My take on 5% telecommunications excise duty suspension approval:
Recall Past FG not Buhari signed finance Bill 2020 into law on 31st December, 2020 with a commencement date of Jan 1,2021.
The act includes: Introduction of excise duty on telecommunication at a rate to be prescribed by the President.
In 2022: Finance Bill signed into law by past FG not Buhari included 5% on excise duty on telecommunication sector.
The Circular dated April 20, 2023 signed by Past Finance Minister Zainab Ahmed.
Circular: Approval for the implementation of the Fiscal Policy Measures and Tariff Amendments. 5% telecoms tax was Gazetted No 88, Vol 109 of 11 May,2022 was approved by FG not Buhari.
Back to @ProfIsaPantami, in March 2023, The Hardworking past Minister announced that govt had exempted telecom from the 5% excise duty.
Question: did the approval of Pantami reflect in the GAZETTE (force of law) issued by HMF Zainab Ahmed? The answer is NO.
Question: can the Minister or President suspends the section of the Finance Act? Yes but for a period. If he feels otherwise, he must go back to NASS for amendment.
Conclusion: HM Pantami did not follow up his approval to reflect his 5% suspension by LAW. Approval is different from an act of National Assembly and GAZETTE.
He obtained a mere administrative approval. But, PANTAMI should be HAPPY that his desire approval by suspending 5% excise duty on telecommunications has now been reflected by FG not Tinubu.
Law is law. Law is higher than administrative approval.
So, Pantami should rejoice too. Tinubu must also GAZETTE this SUSPENSION so that it will not be like Pantami’s route. It is a win win situation.
The ultimate goal is telecoms smiling. I so submit. Time for golf.
The FIRS is partnering with the Market Traders Association of Nigeria to collect & remit VAT from their members—especially those in the informal sector—using a unified systems technology.
🔑 Here are some facts about this partnership 👇🏾👇🏾👇🏾
The VAT Direct Initiative: Key Things To Know About The FIRS - MATAN Partnership
The Federal Inland Revenue Service (FIRS) is the agency of the Federal Government of Nigeria responsible for assessing, collecting and accounting for tax and other revenues accruable to the Federal Government and the Federation.
The FIRS is responsible for the administration of Value Added Tax in Nigeria.
MATAN means Market Traders Association of Nigeria. It is the umbrella body for all trading associations in Nigeria and was founded in the year 1995.
MATAN is the largest player in Nigeria's market space with a membership of well over 40 million traders across the country.
The FIRS is partnering with MATAN to collect and remit Value Added Tax (VAT) from their members—especially those in the informal sector—using a unified systems technology. This collaboration is known as the VAT Direct Initiative.
What is the VAT Direct Initiative (VDI)? It is a collaboration between the FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the market place and informal sector, while also simplifying VAT payment and remittance for the market place and informal sector using a purpose-built digital platform.
MATAN has a digital platform which enumerates their members giving them a digital ID and tracks their turnover so that VAT accrued is collected and remitted to the FIRS. The VAT Direct Initiative (VDI) is the first of its kind program that will utilize technology to foster collaboration between FIRS and the marketplace for the collection and remittance of VAT.
Through this initiative the FIRS will help tackle multiple taxation in the market place through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria's market spaces.
The VAT Direct Initiative (VDI) will boost VAT revenue generation for the three tiers of government, which in turn means more money to fund infrastructure, provide social amenities and cater for the welfare of citizens.
MATAN members will each receive an Identity Card upon enumeration. This card contains their Tax Identification Number (TIN) and other personal details for tax purposes.
The VAT Direct Initiative (VDI) will have a monitoring and evaluation team comprising of FIRS officers and MATAN members to ensure transparency, accountability, prompt VAT remittance, sustained commitment and reporting which are vital to build the public confidence in the initiative.
Bank of America (BOA) has said Nigeria may need to hike interest rate to as much as 25 per cent to be able to tackle soaring inflation, according to its sub-Saharan Africa economist, Mr Tatonga Rusike, per Bloomberg.
The CBN, since last year, has been increasing the country’s interest rates.
At its last Monetary Policy Committee (MPC) meeting in May 2023, the benchmark interest rate was further pushed forward by 0.5 per cent to 18.50 per cent from 18.00 per cent in March.
However, this has not slowed Nigeria’s soaring inflation which hit 22.41 per cent in May 2023 compared with 22.22 per cent in April 2023.
In its report last month, the National Bureau of Statistics (NBS) attributed the increase in the average prices of goods and services in the month under review to the 24.82 per cent jump in the food inflation rate.
BOA warned that despite this, inflation might quicken to 30 per cent by the end of the year after President Bola Tinubu scrapped fuel subsidies that cost about N4.3 trillion last year and unified the foreign exchange market, sending the exchange rate of the local currency against the Dollar, Pounds Sterling, and the Euro, 40 per cent higher.
“That will require a monetary policy response from the central bank — effectively, interest-rate hikes,” Mr Rusike told the publication.
