Business
Lagos digitises revenue collection from hotels, restaurants
The Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an electronic system for the collection of hotel occupancy and restaurants consumption tax (HORCT).
In a public notice on Monday, Ayodele Subair, executive chairman of LIRS, said the new collection process called the ‘eco fiscal system’ (EFS) is an automated invoicing solution, designed to revolutionise the collection of consumption taxes in the state.
He said the EFS evolution aligns with LIRS’ commitment to building convenience into the payment of taxes and easing compliance with tax laws.
“This technological advancement marks a significant leap in our continuous efforts to enhance revenue collection, streamline processes, and improve efficiency in tax administration,” he said.
“It simplifies compliance and improves accuracy.”
Traditionally, Subair said the HORCT collection has been a tedious task for operators in the past, even as the manual process often led to errors, penalties, and increased costs.
But with the “cutting-edge” software, businesses can now automate and digitise their invoicing and collection processes, he said.
“Built with operators in this sector in mind, EFS offers real-time online consumption tax billing, collection monitoring, and instant issuance of receipts with a unique invoice number,” the LIRS boss said.
“It also reduces compliance costs, facilitates easy administration and reconciliation for HORCT collections, and fosters transparency.”
Subair said by adopting the EFS, businesses can ensure accurate calculations, eliminating the risk of mistakes associated with manual data entry.
He said the system automatically applies relevant tax rates, saving businesses valuable time and resources.
The software, according to the taxman, also provides secure and efficient record-keeping, simplifying audits and minimising compliance risks.
“Our goal is to empower businesses with innovative solutions that enhance their operational efficiency and minimize compliance challenges,” he said.
“Businesses can focus on their core operations, leaving the complex task of tax compliance to the reliable and automated system.”
Subair enjoined all operators in the hospitality sector to adopt the EFS.
He stressed that operations on the system take effect immediately and failure to comply is a contravention of the provisions in sections 7(1), 8, and 9 of the Hotel Occupancy and Restaurant Consumption Fiscalization Regulation 2017.
Subair also noted that the EFS is compatible with various e-commerce platforms and can seamlessly integrate with existing accounting systems, ensuring a smooth implementation process.
He added that LIRS officials would be visiting establishments in the hospitality industry, to integrate the software with existing systems and provide necessary assistance for a seamless transition to the EFS platform.
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.