Kaduna’s Katain Bank and Fowl Business Closed Down by Revenue Agency!

The Kaduna State Internal Revenue Service (KADIRS) has taken drastic measures by sealing off the premises of Unity Bank, Chicken Republic, the Bank of Agriculture (BOA), and First City Monument Bank (FCMB), all located along Yakubu Gowon Way, due to outstanding tax liabilities exceeding N100 billion.

Naijawebinfo has learned that the revenue agency also shut down the Hamdala Hotel.

Barrister Aisha Ahmad, the Board Secretary and Executive Director of Legal Services, led the enforcement team and stated that this action was taken after the failure to resolve the non-payment of the Land Use Tax through all available legal channels.

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In other news, a disagreement arose among members of the National Assembly on Monday regarding President Bola Tinubu’s loan requests.

This development comes on the heels of reports that several revenue-generating agencies of the Federal Government have exceeded their budgetary revenue targets for 2024.

On Monday, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, confirmed that the Federal Government has generated ₦1.5 trillion in education tax, surpassing the ₦70 billion target.

Adedeji made this announcement during an interactive session with the joint Committees on Finance, Budget, and National Planning of the National Assembly, focusing on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.

During their individual presentations to the joint committees regarding the 2024 budget performance and revenue projections for the ₦49.7 trillion budget for 2025, the revenue-generating agencies reported exceeding their revenue targets for the 2024 fiscal year.

This news emerged amid concerns over recent increases in school fees across the board.

According to Adedeji, while the target for Company Income Tax was set at ₦4 trillion, the actual revenue realized has reached ₦5.7 trillion.

He boasted, “On Education tax, while ₦70bn was targeted, a total of ₦1.5tn has been realised. All in all, out of ₦19.4tn targeted for the 2024 fiscal year, ₦18.5tn was realised as of the end of September, which clearly shows that the target will be far exceeded by the end of the year.”

Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, reported that the company exceeded the N12.3tn revenue projected for 2024 by already raking in ₦13.1tn.

He said, “For the 2025 fiscal year, ₦23.7tn is projected by the NNPCL to be remitted into the Federation Account.”

Bashir Adeniyi, the Comptroller-General of the Nigeria Customs Service, reported that as of September 30, the agency had generated ₦5.35 trillion in revenue, surpassing the ₦5.09 trillion target set for the entire fiscal year of 2024.

He further indicated that the projected revenue target for 2025 is ₦6.3 trillion, with a planned 10% increase for the revenue target in 2026, followed by an additional 10% increase for the fiscal year 2027.

What Is The Government Doing With The Excess Generated Revenues?

However, members of the joint committees, led by Senator Sani Musa, expressed their astonishment at the reports from revenue-generating agencies and inquired why the federal government continues to pursue foreign loans despite the significant rise in internally generated revenues.