The bank also warned that this might see foreign investors exercise caution before investing in the country.
“If the negative real interest rate is not reversing, then it is less likely to see foreign inflows coming into the country,” Mr Rusike said. BofA would like to see aggressive rate increases, but “it is less likely they will do such level of increases,” he said.
This should necessitate a minimum of 700 basis-point-hike or 7.0 per cent to be able to curb inflation, the economist told Bloomberg.
He also noted that the biggest risk to Nigeria’s credit rating being raised is the government becoming complacent on reforms.
At his inauguration in late May, President Tinubu had promised to do all within his power to ensure that there is a reduction in the country’s high-interest rate.
Mr Tinubu noted that his administration would work towards a single-digit lending rate to allow for more investment into the country in order to boost the performance of Africa’s largest economy.
“Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level,” Mr Tinubu said.
Saudi Arabia imprisoned a woman for 30 years for criticizing the Neom megacity project on Twitter, according to an activist group.
ALQST, a UK-based human rights group, said a Saudi court sentenced Fatima al-Shawarbi to 30 years during a recent appeal hearing.
She is in her 20s and from Al-Ahsa province, the group said.
The Saudi justice system is cloaked in secrecy, often leaving activist groups as the only sources of information about cases.
ALQST said that it relies on its contacts for information, and needed to keep their identities secret for fear of reprisals. Officials at the Saudi embassy in London did not respond to Insider's request for information
ALQST said al-Shawarbi was convicted over anonymous tweets in which she criticized Saudi Arabia's treatment of people forcibly removed from their homes to make way for the construction of the planned city.
It said she was arrested in 2020. Per the group, she also criticized Saudi Arabia's treatment of women, and called for a constitutional monarchy rather than the system of absolute rule that now exists.
Human Rights Watch in a 2020 report said that imprisoned female dissidents are often refused contact with family members and those in the outside world.
Lina Alhathloul, a researcher at ALQST, told Insider that al-Shawarbi had recently joined a hunger strike with several other women prisoners.
They include Salma al-Shehab, a Leeds University PhD student arrested in 2020 for criticizing the Saudi government on Twitter. Al-Shawarbi's current condition is unknown, said Alhathloul.
Alhathoul said it was not known how Saudi authorities managed to establish that al-Shawarbi wrote the critical tweets.
She said she al-Shawarbi told friends to raise the alarm and publicize her case if she fell silent on social media for a prolonged period.
Neom is the signature project of Saudi Arabia's autocratic leader, Crown Prince Mohammed bin Salman. The crown prince plans to construct the city across a 10,200 square mile area in the Tabuk Province in northwestern Saudi Arabia.
The UN in an April report said Saudi Arabia was trampling human rights in its push to complete the project, forcibly evicting thousands of the local Huweitat tribe from their homes.
The report said that Saudi security services shot dead tribe member Abdul Rahim al-Huwaiti as he resisted eviction in 2020, and that three other members of the tribe who resisted eviction were sentenced to death.
Saudi authorities have also ruthlessly persecuted those who've criticised the treatment of the Huweitat, and the killing of al-Huwaiti, said Alhathloul.
Saudi Arabia has long been criticized for its human rights record, with Amnesty International saying the state uses torture, arbitrary arrests and detainment, and violation of the rights to free speech and free assembly.
Despite criticism from human rights groups, Saudi Arabia continues to attract wealthy Western companies to invest in Neom.
I’ve been in shock and disbelief for the past one week. I fell victim to scammers while trying to get FX to make payment for my school fees. I made payment of N4,510,500 to an Innocent Ivienagbor and later realized that he and his team of scammers had defrauded me.
They’re all on the run and I feel helpless/hopeless.
My friends and I have put in a lot of work to get the pictures and details of two of them (pictures attached).
I need all the help I can get to see that they’re arrested and everyone involved is brought to book, more importantly, that I get my money back.
This image was created by me during the Eid celebration in Ilorin—the man in the picture is the father & the girl is his daughter (for those commenting ‘she might be his wife’).
As a photographer I hardly express myself with words rather just let the picture speak for itself.
If you’re not logged into your Twitter account and try to view a tweet, you’ll be presented with a sign-in screen. And if you don’t want to have an account on the bird app, too bad!
Twitter hasn’t commented on this change, and given how sloppy the platform has been since Elon Musk’s takeover, it might just be a glitch. However, in a time when Twitter is struggling to grow its user base, it’s possible that this is a tactic to force silent lurkers into creating an account.
Like many of Twitter’s recent changes, this could easily backfire. If tweets aren’t publicly accessible, search engine algorithms could rank the site’s content lower, meaning that fewer people would be directed to the site from Google. Also, it’s just kind of annoying.
Musk — who is no longer CEO of Twitter, but still deeply involved in operations — may also be motivated by a desire to prevent AI tools from searching Twitter. Musk has previously admonished Microsoft, which dropped Twitter from its advertising platform, by saying: “They trained illegally using Twitter data. Lawsuit time.”
