Connect with us

News

ASUU Urges FG To Stop Tax Waivers, as Reps Summon First Bank, Others over Non Remittances of Education Tax

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad
 
 
By Gloria Ikibah 
 
 
 
This President Academic Staff Union of Universities (ASUU), Professor Victor Osodeke has called on the federal government to immediately stop tax waivers meant to fund tertiary institutions in the country.
 
 
Prof. Osodeke who said this during a public hearing on Monitoring of Collection, utilization and other associated services relating to Education Tax from 2011 – 2022, organised by the House of Representatives Committee on Tertiary Education Trust Fund (TETFund), on Tuesday, blamed the poor funding of tertiary institutions and incessant industrial actions to waivers granted to banks and other private institutions.
 
 
Chairman of the Committee, Rep. Miriam Odinaka Onuoha also directed First Bank of Nigeria and other Banks to appear before it alongside its Tax Consultant to reconcile the Education Tax Computation not remitted to TETFund by the banks between 2011 and 2022.

 

 
 
Rep. Onuoha who gave the directive when some commercial banks appeared before the committee to defend their non-remittance of Education Taxes over the years, said there were disparities between the figures that was in the Bank’s Financial Statements as Provisions for that purpose and what the Bank actually remitted to the Federal Inland Revenue Service (FIRS).
 
 
Upon their admittances of such discrepancies, without any substantial explanation, the Committee therefore summoned the Banks to come along with details of their Tax computations, External Auditors and Tax Consultant along with proofs of remittances by 20th June, 2024. 
 
 
‘The Banks disregarded their own Financial Statement liabilities on Education Tax and made  under remittances’.
 
This followed a motion by Rep. Oluwole Oke who prayed that the banks appeared before the committee with the tax consultants with details of that tax computation on a yearly basis.
 
 
The Chairman said out of the 15 banks invited, about seven were supposed to appear before the committee on Tuesday, while only three of them showed up with three other writing to seek a new date to appear.
 
 
Full list of Banks summoned to appear on the 20th June with the aforementioned documents and persons include, Zenith Bank, Access Bank,  First Bank, United Bank for Africa ( UBA), Sterling Bank, Keystone Bank, FBN Quest Merchant Bank, First Bank, Guarantee Trust Bank, Stanbic Bank , Wema Bank, Eco Bank, Fidelity Bank, Jaiz Bank and Unity Bank. 
 
 
Deputy Chairman of the Committee, Rep. Bappa Aliyu Misau had observed that First Bank under remitted its education tax deductions to TETFund, an action which he said was punishable under the law.
 
 
Misau said: “unfortunately, you do not have the year-by-year breakdown but  the available records you submitted in 2011 was N603,801. Then, in 2012, you are owing N301,263,135, in 2013, you have a credit balance of N102,713,615. 
 
 
“Again, in 2014, you had a credit of N2.933, 659, then if you go to 2015, you have N25 million as outstanding, in 2017, N169, 852,600 outstanding, in 2018 you have N98 million outstanding, in 2012, you paid N7.877,451 then in 2020 N148 million credit, in 2021, N269,618,626.6 debit. 
 
 
“Therefore, in 2022, you had N3.748,984, 654.64. Then you add it up, you sum the credit and the debit, you ended up with N3.749,353,260 outstanding. You know there is penalty for Non-Remittance”.
 
 
An Executive Director with First Bank, Bashir Yusuf who represented the bank at the meeting told the lawmakers that between 2011 and 2022, the Bank posted a Profit Before Tax (PBT) of N795,123 billion. 
 
 
When asked to take the figure year by year, the FBN Executive Director said, it was a summary of the presentation, he said, “unfortunately Madam Chair what I have is the summary of the presentation. 
 
 
 
“I crave the indulgence of the committee to take what we shared with the Committee. I prepared the summary for the presentation, so that if there are issues, we can take those issues, especially if there are matters that we need to settle outside the Committee room, our consultants.
 
 
“So, I am very sorry, I don’t have the breakdown by year, but I have the summary over the period. We had the net accessible profits of N28 billion, which is the difference between the allowable and the disallowable expenses on the PBT we posted over the period.
 
 
“In terms of tax liability over the period, we have a tax liability of N5.498 billion. Then, over the periods of the audit by the Committee, that is 2011 to 2022, we had additional assessments. It was on the basis of those assessments conducted between 2014 and 2021 that we had an additional liability of N852 million.
 
