Economy

By Uzair Adam

The Presidency has dismissed concerns that the proposed tax reform bills currently before the National Assembly will impoverish northern Nigeria or disproportionately favor Lagos and Rivers states.

In a statement issued on Monday, presidential spokesperson Bayo Onanuga emphasized that the reforms are designed to improve the quality of life for all Nigerians, particularly the disadvantaged, by simplifying tax administration and fostering a better business environment.

The statement addressed apprehensions raised by Borno State Governor Babagana Zulum, who had suggested that the proposed Value Added Tax (VAT) sharing formula could be skewed in favor of Lagos and Rivers states.

Onanuga, however, described these concerns as unfounded and based on misinformation.

“The tax reform bills will not make Lagos or Rivers states wealthier at the expense of other regions, nor will they lead to the economic marginalization of any part of the country,” Onanuga stated.

He urged Nigerians to reject any attempt to polarize the nation over the proposed legislation.

Onanuga also clarified that the bills do not seek to abolish key federal agencies such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), or the National Information Technology Development Agency (NITDA), which will continue to receive funding through budgetary allocations.

The spokesperson reiterated that President Bola Tinubu’s fiscal policy reforms aim to ease the tax burden on businesses, streamline tax collection, and support national development.

Meanwhile, former Speaker of the House of Representatives Yakubu Dogara called on Northern leaders to approach the tax reform bills pragmatically rather than with ethnic or religious sentiments.

Speaking during a Channels Television town hall in Abuja on Monday, Dogara stressed the importance of prioritizing the region’s future development.

“We Northern leaders must set aside ethnicity and religious biases and focus on the realities these reforms will bring,” Dogara said.

He also criticized senators who claimed there was insufficient consultation on the bills, questioning their own legislative practices.

“How often do they consult the public when making laws? Some state laws are drafted in governors’ living rooms,” Dogara remarked, dismissing the argument that public opinion outweighs the potential impact of the reforms.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reforms, explained that the bills aim to empower subnational governments to enhance revenue generation and achieve fiscal self-sufficiency.

By Abdullahi Mukhtar Algasgaini

Senator Orji Kalu, who represents Abia North at the upper legislative chamber has revealed that the federal government made a mistake not to have carried the National Executive Council, Nigeria Governor’s Forum, and the Council of State along in its tax reform bills.

Kalu disclosed this on Monday in an interview with Arise Television on the controversial tax reform bills.

Recall that Senator Mohammed Ali Ndume, the Northern Governor’s Forum, the National Economic Council, and others have openly opposed the tax reforms.

However, Orji noted that the bills are very progressive and would bring back fiscal federalism in Nigeria.

Meanwhile, he faulted the initiators of bills for not carrying key stakeholders along saying, “As I told you before, the bill is very progressive. It will bring back fiscal federalism. Many senators have not been briefed. I think the federal government made a mistake. The initiators of the bills would have briefed the National Economic Council, Governors’ forum”.

Recall tax reform bills, including the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, were sent to the National Assembly for passage since October 2024.

The bills gained momentum last week when they secured second-reading passage at the Senate.

This comes after the Northern Governor’s Forum and National Economic Council called for the bill’s withdrawal.

Meanwhile, DAILY POST reports that economic experts have backed the tax reform bill on the grounds that it will boost Nigeria’s revenue.

However, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee had earlier in his contributions, explained why the tax bills generated so much controversy.

By Uzair Adam

Nigerian military troops have intensified their nationwide operations, eliminating 135 terrorists, apprehending 185 suspects, and rescuing 129 kidnapped victims within the past week.

The Director of Defence Media Operations, Maj.-Gen. Edward Buba, provided the update during a briefing at the Defence Headquarters in Abuja on Saturday.

He disclosed that in the North Central region, some terrorists have begun surrendering due to sustained military offensives and collaborative non-kinetic engagements with community stakeholders.

Among those who surrendered are notable figures such as Yellow Jambros, Alhaji Mallam, Ardo Idi (Alhaji Lawal), Lawal Kwalba, Salkado, Yellow Ibrahim, Gana’e, and Babangida.

Buba emphasized that the military would maintain its operational momentum to dismantle terrorist networks and encourage further surrenders.

During the operations, troops recovered 113 weapons and 2,415 rounds of ammunition, including 72 AK-47 rifles, 11 fabricated guns, 15 Dane guns, eight pump-action shotguns, and four hand grenades. They also seized 46 motorcycles, 15 vehicles, 28 mobile phones, and various communication devices.

In the Niger Delta, troops destroyed 93 crude oil cooking ovens, 12 dugout pits, 37 boats, and 82 illegal refining sites.