As new CEO Linda Yaccarino settles into her new role, Twitter has remained riddled with technical errors. Earlier this week, a disproportionate amount of users were notified that they had been suspended for three days due to spam. We’re still not sure what happened there (and Twitter won’t answer our emails), but with Musk in the C-suite, policies can change faster than you can say “$44 billion,” so anything’s possible.
We secured freedom on 27th June, 2023 for a downtrodden citizen, Ms. Olufunmilayo Eriolowa.
She spent over a month in the Kirikiri Custodial Centre after she was arraigned and remanded on charges of assault on a police officer and resisting arrest.
We took up her case pro bono.
We visited her a couple of times in Kirikiri and also represented her in the court.
On the 27th day of June, 2023, we applied to the Lagos Magistrate Court to strike-out the charge and discharge her.
We had also perfected her bail, but we had to get the entire case terminated.
The court agreed with us that the failure of the police to produce witnesses and the complainant in court on all the four occasions that the case came amounted to want of diligent prosecution.
Below is a report published by the Punch Newspapers.
Lagos court acquits woman charged with assault on police
A 33-year-old woman, Olufumilayo Eriolowa, who was remanded at the Kirikiri Correctional Centre for allegedly assaulting a police officer, Olufowobi Nureni, at the Ogombo area of Lagos State, has been freed of all the charges.
Eriolowa, who had been remanded in custody since May 17, 2023, was freed by Magistrate M. O. Alao of the Magistrates’ Court in Eti-Osa, Lagos, after the case was struck out.
The PUNCH had reported that the state Police Public Relations Officer, SP Benjamin Hundeyin, in a post on Twitter, revealed that was remanded for allegedly assaulting a policeman in the state.
The post read, “Somewhere in Ogombo yesterday, she assaulted a police officer. She was arraigned today and has been remanded to the Kirikiri correctional facility till June 6 when the case comes up again in court.”
Earlier, the hair stylist was arraigned before Magistrate M. O. Alao on two counts bordering on assault and resisting arrest at the Magistrate Court of Lagos, Eti-Osa.
The police prosecutor, Jacob Samuel, during her arraignment, prayed to the court to remand the defendant in police custody.
Granting the request, Alao ordered that Eriolowa be remanded for 21 days in police custody pending the completion of the police investigation.
The charges read in part, “That you, Olufumilayo Erioluwa, on May 14, 2023, around 9pm, at Ajah, Eti-Osa, in the Lagos Magistrate District, did commit a felony with a serious assault on one Olufowobi Nureni, an Inspector and hereby commit an offence under Section 174 Criminal Law of Lagos State, 2015.
“That you, Olufumilayo Erioluwa, on the same date, time and place, in the aforementioned Magisterial District, assaulted, resisted, obstructed and unlawfully prevented one Olufowobi Nureni, an Inspector attach to the Ogombo Divisional Headquarters, in the course of executing his lawful and official duty and thereby committed an offence punishable Under Section 174 (b) (c) and (e) of the Criminal Law of Lagos State.
Eriolowa, however, pleaded not guilty to the accusations and the case was adjourned till June 6, 2023.
Meanwhile, a rights activist, Inibehe Effiong and his team took over Eriolowa’s case.
According to Effiong, the police could not produce a witness, and the complainant in court, adding that the Kirikiri Correctional Center did not also produce Eriolowa in court.
He said, “On June 6 when the case came up a second time, my team and I were able to secure bail for her. She was admitted to bail in the sum of N100,000 with two sureties in like sum.”
Effiong explained that they were working on perfecting her bail terms when the case was struck out.
He said, “The complainant, Olufowobi Nureni, who claimed he was assaulted, did not show up in court for all the times the case was in court. The Kirikiri Correctional Centre did not also produce her in court, and the case was adjourned a third time till June 27, 2023.
"We had however taken steps to perfect the bail before the charge was struck out. The police could not provide any evidence, witness, or complainant in court and so we pleaded that the case be struck out and the Magistrate saw reason with us and did the right thing according to the law. She is freed and discharged and the charges against her have been struck out on June 27, 2023.”
Immediate action required to address reported oil spillage in Eleme/Ogu Communities in Rivers State resulting from Shell Trans Niger Pipeline!
Despite the gravity of this spillage and the environmental disaster it poses
Calls to Shell by community members have remained unanswered💔
We are calling on @Shell to take immediate action to mitigate the devastating impacts this spill is having on the ecosystem, health, and livelihood of affected communities.
We are also calling on the Federal Government of Nigeria @NigeriaGov to review and strengthen existing regulations related to oil spill prevention, response, and liability. Implement stricter measures to hold responsible parties accountable👇
For their actions and deter future occurrence of such incidents✊
The Federal Government has approved the discontinuation of budgetary allocations to professional bodies and councils effective December 31, 2026.
The new directive was disclosed in a letter obtained by our correspondent on Wednesday. It was addressed to the Registrar, Nigerian Council of Food Science and Technology, an agency under the Federal Ministry of Science, Technology and Innovation.
