₦airaland Forum

Edygrin:
No FAAC allocation then no drilling of crude oil in Rivers State.

The President Bola Tinubu-led Nigerian government has halted the October monthly Federation Account Allocation Committee (FAAC) revenue payment to Rivers State, citing a court order as the reason.

The development comes amid an ongoing dispute between Rivers State Governor Simi Fubara and the Minister of Federal Capital Territory (FCT), Abuja, Nyesom Wike.

According to Bawa Mokwa, Spokesperson for the Office of the Accountant General of the Federation, the decision to stop the payment is in respect of the court order, which bars the Central Bank of Nigeria (CBN) and the Nigerian government from disbursing monthly allocations to the Rivers State government.

The court order was obtained by the factional Rivers State Assembly, led by Martin Amaewhule, who had filed an originating summons against the Rivers State Executive, under the leadership of Simi Fubara.

The Amaewhule faction had alleged that the Rivers State Executive was yet to comply with the order of a Federal High Court directing it to re-present the 2024 appropriation bill to the faction of the Rivers State House of Assembly.

Mokwa, who spoke on Friday, emphasised that the Office of the Accountant General of the Federation (OAGF) would respect the court order, following due diligence until a contrary order is issued.

The FAAC typically disburses revenue to the three tiers of government, including states, local governments, and the federal government.

He said, “What I got is that the October 2024 FAAC has not been distributed yet. However, the Federal Government will obey the court order on the matter of Rivers State allocation.

“We are going to follow due diligence as long as there is no contrary order. In case there is a contrary, the status will remain.”

He added, “The process of disbursement of the October 2024 monthly allocation is going.”

adenigga:
Keep quiet.......

kettykin:
Huge lies. We have a Yoruba that owns a business school in Onitsha. These lies are disgusting and outdated. If you have your money, I can get you land in Independence layout enugu

Kukutente23:
God bless IMF too

They are rat that bites and blows at the same time

Where would we be without them

thesicilian:
You say that because you don't know that IMF is using the whole Nigeria to play table tennis

Philip Agbese, deputy spokesman for the house of representatives, says the green chamber is determined to pass the tax reform bills proposed by President Bola Tinubu with minor amendments.

Speaking to journalists on Monday in Abuja, Agbese said the lawmakers view the four executive bills as catalysts for economic growth.
Tinubu urged the national assembly to consider and pass four tax reform bills.

The proposed legislations, which has sparked significant debate in the country, includes the Nigeria tax bill, the tax administration bill, and the joint revenue board establishment bill.

Tinubu also seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.

On October 28, the Northern States Governors Forum (NSGF) opposed the proposed bills, arguing that the legislations would harm the region’s interests.
The governors emphasised the need for equitable and fair implementation of national policies and programmes to prevent marginalisation of any geopolitical zone.

In response on October 31, the presidency assured the northern governors that the proposed tax laws would not increase the number of taxes.
Speaking on the issue, Agbese said some governors have threatened to deny lawmakers return tickets for the 2027 elections if they continue to support the bills.

He said no one can prevent representatives from backing initiatives aimed at reviving the country’s economy.
“The difference between the new crops of politicians in the house of representatives is that we are intellectually sound, progressively-minded, and pro-Nigeria,” he said.

“We are united across party lines to make sure the country works. This is the disposition of Speaker Tajudeen Abass.
“We were not elected by the governors but our constituents, and as far as the bills will work for those that elected us, we will support it unequivocally, wholeheartedly, and powerfully to ensure that they see the light of the day.”

Agbese said he expects the house of representatives to pass the bills with minor adjustments to refine them with a touch of patriotism and intellectualism.

On November 1, the president said the tax reform bills would
not be withdrawn from the national assembly, as recommended by the national economic council (NEC).

On November 17, Rabiu Kwankwaso, former governor of Kano, asked the national assembly to reject any attempts to “cheat” the north with the proposed tax reform bills.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, on Monday, said the proposed tax reform bills before the National Assembly are not aimed to undermine any region of the country.

Mr Oyedele, who disclosed this in Abuja, during an interactive session on the proposed Nigeria Tax Bill, 2024, organised by the House of Representatives, lamented the country’s present socioeconomic realities, which showed 33.88% high inflation and unemployment; over 95 million people living in monetary poverty, while 133 million people experience multidimensional poverty.


He explained that the present administration seeks to “do away with nuisance taxes with very low revenue yield, high cost of collection and ultimate burden on the poor and small businesses; focus on high revenue-yielding taxes that are broad-based and relatively easy to collect; Merge taxes and levies that are imposed on the same or substantially similar tax base; keep the total number of taxes across all levels of government to a single digit, as well as Institutionalise the tax harmonisation reform to ensure sustainability.”

In his presentation, Mr Oyedele, who maintained that, “There is no negative thinking about any region or anything,” disclosed that the administration proposed zero percent VAT on food, education, and healthcare. Exempt rent, transport, etc; increase rate on non-essential items to partly offset reduction on essential items, as well as discontinue with other consumption taxes and charge only VAT where applicable, while all businesses will be able to recover VAT on their assets and services thereby lowering their overall costs and reducing inflation.

He argued that the proposed reform would only ensure efficiency and give more revenue to states where goods and services are consumed, while over 97 percent of SMEs will be exempted from charging VAT on their sales.

Mr Oyedele explained that currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 percent to the Federal Government, 50 percent to the states and FCT, and 35 percent to local governments.

While stressing the urgent need to address multiple taxation and budgetary reforms, accountability and transparency, he averred that citizens’ participation is critical, and reforms must be people-centred.

In his keynote address, Speaker of the House Honourable Tajudeen Abbas said the reform bills will be diligently scrutinised in the best interest of Nigerians.


Abbas, who argued the House is yet to take a definitive position on the bills, explained that the House owes Nigerians a duty to ensure that the outcome of the proposals is in the national interest.

The speaker said the four bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development.

He explained that the interactive session was organised to provide members with a comprehensive understanding of the bills and deepen their appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus.

He said the interaction will help identify areas that need amendment, clarification, or improvement as well as consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws.

The speaker said tax reforms form part of the provisions of the House Legislative Agenda because of their central role in achieving sustainable economic growth and development.

He stressed that in every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.

Abbas lamented that despite being Africa’s largest economy, Nigeria still struggles with a tax-to-GDP ratio of just six percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development.

This is a challenge, he said, that must be addressed if the country is to reduce its reliance on debt financing, ensure fiscal stability, and secure our future as a nation.

He explained that the bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation.

He said as representatives of the people, they must approach these reforms thoughtfully, understanding their potential implications for every segment of society.

He said taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.

He said further that pre-legislative scrutiny is a well-established practice in many parliaments worldwide as it allows lawmakers to thoroughly review proposed legislation, address ambiguities, and ensure alignment with constitutional provisions before formal consideration.

He noted that the controversies surrounding these bills in the media, civil society, and among governance stakeholders are a reflection of their importance.

Such debates, he said, are healthy and necessary in a democracy.

He commended the Presidential Committee on Tax Reforms and Federal Inland Revenue for their work in presenting these proposals and asked members to approach this session with an open but critical mind.

Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said the agency was awaiting the outcome of the bills.

He said the responsibility of the FIRS was to implement policies and laws passed by the National Assembly.

Islie:
https://fij.ng/article/tinubu-sa-contradicts-presidency-confuses-gcon-with-con-award/

Nlf.pmod