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Buhari asks FIRS to comply with tax law on NASENI

Buhari asks FIRS to comply with tax law on NASENI
March 01
04:52 2021

President Muhammadu Buhari has asked the Federal Island Revenue Service (FIRS) to comply with the tax law as regards statutory levies to the National Agency for Science and Engineering Infrastructure (NASENI).

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The directive followed the approval of NASENI governing board, which is headed by the president.

In a letter signed Ibrahim Gambari, chief of staff to the president, Buhari asked the FIRS to remit the deducted levy on turnover of commercial companies and firms.

“I write to inform you that on 24th January 2021, Mr. President approved the prayers of the Executive Vice Chairman (EVC) of the National Agency for Science and Engineering Infrastructure (NASENI) on the funding of NASENI activities,” the letter said.

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“In accordance with the NASENI Establishment Act, one of the prayers of the EVC relates to the funding of the agency via a levy on income or turnover of commercial companies and firms with turnover of N4million (later increased to N100million) by the NASENI Governing Board) at the rate of a quarter per cent( 1/4 %) of turnover.

“Accordingly, you are kindly requested to act on the implementation of this provision of the NASENI Act as soon as possible.”

The directive was also communicated to Zainab Ahmed, minister of finance, budget and national planning.

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In the NASENI Establishment Act 2004, FIRS is expected to deduct and remit to it a quarter percent of the levy on turnover of firms earning over N100 million and above.

Although NASENI was established in 1992, the law guiding its funding has not been complied with by successive governments.

But in January, Buhari decided to ensure compliance with NASENI Act.

Buhari also approved the placement of NASENI directly under the supervision of the presidency instead of the ministry of science and technology.

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The directive was said to be due to seven key projects (inventions) being undertaken by NASENI with funding as a major hindrance.

One of the key projects is a Made-In-Nigeria helicopter which Buhari has mandated NASENI to produce.

Others are:

· Establishment of first Made-In-Nigeria transformer plant and high voltage testing laboratory to be located in Okene. Kogi state.

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· First Made-In-Nigeria plant for the manufacturing of Silica which is the major materials needed for local manufacturing of solar panels to resolve alternative/renewable energy supply for the nation.

· Funding of the plant for first Made-In-Nigeria smart prepaid energy meter (SPEM), which is already patented, before transferring them to private sector entrepreneurs as stipulated by its mandate.

· Establishment of zonal (six geo-political zones) agricultural machinery & equipment development institutes which had already been approved by the president.

· Completion of work on first Made-in-Nigeria e-voting solutions designed and produced by Nigerian engineers in NASENI.

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· Completion of work on reverse engineering process of 5 kilowatt small hydro kinetic turbine. This project is to facilitate energy supply to Nigeria rural areas as alternative to national grid.

 

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