NOTAP FIRS PARTNERSHIP CRITICAL TO SUSTAINABLE ECONOMIC DEVELOPMENT OF NIGERIA-NOTAP DG

The Director General of the National Office for Technology Acquisition and Promotion (NOTAP) Dr. DanAzumi Mohammed Ibrahim has said that the partnership between NOTAP and the Federal Inland Revenue Service (FIRS) is critical to the sustainable economic development of Nigeria.

Dr. Ibrahim made this statement when he led a delegation of NOTAP Management on a courtesy visit to the Executive Chairman of FIRS Mr. Tunde Fowler.

He said the mandates of both agencies are vital in sustaining the economy of our nation stressing that NOTAP has between the years 2010 to 2014 saved the nation the sum of NI88.2 billion that would have amounted to capital flight through its intervention in technology transfer.

He added that in the course of regulating the inflow of foreign technology into Nigeria as a core mandate, NOTAP deals with many companies some of which have tendencies to render different annual returns to NOTAP and FIRS to reduce appropriate tax payment or evade it which makes it mandatory for both agencies to partner closely to forestall such actions.

The Director General therefore advocated the setting up of a joint intelligence gathering mechanism to ensure that companies meet up their financial obligations to the Federal Government of Nigeria.

He said the visit is also to solicit the support of FIRS in an initiative being proposed by the Federal Ministry of Science and Technology aimed at encouraging Foreign Direct Investments (FDIs) and technology transfer to Nigerians through offering incentives to the companies.

Receiving the NOTAP team earlier, Executive Chairman of FIRS Mr. Tunde Fowler commended NOTAP for the visit and stressed the need for such partnership especially with the current dwindling oil revenue.

He said NOTAP is an important stakeholder that the FIRS is willing to partner with since the relationship will not only assist his agency in fulfilling its mandate of boosting revenue generation for the nation but will enable both agencies share vital information for the economic progress of our nation.

The meeting between officials of NOTAP and FIRS recommended the setting up of a standing committee that will meet from time to time to share information and also the expansion of the partnership to include other regulatory agencies like the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS).