The Nation Newspaper

Tag: Fed Govt

  • Paradise Papers: Fed Govt to go after tax defaulters

    Paradise Papers: Fed Govt to go after tax defaulters

    THE Federal Government has decided to look into the data from Paradise Papers leaks to fish out tax defaulters.

    Minister of Finance Mrs. Kemi Adeosun broke the news in Abuja yesterday during an interactive session with the media.

    She said the leaks were just the beginning of what is likely to be a systematic unravelling of the offshore tax haven system.

    On the legality of the use of offshore tax shelters, she said: “The Federal Ministry of Finance’s data mining project would use data provided on Nigerians from such leaks to crosscheck tax declarations.”

    Mrs. Adeosun urged Nigerians to cooperate with the Federal Government by paying the right taxes to provide the much-needed funds that will improve the lives of Nigerians.

    The minister maintained that sanctions await defaulters, who refuse the Federal Government’s offer of tax amnesty, including the full payment of outstanding tax liability and criminal prosecution.

    She said businesses, which untruthfully comply, would be liable as whatever was paid on the declared liabilities may be considered as part-payment of the outstanding sum later discovered by the authorities.

    Mrs. Adeosun added that impetuous defaulters who fail to utilise the Voluntary Assets and Income Declaration Scheme (VAIDS) window, would face criminal prosecution by the Federal Government.

    She urged users of offshore tax shelters to promptly embrace VAIDS scheme to regularise their tax status.

    Mrs. Adeosun advised Nigerians to review any existing tax planning schemes.

    She explained that while the use of tax avoidance schemes was legal, tax evasion was not.

    “The critical question to be asked of all Nigerian tax-payers using offshore tax shelters will be whether all applicable taxes have been paid prior to the transfer of funds or assets to a tax shelter.

    “If all taxes had been paid, then there will be no additional liability, except tax payable on further income earned on those funds. However, if taxes had not been paid, then the use of such schemes is illegal,” the minister said.

    Mrs. Adeosun counselled users of offshore shelter structures “to seek professional advice”.

    According to her, “the Federal Ministry of Finance is offering free training to professional advisers on the VAIDS to enable them support their clients.

    “VAIDS ushers is an opportunity to increase the nation’s general tax awareness and compliance. It is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods.

    “In exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers will benefit from forgiveness of overdue interest and penalties, and with further assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations.”

    She noted that with the increasing global focus on illicit financial flows and tax evasion, offshore tax shelters no longer offer protection against tax authorities.

    “Therefore, the continued use of such schemes poses enormous risks for the users,” she said.

    When asked to comment on the implications of the recent leaks by Panana and Paradise Papers, the Minister remarked that “.”

  • Fed Govt saves N24.7b from TSA, others monthly

    Fed Govt saves N24.7b from TSA, others monthly

    President Muhammadu Buhari says Federal Government’s leveraging  Information and Communication Technology (ICT) and the enforcement of Bank Verification Number (BVN) has saved the nation of N24.7 billion monthly.

    Buhari made this known  when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at the International Conference Centre, Abuja, on Tuesday.

    The president also revealed that the implementation of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN) had eliminated ghost workers and reduced waste, thereby saving the nation N20 billion monthly.

    He said that the consolidation of 20,000 accounts had saved the nation N4.7 billion.

    According to him, the TSA policy has also facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “We have done a lot to transform our government, especially in the areas of strategy, policies and digital infrastructure investments.

    “You may recall that on assumption of office, we enforced the policy on Treasury Single Account (TSA). Today, we are all witnesses to the impact it has made on our financial management.

    “We have so far consolidated over 20,000 accounts, resulting into about N4.7 billion monthly savings.

    “In addition, the policy facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “Another initiative leveraging on ICT and making huge impact on the economy is the introduction of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN).

    “Its implementation has helped to eliminate the menace of ghost workers, thereby reducing waste in the system by saving government over N20 billion monthly.

    President Buhari described his presence at the event as a demonstration of his commitment and strong belief in using ICT as a major driver of developmental governance and economic reform plans aimed at bringing about the true CHANGE his administration promised Nigerians.

    According to him, ICT is strategic in driving productivity and efficiency in all sectors of the economy.