 
“So, in terms of total TETFUND Tertiary Education Tax Fund liability and payment, we made a payment of N5.493 billion. 
 
 
 
“And in terms of outstanding liability over the period, we have Nil liability over the period and other subsequent items associated with outstanding liability are also ready”.
 
 
He further stated that there were issues that cannot be resolved at the committee hearing, adding that “what you have are items that are classified as taxable. 
 
 
“We have some differences based on the provision of exemption order that was issued by the President in 2011. That’s why I said some of these issues we will not be able to resolve at this sitting.
 
 
“When the Committee asked the Bank to provide the Exemption Order on Education Tax as it relates to the matter under review, he could not provide any , Furthermore , the Bank already made  provisions in their Financial Statements for same Education Taxes without remittances in those respective years”.
 
 
 
Representatives of ASUU criticizrd the Banks for providing different figures to the Committee after making submissions earlier in January 2024 under Oath. 
 
 
The Union further requested the FIRS to stand-up to their duties on the efficient and honest  tax collection and stop the games playing with the Banks. 
 
 
The Union further commended the Committee for taking up the challenge to expose the fraud and corruption while enforcing compliance in our tax systems by some Corporate gurus despite their huge profits, yet unwilling to pay necessary taxes in support of Education to help the sector grow and the development of the Country human capital.
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Sad: Ebola Outbreak In DR Congo Claims Over 1,400 Lives, Cases Surpass 3,200

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Democratic Republic of the Congo (DRC) is battling what health officials have described as the fastest-growing Ebola outbreak on record, with more than 1,400 people reported dead and over 3,200 confirmed cases.

According to government figures released on July 6, the death toll had risen to 1,405, while confirmed infections surpassed 3,200 since the outbreak was declared on May 15.

Health officials said the outbreak is spreading faster than any previous Ebola epidemic. During the 2013–2016 West Africa outbreak, which killed more than 11,000 people from over 28,000 confirmed cases, it took approximately eight months for the death toll to reach 1,000.

In the current outbreak, the same milestone was reached in less than 10 weeks.

Advertisement

The outbreak marks the 17th recorded Ebola outbreak in the DRC but only the third caused by the Bundibugyo strain of the virus. There is currently no approved vaccine or treatment specifically for the strain.

The World Health Organisation (WHO) has warned that the actual number of infections could be between two and four times higher than official figures.

Health authorities are also concerned that approximately 80 per cent of newly reported cases are emerging outside known chains of transmission, making it increasingly difficult to trace infections and contain the spread.

The outbreak has been further complicated by industrial action among healthcare workers over unpaid salaries and allowances.

Advertisement

About 100 doctors, nurses and security personnel at the Elikya Ebola Treatment Centre in Bunia, Ituri Province, reportedly stopped work and staged protests over unpaid performance bonuses. The disruption affected one of the region’s key Ebola response centres.

Healthcare workers at Bunia General Hospital, the largest medical facility in the region, also reportedly went on strike over unpaid salaries, with some staff telling the Associated Press that they had not received their wages since joining the Ebola response.

Director-General of the Africa Centres for Disease Control and Prevention, Jean Kaseya, told Sky News that a lack of resources was worsening the situation.

“These are people dying,” he said. “They are dying because we don’t have vaccines, we don’t have medicine, we don’t have funding.”

Advertisement

Ebola is transmitted through direct contact with the blood or bodily fluids of infected people or animals, as well as contaminated objects. The virus can also spread through contact with the bodies of people who have died from the disease.

Symptoms typically develop between two and 21 days after infection and may initially include high fever, severe muscle and joint pain, headaches and a sore throat.

As the disease progresses, patients may experience vomiting, diarrhoea, skin rashes, liver and kidney failure and, in severe cases, internal and external bleeding.

The Bundibugyo strain has an estimated fatality rate of between 30 and 50 per cent.

Advertisement

Despite the absence of an approved vaccine for the strain, researchers have begun testing an experimental vaccine developed using technology similar to that used in the Oxford-AstraZeneca COVID-19 vaccine.

According to the BBC, the first volunteer received the experimental vaccine last week as part of an early-stage clinical trial.

Meanwhile, the International Organisation for Migration (IOM) has warned that the movement of Ebola victims’ bodies between different parts of the country for funerals and burials could further accelerate the spread of the virus.

The organisation stressed that Ebola remains highly infectious after death, making safe and controlled burial practices critical to efforts to contain the outbreak.