The letter, marked DG/BDT/GEN. CORR/2016/XII/3067 and dated June 26, 2023, was issued from the Budget office of the federation and signed by the Director General, Akabueze Ben.
The letter titled, “Discontinuation of Funding of Professional Bodies and Councils From 2024 Budget, In Line With The Decisions Of The Presidential Committee On Salaries,” further stated that the institutions were now regarded as self-funded organisations and will henceforth be fully responsible for their personnel, overhead and capital expenditures.
The letter partly read, “I wish to inform you that, the Presidential Committee on Salaries, at its 13th meeting, approved the discontinuation of budgetary allocation to Professional Bodies/Councils effective December 31, 2026.
“The purpose of this letter, therefore, is to inform you that, in compliance with PCS’s directive, this Office will no longer make: budgetary provisions to your Institution with effect from the above-stated date, and you will be regarded as a self-funded organisation.
“For the avoidance of doubt, you will be required, effective December 31, 2026, to be fully responsible for your personnel, overhead and capital expenditures.
“Please accept the assurance of my best regards,” the letter concluded.
Further findings by our correspondent revealed that at least 25 professional bodies and councils under the Ministry of Trade and Investment, the Ministry of Information and Communication, the Ministry of Agriculture and Rural Development, the Ministry of Transport, the Ministry of Mines and Steel, the Ministry of Justice, the Ministry of Works and Housing, and the Ministry of Environment will be affected by the new development.
They include the Teachers Registration Council of Nigeria, the Computer Registration Council, the Librarians Registration Council, the National Education Research and Development Council, the Mass Literacy Council, the National Examination Council and the West African Examination Council (Local and International) under the Ministry of Education.
Under the Ministry of Health, the Nursing and Midwifery Council, the Pharmacist Council of Nigeria, the Medical and Dental Council of Nigeria, and the Medical Laboratory Science Council of Nigeria will be affected.
Others include the Environmental Health Council of Nigeria, the Nigeria Press Council, the Council for the Regulation of Freight Forwarding in Nigeria, the Council of Nigerian Mining Engineers and Geosciences, the Veterinary Council of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Survey Council of Nigeria, the Legal Aid Council, the Council of Legal Education, the National Automotive Design and Development Council, the Nigeria Export Promotion Council, the Financial Reporting Council of Nigeria, the Nigeria Investment Promotion Council, and the Nigerian Council of Food Science and Technology.
The development comes amid the need for the government to cut the cost of governance.
With a total debt stock hovering around N49.85 trillion, excluding the Central Bank of Nigeria’s N22.719 trillion Ways and Means loan, the country’s debt sustainability is a major concern to Financial Experts.
DMO had expressed worries that the federal government’s debt service to revenue-ratio of 73.5 per cent for 2023 exceeded the recommended threshold of 50 per cent.
June 26, 2023: @NuhuRibadu assumes office as Nigeria's National Security Adviser (NSA), taking over from Maj-Gen. Babagana Monguno (Rtd), who has served in that position since July 2015.
This is coming after Banky W trended yesterday and even continues to trend today over an allegation that he cheated on his wife, Adesua with his ex girlfriend, Niniola and got her pregnant.
Gistlover started the rumor yesterday and wrote:
Hello tueh tueh, GLB NATION, another kasala go soon burst oo, na men like this Dey make blessing rubber yansh Dey yarn dust say na side hen Dey hold marriages, story story, story,once upon a time, time time, there was a man, he is very handsome, yellow pawpaw and a musician, he was dating a lady wey him love gan, but one thing led to another naso the babe follow another man, uncle was heartbroken and there was one lady forming bestie with him for one corner, he sha find solace in bestie and they started shifting each other pants but uncle Dey tell him friends say aunty bestie is too wild for him and he no fit marry aunty bestie.
Fast forward to few months later, uncle find another fine innocent lady, they started a relationship and it led to marriage, infact the whole of Nigeria loves their marriage and tap into it often times, all along uncle kept aunty bestie as side hen, always seeing each other knocking each other, aunty side hen refuses to get married hoping one day her status go change, she is based in the US and she is as important as uncles wife, our musician turned politician is always sending her money,
and aunty side chic shuffles between 9ja and US, whenever she is around uncle camps her in an hotel, make we no write plenty epistle, this has been happening for years and uncle is 100 percent good in hiding traces from his wife, side chic got pregnant twice and aborted, the annoying thing for this whole matter be say uncle mouth na Cho cho, anything that goes down in their marriage, side hen Dey get update, which gives the olriburuku adieh agbepamo(side hen) upper edge and, she started calling herself mrs kinikan (US chapter) long story short now sha , side hen is pregnant again and this time around she insisted on not comoting the belle, uncle has been running helita skelita, even begged her say him no do again but I guess it’s too late, the side hen has been threatening to go public with the belle and the matter fit cast any moment from now,information reaching our headquarters be say uncle has been cold like ice lately seeing wetin internet children use yul edochie eyes see🤣🤣🤣their own go want pass yul own because the wife get fans full everywhe
President Bola Tinubu has said some of his associates and friends thought he was joking when he declared that the age-long subsidy era was gone.
