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Tax Reform Bills: Tinubu rejects recommendations by VP Shettima-led NEC

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President Bola Tinubu has thrown the recommendation of the National Economic Council (NEC) to withdraw the controversial Tax Reform Bills into the dust bin.

At the 144th meeting of the NEC, presided over by Vice President Kashim Shettima, the council recommended the withdrawal of the bills.

The recommendation came after governors of the 19 northern states, who met in Kaduna on Monday, alongside prominent traditional rulers from the region, resolved, among others, to reject the Nigeria Tax Reform Bill.

In a communiqué issued at the end of the meeting, the northern governors and monarchs decried the contents of the recent Tax Reform Bill, saying they were against the interests of the North and other sub-nationals, especially the proposed amendment to the distribution of the Value Added Tax (VAT).

President Tinubu had on September 3, transmitted four tax reform bills to the National Assembly for consideration.

Tinubu, who was on vacation in London at the time, sent the bills via a letter addressed to the Speaker of the House, Abbas Tajudeen. The letter was read on the floor of the House during plenary that day.

The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

The others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.

Tinubu said the bills were designed to support his administration’s objectives and strengthen fiscal institutions in the country.

But responding in a statement which Bayo Onanuga, his media aide issued on his behalf on Friday, Tinubu asked NEC to allow the process run its full course.

“President Bola Tinubu has received the National Economic Council’s recommendation that the tax reform bills already sent to the National Assembly be withdrawn for further consultation.”

“President Tinubu commends the National Economic Council members, especially Vice President Kashim Shettima and the 36 State Governors, for their advice. He believes that the legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.”

“While urging the NEC to allow the process to take its full course, President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage.”

The president said further imputes could be made during public hearings at parliament, explaining that the tax committee which put up the proposal consulted widely.

“When President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective: to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive. This objective remains more critical even today than ever before.

“The Committee worked for over a year and received inputs from various segments of society across the geopolitical zones, including trade associations, professional bodies, different Ministries and Government Agencies, Governors, traders, students, business owners, and the organised private sector.

“The tax reform bills that emerged were distilled from the extensive work of the Presidential Committee.

“The tax bills before the National Assembly aim to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices.”

 

 

 

 

 

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Refinery IPO to take major focus Friday at Dangote sponsored Abuja Trade Fair

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Photo caption: From Left- Co-Founder/Group Executive, ABIS Group Dr. Illiyasu B. Gashinbaki; Deputy Vice President ACCI and former Minister of Foreign Affairs Dr. Aliyu Idi Hong; Cuban Ambassador to Nigeria Miriam Morales Palmero; Perm Sec Ministry of Special Duties and Intergovernmental Affairs Dr. Onwusoro Madura Ihemelandu; Representative of Dangote Group Hashem Ahmed; President ACCI Chief Emeka Obegolu; Namibian High Commissioner to Nigeria Mr. Walde Natangwo Ndebashiya; and Mr. Abdulrazaq Sambajo of the Dangote Group, during a visit to the company pavilion at the 21st Abuja International Trade Fair on Tuesday.

Dangote Industries Limited (DIL), one of the sponsors of the 21st Abuja International Trade Fair, will spotlight the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals (DPRP) during the company’s Special Day.

The Dangote Special Day, scheduled for Friday October 2, will feature a high-level fireside and business interactive session bringing together representatives of Dangote Group, government, the organised private sector and business leaders to examine the transformative role of the Dangote Refinery in Nigeria’s economic development.

According to the company, the interactive session will provide prospective investors, entrepreneurs, business operators and other participants with an opportunity to engage directly with representatives of Dangote Group and gain a better understanding of the refinery’s ongoing IPO and its broader economic significance.

The session, themed “Dangote Refinery, Vision 2030, ACCI and the Economy,” will examine the refinery’s contribution to Nigeria’s energy security, industrialisation, trade, employment generation, taxation and economic growth.

Particular attention will be paid to how increased domestic refining capacity can reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange, strengthen local value chains and create new opportunities for businesses across the petroleum, petrochemical, logistics, manufacturing and services sectors.

The IPO will also feature prominently in the discussions, with participants expected to explore how the public offer can broaden participation in the ownership of one of Africa’s most significant industrial assets, deepen Nigeria’s capital market and provide eligible investors with an opportunity to participate in the country’s ongoing industrial transformation.

The fireside session will bring together senior representatives of Dangote Group, the Abuja Chamber of Commerce and Industry (ACCI), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), government and the wider private sector.

The company said the session would also provide an opportunity to examine Dangote Group’s Vision 2030 and its implications for industrialisation, job creation, local content development, technology transfer, investment and economic diversification.

Beyond the fireside discussion, visitors to the Trade Fair will have the opportunity to engage with the Dangote Group at its pavilion, where the company will showcase a range of products and businesses spanning cement, sugar, salt and seasoning, packaging and other sectors.

Dangote Group’s sustained participation and sponsorship of the Abuja International Trade Fair reflects its continued support for platforms that promote trade, investment, entrepreneurship and stronger linkages between the private sector and government.