    He noted that currently, almost all sectors of the nation’s economy leverage on ICT to increase efficiency, productivity and performance.

    President Buhari commended NITDA’s efforts on fostering the patronage of indigenous IT products and services through continuous engagement with indigenous OEMs, relevant stakeholders and other laudable initiatives.

    He observed that ICT played a pivotal role with agencies of government such as the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS) and the Nigeria Immigration Service (NIS).

    He stated that the affected agencies had leaned on ICT in improving public service delivery in an efficient and transparent manner.

    “So far, 31 reforms have been completed by the council and these reforms are already making noticeable impact on our economic diversification efforts.

    “The Agency’s efforts at enforcing Federal Government’s directive on ensuring that all ICT projects in the country are cleared by it before implementation are highly commendable.

    “These efforts will ensure that government’s ICT procurement is transparent.

    “It is aligned with government’s IT-shared vision and policy, save costs through promotion of shared services, avoid duplication, ensure compatibility of IT systems, thereby improving efficiency across government and enforce the patronage of indigenous companies.’’

    The president expressed the hope that the conference would come up with practical, viable solutions and recommendations to further develop local content in ICT as well as how it could best regulate the deployment and use of ICT systems to foster a digital economy in Nigeria.

    The News Agency of Nigeria (NAN) reports that the president used the opportunity of the conference to express displeasure over refusal of some heads of government’s ministries, agencies and departments to wear the Armed Forces Remembrance Emblem.

  • FG to militants: why you must keep the peace

    FG to militants: why you must keep the peace

    The Federal Government (FG) is considering all options to sustain peace in the Niger Delta. It is appealing to militants to drop their plan to disrupt oil production, report AUGUSTINE EHIKIOYA, MIKE ODIEGWU, BOLAJI OGUNDELE and OSAGIE OTABOR.

    The 16-point demand

    • Relocation of International Oil Companies’ (IOCs’) administrative and operational headquarters to the Niger Delta region
    • Clean-up of Ogoni land and other communities affected by spill.
    • Review of the amnesty programme’s core mandate
    • Implementation of the Brass LNG and fertiliser plant project
    • Prompt takeoff of Maritime University
    • Industrialisation of the Niger Delta region
    • Inclusive participation in oil industry and ownership of oil blocs
    • Fast track of key critical infrastructural projects in the region, including the East-West road
    • Full implementation of the rail project running through Niger Delta states
    • Immediate demilitarisation of the Niger Delta
    • Contracts for the security surveillance and protection of oil and gas infrastructure by communities
    • Restructuring/funding of NDDC
    • Strengthening of the Niger Delta Ministry

    AGITATED Niger Delta militants got attention from various quarters yesterday. They were urged to shelve their planned return to the creeks to cripple operations in the oil and gas sector.

    They were told that the promised development of the region can only take please in an atmosphere of peace.

    An agreement between the Federal Government and leaders of the region under the auspices of the Pan Niger Delta Development Forum (PANDEF) returned peace to the restive oil bearing region in November, last year.

    The PANDEF gave the Federal Government a 16-point demand as condition for sustainable peace. Prior to the ceasefire, oil production was at its lowest of 800 barrels per day. It has risen to 2.2 million barrels per day, a development that has helped to boost national revenue toward getting the economy out of recession.

    It was believed that the perceived delay in the implementation of the 16-point agenda by the Federal Government forced the militants to serve a notice of fresh hostilities.

    But the Federal Government, the Presidential Amnesty Office and the PANDEF, chaired by a former Federal Commissioner for Information, Chief Edwin Clark, moved yesterday to avert another round of crises.

    The move came on a day the Nigerian Navy warned that the creeks of Niger Delta will no longer be a safe haven for criminals.

     

    The government’s stand

    Appealing to the militants to give it more time to address the issues in the region, the Federal Government through its Niger Delta Affairs Minister Usani Uguru Usani, renewed President Muhammadu Buhari’s resolve to develop the region.

    He spoke with reporters after meeting with the President at the State House in Abuja.

    Responding to a question on the fresh threats by militants, the minister said: “Well, we haven’t discussed the Avengers per se. But it is of essence as the President has always shown indication that whatever we need to and can do to sustain peace in the region, we would continue to do.