Advertisement
Continue Reading

News

Tinubu will aim at third term if health permits him- Ex- SGF Babachir Lawal claims

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Ex-Secretary to the Government of the Federation (SGF), Babachir Lawal, has claimed that President Bola Tinubu could aim at a third term in office if circumstances allow it.

Lawal made the statement while speaking on The SYMFONI Podcast, where he discussed Nigeria’s political system, elections, and governance.

Reacting to questions if President Tinubu may attempt to extend his tenure beyond the constitutionally allowed two terms, the former SGF said he believed such a move could happen if the opportunity presents itself.

“But Tinubu will go for third term, if God gives him the long life to do it, he will.

Advertisement

What will stop him now? Blind Nigerians or a pliant National Assembly of crooks.”

Babachir Lawal, who served as Secretary to the Government of the Federation under former President Muhammadu Buhari, also criticised Nigeria’s electoral process, alleging that many political parties do not practise true internal democracy during their primaries.

He argued that after elections, aggrieved candidates often resort to legal battles while ordinary Nigerians eventually lose interest in challenging the system.

“The candidates will go to the courts and the lawyers will collect billions of naira and impoverish them further. And then that’s the end.”

Advertisement
Continue Reading

News

Just in: Ahead 2027, Kano NDC Senators Meet Tinubu over Planned Defection to APC

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Fresh challenge has surfaced over the political future of Kano Central Senator Rufa’i Hanga after he held a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja, sparking widespread speculation that he may soon dump the Nigeria Democratic Congress (NDC) for the ruling All Progressives Congress (APC).

The meeting, which took place on Sunday, has intensified discussions within political circles, especially as Hanga is currently the only NDC senator representing Kano State in the National Assembly. Hanga arrived at the State House alongside former Senator Kabiru Gaya and was ushered into the Presidential Villa by Deputy Senate President Barau Jibrin.

Following the meeting, Barau described the engagement as “fruitful,” although he did not disclose details of the discussions.Government The senator’s visit to the Presidency came shortly after separate meetings with APC National Chairman Nentawe Yilwatda and Kano State Governor Abba Yusuf, further fueling reports that he is preparing to cross over to the APC ahead of the 2027 general elections. Political observers believe the sequence of high-level consultations is a strong indication that Hanga may be set to formally align with the ruling party after his relationship with NDC leader Rabiu Kwankwaso reportedly deteriorated.

The alleged rift between the two politicians became public after Hanga failed to secure the NDC senatorial ticket for another term and was also overlooked for the party’s deputy governorship nomination.

Advertisement

Executive Branch Analysts say welcoming Hanga into the APC would strengthen the party’s influence in Kano, particularly in Kano Central Senatorial District, one of the state’s most politically significant constituencies. Hanga is regarded as an experienced politician with deep roots in northern Nigerian politics.

He previously served as the founding National Chairman of the Congress for Progressive Change (CPC), the political platform established by former President Muhammadu Buhari before it merged with other parties to form the APC in 2013.Africans & Diaspora Over the years, the senator has built a reputation for maintaining close contact with his constituents through grassroots empowerment initiatives and welfare programmes across the 15 local government areas that make up Kano Central, including Kano Municipal, Tarauni, Dala, Nassarawa and Fagge. Although opinions remain divided over his personal political strength, supporters insist he enjoys considerable influence among traditional institutions, community leaders and grassroots supporters.

Many analysts believe that joining the APC could provide Hanga with renewed political relevance, access to federal support and the opportunity to secure a strategic position within the party in Kano State. His fallout with Kwankwaso became more pronounced during a recent radio interview in Kano, where he openly accused the former governor of betraying him by denying him both a return Senate ticket and the NDC deputy governorship slot.

Responding to claims that his age and health influenced the decision, Hanga dismissed the argument and insisted he remained physically fit to continue serving. “How can Kwankwaso cite my age and health condition to deny me the chance? As of today, I am healthier than Kwankwaso.

Advertisement

His frequent references to my leg condition are nothing but a sham. Regarding age, he is two years older than I am,” Hanga said. He maintained that his leg condition has never affected his performance in the Senate and accused the NDC leadership of deliberately sidelining him.

With political realignments gathering momentum ahead of the 2027 elections, Hanga’s latest engagements with President Tinubu and senior APC leaders have further intensified speculation that a formal defection announcement could be imminent.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News