Business
FCT-IRS extends deadline for tax filing by 1 month
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has extended deadline of Annual Tax Returns filings from Jan. 31 to Feb. 29 for organisations and employers of labour in the FCT.
The FCT-IRS Head of Corporate Communications, Mr Mustapha Sumaila, disclosed this in a statement in Abuja on Wednesday.
“The management of FCT-IRS out of magnanimity, heeds to the taxpayers’ request for extension, the deadline have been extended by one month.
“This is to enable the organisations and employers of labour as well as agents who have not filed their annual returns to seize this opportunity to do so.
“Our taxpayers are our customers, we hold them in high esteem, hence the reason for this extension but any organisation that fails to file after expiration of this new deadline will be penalised accordingly,” he said.
Sumaila said that tax obligation was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended).
He said the act mandated all employers of labour in the FCT to file annual returns before Jan. 31 of every year, using the prescribed forms, Form G and Form H1 respectively.
“ It is also clearly stated in Sections 94, 95 and 96 of PITA which stipulate penalties for non-filing, incorrect/false declaration and late submission and the service will not hesitate to enforce the laws on the defaulters.
“ Organisations that wish to file online may visit www.fctirs.gov.ng and click on create account or click on login, for those already have accounts, or you can proceed to any of the FCT-IRS offices to submit electronic copies of your returns,” Sumaila said. (NAN
The Nigerian National Petroleum Company (NNPC) Limited says negotiation is ongoing for a new naira-for-crude deal with Dangote Petroleum Refinery.
NNPC announced in a statement on Monday after TheCable reported earlier that the government-owned oil company had reportedly suspended the naira-for-crude deal until 2030, as it has forward-sold all its crude oil.
The discontinuation will force refiners to rely on international suppliers for crude oil, gulping huge costs in dollars and triggering an uptick in the pump price of petrol.
However, Olufemi Soneye, the chief corporate communications officer of NNPC, said the current deal will expire at the end of March.
“NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery,” Soneye said.
“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.”
Under the current arrangement, Soneye said NNPC has made over 48 million barrels of crude oil available to Dangote refinery since October 2024.
“In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023,” he said.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
Uba Sani, governor of Kaduna, has introduced policies at the state scholarship and loans board to enable students from less-privileged backgrounds to obtain sponsorships with ease.
Yahya Saleh Ibrahim, executive secretary of the board, announced the policies on Sunday while speaking to journalists.
He said the governor has ordered the removal of tax clearance as a requirement for accessing scholarship.
Ibrahim also said although the writing of essays is still a requirement to access scholarship, it is however done “to determine areas of students’ weakness that require support”.
He said Sani has also created seven scholarship awards zonal units to make it easier for students in rural areas to be screened, easing the burden of coming to the board’s headquarters in Kaduna.
The units are Zaria, Kafanchan, Kachia, Pambegua, Makarfi, Kaduna-north and Kaduna south zones.
He said the governor has provided 30 computers to the various units to simplify the application process.
He also said the board now conducts on-the-spot scholarships for indigenous citizens across tertiary institutions, adding that this effort has “enlisted over 4330 potential beneficiaries awaiting disbursement”.
“A total of 3,397 students have been awarded local scholarships from May 2023 to date. Thirty students have benefitted from the third-party tertiary education loans,” he said.
“The board has also secured 50 scholarships for secondary school students, in collaboration with the ministry of education, for indigent students from the Indomie Noodles DOFIL Company Kaduna.
“The inclusion of government special scholarship intervention programs for innovation, aviation, meritorious, underprivileged, and People with Special needs (PLWD) students, in the state is in the heart of His Excellency’s agenda.”
The National Bureau of Statistics (NBS) says Nigeria recorded N3.42 trillion trade surplus in the fourth quarter (Q4) of 2024.
The NBS, in its foreign trade report for Q4 2024, said Nigeria’s exports totalled N20.01 trillion while imports stood at N16.59 trillion.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
The bureau said total trade was N36.6 trillion in Q4, representing an increase of 2.20 percent compared to the N35.8 trillion recorded in the third quarter (Q1) of the year.
“Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35),” NBS said.
“In the quarter under review, exports accounted for 54.68% of total trade with a value of N20,014.33 billion, showing an increase of 57.67% rise over the value recorded in the fourth quarter of 2023 (N12,693.62) and a decrease of 2.55% compared to the value recorded in Q3 2024 (N20,537.17).”
NBS further said crude oil continued to dominate exports trade in the quarter reviewed.
The statistics firm said crude oil exports stood at N13.78 trillion, representing 68.87 percent of total exports, while the value of non-crude oil exports stood at N6.23 trillion, accounting for 31.13 percent of total exports.
NBS added that non-oil products contributed N2.84 trillion or 4.20 percent of total exports.
The NBS said the Netherlands was Nigeria’s top export destination in Q4, followed by Spain, France, India, and Indonesia.
“The main export destination was The Netherlands with a value of N 2,089.96 billion or 10.44% of total exports, followed by exports to France with N1,909.76 billion or 9.54% of total exports, Spain with N1,737.68 billion or 8.68% of total export,” NBS said.
“India with N1,596.66 billion or 7.98% of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03% of total exports.
“These five countries collectively accounted for 43.67% of the value of total exports in Q4, 2024.”
In terms of imports, the bureau said China remained Nigeria’s major trading partner, with 27.80 percent (N4 61 trillion) worth of imported goods.
Others on the top five import routes were India (N1.89 trillion or 11.43 percent), Belgium (N1.38 trillion or 8.35 percent), the United States (N1.05 billion or 6.33 percent), and France ( N501 billion or 3.62 percent).