News

There’s no plan to reduce FG’s share from federation account – Oyedele

Published

3 months ago

October 13, 2024

By Francesca Hangeior

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has denied a media report on the proposal to reduce the Federal Government’s share from the Federation Account Allocation Committee.

While reacting report that the tax specialist via his handle on X.com Sunday that the committee’s recommendation was explicitly with respect to Value-Added Tax.

He noted that the committee also recommended that states and local governments stop imposing “consumption taxes” which result in multiple taxation.

The tweet read,” We did not recommend a reduction in the Federal Government’s share from [the] federation’s account. Our recommendation is with respect to VAT revenue, to increase the share of states and local governments from 85% to 90%, and for states to discontinue their other forms of consumption taxes which constitute multiple taxation on businesses and individuals.”

The FAAC is responsible for reviewing and adopting the allocation of funds to the FG, states and local governments.

At the September 2024 FAAC meeting in Abuja, the committee, in a statement by the Director of Press and Public Relations, Bawa, announced that it had disbursed a total sum of N1.2 trillion earned as revenue in August 2024 to the FG, states and local governments.

The report partly wrote, “Under the new proposal, Oyedele explained [that] the distribution formula for the states and local governments would include a clause stipulating that 60 per cent of their share will be based on the principle of derivation.

In practice, this means if N100 is available for distribution from FAAC, the Federal Government will take N10, all 36 states will share N36 equally, and N54 will be distributed based on derivation, favouring states with higher resource generation.

“This change in the sharing formula is part of broader reforms aimed at eliminating numerous “nuisance taxes” and streamlining the tax collection process. Oyedele noted that the Federal Government had to make this concession to get states on board with a centralised and more efficient tax collection system.

“The new approach not only simplifies tax collection but also lays the foundation for fiscal federalism, giving states and local governments more autonomy over their revenues,” quoted Oyedele.

In early October 2024, the FG, through the Fiscal Policy and Tax Reforms committee, announced the exemption of 63 items from the VAT, as part of its latest fiscal reforms.

News

Covenant, ABU Emerge Top In Nigeria as 2025 world university ranking released

Published

59 seconds ago

January 22, 2025

Naijablitznews

Covenant University (CU) has again been listed as Nigeria’s overall best university in Times Higher Education (THE) 2025 Rankings.

In the 2025 rankings, the Ahmadu Bello University, Zaria came second, displacing the University of Ibadan which occupied the position for the 2024 ccrankings.

The Times Higher Education World Rankings is a comprehensive global ranking of universities published annually.

The 2025 rankings THE said it ranked more than 2,000 institutions from 115 countries and territories.

Globally, Oxford holds on to the top spot for the ninth consecutive year, bolstered by significant improvements in industry engagement and teaching. MIT rises to second place, overtaking Stanford, which drops to sixth.

The ratings were done based on 18 carefully calibrated performance indicators that measure an institution’s performance across five areas: teaching, research environment, research quality, industry, and international outlook.

University of Oxford
Massachusetts Institute of Technology
Harvard University
Princeton University
University of Cambridge
Stanford University
California Institute of Technology
University of California, Berkeley
Imperial College London
Yale University

Top ranked Nigerian universities

1. Covenant University
2. Ahmadu Bello University
3. Landmark University
4. University of Ibadan
5. University of Lagos
6. Bayero University
7. Federal University of Technology Akure
8. Federal University of Technology, Minna
9. University of Benin
10. University of Ilorin

11. University of Nigeria Nsukka
12. Ekiti State University
13. Federal University of Agriculture, Abeokuta
14. Federal University of Technology, Owerri
15. Federal University Oye-Ekiti
16. Ladoke Akintola University of Technology
17. Lagos State University
18. Nnamdi Azikiwe University
19. Obafemi Awolowo University
20. University of Port Harcourt

21. Usmanu Danfodiyo University, Sokoto
22. Abia State University
23. Akwa Ibom State University
24. Alex Ekwueme Federal University, Ndufu-Alike
25. Ambrose Alli University
26. Baze University
27. Bells University of Technology
28. Benson Idahosa University
29. Bowen University
30. Delta State University, Abraka

