Echotitbits – Nigeria News

Tag: Nigeria revenue

  • FIRS Abuja office fire contained as agency begins investigation

    FIRS Abuja office fire contained as agency begins investigation

    Photo Credit: The Punch
    2025-12-21 00:05:00

    According to The Punch, a fire incident affected one of the Federal Inland Revenue Service (FIRS) offices in Wuse, Abuja, with officials saying there were no fatalities and the blaze was contained.

    FIRS said security personnel on duty responded quickly, supported by the FCT Fire Service and other emergency responders, preventing the flames from spreading to other parts of the building.

    The agency added that while some offices on the impacted floor were damaged, work to review safety protocols is underway as investigators determine what caused the outbreak.

    TheCable also reported the fire was contained and quoted FIRS’ statement that “no life was lost in the incident.” In a separate update, Punch quoted the agency saying preliminary findings point to “a possible electrical fault” as the likely cause.

    Echotitbits take:
    Even without casualties, any disruption at a key revenue agency invites scrutiny. Watch for an official incident report, confirmation of what infrastructure or records were affected, and any new safety measures rolled out across other FIRS locations.

    Source: The Punch — December 21, 2025 (https://punchng.com/firs-probes-abuja-office-fire/)
    The Punch 2025-12-21

  • Senate tells FIRS to raise 2026 revenue target to ₦35trn, slams “multiple budgets”

    Senate tells FIRS to raise 2026 revenue target to ₦35trn, slams “multiple budgets”

    Photo credit: PunchNG (image on article page)
    2025-12-15

    According to The Punch, the Senate Committee on Finance criticised the Federal Government’s habit of running multiple budgets within a single fiscal year, warning it weakens fiscal discipline and planning.

    The report says the committee directed the Federal Inland Revenue Service (FIRS) to lift its 2026 revenue projection from ₦31tn to ₦35tn during discussions around the 2026–2028 MTEF/FSP.

    It also referenced a claimed revenue gap in the 2025 budget cycle, fueling arguments that rollovers and repeated revisions are becoming systemic.

    BusinessDay: “at least ₦35 trillion in revenue in 2026.”

    TheCable: “raise the 2026 target to N35 trillion from N31 trillion.”

    Analysis/Echotitbits take: This looks like early pressure-setting for 2026 budget negotiations. Watch whether FIRS follows with compliance tech, base-broadening, and enforcement—rather than new rate hikes—and whether the Executive adopts the higher benchmark.

    Source: The Punch — December 15, 2025 (https://punchng.com/senate-kicks-against-multiple-budgets-orders-firs-to-deliver-n35tn-revenue/)

  • FAAC shares ₦2.094trn to FG, states and LGAs from October revenue

    FAAC shares ₦2.094trn to FG, states and LGAs from October revenue

    PunchNG (illustrative image)
    2025-11-01

    From a Federal Ministry of Finance update, FAAC shared ₦2.094 trillion as federation allocation for October 2025, drawn from a gross total of ₦2.934 trillion.

    Monthly FAAC inflows shape state liquidity, wage payments, and capital spending, while also reflecting swings in oil receipts, VAT and other revenue lines.

    The breakdown highlights why fiscal planning remains sensitive to revenue volatility.

    Vanguard: “distributed a total of N2.094 trillion…”

    TheCable: “shared… N2.09 trillion for October.”

    Analysis/Echotitbits take: Volatility remains the headline risk. Watch how non-oil reforms affect VAT and statutory inflows, and whether states publish clearer spending outcomes tied to FAAC receipts.

    Source: Federal Ministry of Finance (Nigeria) — November 01, 2025 (https://finance.gov.ng/fg-states-lgcs-share-n2-094-trillion-from-a-gross-total-of-n2-934-trillion-for-the-month-of-october-2025/)

  • FIRS pushes back on sovereignty fears over France tax cooperation MoU

    FIRS pushes back on sovereignty fears over France tax cooperation MoU

    2025-12-15 08:00:00

    According to The Punch, the Federal Inland Revenue Service (FIRS) said a tax-cooperation MoU with France does not compromise Nigeria’s tax sovereignty amid public debate and calls from some groups to terminate the arrangement.

    The report says FIRS framed the agreement as technical cooperation and capacity support, rather than any transfer of authority over Nigeria’s tax administration.

    Punch notes the controversy underscores rising sensitivity around external partnerships as Nigeria pursues broader revenue and tax reforms.

    Analysis/Echotitbits take: Cross-border tax cooperation can improve enforcement against profit shifting and illicit flows, but trust and transparency are essential. Watch for publication of key MoU terms, parliamentary oversight, and how FIRS explains safeguards on taxpayer data and jurisdiction.

    Source: Business Insider Africa — December 2025

    Business Insider Africa https://africa.businessinsider.com/local/lifestyle/nigeria-signs-tax-data-mou-with-france-raising-sovereignty-concerns/db2qdg7 December 2025