Connect with us

News

Nigeria’s VAT collection, lowest in Africa – Abbas

Published

on

The Speaker of the House of Representatives, Tajudeen Abbas, has described Nigeria’s Value Added Tax collection as the lowest in the African continent.

This was as the Speaker attributed the development to what he referred to as significant inefficiencies in the nation’s tax system.

According to the Speaker, the House would continue to do its part to assist the Federal Government’s drive to reposition the nation’s economy.

Mr Abbas stated this on Tuesday in Abuja, while delivering a keynote address at the opening of a two-day retreat for members of the House.

Advertisement

The legislative retreat on economic transformation and development was organised by the House in collaboration with the Federal Inland Revenue Service and the Konrad Adenauer-Stiftung Foundation.

Speaking on the theme, “Navigating change: Legislative strategies for economic transformation”, Abbas noted that the House made a deliberate decision to focus on tax reforms and modernisation as well as a review of the implementation of the Petroleum Industry Reform Act (2021).

He said, ”Comparatively, Nigeria’s efficiency in collecting Value Added Tax is the lowest among its African peers, indicating significant inefficiencies in its tax system.

“This trend of low tax revenue, coupled with a continued dependency on the increasingly unstable oil revenue, presents a major risk to Nigeria’s fiscal sustainability. It also highlights an important area for potential reform to boost revenue and stabilise the country’s economic framework.

Advertisement

“The lack of growth in non-oil revenue sources and the volatile nature of oil income underscore the urgent need for Nigeria to diversify its revenue base and enhance its fiscal management to ensure economic stability and growth.”

The Speaker also expressed delight that the legislative retreat was taking place “at a point in our nation’s economic landscape when the current administration is diligently implementing policies and initiatives to steer our economy towards recovery, growth, and sustainable development.”

He continued, “As a critical arm of government, the legislature has a crucial role in shaping our nation’s economic transformation and development.

“Part of our law-making powers is the authority to enact tax reforms and strengthen resource governance mechanisms. By designing and implementing progressive tax policies, we strive to ensure a fair and efficient tax system that boosts revenue while fostering economic growth and equity.

Advertisement

“This involves not only broadening the tax base and simplifying tax codes but also enhancing compliance and minimising loopholes that benefit only the wealthy.

“Furthermore, the legislature’s oversight function is central in the governance of natural and financial resources. It ensures transparency and accountability in the exploitation and management of resources, which is essential for sustainable development.

“By holding government and private sectors accountable, the legislature helps prevent the mismanagement and corruption that can often undermine economic progress.”

While stating that Nigeria’s tax revenue struggles are primarily due to narrow bases for indirect taxes, low compliance rates among taxpayers, substantial tax exemptions, and generally low tax rates, the Speaker maintained that the situation was compounded by “a lack of enthusiasm and morale for tax compliance, contributing to the nation’s underwhelming fiscal performance.”

Advertisement

Speaker Abbas noted that several empirical studies had shown that Nigeria has the potential to further increase revenue if priority tax reforms are implemented. He stated that “the House stands ready to support the Executive to achieve its overall goal of reversing the negative trend.”

Another area of focus at the retreat, Speaker Abbas said, was the potential of digitalisation and technology to transform tax administrations by enhancing the efficiency, transparency, and fairness of tax systems. He said these advancements enable tax authorities to collect, process, and utilise information more effectively, leading to improved operational capacities.

For taxpayers, he stressed that integrating digital tools could simplify compliance, making it a more seamless part of everyday personal and business activities, thereby reducing friction and increasing ease of engagement with tax systems.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Edo 2024: Govt Declares Friday Work-free Day

Published

on

The Edo Government has declared Friday, Sept. 20, a work-free day to enable workers and others to travel to their voting areas ahead of the Saturday’s governorship election in the state.

A statement by Joseph Eboigbe, Secretary to the Edo State Government (SSG), reassured that security measures had been provided to ensure a free, fair, and credible election.

According to Eboigbe, it is hereby announced for the information of the general public that the Edo State Government has declared Friday, September 20, a work-free day.

“This is to enable workers and other electorates to travel to their voting areas ahead of the September 21 governorship election in the State.”