Tinubu disclosed this during an interactive session with Nigerians resident in France and neighbouring European countries on the sidelines of the New Global Financing Pact Summit at the French capital, Paris.
He said he assembled his friends to put his plans and speeches together but noticed that they had left the issue of subsidy removal out. He however said he was determined to end the regime because it stunted the growth of the nation.
The President said: “Some countries were bleeding us. Courage was missing. Sometimes I became an advocate for it. Remove this thing but God gave me the opportunity when I danced around, strategised with my team, we won the Presidency and the day I was declared the winner I fell almost sick with joy.
“The few friends visited me rejoicing, so I asked the question, you asked me to bring this trophy, this victory what do you do with it?
“I brought it. I won. We must achieve it. We must change Nigeria with it and then Wale Edun and co, we started debating, putting my speech together without the question of subsidy. I got to the podium, I was possessed with courage and I said subsidy is gone.
“They thought it was a joke of the century until I called NNPC. We are tired of feedings smugglers, making few people rich, and subsidizing the next-door neighbor.
“I met with the President of the Benin Republic today, everybody is equal now, we are friends. We are conjoined twins joined by the hips, how we will separate each other is with this fuel subsidy. Let us see whether we will survive or not but we are going to survive you”.
Nigerian Army officers convene for the official handover ceremony for the new chief of army staff, Maj. Gen. Lagbaja, at the defense headquarters in Abuja.
Nigerian Army officers convene for the official handover ceremony for the new chief of army staff, Maj. Gen. Lagbaja, at the defense headquarters in Abuja.
The immediate past Chief of Army Staff, Lieutenant General Farouk Yahaya, is set to hand over to Major General Taoreed Abiodun Lagbaja as the new army chief.
Channels Television reports that the ceremony for the new Chief of Army Staff is taking place at the Defence Headquarters in Abuja, the nation’s capital.
In attendance are senior military officers, and heads of various departments within the army.
The Debt Management Office (DMO) has issued a warning to the Federal Government (FG) against additional borrowing, citing that 73.5% of this year’s revenue will be used to service debt. According to the DMO, this high Debt Service-to-Revenue ratio is unsustainable and poses a threat to debt sustainability.
The DMO recommended that the FG focus on increasing revenue generation to achieve a sustainable Debt Service-to-Revenue ratio. It suggested raising the projected FGN revenue from N10.49 trillion to about N15.5 trillion. These recommendations were made after analyzing the nation’s debt profile in 2022.
DMO’s analysis revealed that the Total Public Debt-to-GDP ratio is projected to increase to 37.1% in 2023, mainly due to new borrowings, FGN Ways and Means at the CBN, and estimated Promissory Notes issuance. While the baseline scenario indicates that the debt stock remains sustainable, the borrowing space has been reduced compared to the self-imposed debt limit of 40%.
The projected FGN Debt Service-to-Revenue ratio of 73.5% for 2023 exceeds the recommended threshold of 50% due to low revenue. This highlights the urgent need to significantly increase government revenue. The DMO emphasized the importance of adhering to existing legislation on government borrowing, such as the Fiscal Responsibility Act 2007 and the Central Bank of Nigeria Act 2007, to moderate the growth rate of public debt.
Furthermore, the DMO called for a focus on revenue mobilization initiatives and reforms to increase the country’s tax revenue to GDP ratio. It also suggested encouraging private sector involvement in funding infrastructure projects through Public-Private Partnerships (PPP) and reducing borrowing by privatization or sale of government assets.
Experts have supported the DMO’s caution against further borrowing, highlighting the precarious nature of the debt service-to-revenue ratio. They emphasized the need for fiscal discipline, adherence to borrowing limits, and implementation of measures to improve revenue generation.
The DMO’s warning serves as a reminder of the challenges posed by Nigeria’s high debt burden. It underscores the importance of pursuing sustainable revenue generation strategies and prudent fiscal management to ensure long-term debt sustainability and economic stability.
Results of 2022 MAC-DSA shows that the Total Public Debt-to GDP ratio is projected to increase to 37.1 percent in 2023 relative to 23.4 percent as at September 2022, due to the inclusion of the N8.80 trillion (New Borrowings) for the year 2023, the FGN Ways and Means at the CBN of over N23 trillion and estimated Promissory Notes issuance of N2.87 trillion in the Debt stock under the Baseline Scenario.
The Country’s Debt stock remains sustainable under these criteria, but the borrowing space has been reduced when compared to the Nigeria’s self-imposed debt limit of 40 percent set in the MTDS, 2020-2023. On the other hand, FGN Debt Service-to-Revenue ratio at 73.5 percent in 2023 which exceeds the recommended threshold of 50 percent due to low revenue, which means that there is need to significantly increase Government revenue.
