News

Don’t deviate from your economic reforms for 10 to 15 years to transform economy — World Bank tells Nigeria

Published

1 month ago

October 15, 2024

By Mario Deepromoter

The World Bank has said that Nigeria needs to continue its current economic reforms for the next 10 to 15 years to position itself as a significant economic force, both in sub-Saharan Africa and globally.

The bank asserts that these reforms are essential for achieving sustainable growth and development, enabling Nigeria to compete with other emerging economies around the world.

The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit in Abuja on Monday, October 14.

Gill acknowledged that the current administration’s reforms have caused hardship for many Nigerians, particularly the vulnerable poor, but emphasized that these measures are essential for the nation’s economic recovery.

According to him, “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.

If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.

Implementing such changes is challenging, but the rewards are substantial, as demonstrated by lessons from the last 40 years and by countries like Norway, Poland, and Korea.

While Nigeria’s reforms from 2003 to 2007 were necessary, they were not sustained. Today’s fiscal and monetary reforms are affecting everyone, especially ordinary Nigerians grappling with rising food and transportation costs.

The government must do everything possible to protect the most vulnerable citizens from these hardships, as their lives and those of 110 million children depend on it.”

News

Nigeria Struggles With 6% Tax GDP Ratio – Speaker Abbas

Published

16 minutes ago

November 18, 2024

Gloria Ikibah

…say Reps has not take any definitive position on tax reform bills

….as presidency say bills not designed against any region

By Gloria Ikibah

The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has expressed concerns over Nigeria’s tax-to-GDP ratio, which currently stands at a mere 6 per cent.

The Speaker noted that this figure was significantly below the global average and the World Bank’s recommended minimum benchmark of 15 per cent necessary for sustainable development, despite Nigeria being Africa’s largest economy.

Abbas stated this at an interactive session on Tax Reform Bills at the National Assembly Complex on Monday in Abuja.

He stated, “Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 per cent, far below the global average and the World Bank’s minimum benchmark of 15 per cent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”

The Speaker highlighted the importance of the proposed tax reforms in diversifying Nigeria’s revenue base, ensuring equity, and fostering an environment conducive to investment and innovation.

“The proposed tax reform bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation. However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.

Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses”, Abbas added.

Acknowledging public concerns and debates surrounding the bills, Speaker Abbas emphasized the need for thorough deliberation and clarification of contentious issues.

“The controversies surrounding these bills, whether in the media, civil society, or among governance stakeholders, are a reflection of their importance.

Such debates are healthy and necessary in a democracy, and this session aims to channel those discussions into productive outcomes. It is critical that we listen to diverse perspectives, ask probing questions, and seek clarity on any unclear provisions,” he stated.

He reassured Nigerians that the House has not yet adopted a position on the bills and is committed to ensuring that the final legislation serves the best interests of the nation. “The House has not yet taken a definitive position on these bills. Our role is to scrutinise them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians,” he said.

The Speaker also stressed the importance of balancing national interests with the needs of citizens, reiterating that “Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.”

Rep. Abbas underscored the significance of pre-legislative scrutiny as a vital parliamentary practice to resolve ambiguities and ensure alignment with constitutional provisions, and described the interactive session as an opportunity for lawmakers to engage with experts and stakeholders to better understand the potential implications of the proposed reforms.

Addressing the session, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, clarified that the proposed tax reform bills were not designed to undermine or marginalize any region.

Iyedele emphasized that the reforms aim to enhance efficiency and boost revenue allocation to states based on consumption patterns.

He explained, “Currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 per cent to the Federal Government, 50 per cent to the States and FCT, and 35 per cent to Local Governments. There is no negative thinking about any region or anything.”

Oyedele outlined key aspects of the reforms, which include amendments to income tax laws to support remote work opportunities, particularly in the global business process outsourcing sector.

Other provisions include tax exemptions for small businesses with an annual turnover of N50 million or less, alongside initiatives aimed at boosting exports and promoting the digital economy to create more opportunities for Nigerian youths.

News

Galatasaray technical director opens up on nature of Osimhen’s contract

Published

1 hour ago

November 18, 2024

Naijablitznews

Galatasaray technical director Okan Buruk has confirmed the presence of a clause in Napoli’s Victor Osimhen loan deal.
Buruk explains that the January clause in Victor Osimhen’s contract allows the player to explore opportunities with various interested clubs during the January transfer window.

This statement came during an interview on the official website of the Turkish champions, where Buruk discussed various topics related to the team.

During the interview, Buruk explained that Osimhen would like to stay at Galatasaray until the end of the season.

He noted that although there is a transfer clause in force, the player has expressed his intention to stay at the club, which he reiterated from the beginning of his arrival.

He stated, “Osimhen wants to stay here until the season is over and he has said this consistently. Although there is a clause regarding January transfers, ultimately it is the player’s decision and he feels committed to staying.”

Reflecting on how the club secured Osimhen’s services, Buruk shared: “I traveled to Milan when I had the chance. Because I lived there for three years, I feel comfortable there. We didn’t talk about football during my visit; instead, we enjoyed dinner together for two days, which helped foster a good relationship. After a match against Adana Demirspor, we had a video call at the airport to discuss the options, and after careful consultation with our transfer committee and the president, we completed the transfer.”

Osimhen joined Galatasaray on the final day of the summer transfer window after negotiations with Chelsea and Al Ahly failed to materialize. He quickly adapted to his new surroundings and made significant contributions with eight goals and four assists in just nine appearances in all competitions.

Eaglespath

News

Ondo: Gov Aiyedatiwa says he’s not aware of vote buying on his behalf

Published

1 hour ago

November 18, 2024

Naijablitznews

Ondo State Governor Lucky Aiyedatiwa has stated that he was not aware that his political associates bought votes on his behalf.

This is coming a few hours after he emerged victorious in all the 18 local government areas of the state.

According to report, the incumbent governor and candidate of the All Progressives Congress, APC, was accused of vote-buying after his victory in the November 16 election.

However, speaking in an interview with Channel TV on Sunday night, the governor noted that the oppositions are using the vote-buying allegation as an excuse for their loss.

“I’m not aware of such. The opposition will want to say that to make excuses for their failure, but for us, it is what we worked for; the people have spoken through their votes.

” There won’t be any reason to buy votes because Ondo people know what they want. I’m not aware of people buying votes on my behalf.”