    “And, of course, the benefit of that, you are aware that the Vice President (Prof Yemi Osinbajo) has been chairing the committee that handles the issues they are raising. While that goes on operationally under the vice president’s position in the committee, the President needs to be briefed on our efforts, though we know that the vice president is briefing him from time to time. But per se, the Niger Delta Avengers’ issues were not discussed.

    “On a general note, it is understood that we have to be engaged to be able to sustain the peace that prevailed for a while. We have been appealing to them to just be patient with us, because, most of the time, the issues that are brought up are those that tend to portray the quest for development of the region.

    “And that is all we have been telling to be patient with us; that these issues raised genuinely to the benefits of people of the region, are being attended to. For instance, you are aware that the vice president has directed the takeoff of the Maritime University in Okerenkoko, Delta State.

    “He also directed that a minimum of N5 billion be budgeted as a takeoff grant. So, it’s a matter of patience, knowing that some of these things have a procedure. It will not be because it did not happen the way they wanted, so it will not happen. Everything has a phase of planning and a phase of execution.”

    Usani expressed gladness that all the parties, including the government, militants, elders’ forum and other stakeholders have listened to one another in the past few months.

    “We wish that this continues. So, we advise all to remain calm. The things that we agitated for are coming little by little”, he said.

    On some claims by militants that the government has not kept its promises, the minister said: “The allegation that all the promises made have not been implemented is incorrect. I just talked about the university. The other issue is the communities being part of surveillance of the petroleum infrastructure in the region.

    “Of course, you know that by the modular refineries which they also talked about how they can be engaged, instead of what is called illegal refineries, they are also on.  The process of building a refinery or even getting the necessary procedures to establish such is not just a one-day business.

    “Advertisements have been made, people have indicated interests and of course, to make it sustainable, the Federal government is involving the states, but it is private sector-driven. This is to ensure that all concerned are on a common page and be sure that whenever it takes off, there will be no frustration or sabotage.

    “Then your second question of meeting with the Avengers… for us as a government, there hasn’t been any group from the region that intended to meet with any arm of government that has been rebuffed. So, if any people make such overtures, we are happy to receive them. We have been receiving different groups.  We are not limiting our dialogue or discussions to any particular group. So, anybody that says he is relevant in the process and comes forth, we will engage them.”

    Speaking on the East-West Road, Usani said: “That is the unfortunate circumstance of our situation.

    “Yes! It’s true that I met with the contractors and appealed to them to go back to site. We have also been very conscientious in releasing funds as they are cashed-backed to enable them to continue work. Nonetheless, we are thinking of alternatives of completing that projects amidst the many issues that tend to be the undercurrent that are drawing back the execution. And such issues are technical and we tackling them. In due course, you will know the outcomes.”

    Giving further insight into his mission at the Presidential Villa, the minister explained: “For a while, he (President) has not been around and there are things he needed to know from me. So, I had to brief him on issues pertaining to the ministry; the on-going projects and other anthropocentric issues that have to do with the general matters concerning the Niger Delta region, especially, as they throw up concerns bothering on who is right to speak for and who is not right to speak for; and then issues of the NDDC. All these dominated my discussion with the President today (yesterday).”

     

    Amnesty Office

    preaches peace

    The Office of the Presidential Amnesty Programme (PAP) has urged members of the the Niger Delta Avengers (NDA) to maintain the existing peace in the region.

    Its Coordinator Gen. Paul Boroh said the planned resumption of hostilities would be devastating to the nation’s economy.

    Gen. Boroh, who doubles as Special Adviser to the President on Niger Delta Matters, said the appeal by Chief Clark, an Ijaw leader and PANDEF chieftain, to the NDA to maintain peace was in the interest of the region.

    According to him, the elder statesman’s appeal followed a crucial meeting with government delegation, reminding NDA members that violence sometimes may have cleared away obstructions quickly, but it never had proved to be creative.

    The PAP coordinator urged the avengers to be desirous of a peaceful society; adding that peace remained paramount for national development.

    He said: “If we desire a society without discrimination, then we must not discriminate against anyone in the process of building this society.

    “If we desire a society that is democratic, then democracy must become a means as well as an end. So let’s all give peace a chance to enable us enjoy democracy.”

