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Senate endorses FIRS budget of N446bn for 2024

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The Senate, on Tuesday, passed the sum of N446,342,656,992.00 as the 2024 budget of the Federal Inland Revenue Service (FIRS).

The Senate passed the budget following its adoption and approval of the recommendation of its Committee on Finance that considered the budget.

The Chairman of the Committee, Senator Sani Musa (APC – Niger East) presented the report.

Out of the sum, according to the report, N177,441,479,682.00 is for Personnel Cost, N156,454,385,053.00 is for Overhead cost and N112,446,822,255.00 is for capital expenditure.

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The Committee observed that: “The Service Year 2024 budget estimates is based on Zero Based Budgeting.

“That the 2024 projected Cost of Collection of N446.34bn is 39% higher than the 2023 approved budgeted cost of collection which stood at N320.90bn.

“The personnel cost is based on staff strength on the payroll including social benefits (such as NHIA, Pension contribution etc.) and anticipated performance bonus for the year.

“The increase in overhead projection can be attributed to the need for more robust operational activities which are critical in driving the achievement of Service core objectives e.g. Tax automation projects and other critical ones that relate directly to tax collection and administration.

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“The capital cost estimates include on-going and new projects which are to be executed during the 2024 financial year.

“These are as a result of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”

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Obasanjo narrates how he escaped becoming drug addict

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Former President Olusegun Obasanjo has revealed how he almost became a drug addict.

He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.

Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.

The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.

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“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.

“There’s nothing drug can do for you except destruction.

“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.

He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.

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We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

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Okpebholo restores statutory rights to Oba of Benin, abolish traditional councils created by predecessor

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The Edo State Governor, Senator Monday Okpebholo, has restored the statutory rights of the Benin Monarch, Oba Ewuare II, abolishing the new traditional councils in Edo South created by the last administration.

He also backed the Federal Government’s Gazette, which gave the ownership of the returned artefact to the Oba’s palace, which was looted during the 1897 Benin massacre by the British colonial forces.

Also, the state government is withdrawing the letter revoking the concession of the Oba Akenzua II Cultural Centre issued by the last administration to be used as a motor park.

These were contained in a statement released by the governor’s Chief Press Secretary, Fred Itua, on Sunday.

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The statement further read, “This administration is restoring the Oba Akenzua centre to a suitable condition for its original purpose.

“This administration also hereby abolishes the new traditional councils in Edo South, created by the last administration.

“Accordingly, Okpebholo has restored the statutory financial entitlements of the Benin Traditional Council and has ordered that the status quo before the creation of the now abolished councils be maintained.

“The Okpebholo administration is backing the initial plan of the state Government to build the Benin Royal Museum that will house the returned artefacts and is distancing itself from the Museum of West Africa Art (MOWA) which the previous administration fronted as the museum to hold the returned Benin artefacts before the federal government intervention on the matter.

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“The Federal Government has also issued a Gazette for the recognition of ownership and custody of the repatriated Benin artefacts to Oba of Benin, Oba Ewuare II. This was done through a Government Notice No.25 in the Federal Republic of Nigeria Official Gazette No.57, Volume 110.”

The statement added that Okpebholo respects the rights and privileges of the traditional ruler of the Benin Kingdom, Omo N’Oba N’Edo Uku Akpolokpolo Oba Ewuare ll, and pledges the support of his administration to ensure the Monarch plays his role as the custodian of the rich cultural heritage of the Benin people.

“It is in recognition of this that the administration of Governor Okpebholo shall support the decision of the Federal Government to uphold the Oba of Benin as the exclusive owner of the returned Benin artifacts that were looted by the British Colonial forces during the Benin massacre of 1897.

“The Oba of Benin, as the father of all Benin people, is the sole custodian of the customs and traditions of the Benin people and my administration respects customs and traditions in the land and hereby restores the statutory rights of the Oba of Benin as the true custodian of the returned Benin artefacts.

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“Okpebholo said his administration is committed and will refrain from interfering in the internal affairs of the Benin Traditional Council.

“The governor is using his constitutional powers and the respect for traditional institutions and the revered Oba of Benin to restore all other Statutory Rights of the Monarch not mentioned hereof, ” the statement read.

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