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There’s no plan to reduce FG’s share from federation account – Oyedele
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.
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Nigerian Catholic religious Sister Uti wins $1.2 million Opus Prize
Sister Francisca Ngozi Uti, the founder and executive director of the Centre for Women Studies and Intervention (CWSI) in Abuja, Nigeria, has been named the laureate of the 2024 Opus Prize — a $1.2 million award recognizing transformative humanitarian work.
In her address during the Nov. 14 award ceremony at Santa Clara University, a Jesuit university in Silicon Valley, the Nigerian member of the Congregation of the Handmaids of the Holy Child Jesus (HHCJ) said that words could not express her joy.
“Did I ever imagine being nominated as the laureate? Honestly, no. Words seem inadequate to capture the depth of my joy. My heart overflows with gratitude,” Ngozi said.
“I never dreamed that the work my team and I have been doing in these remote communities would gain recognition not only within our state but beyond our nation’s borders crossing the Atlantic and reaching as far as the United States of America.”
Ngozi thanked the Opus Prize jury, saying: “You believed and still believe in the work that my team and I do to alleviate the suffering and trauma of those marginalized through no fault of their own.”
By choosing CWSI as the 2024 Opus Prize winner, “you have placed a significant responsibility on us; to whom much is given, much is expected,” Ngozi said. “CWSI will not betray your trust. I accept this award on behalf of all the women, girls, and men who have partnered with us to bring about positive change in their lives and communities.”
“I remember especially the women and girls who have endured hardship and are now striving to rebuild their lives,” she added.
Reflecting on her ministry over the years, Ngozi credited her father for ensuring she received an education despite societal limitations.
“Thank you, Papa. Your sacrifice was not in vain,” she said.
She also paid homage to HHCJ foundress Mother Mary Charles Magdalene Walker. “From her life of courage, resilience, and faith, I learned to entrust myself to God, allowing him to lead while I follow,” she said.
Ngozi also thanked the staff of CWSI, HHCJ leadership, and all those who have contributed to her mission.
“To the past and present staff of CWSI who have made countless sacrifices out of love for God and humanity, I am deeply grateful,” she said.
Ngozi went on to congratulate her fellow Opus Prize finalists, including Jesuit Father Zachariah Presutti, founder and executive director of Thrive for Life Prison Project in New York, and Cătălin and Bianca Albu, the general manager and senior manager, respectively, for programs at Jesuit Refugee Service in Romania.
“This recognition is not just for me or CWSI. It is for every woman and girl whose resilience and courage inspire our mission. May God bless you abundantly for your generosity and support,” Ngozi said.
CWSI seeks to help women become politically aware, socially responsible, and economically independent for greater autonomy and parity with men.
The Abuja-based entity also advocates for the inclusion of women in government roles and for legal provisions to combat gender-based violence in five Nigerian states.
The late Bishop Paride Taban was the Opus Prize 2023 laureate. The bishop emeritus of South Sudan’s Diocese of Torit was honored posthumously for founding the Holy Trinity Peace Village Kuron, where people from warring South Sudanese tribes live in harmony.
“Bishop Taban’s Holy Trinity Peace Village Kuron will receive the $1 million prize that recognizes social entrepreneurship championing faith-filled change,” the Opus Prize Foundation and Villanova University announced last year in a press release.
This story was first published by ACI Africa, CNA’s news partner in Africa, and has been adapted by CNA
News
Dantsoho makes history, elected first Nigerian Chairman of PMAWCA
*Oyetola describes feat as a testament to acceptance of FG reforms
The Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has become the first Nigerian to be elected Chairman of the Port Management Association of West and Central Africa (PMAWCA).
The recognition came during the closing ceremony of the 44th annual council and 19th roundtable of Directors General of PMAWCA in Conakry-Guinea.
In his acceptance speech, Dantsoho said the recognition represented a significant milestone in the continuing march of West and Central Africa Maritime states towards global competitiveness and delivery of world-class services.
He added that the Nigerian government’s commitment to a revolutionary turnaround of Nigeria’s maritime industry, had been characterised by reforms in critical segments of the industry, including port rehabilitation and modernisation, infrastructure, digitisation and automation.
These measures, he added, would undoubtedly boost operational efficiency as well as revenue generation, while augmenting the federal government’s efforts to diversify the economy by boosting non-oil exports.
According to him, “It is with great honour and privilege that I stand before my friends from the countries of West and Central Africa today to accept the mantle of leadership of our great association, PMAWCA and to serve as its chairman.
“I would like to take this occasion to affirm Nigeria’s will and determination clearly demonstrated by the Hon Minister of Marine & Blue Economy Alhaji Adegboyega Oyetola in line with the Renewed Hope Agenda of President Ahmed Bola Tinubu to sustain the momentum established by my predecessor Mr Martin Boguikuoma, Managing Director of Gabon Ports Authority and to continue to put all efforts needed in order to further consolidate the economic cohesion of the region and to actualize the interests of member ports.”
While calling for collaboration among member states, he said it was only through robust commitment and collaboration that mandates could be achieved.
“Therefore, I will be seeking your usual cooperation and advice in helping to ensure that we continue to develop the maritime sector in our various countries and the West and Central African sub-region in general.
“Recalling our deliberations at the Board of Directors meeting, the need to relocate the PMAWCA headquarters to a more visible and befitting place in lagos Nigeria, the training needs of the Association and the PCS is dear to my heart and will do my very best in this direction to achieve these goals,” he said.
In a statement to congratulate Dantsoho, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said Dantsoho’s election was a testament to the fact that the effort to turn around the port economy in Nigeria was being recognised by global stakeholders.
Oyetola said the recognition would further fuel Nigeria’s effort to reclaim its maritime global relevance under President Bola Tinubu’s renewed hope agenda.
He said the political will of the President to create the Ministry of Marine and Blue Economy was a monumental step towards harnessing the vast untapped potential of Nigeria’s maritime sector.
According to him, “I congratulate Dantsoho on his election; it is a responsibility that I am sure he can deliver on. His election has proven the renewed hope agenda of Mr President to turn around the port economy by creating the Marine and Blue Economy was a step in the right direction.
“President Bola Ahmed Tinubu to create the Ministry is a monumental step towards harnessing the vast untapped potentials of Nigeria’s maritime sector. This decision is not only a demonstration of the President’s deep understanding of the economic possibilities of the sector, but also a clear indication of his political will to ensure that Nigeria reclaims its rightful place as a key maritime player globally.
“The maritime industry has the potential to transform Nigeria’s economy, create jobs, and improve livelihoods. With our rich coastline and strategic location, the country is well positioned to become a key hub for maritime activities in Africa. The creation of this Ministry therefore reflects the government’s commitment to building a future where the blue economy plays a major role in national prosperity.”
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