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House softens stance on Tax Reform Bills
The House of Representatives has softened its stance on the Tax Reform Bills.
Yesterday, after a three-hour generally positive debate by members, the Bills scaled second reading and passed for public hearing.
This is unlike the situation when the Bills were sent by President Bola Ahmed Tinubu to the Green Chamber in October.
Following opposition from a section of the ruling class, the House exploded in uproar over the Bills, forcing Speaker Abbas Tajudeen to dissolve the House into and Executive session after which all issues on the Bills were kept in ambiance to allow for consultations.
But at the Senate, the Bills were quickly debated and moved to the public hearing stage.
The Bills are the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.
The bills were consolidated into one at the House for a seamless debate.
The proposed laws were read for the first time on October 8 but debate by the House was put on hold due to disagreement on the content of the bill, especially by Northern leaders and the Nigerian Governors’ Forum (NGF).
Although the House engaged government officials on the benefits of the bills, Speaker Tajudeen asked members to engage in wide consultations with their constituents to pave the way for a robust debate.
Apart from some observations on certain areas of the bills that appeared not in tandem with some sections of the 1999 Constitution and a few other clauses, members unanimously okayed the bills for a second reading.
Minority Leader Kingsley Chinda said while opposition members supported the spirit behind the bills, some had issues with certain aspects.
Chinda noted that the bills seek to rejig the nation’s tax system for effective revenue generation. He pointed out that for every law, there must be the spirit of the letters.
He said: “We have all agreed that the spirit behind the four bills is good.‘’
But we have issues with some of the letters of the bills. Why we oppose some letters of the bills, we support the spirit and want to assure Nigerians that we will watch those letters and at the appropriate time, we will ensure that the letters are corrected in the interest of Nigerians.
“He advocated a reduction in the Value Added Tax(VAT), saying ‘’It is possible to reduce tax, while efforts should be made to tidy up all areas of conflicts..’’
House Leader Julius Ihonvbere thereafter set the tone for the debate by explaining that the bills were intended to overhaul the country’s outdated tax laws.
Ihonvbere reassured the public that the reforms would benefit ordinary Nigerians without imposing tax burdens on the poor.
While appreciating those who hold opposing views to the bills, he said their views helped strengthen the bills.
The House leader charged members to “be part of history in reforming the tax system to promote revenue growth, increase employment and better the life of ordinary Nigerians.
Minority Whip, Ali Isa commended Speaker Abass for creating an opportunity for members to engage and consult widely on the contentious parts of the bills.
Isa however expressed concern about clause 146 which encourages a gradual increase in VAT from 7.5 percent to 10 percent and later 15 percent.
News
Tinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break
President Bola Ahmed Tinubu has returned to Nigeria following a successful two-day state visit to the United Kingdom, arriving in Lagos alongside First Lady Senator Oluremi Tinubu.
The President is expected to spend the upcoming Sallah break in the city.
He received a warm welcome at the airport from senior government officials, including Chief of Staff Femi Gbajabiamila, with applause from gathered supporters and well-wishers.
The visit, hailed as historic and the first full state visit by a Nigerian president to the UK in nearly 40 years, aimed to deepen diplomatic, economic, and trade relations between the two countries.
Key engagements included a royal reception and state banquet hosted by King Charles III and Queen Camilla at Windsor Castle, as well as high-level bilateral talks with Prime Minister Keir Starmer at Downing Street.
A major achievement was President Tinubu witnessing the signing of a £746 million financing agreement backed by UK Export Finance (UKEF).
The deal, involving Nigeria’s Ministry of Finance, the Nigerian Ports Authority, Citi Bank, and other partners, will fund the modernization and refurbishment of two vital Lagos seaports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.
The project is designed to reduce congestion, improve efficiency with modern systems, boost Nigeria’s role as a leading maritime hub in West and Central Africa, and include commitments to sourcing components from the UK.
The engagements highlighted strengthened bilateral cooperation, record trade levels, and mutual interests in infrastructure development and sustainable growth.
News
Twining Boosts UK’s Investment in Nigeria By £24mn Ovaltine factory
Located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.
The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.
British beverage maker Twining Ovaltine is pumping a fresh £24 million into its Lagos manufacturing facility in an efforts to strengthen the bilateral trade between Nigeria and the United Kingdom.
This is disclosed in a statement a statement issued by the UK’s Department of Business and Trade.It said that the investment will create over 100 direct jobs and boosting the company’s exports across West Africa.
Peter Kyle, the UK’s business and trade secretary, said that with bilateral trade now at an all-time high of £8.1 billion a year, the UK and Nigeria are showing how countries grow faster when they grow together.
He emphasised that as the two economies continue to enhance cooperation and trade relations, the investment plans will provide jobs for both countries while transforming lives.
“With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest-growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries,” Kyle said.
Meanwhile, located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.
News
Insecurity: PDP says Nigeria’s Safer in 2015 Than Today
In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters.
Opposition party -The Peoples Democratic Party (PDP) has beaten it’s chest saying, “There is no one, including the President, who will not agree that our country was safer in 2015 than it is today.”
In a statement on Tuesday, the opposition party referenced the recent multiple bombings in Maiduguri, resulting in at least 23 deaths and injuring more than 100 people, alleging that “it was another incontrovertible piece of evidence of the inability of the APC-led federal government to curb the growing insecurity in the country.”
This bombing is an unfortunate addition to the numerous acts of grave insecurity that have occurred under the watch of President Bola Tinubu, who was the loudest campaign voice for the APC, promising to end insecurity immediately if his party is elected. Sadly, 11 years later, insecurity has not only increased significantly in the Northeastern part of Nigeria; it has spread almost uncontrollably to many other parts of the country that were hitherto very safe and peaceful.
Despite this glaring failure, the APC-led Presidency has devoted more time, energy, and resources to the task of political genocide against the opposition, instead of deploying the same to combat the growing insecurity that has become the lived reality and new normal of Nigerians.
In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters and engage strategic stakeholders, especially community leaders, as part of a whole-of-society approach to combating insecurity.
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