News

Tax Reforms: No cause for alarm, FIRS assures Nigerians

Published

3 hours ago

October 16, 2024

By Mario Deepromoter

The chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed the fears of Nigerians on the possible introduction of new taxes through proposed tax reform laws.

Mr Adedeji, during an interactive session with members of the Senate Committee on Finance in Abuja on Tuesday, assured Nigerians that the tax reform laws would not entail the introduction of new taxes or an increase in the already existing ones.

“Tax reform will not introduce any tax or increase the percentage of the existing ones, but it will reduce the number of taxes being paid by Nigerians.

“No agency will be merged in the process of carrying out the reform, and no job will be taken from anybody.

“The tax reform basically seeks to increase the simplicity and efficiency of tax administration in Nigeria,” he said.

Mr Adedeji said there were four executive bills already forwarded to both chambers of the National Assembly to legalise the reform.

According to him, the bills include the Nigeria Tax Bill, Nigeria Tax Administration Act (amendment) bill, Nigeria Revenue Service bill, and Joint Revenue Board (establishment ) bill.

Mr Adedeji said the four bills, when passed, would, among others, help to harmonise the multiple tax laws in the country.

“They will drive efficiency and modernisation, simplify tax laws and ensure synergy among the agencies involved.

“The bills will also increase efficiency and effectiveness in government savings, promote transparency and integrity in revenue collection, align with international standards and broaden Nigeria’s tax base,” he said.

When asked why FIRS, as contained in one of the bills, would be changed to Nigeria Revenue Service (NRS), Mr Adedeji said the present name of the agency did not cover the scope of its services.

“Like the Value Added Tax (VAT), 85 per cent are remitted to states while the federal government gets the remaining 15 per cent,” he said.

In his remarks, the committee chairman, Sani Musa, said the purpose of the interactive session was for the FIRS to update the committee on what the tax reform bills were aiming at.

He commended the FIRS boss for meeting the revenue targets set in the fiscal year, even as he urged him to go beyond the target.

Source: ibomfocus

News

Senate confirms appointment of 21 RMAFC commissioners

Published

3 mins ago

October 16, 2024

Naijablitznews

The Senate has confirmed the appointments of 21 federal commissioners for the Revenue Mobilization Allocation and Fiscal Commission.

The Senate confirmed the nominees after Yahaya Abdullahi, senator representing Kebbi north, presented a report.

President Bola Tinubu appointed the nominees in August and therefater sought the senate’s confirmation.

Abdullahi, chair of joint committee on national planning and economic affairs and finance, said all the nominees are fit to hold public office.

The ex-majority leader said with these appointments, every state in the country is represented on the RMAFC board.

“That the senate do confirmation of the 21 nominees that makes the commission to be of its full complement,” he said.

“That means every state now has a represenation at the board.”

The new commissioners are:

Linda Oti (Abia)

Akpan Effiong (Akwa Ibom)

Enefe Ekene (Anambra)

Prof. Steve Ugba (Benue)

Chief Eyonsa (Cross-River)

Aruviere Egharhevwe (Delta)

Nduka Awuregu (Ebonyi)

Victor Eboigbe (Edo)

Wumi Ogunlola (Ekiti)

Ozo Obodougo (Enugu)

Kabir Mashi (Katsina).

Adamu Fanda (Kano)

Dr. Kunle Wright (Lagos)

Aliyu Abdulkadir (Nasarawa)

Bako Shetima (Niger)

Samuel Durojaye (Ogun)

Nathaniel Adejutelegan (Ondo)

Saad Ibrahim (Plateau)

Modu-Aji Juluri (Yobe)

Bello Garba (Zamfara)

Mohammed Usman (Gombe).

News

Unfolding story: Unusual security beef up at NASS over alleged plot to impeach Akpabio

Published

10 mins ago

October 16, 2024

Naijablitznews

Workers and visitors to the National Assembly were taken back this morning with the high level.of security at the first gate as well as the second one.

DSS men, cladded in dark suits and sunglasses virtually outnumbered all other security agencies who were also noticed to have increased their men.

Insider sources claimed the increased presence of the State Security men as well as others was because of an underground move being made to impeach Senate President, Godswill Akpabio today.

