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BUA set to crash cement price in Nigeria

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BUA set to crash cement price in Nigeria

 

By Admin September 16, 2023

 

The Chairman of BUA Group, Abdulsamad Isyaku Rabiu, has revealed that the company is set to reduce the price of cement in Nigeria.

 

He disclosed this on Friday while speaking with State House correspondents after meeting with President Bola Ahmed Tinubu.

 

He revealed that the company would add two new plants at the end of the year or early next year, aimed at supporting the efforts of the government to crash the price of the product.

 

 

 

According to him, the plants to be commissioned by Tinubu, would bring BUA Cement’s total capacity to 17 million metric tons.

 

This, he said will enable the company to reduce the price of cement to about N3,500 from N5,000 per bag.

 

He said: “Let me thank His Excellency Mr. President for graciously receiving me today. I came to intimate His Excellency on the affairs of our cement business. We have two new lines of 3 million tonnes each that we will be commissioned by the end of the year.

 

“So I came to intimate His Excellency and also to explain to him the efforts we’re making in trying to support again the efforts of the government in bringing down the price of cement.

 

“With this 6 million tonnes that are commissioning by the end of the year. And by the way, His Excellency has agreed to come and commission the plants, sometimes in December or early January next year.

 

“So I explained to him and we want to support the efforts of the government in bringing down the price of cement. By the time these lines are commissioned, BUA Cement will to be producing about 17 million tonnes per annum. And with that, we intend to bring down the price of cement from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.

 

“And we can only do that because we’re producing cement locally. 80% of the raw materials that we’re using to produce cement are in Nigeria. We want to support the government efforts in ensuring that the price of thess commodities are brought down.

 

“Incidentally, I also saw the Honorable Minister David Umahi, when I was with the with His Excellency, Mr. President, and we agreed to meet so what we’re going to do is by the time we commission these two lines is to announce to Nigerians that the price of cement is going to come down.”

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Economy

Kano unveils eeZitax platform for filling tax returns, urges compliance

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Kano unveils eeZitax platform for filling tax returns, urges compliance

The Kano State Internal Revenue Service (KIRS) has unveiled unveiled eeZitax, an online platform for filling returns.

Zaid Abubakar, Executive Chairman of KIRS, made the announcement on Friday in Kano.

According to him, taxpayers can access the platform at etax.kirs.gov.ng, where they can follow prompts to complete and submit their annual tax returns electronically.

“A user guide is available at https://etax.kirs.gov.ng/manuals. The deadline for filing annual tax returns is January 31, 2025,” he explained.

He reminded taxpayers that failure to file returns by this date constitutes an offence under Section 41(1) and (2) of the Personal Income Tax Act 2011 (as amended).

The KIRS Chairman urged all employers to file their tax returns before the deadline to avoid penalties.

Abubakar then stressed that the returns should detail each employee’s total emoluments, any applicable tax reliefs, and the total tax deducted.

The chairman further announced that all corporate organisations were required to file their tax returns through the new online platform.

He also warned that non-compliance with the deadline will attract a penalty of N500,000 as provided under Section 81(3) of the Personal Income Tax Act 2011 (as amended.

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Economy

Kano revenue service unveils initiative to boost revenue growth

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The Kano State Internal Revenue Service (KIRS) has launched a new initiative aimed at significantly increasing the state’s revenue generation.
The initiative, unveiled at a ceremony on Monday, is part of the state government’s efforts to diversify its revenue sources.
Dr. Zaid Abubakar, Executive Chairman of KIRS, who spoke at the event, said the strategy focuses on enhancing revenue generation and improving service delivery.
He explained that the initiative would concentrate on improving tax collection, enhancing compliance, and optimizing technology in revenue management.
“Our vision is to become the most referenced sub-national revenue authority in Africa and to build a world-class tax system that is both sustainable and efficient, with a focus on optimizing revenue collection to drive economic growth in the state,” Abubakar said.
He emphasized the agency’s commitment to delivering value-added services to taxpayers, simplifying the tax process while ensuring fairness and transparency.
On the agency’s mission, he stated that KIRS seeks to create a tax system that benefits both the government and citizens by improving efficiency and ensuring optimal revenue generation.
“Our mission is to build a system that promotes accountability, fosters growth, and provides excellent services to the people of Kano State,” he added.
The Executive Chairman also outlined the core values that will guide the agency’s operations: professionalism, integrity, excellent service, efficiency, and collective responsibility.
Earlier, Muhammad Abba-Aliyu, Executive Director of Compliance and Enforcement, emphasized the importance of collective responsibility and called on all stakeholders to support KIRS’s initiatives for sustainable development in Kano State.

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Economy

Kano adopts Single Interstate Road Tax Sticker, Haulage Fee to curb multiple taxation

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The Kano Internal Revenue Service(KIRS) has inaugurated the Single Interstate Road Tax Sticker (SIRTS) and the Single Haulage Fee (SHF) to address multiple taxation from motorists on the highways.

Dr Zaid Abubakar, the Executive Chairman of KIRS, while unveiling the stickers on Saturday in Kano said that the project was initiated by the Joint Tax Board (JTB).

The chairman noted that the initiative of the Joint Tax Board (JTB), would end multiple taxation and improve the ease of doing business for transporters.

According to him, the Single Haulage Fee is to end illegal tax collection, and extortion on the highways, as well as block revenue leakages in the country.

“Today, we flaged off the harmonized collection scheme sticker which consist of interstate road tax sticker and single haulage fee.

“It will reduce multiple taxes collected from motorists on the highways and generate revenue for the state government.

“People are always complaining in the high way that they are forced to pay a high amount of money in the name of road taxes.

“JTB decided to come up with the interstate sticker to avoid that multiple taxation.

“Now, over 20 states of the federation have joined the system,” he said.

Earlier, the commissioner of finance, Alhaji Ibrahim Jibril, said the essence of implementing the Single Interstate Road Tax Sticker and the Single Haulage Fee was to end illegal tax collection, and extortion on the highways, as well as block revenue leakages in the country.

The commissioner said that the unified tax system would curb harassment of transport operators on the road by different unions.

Jibril further added that the approach would promote ease of doing business in the state and the country as a whole.like it was done in the civilized parts of the world.

Some of the stakeholders who spoke at the event, commended JTB and KIRS for the laudable initiative.

They said the initiative would reduce incidences of double taxation through the sales of multiple stickers while enhancing the ease of doing business in the country.

They added that the single interstate road sticker would remove all the roadblocks; across the nation, transporters face different kinds of roadblocks, taxes which is not good for their business.

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