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Saudi Arabia Pledges To Support CBN With Forex Deposit

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Saudi Arabia Pledges To Support CBN With Forex Deposit

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The government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.

The pledges were made by the Crown Prince of Saudi, Mohammed bin Salman, at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

According to a statement signed by the Minister of Information and national orientation, Alhaji Mohammed Idris Malagi on Friday, Salman promised to support the CBN’s ongoing reforms of Nigeria’s foreign exchange regime.

The Saudi government said it would make available a substantial deposit of foreign exchange to boost Nigeria’s Forex liquidity.

The release said the Prince commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.

Idris said: “Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.”

“According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.”

Idris said Salman hinted that the “refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe”.

“The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+,” he said.

He said Salman revealed that Saudi Arabia’s investment interests in Nigeria are agriculture and renewable energy, which will lead to the attainment of food and energy security.

Idris said Tinubu showed appreciation for the proposed investments, promising Nigeria would ensure judicious management and oversight.

“The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes,” Idris said.

“Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.

“The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.”

Others present at the bilateral meeting are; Idris; Yusuf Tuggar, minister of foreign affairs; Yahaya Lawal, Nigerian ambassador to Saudi Arabia; and Adekunle Adeleke, the state chief of protocol.

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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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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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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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