Business

Presidential C’ttee Says Over 63 Agencies Have No Business Collecting Taxes, Only FIRS

Published

3 years ago

August 10, 2023

458 Views

Taiwo Oyedele, Head of the Presidential Committee on Tax Policy and Fiscal Reforms hinted that 63 ministries and government agencies will be relieved of taxes and revenue collection.

In an interview on Channels TV, yesterday, Oyedele said that only the Federal Inland Revenue Service (FIRS) will be doing so.

” This meant the Customs would now focus on trade facilitation and border protection, and the Nigerian Communications Commission (NCC) on regulating telecommunications, as they were not set up to collect revenue,” he said.

He said, “Ironically, our cost of collection is one of the highest, and the reason for that is that we’ve got all manners of agencies.

The federal government alone, we have 63 MDAs that were given revenue targets last year.
“On one hand, these agencies are being distracted from doing their primary function, which is to facilitate the economy.

Number two, they were not set up to collect revenue. So, they won’t be able to collect revenue efficiently.

“So, move those revenue collection functions to the FIRS. It has two advantages: the cost of collection and efficiency will improve, these guys will focus on their work and the economy will benefit as a result.”

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

17 hours ago

November 5, 2026

OCHEFA

74 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

122 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.