The move, which was more or less like a coup given its surreptitious outlook was said to have been hatched by some Northern senators who are angry with Tinubu’s government and believe that the country can be better run if he had a senate that is more vocal and critical of his policies.

Akpabio has become one of the most unpopular throw-ups of Nigerian democracy with his goofs and gaffs landing blows not only on the National Assembly which he heads but also on the ruling class as a whole.

Only a few days ago he said if you see food anywhere, eat because there was hunger in the land.

Source: Abujareporters

News

Reps Seek Timely Submiission of MTEF, 2025 Appropriation Bill

Published

45 mins ago

October 16, 2024

Gloria Ikibah

By Gloria Ikibah

The House Representatives has called on the Executive to submit the Medium Term Expenditure Framework (MTEF) to the National Assembly to enable the transmission of the 2025 Appropriation bill by the President for speedy passage of the budget.

This was sequel to the the adoption of a motion of urgent public importance moved by Rep. Clement Jumbo on the “Need to Urge the Executive to Comply With Section 11(1)(b) of Fiscal Responsibility Act 2007”, on Wednesday at plenary.

Naijablitznews.com recalled that the Senate and House received the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from President Bola Tinubu, on Tuesday, October 31, 2023.

Recall further that President Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 29 November 2023, also presented the sum of N27.5 trillion as the proposed 2024 Budget.

The lawmakers express worried that the time frame to go through the budget and it’s passage was rushed and did not give them enough time, giving the January to December budget cycle promised by the current administration.

Debating the motion Rep. Jumbo noted that the Fiscal Responsibility Act 2007 provides for the prudent management of the nation’s resources, ensures long term macroeconomic stability of the national economy, secures greater accountability and transparency in fiscal operations within a medium- term fiscal policy framework and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives and for related matters.

The motion reads: “Further notes that section 11(1)(b) stipulates that the federal government must, not later than four months before the commencement of the next financial year, cause to be prepared and laid before the National Assembly an MTEF for the next three financial years.

“Worried that section 88 and 89 of the 1999 Constitution as well as section 30(1) of FRA 2007, specifically, section 88(1) stipulates that subject to other provisions of the 1999 Constitution, each house of the National Assembly shall have the power, by passing resolutions, to direct, or cause to be directed, an investigation into any matter or thing with respect to which it has power to make laws, and into the conduct of affairs of any person, authority, ministry of government department charged or intended to be charged with the duty of or responsibility for executing of administrating laws enacted by the national assembly and for disbursing or administrating monies appropriated or to be appropriated by the National Assembly.

“Further worried that the time the National Assembly requires to exercise its functions as enshrined in section 88(2)(b) is technically being taken away by the non-compliance of section 11(1)(b) of FRA 2007 by Executive”.

Contributing to the motion lawmaker spoke in support of the motion saidnthe time stipulated in the Act should be complied with to enable the legislature carry out its oversight functions among others.

In his contribution, Billy Osawaru (APC, Edo State) said: “The timely late arrival of annual budget proposals, is one of the ways Ministries, Departments and Agencies of Government shortchange Nigerians.

“If it takes four months to go through budget estimates, it should be four months.”

Also throwing his weight behind this motion was the Minority Leader, Rep. Kingsley Chinda, who said it was a wake up call for the government.

He said: “I believe as well this morning is to wake the present government from their slumber. The last budget like we rightly noted, we were almost rushed. In fact, we were rushed into concluding that budget.

“And that is what we want to avoid happening again this year. We can also say that the government perhaps no longer want to tolerate that situation where the budget, which is very important, in fact, the most important law that will be passed by this Assembly as it has to do with the Nations, will be brought and each of us will be restricted to conclude and pass that same budget.

“We want to comply with what we have agreed that there must be a certain period for the budget to run, that is January to December. I would therefore call on this House to please support this motion, regardless of party line, regardless of religion, this motion is in the interest of this country and is in our collective interest that this will be done and done right. We are going into the end of the quarter of this year. We expect that by now the MTEF would have been with us so that we can take it slowly.

“This motion is a clarion call. It is a good call. It is one that has our support”.

The House unanimously adopted the motion and mandated its on Committees on National Planning and Economic Development, Appropriation and Finance to ensure compliance within 2 weeks.