They also recovered 909,800 litres of stolen crude oil, 71,060 litres of illegally refined diesel, and 13,580 litres of petrol.

Maj.-Gen. Buba reiterated the military’s commitment to addressing Nigeria’s security challenges, stating, “We remain in a winning position in this war and will continue to innovate in our approach.”

By Anwar Usman

The Chairman of the Nigerian Automobile Technicians Association, Kano State Council, Yahya Ibrahim, on Wednesday, lamented over the negative impact of the fuel subsidy removal on the livelihoods of the association’s members.

Ibrahim, noted this during a courtesy visit to the Chairman, Rano Local Government Area, he explains that the severe poverty being faced by mechanics was as a result of the puel subsidy removal.

The Zonal Information officer, Rabiu Kura, in a press statementsaid “40 per cent of mechanics in Kano are out of business due to the fuel subsidy removal, a situation that rapidly led to the decline of patronage of motorists.”

He explained that low patronage from motorists, who are struggling with the ongoing economic challenges, has led to a significant decline in business.

He called on the Kano State Government to intervene and provide support to help mechanics stay afloat.

The visit coincides with preparations for the NATA’s upcoming local government council election.

Earlier, the association’s Secretary, Sani Umar, praised Governor Abba Yusuf for his readiness to establishing a mechanical village in Kano.

In his remarks, the council Chairman, Muhammad Yau, thanked them for the visit and prayed for a successful election.

By Uzair Adam

The Central Bank of Nigeria (CBN) has assured that the country’s Deposit Money Banks (DMBs) remain resilient amid ongoing internal and external economic challenges.

CBN Governor Yemi Cardoso made this known on Tuesday in Abuja while presenting the communiqué from the 298th meeting of the Monetary Policy Committee (MPC).

Cardoso stated that the MPC commended the sustained stability of the banking system despite various economic headwinds.

“Key financial soundness indicators, such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio (LR), continue to reflect the strength of the sector,” he said, adding that the CBN will maintain close monitoring to ensure banks adhere to regulatory thresholds and remain healthy.

The MPC also highlighted the CBN’s ongoing efforts to deepen financial inclusion, aiming to enhance the effectiveness of monetary policy transmission.

Addressing inflation, Cardoso noted that data from the National Bureau of Statistics (NBS) revealed a rise in headline inflation to 33.88% in October, up from 32.70% in September.

On a month-on-month basis, inflation increased to 2.64% in October from 2.52% in the previous month.

Food inflation climbed to 39.16% in October from 37.77% in September, while core inflation rose to 28.37%, compared to 27.43% in the preceding month.

Despite the inflationary trend, the MPC observed a slight moderation in the prices of farm produce and commended the Federal Government’s efforts to boost productivity in the agricultural sector.

On economic growth, Cardoso disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, driven by both the oil and non-oil sectors.

The non-oil sector expanded by 3.37%, while the oil sector recorded a 5.17% growth.

Additionally, Nigeria’s external reserves increased to $40.88 billion as of November 21, up from $40.06 billion at the end of October, providing enough to finance 17 months of imports.

By Uzair Adam

The Kano State Public Complaints and Anti-Corruption Commission has uncovered warehouses where federal government palliative rice, marked as “not for sale” and bearing the image of President Bola Tinubu, was being re-bagged for potential resale.

The operation, led by the commission’s chairman, Muhuyi Magaji Rimingado, revealed the illicit handling of approximately 28 trucks of 50kg rice, valued at over N1.4 billion, around the Kano Western Bypass.

“This is a serious case of mismanagement and diversion of public goods. These palliatives were meant for the poor and vulnerable, but some individuals are profiting from the people’s suffering,” Rimingado stated during the raid on Tuesday.

One suspect has been apprehended, and investigations are underway to identify others involved in the scheme.

The commission pledged to recover the diverted palliatives and ensure their proper distribution to intended beneficiaries.

Rimingado assured the public of the commission’s commitment to holding those responsible accountable, stating, “We will leave no stone unturned in bringing those behind this act to justice.”

The incident has sparked outrage among residents, with many condemning the misuse of resources meant for the less fortunate.

A community leader in Hotoro, Garba Isah, described the act as “shameful and heartless,” adding, “People are struggling, yet some individuals are stealing from the poor. We commend the anti-graft agency for their swift action.”

The commission has urged citizens to remain vigilant and report any suspicious activities involving government relief materials.

It reaffirmed its dedication to transparency and accountability in addressing corruption and ensuring public resources reach the vulnerable.