The 21st Abuja International Trade Fair, organised by the Abuja Chamber of Commerce and Industry, is expected to bring together hundreds of exhibitors, businesses, investors, policymakers and members of the public, providing a platform for networking, market access, investment promotion and business-to-business engagement.

The company said it looks forward to welcoming participants to the Dangote Special Day and its pavilion to explore the Group’s products, investment opportunities and potential areas of business collaboration.

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NiMet DG Anosike commends Minister Abubakar Kyari on climate-smart agriculture, urges stakeholders to develop practical, measurable roadmap on weather, climate services

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Photo caption: NiMet DG/CEO Prof. Charles Anosike speaking at the strategic dialogue.

Director General/CEO of the Nigerian Meteorological Agency (NiMet), Prof Charles Anosike, has commended the Minister of Agriculture and Food Security, Senator Abubakar Kyari, CON, for his efforts towards promoting climate-smart agriculture.

Anosike also urged stakeholders in the agriculture and good sector, to develop a practical, inclusive and measurable roadmap for integrating weather and climate services into decision-making across the sector’s value chain.

The NiMet boss stated this in his goodwill message at a National Strategic Dialogue on the Preparation of the AGROW Component 2.2 – National Implementation Strategy and Digital Agriculture Architecture, organised by the Federal Ministry of Agriculture and Food Security under the World Bank-supported Nigeria Sustainable Agricultural Value Chain (AGROW) Project.

The dialogue, held under the theme, “Building a Unified, Inclusive and Future-Ready Digital Agriculture Ecosystem for a More Productive, Resilient and Food-Secure Nigeria,” brought together key stakeholders to deliberate on strengthening Nigeria’s digital agriculture ecosystem.

Anosike confirmed NiMet’s commitment to strengthening weather and climate information services for farmers as part of efforts to build a more productive, resilient and food-secure agricultural sector in Nigeria.

He said the dialogue was important to NiMet given its mandate to provide weather and climate information that protects lives, supports livelihoods and enables informed planning across climate-sensitive sectors.

According to Anosike, climate variability, changing rainfall patterns and extreme weather events are increasingly affecting agriculture, making timely and reliable climate information critical to agricultural planning and decision-making.

He noted that NiMet provides Seasonal Climate Predictions, regular weather updates, agric meteorological services and impact-based advisories to help farmers make informed decisions on planting, water and input management, while reducing avoidable losses.

Some participants at the dialogue.

He emphasized the importance of digital agriculture as a critical pathway for translating climate information into practical, farm-level action and also highlighted NiMet’s partnerships with Tomorrow.io and MTN on the Digital Climate Advisory Services (DCAS) System, which is designed to deliver location specific weather advisories to farmers through mobile SMS.

The above, Anosike said, was in addition to NiMet’s collaboration with the Agricultural Innovation Mechanism for Scale (AIM for Scale) to strengthen the integration of AI-based weather forecasting with digital advisory systems.

He stressed the need for digital agricultural services to reach farmers through accessible and trusted channels, noting that collaboration with extension services, technology providers, telecommunications companies, community radio and farmer organisations would be essential for effective last-mile delivery.

The NiMet CEO also emphasised the importance of making such services responsive to farmers’ realities, including language, literacy, connectivity, affordability and gender inclusion, while involving farmers in the development of climate services.

He concluded his remark by expressing optimism that the dialogue would advance climate-smart, digitally enabled and farmer-centred agriculture, while reaffirming NiMet’s readiness to provide the technical leadership needed to strengthen climate services, support food security and build resilient livelihoods in Nigeria.

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Tinubu: My govt has created 650,000 jobs via National MSME clinics In 19 states and FCT

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President Bola Tinubu on Monday disclosed that his government has created 650,000 jobs through its National Micro, Small and Medium Enterprises (MSME) Clinics in 19 states of the Federation and the Federal Capital Territory (FCT).

Tinubu also vowed to remove all bottlenecks militating against Nigerians turning ideas and skills into successful businesses.

The President made this known via his verified X handle, @officialABAT and explained that a tailor should not need millions of naira to buy industrial machinery before she can grow her business while a food processor should not have to build a factory before producing at scale.

This, he stated, informed why the Federal Government, “under our Renewed Hope administration, is investing in shared MSME hubs through our National MSME Clinics, giving entrepreneurs access to modern equipment, reliable power and production facilities without carrying the full cost alone.”

According to Tinubu: “Today, 21 shared facilities across 19 states and the FCT are supporting businesses and an estimated 650,000 jobs. ReadPolitical News

“Nigerians do not lack ideas, skill or ambition. Too often, they lack access to the tools and infrastructure needed to turn them into successful businesses.

“Our job is to remove those barriers.

“When small businesses can produce more, at lower cost, they become more competitive. They grow. They employ more people. They create income and opportunity for Nigerian families.

“Giving Nigerian enterprise the tools to succeed is how we build prosperity from the ground up. That is the Nigeria we are building.”

 

 

 

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