Under the Alternative Scenario, the Total Public Debt-to-GDP ratio at 45.4 percent in 2023 exceeds the Nigeria’s self-imposed debt limit of 40 percent, while the FGN Debt Service-to-Revenue also exceeds the recommended threshold of 50 percent.
Based on the analysis of the results of the 2022 MAC-DSA, the DMO recommends that:
1. Although the Baseline analysis projects Total Public Debt-to-GDP ratio at 37.1 percent for 2023 indicating a borrowing space of 2.9 percent (equivalent of about N14.66 trillion) when compared to the self-imposed limit of 40 percent, it is recommended that this should not be used as a basis for higher level of borrowing as was the case in the 2023 Budget.
This is because the outcome of the Shock Scenario, which is more realistic in the circumstances, exceeded the self-imposed limit.
2. The projected FGN Debt Service-to-Revenue ratio at 73.5 percent for 2023 is high and a threat to debt sustainability. It means that the revenue profile cannot support higher levels of borrowing. Attaining a sustainable FGN Debt Service-to-Revenue ratio would require an increase of FGN Revenue from N10.49 trillion projected in 2023 Budget to about N15.5 trillion.
3. With respect to expansion in fiscal deficit, there is need to strictly adhere to the provision of extant legislations on Government borrowing, especially the Fiscal Responsibility Act 2007 and Central Bank of Nigeria Act, 2007 as it relates to Ways and Means Advances, in order to moderate the growth rate of public debt.
4. There is urgent need to pay more attention to revenue generation by implementing far reaching revenue mobilization initiatives and reforms including the Strategic Revenue Growth Initiatives and all its pillars with a view to raising the country’s tax revenue to GDP ratio from about 7 percent (one of the lowest in the world) to that of its peer.
5. Government should encourage the private sector fund infrastructure projects through the Public-Private Partnership schemes and take out capital projects in the Budget that are being funded from borrowing, thereby reduce budget deficit and borrowing.
6. Government can reduce borrowing through privatization and/or sale of Government assets.
The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion to the federal, state a d Local Governments.
It represented their share from the May 2023 Federation Account Revenue, according to the communiqué issued at the end of the FAAC meeting in Abuja, yesterday.
The meeting was chaired by the new Accountant-General of the Federation, Dr. Oluwatoyin Madein, according to the Director, Press and Public Relations, Mr. Bawa Mokwa.
The N786.161 billion total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.
A total of N38.238 billion was deducted as cost of collection, usually paid to the revenue generating agencies, while statutory transfers took another N163.193 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué indicated that from the total distributable revenue of N786.161 billion; the Federal Government received N301.889 billion, the State Governments received N265.875 billion and the Local Government Councils received N195.541 billion.
A total of N22.855 billion was shared to the oil producing tates as 13% derivation revenue.
Gross statutory revenue of N701.787 billion was received for the month of May 2023. This was higher than the sum of N497.463 billion received in the previous month by N204.324 billion.
From the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, the State Governments received N132.731 billion and the Local Government Councils received N102.330 billion. The sum of N22.798 billion was shared to the relevant States as 13% derivation revenue.
This was higher than the N217.743 billion available in the month of April 2023 by N52.454 billion.
The Federal Government received N37.741 billion, the State Governments received N125.804 billion and the Local Government Councils received N88.062 billion from the N251.607 billion distributable Value Added Tax (VAT) revenue.
The N14.370 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.155 billion, the State Governments received N7.185 billion and the Local Government Councils received N5.030 billion.
From the N0.639 billion Exchange Difference revenue, the Federal Government received N0.307 billion, the State Governments received N0.156 billion, the Local Government Councils received N0.119 billion and the sum of N0.057 billion was shared to the relevant States as 13 percent mineral revenue.
Some years ago I lived in a relatively calm part of Lagos Island and I played rugby every Sunday with my younger brother. One evening after the game my brother went to buy bread for my mum, as he walked back to the gate of their house,
Your men rushed at him and threw him into a black Maria truck. He didn't do anything, just that he was young. Apparently there was a raid of young men going on from street to street. How I found him was that he had his phone with him and he called me to tell me. What had happened
He was in tears and his voice was shaking as we spoke. I had to rush from my apartment and started going from street to street asking people if they'd seen the police vans pass-by. My mum too came out of her own house to search for the boy she had asked to help buy bread.
I went to from street to street and then landed at Lion Building after almost 2 hours of searching on foot. That was where I finally found him. Thank God for my church connections as the Priest came too.
By the time we identified him and pulled him from the crowd, he had bruises
He was visibly shaking and I just thank God that we found him that night. I don't know if my mum would have been OK if we hadn't. I know for sure that it left it shaken. By the way, I had an LLM exam to write the next day. Safe to say I flunked that one.
Since then, whenever my brother calls me in the evening or at night I have flashes of that evening. I am terribly scared for him.
@BenHundeyin SARS had to go for reasons such as mine. Police brutality has to stop.
