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ECONOMY

FG: We’ll name, shame tax evaders from April 1

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The federal government through the ministry of finance says it will name and prosecute tax evaders in 3o days when the Voluntary Assets and Income Declaration Scheme (VAIDS) ends.
Kemi Adeosun, minister of finance, said this while speaking at the VAIDS Stakeholders symposium which held at the Shehu Yar’Adua Centre, Murtala Square, in Kaduna on Thursday.
She said the federal government would adhere strictly to the confidentiality of the Automatic Exchange of Financial Account Information in Tax Matters, in line with the guidelines of the Organisation for Economic Cooperation and Development (OECD).
“The federal government has the political will and data to go after tax evaders who fail to take advantage of the tax amnesty programme,” she said.
“Many Nigerians cannot explain their lifestyles or match their lifestyles, assets and income with their tax payment.
“We will close VAIDS at the expiration of the programme on March 31, 2018. And once the programme is closed, we will name and shame and also prosecute tax evaders.”
VAIDS, according to her, has been strengthened by the data on financial accounts, property and trusts shared by other countries.
“The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and whilst Nigerians can legally keep their money anywhere in the world, they must first pay any taxes due to the Nigerian government so that we can fund the needs of the masses and create jobs and wealth for our people.”
She advised offshore asset owners to utilise the VAIDS window to regularise their taxes before the end of the amnesty programme.

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ECONOMY

Top 10 Weakest Currency In Africa [SEE NAIRA’S POSITION]

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2018 List of top 10 weakest currency in Africa has just being revealed. Nigeria currency (Naira) make it to the list as the 9th weakest currency in Africa. While guinea currency (Guinea franc) top the list.

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ECONOMY

FIRS generates N2.5 trillion in 6 months

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The Federal Inland Revenue Services (FIRS) said it realised over N2.5 trillion from collecting various taxes from January to June 2018.
This is contained in the revenue performance report for the first half of the year, submitted by the service, to the Ministry of Finance.
The report was made available to the media on Friday in Abuja by the Ministry’s Director of Information, Hassan Dodo.
A breakdown of the figures showed that the Service had already realised 75 per cent of its total target for the year.
The report also showed that the latest figures was also an improvement over what was realised at the corresponding period in 2017 by 42 per cent.
An analysis of the total amount showed that N1.16 trillion was collected as Petroleum Profit Tax (PPT) as against the N636.1 billion collected in the same period of 2017.
From the Company Income Tax (CIT), the FIRS realised N680.09 billion which was more than the N551.94 billion that was generated in the previous year.
The Value Added Tax (VAT) yielded a total of N536.52 billion in the period under review, which was more than what was generated in 2017 by N68.84 billion.
Similarly, the Service generated N77.19 billion as Education Tax as compared to the N58.86 billion that was generated in 2017.
Also, the revenue from Stamp Duties was N7.49 billion which is N2.34 billion higher than what was realised in 2017 from Stamp Duties.
The FIRS said it also collected N1 billion as Capital Gains Tax, higher than the N941.62 million that was collected in 2017.
From the National Information Technology Development Fund, the Service said it collected N9.24 billion as levy in the months under review, as against the N8.5 billion collected in the same period in 2017.
Similarly, the Consolidated Tax Revenue for January to June 2018 was 49.42 billion, an amount that was higher than the N54.24 billion collected in 2017.
In the report, the FIRS expressed optimism that its effort will continue to have a significant outcome, particularly in increasing revenue for 2018.

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ECONOMY

Checkout The Top 10 Richest States In Nigeria (2018)

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Below list is ranked and compiled based on per capita income which measures the standard of living and (GDP) Gross Domestic Product which measures the entire volume of production in each state that made it possible to ascertain the richest Nigerian States.

Here Are The Top 10 Richest States In Nigeria
1. Lagos State
This wouldn’t come as a surprise to anyone, Yes Lagos is Nigeria’s richest state and will be for a very long time or maybe forever.
Considering its magnificent transformation into a Mega city, Lagos State comprises the best infrastructural facilities Nigeria boasts of.
Situated in the South-Western zone of the country, Lagos State has a meagre land mass stretching up to 3, 577 square kilometers .
Despite its small land mass, Lagos State remains the Most populous Nigerian State with its total population estimated at 18 million inhabitants . Significantly, Lagos State is Nigeria’s major centre for commercial activities.
Likewise, the State boasts of the best economic standards within the country. In that case, it stands at $4,333 for its per capita level while a total of $33.679 billion is recorded for its Gross Domestic Product (GDP).
2. Rivers State
Rivers State is situated in the South-Southern zone of the country. Significantly, the second richest State in Nigeria just behind Lagos.
Like several other states within its zone, Rivers State is meagre in a population with a total of
5.2 million people who are found in it.
Rivers yields enormous returns particularly as it serves as Nigeria’s largest deposit of crude oil –accounting for over 60% of the country’s entire volume of crude oil.
Meanwhile, it is majorly endowed with vast deposits of crude oil and natural gas.
Based on its economic standards, Rivers State has a per capita level estimated at $3, 965 while its total GDP accounts for $21.073 billion .
As regards its land mass, Rivers State is one of Nigeria’s small states and it extends across 11, 077 square kilometers .
3. Delta State
Delta State, also from the South-Southern zone of the country. Just like Rivers, Delta State makes up a meagre population of 4.1 million people out of Nigeria’s entire population.
In the aspect of land mass, the State fairly stretches up to 17, 689 square kilometers .
Quite impressively, Delta is one of the Southern States with the largest deposits of natural endowments such as industrial clay, silica, limestone, lignite, kaolin, tar sand and lots more.
In the aspect of economic standards, Delta State has a total of $3, 990 as its per capita level coupled with $16.749 billion as total GDP.