Advertisement

“Government wishes everyone to journey mercies and reassures that security measures have been provided to ensure a free, fair and credible election, ” he said.

Continue Reading

News

NAFDAC alerts Nigerians About fake Dettol soap

Published

on

The National Agency for Food and Drugs Administration and Control has alerted Nigeria to the sale of a fake soap labelled as “Dettol Health Fresh Soap” in the market.

Ad revealed on NAFDAC’s website on Thursday, the manufacturer of Dettol Antiseptic products confirmed that the soap is fake as it does not have any product by the name “Dettol Health Fresh Soap.”

“The Marketing Authorization Holder and manufacturer (Reckitt Benckiser Nigeria Limited) of Dettol Antiseptic products, received a consumer complaint regarding the above-mentioned product. The product was reported to have caused skin irritation to the complainant.

“The MAH has confirmed that the product is fake as they do not have any product by the name “Dettol Health Fresh Soap”. Dettol Antiseptic products are widely used in Nigeria for household disinfection and personal hygiene to prevent illnesses from germs (bacterial infection),” it said.

Advertisement

It added that details of the complaint product were not provided by the complainant except for the name of the product “Dettol Health Fresh Soap.”

The agency noted that the illegal marketing of NAFDAC-regulated products or fake products poses a risk to people’s health, and since they do not comply with the regulatory provisions, the products’ safety, quality, and efficacy are not guaranteed.

It said all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the fake product if found within the zones and states.

“Importers, distributors, retailers, healthcare professionals, caregivers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale, and use of the fake product. All medical products must be obtained from authorised/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

Advertisement

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: [email protected].

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on [email protected]

“Furthermore, note that this notice will be uploaded to the WHO Global Surveillance and Monitoring System,” it concluded.

Advertisement
Continue Reading

News

LP Crisis: Nobody Unseated You, The Constitution Did, Sheathe Your Sword — Obi Tells Abure

Published

on

Peter Obi, the presidential candidate of the Labour Party in the 2023 elections has asked the party’s former Chairman, Julius Abure, to sheath his sword.

He urged him and others to join hands with the National Caretaker Committee to rebuild the party.

Obi, who was represented by Datti Baba-Ahmed, stated this at the inaugural meeting of the caretaker committee of the party held in Abuja on Tuesday night.

He stated categorically that nobody but the constitution of the party unseated former chairman Abure after the expiration of his tenure.

Advertisement

Obi said: “Listen, my friend, no governor unseated Abure, the constitution unseated him. Abure’s time elapsed. Nobody unseated him. As of today, Abure is our good friend and a loyal member. We want him back in the fold; we have roles for him to play.

“We didn’t have crisis. We managed a transition that was a bit bumpy and that was it. I tell you, no other political party of our size could do that in the time and manner that we did.

“We are a political party who went all the way to the Supreme Court claiming our 10 million votes. They were only able to give us six million votes. So we are a force to contend with in Africa. What we’ve done has never been done before. When PDP came, they had the military. We had nothing.”

Obi noted that the opposition party was ready to repeat and surpass the feat recorded during the 2023 elections in 2027 by producing a majority in the National Assembly and winning the presidential seat in 2027.

Advertisement

Earlier, the chairman of the Labour Party National Caretaker Committee, Senator Nenadi Usman, assured party members of the committee’s determination to rescue the party from the current challenges and restore and rebuild it as a veritable alternative platform for Nigerians.

She assured of the committee’s readiness to lead the party on the path of reconciliation within the short time of its assignment.

Usman stated: “We are on a rescue mission, not just for the Labour Party, but I tell you for our dear nation, Nigeria. The interest this committee has generated extends beyond party lines.

“The number of telephone calls I have received not just from Labour Party members, but people from other political parties who told me that if we get this thing right, we will walk together. So we have a huge task.

Advertisement

“Our party, by the grace of Almighty God, will become a platform for all disenfranchised and unhappy Nigerians. People who are not happy with the way things are going, we are going to be the platform for them by the grace of God. Therefore, we must view this as a significant national assignment.”

Continue Reading

Trending

Copyright © 2024 Naija Blitz News