    The presidential aide said that peace could only be achieved by understanding and not by force.

    He said: “Peace comes from being able to contribute the best we could to create a region that supports everyone. But it is also securing the space for others to contribute and that’s what President Buhari’s administration is doing.

    “The new vision for the Niger Delta will provide mass job opportunities for the youths and help fasten the development of the region.”

    He, however, advised the group to make a difference and forget about the planned hostilities that would devastate the nation’s economy.

    Appealing to the group to adopt dialogue instead of violence, Boroh lauded NDA for the ceasefire five months ago and stressed the need sustain it no matter the grievances.

    He urged the group not to blow up pipelines and oil installations in the region; adding that it would be an economic sabotage against the nation.

    The militant group, which halted attacks on oil installations, last year, following various appeals from the Niger Delta leaders, has renounced the ceasefire.

    In a statement by its self-styled Maj.-Gen. Murdoch Agbinibo spokesman, the group disowned the PANDEF, whose members have acted as intermediaries between it and the government.

     

    Concern over Boroh’s

    parley with with Clark

    Some youths, under the Ijaw Youths Council (IYC) Worldwide, faulted the parley between the Federal Government and the PANDEF chair. They insist on the implementation of the 16-point agenda and not dialogue

    Faulting the outcome of the parley between Brig.-Gen. Boroh and Clark, the youth’s council described as unacceptable a statement issued by the amnesty office after the November 5 meeting suggesting that the government would immediately start fresh dialogue with the Niger Delta people.

    The Eric Omare-led IYC said in a statement that the region was no longer interested in “endless dialogue but could only accept implementation of promises made so far by the Federal Government.”

    According to Omare, the government needed no further dialogue to release funds for the take-off of the Maritime University and to clean-up Ogoni and other parts of the Niger Delta region massively polluted by oil exploration

    He said the government needed no consultations to fulfill its promise of relocating headquarters of multinational oil companies to the Niger Delta region and to complete the East-West road and other key developmental projects

    The IYC He asked the government to give a stake to Niger Delta people in the oil and gas industry and restructure Nigeria along the line of federalism to guarantee resource control

    The statement reads: “The demands of the Niger Delta people are well-documented and do not require further dialogue.

    “The IYC is of the strong view that the only issue that requires dialogue with government is that of restructuring of the country and the issue of restructuring is not peculiar to the Niger Delta region, but affects the whole of Nigeria

    “We vehemently oppose endless dialogue with Niger Delta people, which are tactics by the Federal Government to divert attention from the issues that needs to be addressed.

    “What the Niger Delta people want is the implementation of previous promises made by government and not further dialogue to divert attention and deceive Niger Deltans.

    “We strongly advise Niger Delta leaders not to be deceived by the antics of federal government to dialogue without implementation of promises. What we need now is action and not talks.”

     

    ‘Exclusion’ of Edo in

    PANDEF worrisome

    The Benin Solidarity Movement (BSM) has accused the PANDEF of sidelining Edo State in its activities.  It alleged that the forum has been using strange names as representatives of the state.

    The group said it was mischievous of PANDEF leaders to deal with unknown personalities as representatives of the group from Edo State.

    BSM President Curtis Ugbo who stated this in a press statement said Edo, as an oil producing state, deserved a strong voice in PANDEF.

    Ugbo appealed to elders and leaders of the state to call for a meeting where representatives of the state could be selected into the body.

    The statement reads: “Edo State deserves to have a strong voice in the PANDEF and that is why our leaders need to meet and decide who our representatives are.

    “As it is today, PANDEF is the mouth of the people of the Niger Delta so it is not an organisation in which Edo State will have representatives who are not even known to the people.

    “The leadership of the group should consult with leaders across the Niger Delta states so that they will have their representatives in PANDEF.

    “As a group that is concerned about the progress of our state and the Niger Delta region, we are calling for a leadership meeting so that we can have true representatives in the PANDEF.”

     

  • Fed Govt, investors disagree on naira’s future

    Fed Govt, investors disagree on naira’s future

    The Federal Government and foreign investors have disagreed on the future of the naira.

    Government officials are of the view that the local currency has stabilised against foreign currencies, but some foreign investors  think otherwise.