We cannot continue to act like this dysfunction is OK.
I am a Lawyer with almost 10years PQE and I have seen all sorts done by the Police.
Your men can treat people with decency and some respect.
You guys just see young men and women doing well and you immediately assume it is ill-gotten wealth.
You celebrate Majek and Raskimon's
Dreadlocks but when young men carry it you start to find excuses to search their vehicles.
No law and order, just fire brigade approach to your interactions with people.
Yesterday I witnessed 2 Stop and Search on my way to Ladipo in a 60meter distance. Practically 2 speedbumps
Apart. One was asking for car papers and flagging only clean looking cars. The other less than 60metres away was asking every vehicle for lunch money.
How did either attempt to glorify the image of the Police?
@BenHundeyin stop with the inciting tweets. You are laughing at us.
I read and agree with Bill Gates's recent comment on the "japa" syndrome, where, according to reports, he stated that the recent surge of Nigerian professionals leaving the country for greener pastures is good and healthy for our country.
I have always preached and maintained this same position on the "japa wave". For years now, and throughout my campaign in the last Presidential election, especially during my tours from Canada, the USA, Germany, the UK, and other countries,
I maintained that "Our brain drain today will be our brain gain tomorrow." Nigerians leaving the country may look like a loss today, but when we start doing the right things and taking the governance of our nation more seriously
the knowledge and resources from them will be critical in the building of the New Nigeria, as it happened in China, India, Ireland and other developing countries.
Today, India prides itself as one of the countries with the biggest tech talents in the world, having produced some of the world’s top engineers and computer scientists. Many top global tech companies are headed by CEOs of Indian origin.
So India's success in the tech industry can partly be attributed to its ability to harness the knowledge and resources of Indians in the diaspora for their national growth.
Nigeria will grow and develop on all fronts when we build the New Nigeria that prioritises investment in education, health, and support for small businesses, guarantees respect for the rule of law, security of lives and properties, and unity of the nation.
Then our diasporan Nigerians around the world will return home with their global training, skills and resources, to immeasurably contribute to building a New and better Nigeria. We will not give up on our dreams for the New Nigeria. -PO
I had come to Abuja to facilitate a human rights meeting with several NGOs and my accommodation was also booked at the hotel where the meeting would be taking place. 🧵
Soon as I landed, I sent messages to my friends in Abuja confirming that I was around.
As always, whenever I am in Nigeria, my friends would come welcome me at my accommodation, share a drink or two and generally gist. This time was no different.
For now.
One of them promised to stop by on her way home from work, also in the area.
Of the people I texted, she was the first to get to my place. I had checked into the hotel around 6.20pm and she got there around 6.40pm. Barely 15 minutes later, three police officers came to my door.
When the police arrived at my door, they asked to be let inside.
I denied them entrance and told them they had no authority to enter a private space without a warrant or a a clear just cause. Instead, they just pushed me aside and made their way in.
On seeing my friend, they asked her to come with them. We both asked why. The police replied that because my friend was a married woman, she should not have been in the hotel with me. I said this was ridiculous. She was a citizen of Nigeria and had a right to meet with anyone.
The officers insisted that she must come with them and so must I. For ‘questioning’.
I said, NO WAY. ON WHAT GROUNDS
If they wanted to arrest me, I would comply. But I would not voluntarily follow them to answer questions on unclear and unstated allegations.
This argument went back and forth for a while; one officer even started recording it on his phone. Some other police officers were called in as backup (making them about 6 total). A few of my other friends also arrived. Hotel management came in. It was becoming quite the scene.
Eventually, the officers got fed up with my refusal to voluntarily accompany them and then said they were putting me under arrest - still no clear allegation or reason.
My friend and I then followed them out of the hotel where a van was waiting and they took us to the station.
Up to this point, I still had my phone on me. I wasn’t touched or cuffed or assaulted by the officers. Our interaction throughout was verbal only. I was able to use my phone to make calls and alert people about what was unfolding.
But because I was still confused by what was going on - and the officers were not telling me who had sent them, how they discovered my room, or why I had been targeted (and also to forestall the worst) I sent out a series of tweets to alert the wider public.
But the police officers did not appreciate me putting the tweets out. At the station, they asked me to turn off my phone and hand it over. I did.
They asked me to write a statement - still with no context as to the charges - and I declined to do so without my lawyer present.
After a while behind the counter, they called me for an interview with the DPO. I was still quite upset at this disruption of my day - and all this started barely one hour after I had landed in Nigeria and entered Abuja.
I told the DPO everything they did wrong: - the process of arrest before investigation; - using the police to settle what was now seeming to be a marital issue not involving me; - barging into a hotel room without a warrant; and - taking me into custody without a clear charge.
The DPO countered that (as we were in Northern Nigeria under the Penal Code), it was highly suspicious for a married woman to be visiting me and the police were within rights to have intervened and enter my hotel room without all that process.
I then asked her that, well if that’s the case, where’s their evidence that any offence had been committed.
