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Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

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Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

 

 

 

 

 

Sahara Weekly Reports That The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.

 

 

Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

 

 

 

Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Dr. Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.

 

 

 

Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one of the largest in Africa around 33% of the country’s population holds one form of cryptocurrency.

 

 

According to a report by Chainalysis, Nigeria’s cryptocurrency transaction volume experienced a 9% year-over-year growth, reaching $56.7 billion between July 2022 and June 2023.

 

 

He also noted that the forthcoming tax laws aim to overhaul the nation’s revenue administration, harmonize and simplify existing tax laws, and enhance services to support President Bola Tinubu’s economic plan.

 

 

He said, “For example, the stamp duty tax law of 1939 when there was no internet or connectivity, nor Local Government. Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”

 

 

“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world. When there are innovations of system, you must plan to regulate it in such a way that it is not injurious to economy development of Nigeria,”

 

 

Dr. Adedeji expressed gratitude to the National Assembly for its unwavering support to the Federal Inland Revenue Service (FIRS) over the years, which has enabled the agency to meet its targets and facilitate wealth distribution.

 

 

Dr. Adedeji further highlighted that the FIRS is on track to achieve the N19.4 trillion target set by the National Assembly at the beginning of the year.

 

 

Need for regulating the crypto industry in Nigeria Sen. Muhammed Musa, Chairman of the Senate Committee on Finance, stated that regulating the cryptocurrency industry was crucial for providing the country with appropriate legislation for tax collection and revenue generation.

 

 

He mentioned that the process would allow for the modification of tax laws that have been in place since before Nigeria’s independence.

 

 

The lawmaker expressed confidence that the Executive would submit the necessary bill after the Senate resumes recess, enabling amendments, repeals, and the re-enactment of laws that align with current trends.

He noted that considering technological advancements, cryptocurrencies have become a significant means of generating income, yet Nigeria lacks the necessary legal framework to govern this area.

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Pay Stemco their money or else I will give you a sickness you can’t cure, prophet Ikuru dares Bassey Eno

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By Collins Nkwocha

The prophetic hall of fame, prophet Godwin Ikuru of Jehovah Eye Salvation Ministry has berated the Akwaibom state governor,Bassey Eno for refusing to pay the sum of N7.5 billion which the state is owing Stemco Ltd for road construction projects that were executed in the state between 2012 and 2015.

The prophet described the attitude of the governor as insensitive, vicious and wicked “how come you claim to be a pastor and you’re insensitive and wicked towards the plight of the people,Stemco has over 4000 staff that has been rendered financially handicap, homeless and worthless; today I received a message that one of the staff died today because he couldn’t afford to pay for medical treatment because Awaiting statement government has made the company poor,this company borrowed money to execute your project in Akwaibom and you have refused to pay them; it’s obvious you’re not a man of God,I want U to pay them that money within seven days or I will pray and God will torment you,you will be diagnosed of a sickness that doesn’t have cure and you will know that the power of God truly exist”.

He condemned the Eno for trying to swerve by claiming that the project was not executed in his administration “the project was executed for Akwaibom state government ,whose regime it was executed is absolutely inconsequential because it’s a state project, refusal to pay indicates that he’s callous and Wicked”.

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GENERAL BURATAI MOURNS HAJIYA DADA MUSA ‘YAR’ADUA, ENCOURAGES FAMILY TO UPHOLD HER REMARKABLE LEGACY

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GENERAL BURATAI MOURNS HAJIYA DADA MUSA ‘YAR’ADUA, ENCOURAGES FAMILY TO UPHOLD HER REMARKABLE LEGACY

 

 

 

 

 

 

Sahara Weekly Reports That On Friday, 6 September, His Excellency, Lieutenant General Tukur Yusufu Buratai (rtd) CFR, Betara of Biu, Garkuwan Keffi, former Chief of Army Staff, and Nigeria’s former Ambassador to Benin Republic, visited Katsina to extend his heartfelt condolences to the ‘Yar’adua family following the passing of their revered matriarch, Hajiya Habiba Dada Musa ‘Yar’adua.

 

 

 

GENERAL BURATAI MOURNS HAJIYA DADA MUSA ‘YAR’ADUA, ENCOURAGES FAMILY TO UPHOLD HER REMARKABLE LEGACY

 

 

 

Upon his arrival at the family home, General Buratai was warmly received by Distinguished Senator Abdulaziz Musa ‘Yar’adua, Matawallen Katsina, and Chairman of the Senate Committee on Army, Alhaji Mustapha and Major General Abubakar Adamu (rtd). In a solemn moment, the General offered prayers for the repose of Hajiya Dada’s soul, asking for Allah’s continuous blessings and protection over the family and the enduring legacy she left behind.

 

 

 

 

 

 

 

General Buratai also spoke highly of the late Hajiya Dada, describing her as a mother anyone could wish for, whose legacy of strength, humility, and dedication to her family and community was nothing short of remarkable. He emphasized that her influence would be deeply missed by all who knew her and encouraged the family to take solace and pride in the indelible mark she left on Nigeria’s history.

 

 

GENERAL BURATAI MOURNS HAJIYA DADA MUSA ‘YAR’ADUA, ENCOURAGES FAMILY TO UPHOLD HER REMARKABLE LEGACY

 

 

 

In response, Senator Abdulaziz Musa ‘Yar’adua expressed profound gratitude to General Buratai for his presence and kind words. He lauded the General as a true leader whose contributions to national development, peace, and security are beyond measure. The Senator also highlighted General Buratai’s compassion and dedication to the welfare of troops, and veterans, both in service and after retirement.

 

 

 

 

 

 

General Buratai was accompanied on the condolence visit by Brigadier General SK Usman (rtd) mni, Honourable Alhaji Aminu Balele (Dan Arewa), and Alhaji Ibrahim Danfulani, Sadaukin Garkuwan Keffi, among others.

 

 

GENERAL BURATAI MOURNS HAJIYA DADA MUSA ‘YAR’ADUA, ENCOURAGES FAMILY TO UPHOLD HER REMARKABLE LEGACY

 

 

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DEBUNKING FALSE NEWS ON YACHT OWNERSHIP

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DEBUNKING FALSE NEWS ON YACHT OWNERSHIP

DEBUNKING FALSE NEWS ON YACHT OWNERSHIP

 

 

 

 

Sahara Weekly Reports That There have been false claims circulating that a private individual’s yacht spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth:

 

 

DEBUNKING FALSE NEWS ON YACHT OWNERSHIP

 

 

 

1. The 42m Bennetti yacht currently being share online has been privately owned for around 5 years since it was constructed. It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.

 

2. It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.

 

3. The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation.

 

Regarding the naval observatory and training ship often referred to as the “presidential yacht,” it was ordered and acquired by Nigeria during President M. Buhari’s tenure (2015-2023). It was delivered in June 2023 but was never paid for. This information has been officially confirmed by the Naval authorities. Director of Naval Information, Adedotun Ayo-Vaughan, affirmed in a statement in November 2023 that the yacht was indeed ordered during former President Muhammadu Buhari’s administration and was delivered to Nigeria well before it was included in the budget as an outstanding debt obligation. “That is correct, it is in Nigeria,” he said.

 

Finally, it is important to exercise caution and refrain from defaming or exposing private individuals and their legitimate businesses to ridicule based on false political associations with personal property.

 

 

https://x.com/otegaogra/status/1832371410230022261?s=46&t=-WT1A6V3jj52Bil8fk9JSg

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