    Portfolio inflows have risen in the past three months with crude prices rising above $60 (it was $62 yesterday) a barrel and money managers taking heart from a new foreign-exchange trading window in which the naira has converged with the black-market rate.

    That development prompted Central Bank of Nigeria (CBN) Governor Godwin Emefiele and Debt Management Office (DMO) Director-General Mrs. Patience Oniha, informing investors in London that the currency was set to strengthen.

    Finance Minister Mrs. Kemi Adeosun also joined the fray, saying the government saw no significant exchange-rate risk as it prepares to raise $5.5 billion from Eurobonds.

    However, a Bloomberg report said Nigeria’s system of capital controls, multiple exchange rates and the the Nafex trading window would struggle to survive a drop in oil revenue, or sentiment turning against emerging markets, according to investors, including Ashmore Group Plc and Standard Life Aberdeen Plc.

    “At the moment, it’s easy for them to manage the current system and muddle through,” said Brett Rowley, a Managing Director at TCW Group Inc. in Los Angeles, which oversees $200 billion, which recently started buying naira debt after pulling out during the 2014 oil crash.

    “That could change if we got a significant drop in crude production or prices. It’s not clear how Nigerian officials would react. That would be a key test to reassure investors they can get their money out even in times of stress.”

    Yield-starved global investors have piled billions of dollars back into the country in the second half of this year, attracted by the naira’s devaluation after the Nafex window opened in April and yields on one-year Treasury bills of above 21 percent for most of the year.

  • Fed Govt gets wake-up call on 600 death row Nigerians in Asia

    Fed Govt gets wake-up call on 600 death row Nigerians in Asia

    The Legal Assistance and Defence Projec (LEDAP) has berated the Federal Government for not showing  interest in the plight of over 600 Nigerians on death row in foreign countries.

    The National Coordinator of LEDAP, Mr. Chino Obiagwu, expressed this concern  during a media chat in Lagos on the occasion of the World Day Against the Use of the Death Penalty.

    The theme of this year’s World Day Against the Use of the Death Penalty is “Poverty and the Death penalty”.

    Obiagwu said while there is a growing concern by rights activists over the rising number of Nigerians who are awaiting execution in South-East Asian countries for various offences,  the Nigerian government hasn’t paid any attention to their plight.

    He pointed out that the number of Nigerians, who are facing the death penalty in foreign countries, most of which are for drugs-related offences was startling.

    According to him, “South-East Asia alone, has over 600 Nigerians who have been condemned to death, and are awaiting execution in various prisons”.

    He said: “Why this is a worrisome development that  deserves the attention of the Federal Government of Nigeria,   most of the convicts never had the benefit of proper legal representation.They were therefore, subjected to summary trials and convicted and sentenced to death, without being given the benefit of legal counsel”.

    The National Coordinator of  LEDAP contended that  abolition of death penalty in law and practice, should be the desire of the government, “as death penalty is cruel and inhumane treatment, and has no place in modern society”.

    He lamented that the application of the death penalty is discriminatory in the country as it has become a punishment exclusive to the poor in society.

    LEDAP contended that the reason for the discriminatory outlook, is due to the fact that the rich have the resources to settle the police or afford the best lawyers, who ensure that they are not convicted.

    He remarked that because of the firm belief of the group on abolition of death penalty, LEDAP has continually fought legal battles with the federal and state governments, on the need to ensure that fundamental rights of citizens are safe-guarded and the death penalty is abolished.

    He said within the last two years, the group has secured acquittal for 18 death row inmates in different prisons in the country on appeal, a development which he said lend credence to the unreliability of the criminal justice delivery system, on capital offences.

    The group urged state governors not to sign any death warrants, as it constitutes state murder.

    “With the high number of criminal convictions overturned on appeal, continued execution is risky, as innocent people may be wrongfully killed.

    “LEDAP strongly believes that in its practical application, the death penalty is discriminatory, as there is hardly any rich or influential person in society, who is sentenced to death”, he added.

     

     

     

  • AGF to court: Fed Govt has no record of how states spent N388b Paris Club refund

    AGF to court: Fed Govt has no record of how states spent N388b Paris Club refund

    Accountant-General of the Federation (AGF) Ahmed Idris has told a Federal High Court in Lagos that the Federal Government has no record of spending of N388.304 billion London Paris Club Loan refund by 35 states.