She said she was not obliged to give me any evidence and I should simply state my case and explain myself to her. Lol.
She suggested that I was enticing my friend - against the Penal Code. I lol. My friend and I went back 15 years from Law School. It was normal in my world that people (regardless of sex, gender or marital status) visited me where I reside in Nigeria, and these were always hotels.
I then went into a long rant with the DPO about the need for proper police procedure, the need to respect constitutional rights, and the need to safeguard women’s rights and autonomy.
Eventually, she got fed up with my sermon and asked them to book me and take me to the cells.The issue then appeared to seem that, because I was continuing to be ‘rowdy’ and kept trying to demonstrate a clear understanding of law and police procedure, all the police officers had been offended.
Taking me into custody for the night was presumably to ‘teach me a lesson’.
The rest of the story is about the practical aspects of that lesson in respecting police officers.
By the next day, I realised that 'cooling down' was the way forward if I was still interested in leaving their station and conducting the event that had brought me to Abuja.
As they would not release me without a statement and a surety - I wrote a statement on the advice of my lawyer and a good friend stood surety for me.
I can’t say how this case started or how my room was identified. I still have questions myself. I don’t know whether or not there was a political element. However, I received solidarity visits from folks in both APC and PDP (as well as representatives from the NBA and the NHRC).
The night behind bars was philosophical. Later, I was more amused than angry. The idea of coming to do a human rights event in Nigeria only to end up in a cell was a hilarious and tragic testament to the Nigerian condition.
Btw, I had great cellmates - but that’s another story.
By the time I was released Saturday, I was on good terms with all the duty officers and even with the arresting officers.
My people even advised me to mend fences with the DPO and I went back into her offices to apologise for being an ‘unruly’ activist. Not sure if that worked.
Anyway, if you ask me why I am a feminist ally, it is because of issues like this: that we live in a country where a married woman cannot merely visit a male friend alone without both of them risking arrest and detention under gendered laws and their arbitrary application.
If you ask me why I am a believer in liberal democracy, it is because we cannot have a conservative country where the police are saddled with policing morality rather than protecting citizens from actual crimes. Because under such laws, everyone is a target.
If you ask me why I fight for human rights, it is because human rights are the only safeguard against the misuse of power. Otherwise, laws can be weaponised and become the arbitrary tools of those with some power against those without it.
Although the whole incident is behind me, I still feel there are systemic issues in the policing process that need to be addressed.
Otherwise, the less-privileged Nigerian may not be as fortunate as I have been in standing up for myself and navigating the system.
Grateful again for the show of support online and offline. I have never doubted the power of social media in bringing about social change in Nigeria, and last weekend’s events and the overwhelming solidarity from my online community was another testimony to this. 🙏🏾🙏🏾🙏🏾
On 20/06/2023 at about 1830hrs, the Command Rapid Response Squad (RRS), while on patrol along NTA Road, Ado Ekiti, arrested one Joseph Danjuma with a 25litres jerrycan containing diesel suspected to have been stolen.
During interrogation, the suspect confessed to have stolen the diesel from the government generator plant located along NTA road powering the street lights in Ado metropolis.
The suspect confessed to have been stealing diesel from the generator plant and mentioned one Bankole Idowu who was subsequently arrested as his partner in the crime.
The two(2) suspects will be arraigned accordingly.
Lagos State Government, weekend, unveiled Digital Registration of Commercial Motorcycles (Okada) and Tricycles (Keke), to capture over 80,000 unregistered operators, as well as enhance security, regulation, and improve efficiency for operators and the community.
The initiative is driven by the Lagos State Ministry of Transportation and SiiTech Technologies, an advocate for technological advancements in the transportation sector, in collaboration with Lagos State Parks and Garages, LASPG.
Governor Babajide Sanwo-Olu, in 2020, banned the use of Okada and Keke in selected Local Government and Local Council Development Areas, LCDAs, in the state.
Speaking at the launch of Digital Registration for commercial motorcycles (Okada) and tricycles (Keke) in Lagos State, Permanent Secretary, Lagos State Ministry of Transportation, Engr Abdulhafiz Toriola, said that transportation is important to any economy to work effectively.
Toriola, who was represented by the Director of Operations in the Ministry, Engr. Olasunkanmi Ojowuro, said: “There is a need to regulate those areas where okada and keke have been permitted as means of transportation. Our investigation shows that we have about 80,000 okada operators who have not registered with the licensing authority of the state and that is of serious concern to us, as it poses security and safety issues as well as leakage of fund that is supposed to go to the state.
“What we have done is to employ the services of SiiTech to digitally register all motorcycles and keke used as commuters for the movement of people in those areas where there is no ban. The data they would get would be submitted to the ministry’s department in charge of public transport services. When that is done we would be able to trace those who are operating without a licence, it would be easier for us to take them off the road via technology.”
Politics › My Take On 5% Telecommunications Excise Duty Suspension Approval By Woye by nlfpmod(mod): 5:50pm On Jul 06, 2023
