Connect with us

News

2025 Budget: NASS Joint Committee Directs NCS To Block Revenue Leakages To Achive N10.5trn Target

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad
By Gloria Ikibah
The National Assembly Joint Committee on Finance has directed Nigeria Customs Service (NCS) to block leakages and put stringent measures in place in other to achieve the N10.5 trillion revenue target for the year 2025.
The Joint Committee also issued a 48-hour ultimatum to Chief Executive Officers of key revenue generating agencies including Chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji, Managing Directors of Nigerian Ports Authority (NPA), Adedayo Adeyeye and Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola.
The lawmakers who zealously opposed the N6.5 trillion revenue projection presented for the year, called on the need for the Service to ensure effective monitoring of its personnel, address issues bothering on under-declaration, among other sharp practices at the nation’s ports.
In his address, the Chairman, Senate Committee on Finance, Senator Sani Musa explained that the N10.5 trillion new revenue target was achievable after due consideration of available information obtained from the Budget Office of the Federation.and other parameters.
He however noted that the Parliament will not hesitate to raise the revenue target to N12 trillion if the issue of non-remittance of 80 percent Operating Surplus as provided by the Fiscal Responsibility Act, 2007 is not addressed with Fiscal Responsibility Commission.
In his presentation, FRC Chairman, Victor Murako alleged that NCS which started to comply with provisions of the Act in 2015 to 2019, has failed to remit the Operating Surplus to the Consolidated Revenue Fund till date.
According to him, the Service is indebted to the tune of N8.6 billion as at 2019, adding that the agreement reached after the intervention of the Public Accounts Committee last year was not honored by Nigeria Customs Service.
While responding to the presentation, NCS Comptroller General, Mr. Adeniyi Adewale promised to work with the Legal Department to address the issue of operating surplus between one or two weeks.
On the question bothering on the revenues accruing to Nigerian Customs Service as raised by Chairman, House Committee on Finance, Rep. James Faleke, the NCS Comptroller General disclosed that the Service collects 2 percent Value Added Tax, 7 percent collection while 4 percent FOB was yet to be implemented but being worked out by the Ministry of Finance and office of Accountant General of the Federation.
He however observed that the CISS comes occasionally over the past two years.
The lawmakers who spoke during the interactive session with heads of key revenue generating agencies including Nigerian Customs Service (NCS), Nigeria Deposit Insurance Commission (NDIC), however decried the failure of heads of some government revenue generating agencies to honour invitation and appear for 2025 budget defence.
They highlighted that the affected agencies including: Nigerian Postal Service (NPS) and the Nigerian Railway Corporation (NRC), Nigerian Civil Aviation Authority (NCAA), Standard Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority and National Agency for Food and Drug Administration and Control (NAFDAC), risk withdrawal of funding for 2025 fiscal year.
Others are: Nigerian Copyright Commission, National Insurance Commission, National Pensions Commission, National Space and Research Development Agency and Nigerian Metrological Agency.
Also included are: Nigerian Agricultural Insurance Corporations, Airspace Management Authority, Nigerian Content Development and Monitoring Board, Nigerian Liquified Natural Gas Limited (NLNG), Transmission Company of Nigeria (TCN), Bank of Industry (BoI), Nigerian College of Aviation Technology (NCAT), Zaira.
In his remarks, Chairman, Senate Committee of Finance, Senator Musa observed that President Bola Tinubu while presenting the 2025 budget to the joint session of the National Assembly, mandated all the Ministers and heads of agencies to appear to defend their respective budgets before assembly with every sense of responsibility.
The Senator said that members of the National Assembly had to cut short their Christmas holidays to attend to the national assignment.
“But to our dismay a lot of agencies have refused to honor our invitations to appear before us, for us to scrutinise their performances in 2024 and look at their 2025 projection, if it is justifiable.
“The all these agencies have refused to honour the joint committee’s invitation. So by virtue of the constitutional powers that have been given to the joint Committees on Finance of both the Senate and the House of Representatives, we are given the chief executives of these agencies 48 hours within which to appear before this joint committee.
“Failure to do that the committee will not hesitate to recommend to the Appropriation Committee to withhold any appropriation to these agencies.
“If these agencies are self funded, we will also request both the Minister of Finance and the Accountant General of the Federation to withhold their funding,” he said.
Also speaking, the Chairman, House Committee on Finance, Hon. James Faleke (APC-Lagos state) said that the essence of the budget defence exercise was to boost revenue generation and cut down on borrowing.
“If these agencies refuse to appear before us, I the needful will be done by the National Assembly,” he said.

News

ALERT! Terrorists planning attacks on worship centres, schools, NYSC camps – Police issue alert

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Nigerian Police Force High Command has placed formations nationwide on red alert over alleged planned terror attacks on worship centres, schools, National Youth Service Corps, NYSC, orientation camps and other public places across the country.

According to Premium Times, the police also revealed that intelligence had shown the movement of armed elements from Katsina through Kaduna towards Plateau State.

