fbpx
Connect with us

News

Presidency Clarifies Tax Reform Bills, Denies Plans to Scrap Key Agencies

Published

on

 

The State House has issued a statement clarifying the contents of the transformative tax reform bills currently before the National Assembly, denying claims that the bills recommend scrapping key agencies such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA). The statement, signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, emphasized that no provision in the bills would impoverish the North.

The statement addressed the misinformation and deliberate attempts to mislead the public by various political actors and commentators. “Unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills,” Onanuga stated. He criticized those who have polarized the country and incited people against lawmakers.

Onanuga clarified that the tax reform bills aim to enhance the quality of life for Nigerians, especially the disadvantaged, and will not make Lagos or Rivers more affluent at the expense of other parts of the country. “The bills will not destroy the economy of any section of the country,” he asserted.

Contrary to the lies being peddled, the statement emphasized that NASENI, TETFUND, and NITDA will not cease to exist in 2029 after the passage of the bills. “Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes,” Onanuga explained.

President Bola Tinubu’s Tax and Fiscal Policy Reforms aim to streamline tax administration in Nigeria and create a conducive environment for businesses. “For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies,” the statement noted. The multiple taxes have made Nigeria uncompetitive for investment and have forced some companies to relocate to other countries.

The proposal in section 59(3) of the Nigeria Tax Bill seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with key agencies as beneficiaries in a phased manner until 2030. This time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations.

Onanuga stressed that changing an agency’s funding source does not amount to scrapping it. “None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes,” he pointed out. The tax bill seeks to address the problem of overburdening businesses with multiple taxes.

The statement called on relevant stakeholders and public analysts to educate themselves about the bills’ contents and avoid misleading the public. “We may be entitled to our opinions, but such views must be informed and based on facts, not emotions targeted at inflaming passions,” Onanuga urged.

President Tinubu welcomed the public interest in the bills and encouraged leaders across the country to participate in the Public Hearings organized by the National Assembly to present their views on tax and fiscal reforms. “What is never in doubt is the imperative of changing the existing tax laws and administration that have become obsolete and unhelpful in achieving the growth and development we desire for our country,” the statement concluded.

 

#

News

Akpabio, Nasarawa Senator Clash Over Port Harcourt Refinery Operations

Published

on

Godswill Akpabio ,Senate President

 

Senate President Godswill Akpabio and Senator Ahmed Aliyu Wadada (SDP, Nasarawa West) engaged in a heated exchange during Tuesday’s plenary session over the controversial operations of the Port Harcourt refinery.

Following the Nigerian National Petroleum Company Limited (NNPCL)’s announcement last week that the refinery had commenced operations, doubts have been raised, with many questioning its actual functionality, including some industry experts.

During the plenary, Akpabio revealed plans to establish an ad hoc committee to investigate the status of the refinery, a move that sparked further debate.

Senator Wadada took the floor, citing concerns over “technical issues” surrounding the refinery’s operations, and requested the Senate’s involvement to clarify the matter.

#

Akpabio countered, asserting that the government had already received praise for the refinery’s launch and suggested that Wadada present his concerns formally through a motion rather than via social media.

Wadada, visibly frustrated, responded, saying, “With all due respect, do not associate me with social media issues.”

The Nasarawa senator also criticized Akpabio for not addressing a revenue tax concern he raised months ago, which had not been acted upon.

In his defense, Akpabio responded, saying he had reviewed the document but reiterated that Wadada should formally present it during a plenary session.

Finally, Akpabio reaffirmed that the Senate would set up an ad hoc committee to investigate the refinery’s operational status, with findings to be discussed in a future session.

Continue Reading

News

House of Reps Orders President Tinubu to Unfreeze NSIPA’s Accounts

Published

on

 

The House of Representatives has issued a directive to President Bola Tinubu, urging him to mandate the Minister of Finance, Wale Edun, to unfreeze all accounts belonging to the National Social Investment Programmes Agency (NSIPA) within a 72-hour timeframe.

The resolution was reached following the adoption of a motion sponsored by the deputy speaker and 20 other lawmakers on Tuesday.

Lawmakers voiced their displeasure, arguing that despite the programmes of NSIPA being vital for poverty alleviation, youth empowerment, and economic inclusivity in Nigeria, the agency’s functionality has been hindered due to administrative bottlenecks, insufficient funding, and frozen accounts.

The president had ordered a halt of the programmes of NSIPA following allegations of financial mismanagement by overseers of the programmes.

The suspension also led to the freezing of the agency’s accounts.

#

Continue Reading

News

Arewa Broadcast Media Practitioner’s Forum Criticizes Proposed VAT Bill, Calls for Withdrawal

Published

on

 

The Arewa Broadcast Media Practitioner’s Forum, a body of media professionals from Northern Nigeria, has voiced strong opposition to the proposed Value Added Tax (VAT) bill currently before the National Assembly. In a press statement signed by its Chairman, Abdullahi Yelwa (Ajiyan Yauri), the forum expressed concerns that certain provisions of the bill are detrimental to the interests of the Northern region and the overall economic development of the nation.

The forum highlighted that while some aspects of the bill, if implemented judiciously, may generate much-needed resources for national development, the resort to ethnic and regional sentiments by some supporters of the bill is unacceptable. “We take exception to the resort to ethnic and regional sentiments by some of the supporters of the bill, who mischievously adduced ulterior motives to the legitimate concerns of the Northern Governors Forum and National Economic Council,” the statement read.

The forum emphasized that the North, like any part of the country, has the right to comment on any public policy, especially those it considers injurious to its survival. “The conceivers of the bill have shown total disregard for the concerns of a large majority of Nigerians, especially the North that is economically disadvantaged,” the forum stated.

One of the key concerns raised by the forum is the provision in the bill that imposes tax on inheritance funds, which they argue is contrary to religious doctrine and cultural norms. Additionally, the forum criticized the lopsided distribution of VAT revenue to states and the Federal Capital Territory (FCT) as proposed in the bill, calling it unjust and likely to exacerbate economic disparities between the North and other regions of the country.

The forum also noted the “fire brigade approach” by the Tax Reform Committee to engage key stakeholders after the fact, which they believe has not erased the suspicion and distrust the bill has generated. “In light of these concerns, we advise the government of President Bola Ahmed Tinubu to honourably withdraw the VAT bill for further consultations with stakeholders,” the statement urged.

The forum believes that withdrawing the bill for further consultations will promote national unity and cohesion and ensure that the VAT regime is fair, equitable, and beneficial to all Nigerians. “This approach will not only promote national unity and cohesion but also ensure that the VAT regime is fair, equitable, and beneficial to all Nigerians,” the forum concluded.

 

#

Continue Reading

Trending