OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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FG UNFOLDS PLANS TO CUT DOWN ON COST OF TAX EXPENDITURE, ENSURE TAX INCENTIVES. (PHOTO). #PRESS RELEASE

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 PRESS RELEASE 


FG UNFOLDS PLANS TO CUT DOWN ON COST OF TAX EXPENDITURE, ENSURE TAX INCENTIVES



The federal government has revealed plans to ultimately cut down on the cost of tax expenditure and ensure tax incentives which would positively impact the economy.


The Honourable Minister of Finance and  Coordinating Minister of the Economy, Mr Wale Edun, recently approved the inclusion of an Incentive Monitoring and Evaluation Platform (IMEP) in the current Import Duty Exemption Certificate (IDEC) process.


The IDEC automation, which was introduced as from 1st March, 2020, is a Fiscal incentive by the federal government under the Ministry of Finance to boost sectors of the economy by exempting critical players from paying import duty and all other statutory customs charges respectively.


In his statement: *This is to provide the Federal Ministry of Finance with a robust automated tool for more effective Monitoring and `Evaluation (M &E) measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, non- governmental oganisations (NGOs) and international organisations.*


According to him, the system is designed to provide a framework to exclude and restrict ineligible applicants, enforce strict compliance to fiscal policy measures and provide a robust impact analysis of tax incentives on the economy. This will further eliminate the misuse of tax expenditures; support the delivery of economic outcomes from fiscal incentives and strengthen the direct measurement of the impact of tax incentives on the economy.


He listed the key features of the IMEP to comprise: duty waiver claw back mechanism for issuance of demand notices to defaulters which would prevent misuse of issued incentive, e-report generation, a centralised database, factory geo-location tagging, industry qualification status validation, and inter- ministries department and agency (MDA) integration.


Mr Edun stated further that a webinar would be conducted on Tuesday, 23 April 2024, to provide clarity on the revised IDEC process.


He therefore called on all key industry stakeholders, including manufacturers, importers, MDAs, NGOs to attend, stating that the link for the webinar would be published on the Ministry of Finance website, and on the IDEC’s YouTube channel.


     Signed 

Mohammed Manga *FCIA*

Director, Information & Public Relations 

April 15, 2024

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