Tax-related, business and financial news media summary for December 13, 2018.

FIRS GENERATES N5TR, TARGETS N5.3TR BY YEAR-END

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has disclosed that the Service generated N5 trillion by the second week of December 2018.He added that the agency was on the verge of making N5.3 trillion by year-end.

According to him, if the FIRS rakes in N5.3 trillion revenue, it would be the highest revenue ever generated in its history, having made the highest revenue of N5.07 trillion in 2012.

He said this at the induction of new members of the Joint Tax Board (JTB) yesterday in Abuja.

The Guardian, December 13, 2018. Page 7
Thisday, December 13, 2018. Page 8
The Nation, December 13, 2018. Page 11
New Telegraph, December 13, 2018. Page 30
The punch, December 13, 2018. Page 26
Dailysun, December 13, 2018. Page 12
Blueprint, December 13, 2018. Page 34

UNPAID TAX: FIRS SEALS HFP, COSTAIN, OTHERS

The Federal Inland Revenue Service (FIRS) has sealed the premises of Costain West Africa Limited and HFP Engineering Limited over tax liabilities of N223.5 million and N87.6 million respectively.

The team also sealed the premises of Prest Cruise Waterfront Hotel, Lekki Phase 1, over a tax debt of N20 million. Similarly affected was I- Fitness Center Limited, Lekki Phase 1, which owes a tax debt of N15 million.

New Telegraph, December 13, 2018. Page 7

NIGERIA ENERGY SECTOR FUND GROWS EARNING BY 33.6%

The Nigeria Energy Sector Fund (NESF) recorded a significant growth in earnings for the year ended March 2018.

The earnings for the year ended March 2018 released on Tuesday showed Profit After Tax (PAT) increased by 33.6 percent to N135.7 million compared to N101. 6 million recorded in 2017.

Business Day, December 13, 2018. Page 18

AIRLINES TARGET $35.5BILLION NET PROFIT IN 2019- IATA

The Global Airlines’ industry is projected to report a net profit of $35.5 billion dollars in 2019, remaining profitable for the 10th straight year, helped by lower oil prices and solid economic growth.

In its latest Global Economic Outlook report, the International Air Transport Association (IATA) noted that the net profit of the airline industry is projected to touch $35.5 billion next year, higher than $32.3 billion expected for 2018.

Blueprint, December 13, 2018. Page 36

NIGERIA’S EXTERNAL TRADE HITS N9 TRILLION, SAYS NBS

The National Bureau of Statistics (NBS) says Nigeria’s economy grew by 1.81 percent (year-on-year) in real terms in the third quarter of 2018.

This was contained in IRS quarterly release made available on its website on Monday.

This was coming as the NBS also on Monday informed that Nigeria’s total external trade increased significantly to N9.02 trillion in the third quarter of the year (Q3, 2018) compared to N6.90 trillion in the preceding quarter.

Dailysun, December 13, 2018. Page 37

TELECOMS CONTRIBUTES N2.8 TRILLION TO GDP IN Q3

Nigeria's telecommunications sector chipped in N2.8 trillion to the country’s Gross Domestic Products (GDP) in the third quarter of 2018, New Telegraph has learnt.

This represented 8.39 per cent of the country’s aggregate GDP for the quarter, which stood at N33.37 trillion, according to latest statistics from the National Bureau of Statistics (NBS).

New Telegraph, December 13, 2018. Page 21

NIGERIA RECORDS N4.85 TRILLION ON CRUDE EXPORTS IN 3Q

According to the third quarter report released by Nigerian Bureau of Statistics (NBS) the country’s crude export for the period accounted for N4.14 trillion in Q3 and remained the majority of total exports.

The report said the Country’s crude oil export was N4.14 trillion, representing 85.4 per cent in quota of 2018, as against N4.85 trillion recorded in the second quota of the year.

The report said: ‘’The total export component of this trade stood at N4.85 trillion, representing increase of 7.8 per cent over Q2, and 35.7 per cent year-on-year to Q3, 2017, Crude oil exports was N4.14 trillion in Q3 and remained the majority of total exports.

The Nation, December 13, 2018. Page 13

FEC APPROVES $22.99 MILLION FOR MARITIME SECURITY

The Federal Executive Council on Wednesday approved 22.995million dollars (N7.14billion) to enhance security of the Nation’s Maritime sector.

The Minister of Transportation, Rotimi Amaechi, disclosed this when he briefed State House correspondents on the outcome of the Council’s meeting which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Leadership, December 13, 2018. Page 1 & 5

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