By Uzair Adam

Indian Prime Minister Narendra Modi visited the Aso Rock Presidential Villa on Sunday as part of his official tour of Nigeria.

President Bola Ahmed Tinubu, along with other top government officials, welcomed Modi and his delegation to the nation’s seat of power.

The two leaders are expected to hold discussions aimed at strengthening bilateral relations between Nigeria and India.

This marks the first visit by an Indian Prime Minister to Nigeria since Dr. Manmohan Singh’s state visit in 2007, during which both countries established a strategic partnership.

Modi’s arrival on Saturday signifies a renewed focus on fostering ties between the two nations.

By Uzair Adam

The Economic and Financial Crimes Commission (EFCC) has brought charges against two individuals, Ojobo Joshua and Aliyu Hashim, accused of impersonating the commission’s Executive Chairman, Ola Olukoyede, in an attempt to extort $1 million from former Nigerian Ports Authority (NPA) Managing Director, Mohammed Bello-Koko.

The Daily Reality gathered that the suspects appeared on Wednesday before Justice Jude Onwuebuzie of the Federal Capital Territory High Court in Apo, Abuja.

According to EFCC reports, Joshua and Hashim allegedly contacted Bello-Koko, claiming they could influence a supposed investigation against him.

They demanded $1 million to secure favorable treatment, threatening him with arrest and prosecution if he did not comply.

The defendants face a four-count charge under the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006, which includes allegations of impersonation and attempted fraud.

Court proceedings revealed that on September 28, 2024, the duo allegedly sought $700,000 from Bello-Koko to halt a non-existent EFCC investigation.

Both defendants pleaded not guilty. EFCC counsel Elizabeth Alabi requested that the suspects remain in custody until their trial, while the defense applied for bail.

Justice Onwuebuzie granted bail to Joshua under stringent conditions, including a bond of N100 million and two level-16 civil service sureties.

Both defendants are to be held at Kuje Correctional Centre until bail conditions are met, with the second defendant’s bail hearing scheduled for November 18, 2024.

The two suspects, allegedly part of a four-man syndicate posing as EFCC officials, were arrested on August 28, 2024, in Abuja’s Garki and Apo areas.

By Anwar Usman

President Bola Ahmed Tinubu on Monday, affirmed that Nigerians are going through a serious difficulties, but assured that the situation will soon change for the better.

While Tinubu insisted that his administration was on the right track, he also noted that solutions to these problems cannot be an instant one.

On his part, Lagos State governor, Babajide Sanwo-Olu, described the current administration as tough men working to get Nigerians through the prevailing difficulties.

Represented by Secretary to the Government of the Federation, Senator George Akume, Tinubu, and the Lagos governor spoke at the 70th birthday of the Overseer of Citadel Global Community, Pastor Tunde Bakare in Lagos.

Akume said: “The president is aware of the hard times, but at the end of it all, there is always light. And solutions to diverse issues can never be as instant as coffee, but we are on the right track.”

The president also described Pastor Bakare as a spiritual leader and advocate for truth who had left an indelible mark, not just on those who follow his teachings, but on the nation as a whole.

“I am aware of your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testimony to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.

On another development, Sanwo-Olu said those in public office needs the public’s prayers, saying “It’s a hard times, but you see, we are also tough men, and we know that at the end of the tunnel, there will be a bright phase.”

By Uzair Adam

The Nigeria Labour Congress (NLC) has directed an indefinite strike across states that have not implemented the 2024 Minimum Wage Act, effective December 1, 2024.

The Daily Reality gathered that the directive came after a National Executive Council (NEC) meeting held in Port Harcourt, Rivers State, last Friday.

In a communique issued on Sunday, NLC President Comrade Joe Ajaero highlighted the union’s dissatisfaction with the delay or refusal by certain states to adopt the new minimum wage, viewing it as a violation of workers’ rights.

The strike order will apply to all state councils where the minimum wage remains unimplemented as of November 30, 2024.

The NEC communique expressed concerns over escalating inflation, economic hardships, and rising costs of living, all of which have severely impacted Nigerian workers.

It called for a comprehensive wage review and immediate intervention to ease citizens’ suffering. Additionally, the NLC emphasized the need for reforms in Nigeria’s energy and fuel sectors, including enhanced transparency in fuel pricing and reactivating domestic refineries to stabilize costs.

The communique criticized some state leaders, stating, “This betrayal by certain governors and officials disregards both legality and morality, denying workers their rightful earnings amidst worsening economic hardship.”

To ensure compliance, the NLC has set up a National Minimum Wage Implementation Committee, which will launch campaigns to mobilize workers and citizens against what the union termed an assault on workers’ dignity.