31. Evangel University, Akaeze
32. Federal University of Petroleum Resources, Effurun
33. Godfrey Okoye University
34. Lagos State University of Education
35. Lagos State University of Science and Technology
36. Nasarawa State University, Keffi
37. Niger Delta University
38. Nile University of Nigeria
39. Osun State University
40. Rivers State University

41. Thomas Adewumi University
42. University of Cross River State
43. University of Maiduguri
44. Veritas University, Abuja

News

Court dismisses SERAP’s suit against NASS budget

Published

56 minutes ago

January 22, 2025

Naijablitznews

By Francesca Hangeior

Justice James Omotosho of the Federal High Court sitting in Abuja has dismissed a suit by the Incorporated Trustees of the Socio-Economic Rights and Accountability Project, SERAP, challenging the powers of the National Assembly to amend its budget in the 2024 Appropriation Act.

Justice Omotosho ruled, among others, that SERAP lacked the locus standi to institute the suit.

The judge upheld the argument of Dr. Sheriff Adesanya, who represented the 1st Respondent (the Senate President), that the interest of SERAP and that of the 20 concerned citizens it represented, was no greater than that of the general public.

Furthermore, Justice Omotosho agreed with Dr. Adesanya (of Abiodun Adesanya & Co) that the plaintiff’s claims were without merit.

He dismissed the case in its entirety.

SERAP, through Andrew Nwankwo of Eko Akete Chambers, had contended that the National Assembly’s unilateral increase of its budget allocation from ?197 billion to ?344 billion contravened Section 81 of the Constitution, the Code of Conduct for Public Officers, and democratic principles, particularly the separation of powers.

The organization sought a declaration that the budgetary increase was unconstitutional and requested orders compelling the National Assembly to adhere to constitutional procedures by re-presenting any amended appropriation bills to the President for approval before enactment.
Apart from arguing that the Plaintiffs had no standing to initiate the suit, Dr. Adesanya also defended the procedural validity of the National Assembly’s budgetary actions, Saying SERAP failed to show that the lawmakers’ action was procedurally irregular.

The lawyer had told the court that “It is respectfully submitted that the presumption of regularity enjoyed by the National Assembly’s Act must be rebutted by the Plaintiffs.

“Apart from speculative claims by the Plaintiffs that the altered appropriation bill was not forwarded to the President after amendment by the National Assembly, there is no evidence (assuming such alteration necessitated representation to the President) to support this assertion.”

News

Nigeria prosecutes 100 terror financiers in 2 years —Tinubu

Published

1 hour ago

January 22, 2025

Naijablitznews

By Francesca Hangeior

President Bola Tinubu, yesterday, announced that Nigeria has successfully prosecuted over 100 terrorist financiers in the past two years as part of its ongoing fight against financial crimes and terrorism financing.

This effort aims to disrupt the financial networks supporting terrorist groups such as Boko Haram and Islamic State West Africa Province, ISWAP, ultimately safeguarding communities and fostering a secure environment for development.

The announcement was made by Secretary to the Government of the Federation, SGF, Mr. George Akume, who represented Tinubu at the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing Compliance Summit held in Abuja.

He said: “By taking away the funds, resources and material support behind Boko Haram and ISWAP, we are denying them the ability to inflict terror on our communities and citizens.

“We have made progress to tackle the threats of terrorism and other violent crimes through the gallant action of our frontline troops and our security agencies.

“Through the efforts of the office of the national security adviser and the attorney-general of the federation, we have prosecuted and convicted over 100 terrorist financiers in the last two years.
“It is an approach that we are utilising as a fundamental component of our national strategies to combat serious criminal offences.”

Hafsat Bakari, Chief Executive Officer of Nigerian Financial Intelligence Unit, NFIU, who also spoke at the summit, highlighted the importance of collaboration among various stakeholders, including political leaders, financial institutions, law enforcement agencies, and international partners.

“The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners,” Bakari stressed.