News
President Tinubu sets up tax reforms committee, appoints Oyedele chairman
Nigeria’s President, Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, while appointing the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, Mr. Taiwo Oyedele, as committee chairman.
The development comes barely 24 hours after the President signed four Executive Orders, suspending the five per cent excise tax on telecommunication services and the excise duties escalation on locally-manufactured vehicles.
According to the President, the committee “Will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration,” a statement signed by Tinubu’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, read on Friday.
According to the statement titled ‘President Tinubu sets up committee on tax reforms,’ the committee’s primary objective is to enhance revenue collection efficiency and ensure transparent reporting.
It will also promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
Alake cited earlier remarks by the Special Adviser to the President on Revenue, Mr Zaccheus Adedeji, who explained that Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
According to Adedeji, “Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.
“This has led to an overreliance on borrowing to finance public spending, which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.
“While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.
Adedeji outlined the key challenges in Nigeria’s tax system, including multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilisation of tax revenue.
Adedeji explained that the administration hopes to transform the tax system to support sustainable development and achieve a minimum of 18 per cent Tax to GDP ratio within three years without stifling investment or economic growth.
“It should be noted that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.
Oyedele, who chairs the committee, is the Thematic Lead for the Fiscal Policy & Planning Commission and Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group.
He also heads the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria and is a member of the Nigerian Taxation Standards Board.
Oyedele serves as a member of the Ministerial Committee on implementing Nigeria’s National Tax Policy. He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants.
Oyedele, an Associate Professor at the Babcock University Business School, is an alumnus of the London School of Economics & Political Science, Yale University, and Harvard Kennedy School Executive Education.
He is also a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.
News
Kogi closes schools following hints of bandits attack
He commended the security agencies for providing timely intelligence and assured residents that authorities are working around the clock to identify and dismantle criminal hideouts across the state.
The Kogi State Government on Tuesday ordered the temporary closure of all schools across the state until February 16, saying a stitch in time, saves students, teachers, and school facilities.
The State’s Commissioner for Information and Communications, Kingsley Femi Fanwo, told journalists in Lokoja that the move was based on credible intelligence and was taken as a precautionary measure rather than out of fear.
” The government chose to act proactively to prevent potential threats and ensure the safety of everyone within the education system,” said Kingsley Femi Fanwo.
“Governor Ahmed Usman Ododo has directed all relevant agencies to immediately put in place the necessary measures to guarantee that schools resume as soon as it is safe, without disrupting the academic calendar,” Fanwo said.
He commended the security agencies for providing timely intelligence and assured residents that authorities are working around the clock to identify and dismantle criminal hideouts across the state.
News
Again, bandit kills more than 20 people in Katsina community
Faskari Local Government Area is one of the frontline communities that had earlier entered into a communal peace agreement with armed bandits, raising fresh concerns over the sustainability of the peace process in the area.
A fresh bandit attack today on Doma, a community in Faskari Local Government Area of Katsina State’s Southern Senatorial District has left more than 20 people dead.
The Chairman of Faskari Local Government Council, Bala Ado, who confirmed the incident via telephone confirmed that several others sustained varying degrees of injuries, while more than one hundred residents have been displaced
The attack lasted for nearly three hours, from about noon to 3 p.m. local time on Tuesday.
He added that burial arrangements for the victims are expected to take place on Wednesday.
Faskari Local Government Area is one of the frontline communities that had earlier entered into a communal peace agreement with armed bandits, raising fresh concerns over the sustainability of the peace process in the area.
…..Renames Printing Corporation After Dan Agbese, Grants Clemency to 14 Inmates.
Benue State Governor, Rev. Fr. Hyacinth Alia, has announced measures to honour the state’s founding figures and notable contributors as part of activities marking the Golden Jubilee of Benue State’s creation.In a statewide live broadcast delivered from Government House, Makurdi, on Tuesday, the governor declared plans to immortalise late General Murtala Muhammed, the military Head of State who created Benue State on February 3, 1976, alongside six other states.
Governor Alia emphasised the importance of recognising past heroes whose actions laid the foundation for future generations, stating that Gen. Murtala Muhammed deserved permanent commemoration for birthing the state during his brief but impactful leadership.
In a related gesture, the governor announced the renaming of the Benue Printing and Publishing Corporation to Dan Agbese Printing and Publishing Corporation, in honour of the late veteran journalist and media icon, Chief Dan Agbese.
He further indicated that several other distinguished indigenes—both living and deceased—would have legacy institutions named after them, including the late Wanteregh Paul Unongo, Elder Isaac Shaahu, Senator Suemo Chia, Gen. Atom Kpera, late Tashaku Oradi, and numerous others who have made significant contributions to the state’s development.
As part of the jubilee celebrations, Governor Alia exercised his prerogative of mercy by granting full clemency and release to 14 inmates serving various prison terms. Additionally, one inmate, Terhumba Aondona, had his sentence commuted from 10 years to 4 years.
The beneficiaries of the clemency include Akaajime Imoter, Kongusu Terzugwe, Terngu Orshi, Ornaa Achagh, Zwa Achir, Terkimbi Amadu, Iorpenda Christian, Aondowaae Terlumun, Oriba John, Sughnen Terfa James, Akaahar Isaac, Ordam Thankgod, Gwayem Agba James, and Iorfa Terkimbi.
The announcements were contained in a statement signed by Sir Tersoo Kula, Chief Press Secretary to the Governor of Benue State.
Benue State’s Golden Jubilee commemorates 50 years since its creation from parts of the former Benue-Plateau State, highlighting ongoing efforts to celebrate its history while addressing contemporary issues of justice and recognition.
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