“I am a democrat and there are democratic avenues available to present the truth to the nation and the watching world. Already, many international observers have given their verdicts, which corroborate our observations.

“I am sure more will come in the coming hours and days.

“If I had lost in a free and fair election, I would have called the victor within seconds of my being aware of his victory to offer not just my congratulations, but my services to help unite Nigeria by being a bridge between the North and the South.

“However, in my democratic struggles for the past three decades, I have never seen our democracy so debased as it was on Saturday, Feb. 23.

“Year 2007 was a challenge, but President Yar’Adua was remorseful. In 2019, it is sad to see those who trampled on democracy thumping their noses down on the Nigerian people.

“Consequently, I hereby reject the result of the Feb. 23, 2019 sham election and will be challenging it in court.”

He appreciated the Nigerian people who trooped out in their millions to perform their civic duty the election.

Abubakar said that the patriotism of Nigerians was heartwarming and affirms his “oft-repeated statement that we are brothers and sisters born from the womb of one mother Nigeria.”

The former Vice President assured his supporters and the entire Nigerian people that together, “we will not allow democracy to be emasculated.

“I hope and pray Nigerians will someday summon the courage to defend democracy. That is the only way we can move away from being the world headquarters for extreme poverty.”

Nigerian President Muhammadu Buhari has been re-elected for a second four-year term, results from Saturday's general election show.
 
The 76-year-old defeated his main rival, former Vice President Atiku Abubakar, with a margin of just under four million votes.
 
Mr Abubakar's People's Democratic Party has rejected the result.
 
Delays and violence marred the run-up to the poll but no independent observer has cited electoral fraud.
 
Final results released by the Nigerian electoral commission (Inec) show Mr Buhari was re-elected with a margin of just under four million votes.
 
Turnout was just below 35% of registered voters.
 
A former soldier, Mr Buhari led a military regime in the 1980s, and was first elected president in 2015. He will face a range of problems including power shortages, corruption, security threats, and an economic slowdown.
 
The president has quelled a militant Islamist rebellion in Nigeria's north-east, but Boko Haram remains active. There has also been an upsurge in violence in the Middle Belt as traditional herders and more settled farmers have clashed.
Nigeria’s benchmark stock index dropped 0.7 percent Tuesday, the most in a week, as election results showed President Muhammadu Buhari building a lead over his main opponent and investor favorite Atiku Abubakar.
 
“People are just reacting to Buhari leading the results,” said Olabisi Ayodeji, an analyst at Exotix Capital. “Investors’ preference would have been for an Atiku win, considering that he is perceived to be more market friendly, and also seen as having the potential to deliver a stronger economy.”
 
Money managers and banks including AllianceBernstein LP and Citigroup Inc. have said Nigeria’s stock market may rally if Buhari loses. The incumbent is leading by a margin of 53 percent to Atiku’s 43 percent of the votes collated by the Independent National Electoral Commission in Abuja. The country’s main stock index has dropped almost 49 percent in dollar terms since May 2015, when Buhari was elected president.
 
The main opposition’s complaints that the election results are being manipulated creates uncertainty, which is damping market sentiment, said Paul Clark, a money manager at Rand Merchant Bank’s Ashburton Investments in Johannesburg.
 
“There is no reason for the market to rally at all; it does certainly look like Buhari would win -- at this stage,” Clark said. “The one benefit of a Buhari win is business as usual and everything goes on as it was.”
The Central Bank of Nigeria’s (CBN’s) fourth quarter economic report has revealed that about $39.9 billion was injected into the foreign exchange market to defend the Naira between January and December 2018.
 
The CBN makes regular dollar injections into the foreign exchange market which helps the apex bank achieve long-term naira stability and curb volatility in the forex market. The CBN usually injects liquidity about three times a week.
 
The intervention is provided to authorise dealers in the wholesale segment of the market, as well as other sectors of the economy such as agriculture, manufacturing and Small and Medium Enterprises segment.
 
Customers that required foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, are also allocated funds from the intervention.
 
The report read in part, “A total of $9.18bn was sold by the CBN to authorised dealers in the fourth quarter of 2018.
 
“This represents 16.1 per cent decline below the level in the third quarter of 2018, but was 80.6 per cent above the level in the corresponding period of 2017.
 
“The development, relative to the preceding quarter, reflected the decline in interbank sales and swaps transactions in the review quarter.
 
“Of the total, foreign exchange forwards disbursed at maturity was $3.15bn (34.3 per cent); sales to BDCs, $2.98bn (32.5 per cent); investors’ and exporters’ window, $2.09bn (22.8 per cent); interbank sales, $820m (8.7 per cent); and swaps transactions, $0.13bn (1.5 per cent).
 
“However, the average exchange rate of the naira vis-à-vis the United States dollar at the interbank segment depreciated by 0.2 per cent to N306.70/US$, relative to the level at end-September 2018.
 
“Similarly, at the BDC segment, the average exchange rate, depreciated by 0.9 per cent and 0.01 per cent below the levels in the preceding quarter and the corresponding period of 2017 to N362.42/$.
 
“At the investors’ and exporters’ window segment, the average exchange rate stood at N364.27/$, representing 0.5 per cent and one per cent depreciation relative to the levels in the preceding quarter and the corresponding period of 2017, respectively.
 
“Consequently, the premium between the average interbank and BDC rates widened by 0.8 percentage points in the review quarter, from 18.2 percentage points at the end of the fourth quarter of 2018, but the spread between the average exchange rates at the investors’ and exporters’ window and the BDC segment narrowed further to 0.5 per cent from 0.9 per cent at the end of the preceding quarter.”
 
An analysis of the report showed that foreign exchange inflow into the economy increased by 2.8 per cent to $27.64bn as of the end of December last year.
 
The increase in foreign exchange inflow was as a result of the 12.3 per cent increase in inflow through the CBN.
 
Oil sector receipts, which accounted for $3.02bn, showed a decrease of 14.5 per cent below the level at the end of the preceding quarter.
 
The report stated that with $11.49bn as of December 31 last year, non-public sector inflow rose by 22.5 per cent above the third quarter levels.
 
A further analysis of the report showed that autonomous inflow of foreign exchange was put at $13.13bn, which fell 6.1 per cent below the levels at the end of the preceding quarter.
 
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