The development followed fresh intelligence indicating increased mobilisation of terrorist elements for possible coordinated attacks on places of worship, learning institutions, NYSC orientation camps and other vulnerable targets across the country.

The findings showed that following the intelligence report, the high command has issued an operational order to its formations nationwide on the need to put the criminal elements in check before they will strike.

Advertisement
Continue Reading

News

Gov. Soludo reveals Obi, Obiano accumulated debts still hanging on Anambra

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Anambra State Government has said it is still servicing loans inherited from the administrations of former governors Peter Obi and Willie Obiano, even as it maintains that Governor Chukwuma Soludo has not borrowed from any commercial bank since assuming office.

The Commissioner for Finance, Izuchukwu Okafor, said the state’s debt burden had fallen by more than 83 per cent under Soludo, with the administration also clearing several inherited domestic obligations.

Okafor disclosed this during a Ndi Anambra podcast uploaded by Anambra State New Media on Monday while explaining the state’s finances and debt position.

He said repayments on loans secured by previous administrations continued to be deducted from Anambra’s allocation through the Federation Account Allocation Committee, including obligations dating back to the Obi and Obiano administrations.

Advertisement

“Yes, every month during our FAC meetings, and when you see the schedule of FAC, you will notice there were substantial, significant deductions from our own FAC because of loans previously borrowed by previous administrations,” Okafor said.

“These loans were borrowed, you know, during the time of, even, not the immediate predecessor, even during the time of Peter Obi and Willie Obiano, His Excellency, the past governors,” he said.

According to the commissioner, the Soludo administration had focused on managing the inherited obligations while avoiding new commercial borrowing.

“It’s on record, you know, that this administration has not borrowed a kobo from any commercial bank since the inception of this administration,” he said.

Advertisement

Okafor said the government had also settled a number of legacy liabilities, including unpaid contracts, gratuity and pension arrears, bringing the state’s domestic debt close to zero.

“But I will give you an example for our domestic debt, the control, the legacy, what we call legacy debts, you know, the contracts that were not paid, not owing, the gratuity arrears, pension arrears, we’ve been able to clear all that,” he said.

He added, “In terms of, so, our domestic debt as of today is near-zero balance.”

The commissioner attributed the reduction in the overall debt burden to repayments made by the administration, saying several inherited loans had already been settled.

Advertisement

“But I will also say that Mr Governor has not borrowed a penny. We have been able to manage the debt, the state debt, very well, that we have brought it down by more than 83 per cent as of today. I’ve been able to repay back most of these loans,” he said.

External obligations, however, remain part of the state’s financial commitments. Okafor explained that repayments on some foreign-denominated loans are deducted from the state’s federal allocation under the terms attached to the facilities.

“But following as well, external debts, which is foreign loan-denominated debts, when you look at it, because there are some covenants around the period it will take to pay off these loans, particularly deducted as such when we are doing FAC,” he said.

“Before they limit Anambra’s own allocation, they will deduct it as such, because most of them, World Bank loans and other loans, they committed.”

Advertisement

Okafor also disclosed that the state had recently fully repaid one of its debts.

“There is one debt that we recently paid off, CAGS,” he said.

He said the reduction in inherited liabilities had given the government more room to finance other priorities.

“So, in a nutshell, I’ve been able to, you know, create more fiscal space for Anambra State,” Okafor said.

Advertisement

He added, “This administration has been able to create more by paying off, you know, backlog of numerous debts inherited from previous governments, starting from the time of Peter Obi.”

Continue Reading

News

Sad: Nine passengers killed as gunmen open fire on bus in Plateau

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

No fewer than nine passengers were killed when gunmen opened fire on a commercial bus at Dungus Junction in Kuru community, Jos South Local Government Area of Plateau State.

Residents told journalists that the incident occurred when the bus driver parked to allow some passengers alight at the junction.

According to Daily Trust the bus which was heading to Jos was stained with blood and riddled with bullets.

Lawan Suleiman, a neighbor and teacher of one of the victims, confirmed the incident, adding that the attack occurred while the bus was stopped at the junction.

Advertisement

He said, “The driver is Ibrahim and he was my student. Three of them are from our community here in Bukuru. Their bodies have been deposited at the hospital. But relatives are preparing to collect them for burial.”

Spokesman of the Berom Youth Moulders, BYM, Rwang Tengwong, also confirmed the incident saying the victims were passengers travelling to Jos when the attackers opened fire on their vehicle.

“The incident happened around 9.40p.m. The victims were all passengers travelling to Jos when the terrorists opened fire on the vehicle. Among those killed was a member of Operation Rainbow. It is a very sad development and we lament the loss of lives.”

According to him, some of the passengers sustained gunshot wounds and were rushed to hospitals, where some later died.

Advertisement

Plateau state police command is yet to issue a statement regarding the incident as of press. (Daily Trust)

Continue Reading

Trending

Copyright © 2024 Naija Blitz News