    Idris stated this before Justice Muslim Hassan on Friday while responding to the suit filed by Socio-Economic Rights and Accountability Project (SERAP) against the Federal Government.

    Justice Hassan had in June ruled that SERAP could proceed with the legal challenge to unravel how the 35 states spent the Paris Club loan refund. The court had also granted leave to the organisation that it was important for the authorities “to come and tell us how they spent our money”.

    SERAP is seeking “an order of mandamus directing and/or compelling the government to publish details of spending of N388.304 billion London Paris Club Loan refunds allegedly diverted and mismanaged by 35 states”.

    Although the money was to be used by the states to pay overdue pensioners’ entitlements and workers’ salaries, Idris, in his defence, told the court that the spending “is protected by professional privilege, and therefore confidential”.

    The AGF said: “The relationship between the Accountant-General and the 35 states is professional and confidential. It is a fiduciary one akin to that between a bank and its customer and allied professionals. On that score, record of the spending of N388.304 billion London Paris Club Loan refund by the 35 states is exempted from publication, assuming the Federal Government has the information sought by SERAP.

    “The Accountant General does not have custody or possession of the information or record relating to the spending of N388.304 billion London Paris Club Loan refund by 35 states, which the government gave them. The Accountant General did not release the funds to the states.”

    He, therefore, urged the court to decline the request of the organisation for an order of mandamus.

    But SERAP argued that due to non-payment of overdue pensions and salaries of workers by the states, citizens have continued to languish in untold hardship and poverty.

    The organisation contended that there was a compelling public interest in knowing how exactly the Paris Club loan refund were spent by the 35 states.

    It noted that there was also no professional relationship or privilege between the Accountant General and the 35 states as to warrant any duty of confidentiality on the part of the Accountant General.

    According to SERAP, “There must be transparency and accountability in the spending of the refunds, in line with the principle of Open Government Partnership (OGP) to which Nigeria is a signatory. In addition, section 15(5) of the Constitution of Nigeria 1999 (as amended) provides that the state shall abolish corrupt practices and abuse of power. Citizens must be able to access the performance of government, and this depends on access to record about spending of the refund by the 35 states.

    “Assuming without conceding that the Accountant General does not have record of spending of N388.304 billion London Paris Club Loan refund by the 35 states, nothing stops the Accountant General from working with other agencies/ministries to release information on the spending, especially being the Chief Accounting Officer of the Federation, and constitutionally charged with the overall responsibility of keeping and managing all the receipts and payments of the Federal Government.

    “The Accountant General cannot, therefore, say he is unaware of the spending of the refunds by the states. Otherwise, this would mean that the Accountant General is lacking in his duty as Chief Accounting Officer of the Federation.”

    The Federal Government released N388.304 billion of the N522.74 billion to 35 states as refund of over-deductions on London-Paris Club loans.

  • Buhari’s economic decisions long-lasting, says Fed Govt

    Buhari’s economic decisions long-lasting, says Fed Govt

    •We’re providing conducive environment for business

    •Getting out of recession ‘not a fluke’

    President Muhammadu Buhari is not adopting a quick fix approach to the economy, but initiating long-lasting policies, the Federal government has said.

    Minister of Information and Culture Alhaji Lai Mohammed told reporters in Lagos at the weekend that the results of the economic policies of the government would soon begin to germinate in full measure.

    The minister said: “This administration’s contract with Nigerians sits on a tripod— The fight against corruption, tackling insecurity and reviving the economy— even our worst critics acknowledge the progress we have made in fighting corruption and tackling insecurity.

    “But one area in which they have consistently criticised us is the economy. Right from the inception of this Administration, we chose the path of seeking a lasting solution to the economic crisis plaguing the nation instead of engaging in a quick fix that may attract accolades but will not endure.

    “We chose to be painstaking instead of engaging in palliatives.”

    The minister added that the “well-thought-out policy, encapsulated in the Administration’s Economic Recovery and Growth Plan (ERGP) is working and the results are beginning to show. In September we exited recession and returned to the path of growth, after five consecutive quarters of contraction. Taking Nigeria out of recession did not happen by accident. It was the culmination of months of hard work by the Administration and fidelity to its well-articulated economic policies.

