Business
NDCCITMA will transform Niger Delta economy – Eno
Governor Umo Eno of Akwa Ibom has expressed the hope that the Niger Delta Chamber of Commerce, Industry, Trade, Mines & Agriculture (NDCCITMA) will facilitate the transformation of the economy of the region.
He said this on Wednesday in Uyo during a one-day sensitisation of the people of the state on the Establishment of NDCCITMA.
Eno, represented by the Commissioner for Trade and Investment, Mr John Etim, said that the region had been wrongly portrayed as mono-economy, in spite of its huge resources.
“For too long, the Niger Delta has been erroneously portrayed as a mono-economy, which boasts only of crude oil deposit with negative fallout, such as environmental degradation, ravaging poverty, among others, but our region is much more than that. “We are blessed with abundant human and mineral resources far beyond crude oil.
“In fact, we are the major producers of oil palm and other cash crops in this country. “The region can be both self-sufficient and a net exporter of palm oil and many other food items.
“The NDCCITMA initiative is not only desirable but imperative for the speedy transformation of our region,” Eno said. He commended the Niger Delta Development Commission (NDDC) for seeking the synergy for the implementation of the initiative for the betterment of the people.
In a remark, the Managing Director of NDDC, Dr Samuel Ogbuku, said that the objective of NDCCITMA is to stand in the gap between NDDC and entrepreneurs in the region.
He further said that the chamber would provide the long sought support to sustain the business of those who cannot meet the stringent conditions of financial institutions.
Ogbuku, represented by the state Representative on the Board of NDDC, Mr Abasiandikan Nkono, said that the activities of the chamber would influence development in the region.
“The establishment of NDCCITMA will positively influence the development of a robust transport system, manufacturing, merchandising, mining, marine, and food security for our families.
“We intend to work with the people and bring down the cost of food to affordable level to improve the health of our people,” he said.
The Chairman of NDCCITMA, Mr Idaere Ogan, described the chamber as a forum where people could seek genuine guidance and assistance in developing their businesses and scaling up capabilities. Ogan also said that the chamber would boost trade and commerce from the nano business level through the micro, small and medium entreprises to the large organisation.
He said, “We are poised to work with our development partners, the NDDC, to solve the food problem of the region, enable manufacturing of goods, develop skills and build capacity within the region.”
He called on all the chambers of commerce in the region, business communities, professional associations, governments and individuals to prepare to work with NDCCITMA for accelerated development of the region.
Source: Vanguard
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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