4. Oyo State
Oyo State is situated in Nigeria’s South-Western zone and happens to be the fourth richest Nigerian State in that zone, making up a fair population of 6 million people out of Nigeria’s entire population.
Likewise, it boasts of a large land mass which accounts for 28, 454 square kilometers .
The State is highly distinguished as one of the South-Western States which embrace agriculture. In this regard, the State houses lots of agricultural produce including maize, yam, cocoa, cassava, cashew, millet, rice, plantains, and cocoa.
In the aspect of economic standards, Oyo State has a total of $2, 666 for its per capita level and $16.121 billion as its total GDP.
5. Imo State
Imo State is distinguished as the richest State in the South-Eastern zone of Nigeria.
Although, Imo State is one of the richest Nigerian States in terms of infrastructural development and economic returns, it remains one of the Nigerian States with the smallest expanse of land.
Imo state has a population of approximately
3.9 million people , according to the 2006 census
Just like a number of other Southern States, Imo State is endowed with some land expanse that is rich resources such as white clay, fine sand, limestone, lead, crude oil, natural gas, and zinc.
As an industrialized centre, the State houses several oil companies including Addax Petroleum, Chevron Corporation, Royal Dutch Shell and Agip.
In land mass, Imo State covers 5, 530 square kilometers while in the aspect of economic standards, the State’s per capita level hovers around $3, 527 coupled with $14.212 billion in total GDP.
6. Kano State
Kano State is the richest State in the Northern region of Nigeria. Situated in the North-Western zone, Kano State accounts for 20, 131 square kilometers out of Nigeria’s entire land expanse.
Meanwhile, this classifies it as one of the largest States in the country. Regarded as the most populous Northern State, Kano State occupies a population of 11 million people .
As regards its economic standards, Kano State has a per capita level of $1, 288 while its total GDP is estimated at $12.393 billion .
As part of its significant features, Kano State is popular as a commercial centre coupled with its major production of hides and skins.
Besides that, the Northern State has an enormous volume of sesame, soybean, cotton, garlic, gum Arabic and chili pepper.
7. Edo State
Edo is another State in Nigeria’s South-Southern zone. The State occupies a total of
17, 082 square kilometers in land mass. Likewise, it makes up a total of 3.5 million people out of Nigeria’s overall population.
As one of the richest Nigerian States – particularly in the Southern region –Edo State has fair economic standards estimated at
$3.623 in per capita and $11.888 billion in overall GDP.
As a beautiful feature, Edo is much admired as a centre for tourist, endowed with several tourist attractions including Ise Lake and River Niger Beach.
8. Akwa Ibom State
Akwa Ibom is one of the Southern States situated along the coast. It occupies a total of
5.5 million people in population and its land mass extends across 7, 081 square kilometers .
The State is blessed with a number of ethnic backgrounds majorly including Obolo, Eket, Oron, Annang and Ibibio.
As per economic standards, Akwa Ibom State has a per capita level of $2, 779 while its total GDP is valued at $11.179 billion .
9. Ogun State
Ogun State is the third richest State in Nigeria today, located in South-Western zone. The land mass of the State stretches across 16, 980 square kilometers while a total of 4 million inhabitants make up its population.
As an industrialized centre, Ogun is obviously one of the Nigerian States with the highest number of factories. Among the famous factories it houses are Dangote Cement, Lafarge Cement, Coleman Cables, Ga, ble and Procter.
Within the South West, Ogun State maintains fair economic standards with an estimated per capita level of $2, 744 coupled with the overall GDP of $10.470 billion .

10. Kaduna
Kaduna is one of the States in Nigeria’s North Central zone with a land mass of 46, 053 square kilometers . In population, the State has a total of 6.1 million inhabitants .
Kaduna constitutes the Nigerian States with diverse ethnic groups.
As regards its economic standards, the North Central State has a per capita level of $1, 666 while its GDP is estimated at $10.334 billion .
The End.
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