    “To show that taking Nigeria out of recession was not a fluke, less than two months after, the country has moved up 24 places, to 145th, in the World Bank’s ‘Doing Business’ report. Not only that, for the first time the country is recognised as one of the top 10 most-improved economies in the world.”

    Secretary of Presidential Enabling Business Environment Council (PEBEC) Dr. Jumoke Oduwole said the Federal Government would build on the achievements recorded, especially the enhancement of a conducive environment for business operations.

    She said the conducive atmosphere include guaranteed access to credit for Small Scale Businesses (SMEs), construction permits, ease of business registration, ease of tax payment, and promotion of transparency and efficiency in the business environment.

    She said The PEBEC chaired by Vice President Yemi Osinbajo took a significant step towards making it easier for micro, small and medium enterprises to business by approving a 60-day National Action Plan on the ease of doing business for ministries, departments and agencies responsible for their implementation.

    The minister said the measure was taken because micro, small and medium scale businesses account for half of the nation’s Gross Domestic Product (DGP), adding that they also employ over 80 per cent of the labour force.

    Mohammed added: “We look up to these enterprises to provide endless possibilities for economic growth. If the MSMEs blossom, Nigeria’s economy will thrive. We even surpassed our target. We had hoped to move up to 20 places. We beat that by four more to move up to 24 places.”

    To boost taxation, the minister said the administration launched the “Nigerian Voluntary Asset and Income Declaration Scheme (VAIDS) to provide time-bound opportunity for tax payers to regularize their tax status and pay tax regularly.

    He said if tax payers honestly declare previously undisclosed assets and income, they will benefit from forgiveness of overdue interest and penalties, and be insulated from criminal prosecution for tax offences.

    Mohammed added: “As of 31st Oct. 2017, VAIDS has raked in over N200 million and 55 million US dollars. For eight consecutive months, headline inflation has been falling; the foreign exchange reserves are up to $34 billion, from $24 billion a year ago; oil production is at nearly 2 million barrels per day, a significant improvement from 2016 when it was mostly below a million; the value of the Naira in the parallel market has appreciated significantly in recent times against the US dollar, and that at about 1.8 billion dollars, the capital inflows in the second quarter of 2017 were almost double the $908 million in the first quarter.”

    The minister said Nigerians will savour a new lease of life, owing to the on-going massive infrastructural development, especially roads, railways and power, adding that food prices tumble and more jobs will be created.

    Hailing Nigerians for their patience and belief in the Buhari administration, Mohammed said: “Reviving the economy was never going to be an easy task. It was bound to bring some hardship to our people in the short term. Through it all, the good people of Nigeria have borne the pains with equanimity, based on their unshakable trust in the sincerity, capability and commitment of President Buhari. Now, the soothing balm is here.”

    Oduwole reviewed the performance of the economy, based on the World Bank’s reforms in the critical areas of starting a business, dealing with construction permits, registering property, getting credit and paying taxes, stressing that Nigeria was on course.

    She said: “In the area of company registration, the Corporate Affairs Commission has moved to offer online registration and introduced new features such as electronic stamping of registration documents. Thus, entrepreneurs have been able to register their businesses much faster, within 24-48 hours, thereby saving cost and time

    “Getting construction permits and registering property in both Lagos and Kano States have become more transparent and easier for businesses with the online publication of all relevant regulations, fee schedules and pre-application requirements online.

  • Fed Govt’s untidy insurance cover threatens workers, families

    Some families of Federal Government’s workers, who died serving the country, may not be compensated due to the untidy Group Life Insurance Policy (GLIP) cover for workers, it was learnt at the weekend.

    It was gathered that those who sustained injuries in the course of serving the nation, may also not receive compensation, or get good treatment for their injuries.

    According to Brokers under the auspices of the Nigerian Council of Registered Insurance Brokers (NCRIB), only 62 per cent of premium required by insurers from the Federal Government have been paid.

    The cover for the 62 per cent premium, which legally speaking commenced in December 2016, will end in two months, December, 2017.

    Industry analysts say insurance cover under the GLIP has been messy as a result of the disorderly premium payments by the government.

    The no Premium, no cover policy enforced in the insurance industry, however, disallowed insurers from paying benefits or claims when loss of life or injuries occur.

    Commenting on the development, NCRIB President, Sola Tinubu said: “What has happened in the year 2016 is that early this year about 42 per cent of the premium given to us was paid and about 60 days ago another 20 per cent was paid. “So, as at November 1 this year, about 62 per cent of the premium has been paid. It is worthy of note that the policy, which the 62 per cent was paid for, was supposed to have expired in August 2017 because the policy was constituted in August 2016. “But premium did not come until December 2016; meanwhile, underwriters are insisting that the policy started in December last year due to the ‘no premium, no cover’ directive by the regulator.

    “So, legally speaking and effectively, the policy is still in force, but about 40 per cent of the premium is yet to be paid and the policy will expire in December this year.”

    On the fate of employees, who are not covered as a result of the haphazard premium payment, Tinubu said it is the duty of an employer who failed to insure  workers to design how to provide compensation for them and not the concern of the industry.

  • Fed Govt mulls tariffs review for IOCs, others

    The Federal Government is planning a downward review of the tariffs International Oil Companies (IOCs) and other investors operating in the oil and gas zones pay to its coffers.

    The idea is to ensure that oil majors such as Exxonmobil, Shell, Adax, Nigerian Agip Oil Company (NOAC), Total, Chevron and their local counterparts, get some respite and further operate well.

    It was gathered that the plan to review the tariffs paid by the local and foreign investors in the zones, have reached an advanced  stage and may come to an end as soon as other stakeholders provide their inputs on the issue.

    A source, who does not want to be mentioned, said the review would be holistic because it would mark a clear departure from the past, where some investors were involved in the process of providing the tariffs for the zones, while many were left out.

    The source said investors would pay less in importing oil and gas machineries/ equipment when the exercise is completed.

    Oil and Gas Free Trade Zones (OGFTA)’s Managing Director, Dr Umana Okon Umana, gave credence to this assertion when he said multinational oil companies, the OGFA, National Petroleum Investments Management Services (NAPIMS) and other licencees are going back to the drawing board, with a view to provide a new tariffs structure that would take care of operators’ interest in the zones.

    Umana, who spoke during interaction with investors in Onne,  Port Harcourt, Rivers State, said the need to cushion the effects of the harsh economy on the investors and further make them improve their productivity, informed the decision to reduce the tariffs.

    He said the plans to review the tariffs downward followed protests by some licensees on the issue, adding that the licensees have kicked against the implementation of the current tariffs regime in the Industry, known as Wide Standard Tariffs (IWST).

    However, efforts to speak to the Head, Legal Department OGFTA, Mr Wasiu Sule, whose department is charged with the responsibility of handling the exercise proved abortive as text message sent to him was not replied.

  • Ayade: world, Fed Govt paying lip service to Southern Cameroon crisis

    Ayade: world, Fed Govt paying lip service to Southern Cameroon crisis

    Cross River State Governor Ben Ayade has expressed worries about the crisis in Cameroon, which led to the refugees fleeing to Nigeria.

    He told Federal Commissioner of the Refugee Commission Mrs. Sadiya Umar-Farouq and Country Representative to Nigeria and ECOWAS High Commission for Refugees Antonio Canhandula  that he was speaking as a human being and not as a governor.

    He maintained that “in the video clips going round the world today, I think humanity is being debased and I think United Nations must sit up because what you are doing is medicine after death and is lip service”.

    Flaying what he described as reactionary on the part of the Federal Government and the UN, Ayade said: “You cannot watch the dislocation of family structures, kids being separated from their parents, husbands separated from their wives and all you do is to rush with food to their corridors and create squatters and camp for them and you think that is United Nations? You have failed. What is united about that? There is nothing united, if we are indeed a United Nations, the issue on Cameroon should be at the forefront of UN today.”

    Insisting that he was yet to see any serious issue being made out of the crisis on either Cable News Network (CNN) or British Broadcasting Corporation (BBC), the governor said: “Any form of relocation of a people, no matter how temporary is a failure of the world to address the issues that border on humanity and I think UN must take this message very clearly that it has gotten too involved in the politics of redistribution of wealth and has forgotten its essence which was peace, unity and love.”