BUSINESS
FG Inaugurates 29 Nig Economic Summit Joint Planning Committee

…29 Nig Economic Summit Joint Planning Committee
By Tony Obiechina, Abuja
The Federal government has formally inagurated the Joint Planning Committee for the 29th Nigerian Economic Summit (NES#29) scheduled to hold on 24th and 25th October, 2023 in Abuja.
Speaking at the inauguration in Abuja, the Permanent Secretary, Ministry of Budget and National Planning, Nebolisa Anako said in order to ensure effective preparation for the 29th Summit, members of the JPC have been carefully selected in recognition of their pedigree, experience and knowleage in organizing previous Summits as well as keen interest in the development of the country.
He charged members of the committee to among others:
*Review the events/outcomes of the 28th Economic Summit;
*Make al preparatory arrangements for the successful hosting of the 29th Nigerian Economic Summit (NES#29), including developing programme of and timelines
for the implementation of the key activities at the Summit;
*Articulat the budgetary requirements, and the sources of funds for hosting the Summit;
*Propose the optimal strategy for funding the activities of the JPC and the Summit;
*Mobilize relevant public and private sector stakeholders for the Summit, especially at the Federal, State and Local Governments, as well as Development Partners and other key stakeholders;
*Prepare the Green Book for the NES #29, within 3 months of the completion of the Summit;
*Undertake any other work that may lead to the successful hosting of the Summit.
The Permanent Secretary appreciated the Public and Private Sector Co-chairs and member JPC for successfully organizing the 28 Nigerian Economic Summit and for working round the clock to produce the Green Book for the Summit in record time.
Read Also: NESG Holds Economic Summit Next Week, Cancels Presidential Debate
“I am aware that copies of the Green Book have been received by the Ministry and is being distributed to Federal Ministries Departments and Agencies (MDAs) as well as other critical stakeholders to facilitate the implementation of the Summit recommendations.
” I am also pleased to inform you efforts have been concluded to forward the Summit recommendations and outcomes to the Federal Executive Council (FEC) in form of Council Note for their information and guidance”, Anako.
He further stated that the Summit “provides a veritable platform for dialogue among policy makers, corporate leaders, organized private sector, civil society organization as well as development partners. It also provides the opportunity to strengthen the existing mutual and symbiotic relationship between the Public and Private sector business environment in the overall interest of our dear country”.
He noted that key outcomes of the annual Summits have always played important roles in shaping the policies of Government, adding that the Summit had in the past contributed to entrenching the culture of development planning in the country.
The Permanent Secretary added that the partnership had helped immesly in the development of the National Development Plan (NDP) 2021-2025 and the Nigeria Agenda 2050, stressing that the contributions of the group will continue to endure going
Speaking earlier, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Laoye Jaiyeola said since the establishment of the NESG in 1993, Summit has experienced significant growth, evolving into an annual gathering that unites influential policymakers, private sector leaders, and representatives from civil society for vital discussions.
He noted that as a crucial event for the government and business communities, it consistently provides a reputable and widely recognised platform for fostering consensus and mutual understanding on the country’s economic policy trajectory and growth strategies.
“Throughout its three-decade existence, the NES has garnered praise from national and international policymakers and business leaders, solidifying its status as the primary avenue for facilitating constructive public-private dialogues within Nigeria.
“However, as we acknowledge these advancements, we must also confront the harsh realities that our nation currently faces. Weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps continue to challenge us.
“These economic headwinds indicate that this is no time for a business-as-usual approach to economic governance.
In 2022, the global economy encountered many obstacles, including heightened political risks, energy and food shortages, and the lingering impact of the COVID-19 pandemic.
“Despite these formidable challenges, Nigeria’s economy exhibited resilience, sustaining its recovery from the recession of 2020 with an impressive 3.0 per cent expansion in real Gross Domestic Product (GDP) during the initial three quarters of the year”, he stated.
Olaoye pointed out that the 29th Nigerian Economic Summit is not just an annual event but represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better.
“We gather here today to justify the need for this year’s Nigerian Economic Summit. It seeks to be a pivotal turning point in our nation’s journey towards economic transformation. We must address the challenges head-on, engage in frank discussions, and devise innovative strategies to yield tangible results for all Nigerians.
“The NES #29 aims to achieve several crucial objectives. Firstly, it will facilitate an open and constructive dialogue that incorporates the views and ideas of all stakeholders. Secondly, it will foster an environment of collaboration, where the public and private sectors can work together hand in hand to co-create solutions that lead to shared prosperity.
“Thirdly, it will serve as a platform to present actionable recommendations to the government to formulate effective policies and reforms”, he added.
The NESG CEO commended the Ministry of Finance, Budget, and National Planning for their unwavering commitment to the partnership between the Nigerian Economic Summit Group and the Federal Government, adding that “through this synergy, we have achieved significant strides in the past, and through this partnership, we envision achieving even greater success”.
He also commended my President Bola Ahmed Tinubu and Vice President Kashim Shettima for their commitment “to sustain this 30-year collaboration that fosters honest and candid dialogues in the national interest on the platform of the Nigerian Economic Summit. Their belief in the power of public-private partnerships will be instrumental in driving the success of this forum, and we remain steadfast in our dedication to working together for the betterment of our nation”.
…29 Nig Economic Summit Joint Planning Committee
Economy
Organise Informal Sector, Tax Prosperity Not Poverty, Adedeji Tasks Officials

The Chairman, Joint Tax Board (JTB), Dr Zacch Adedeji, has urged officials of the board to organise traders and artisans into a formal body before capturing them in the tax net.
Adedeji said that this was in line with the agenda of President Bola Tinubu not to tax poverty but prosperity.
The chairman stated this at the 157th Joint Tax Board meeting held in Ibadan, on Monday.
The theme of the meeting “Taxation of the Informal Sector: Potentials and Challenges”.
Speaking on the theme of the event, Adedeji stressed the need to evolve a system that would make the informal sector formal before it could be taxed.
Adedeji, who also doubles as the Chairman, Federal Inland Revenue Service, (FIRS), said “What I would not expect from the JTB meeting is to define a system that would tax the informal sector.
“The only thing is to formalize the informal sector, not to design a system on how to collect tax from market men and women.
“As revenue administrator, our goal is to organise the informal sector so that it can fit into existing tax law.”
Citing a report of the National Bureau of Statistics (NBS) in the first quarter of 2023, the chairman said that the nation’s unemployment index was attributable to recognised informal work.
Adedeji stated that workers in that sector accounted for 92.6 per cent of the employed population in the country as at Q1 2023.
“JTB IS transiting to the Joint Revenue Board with expanded scope and functions.
“We are hopeful that by the time we hold the next meeting of the Board, the Joint Revenue Board (Establishment) Bill would have been signed into Law by the President.
“The meetings of the board provide the platform for members to engage and brainstorm on contemporary and emerging issues on tax, and taxation,” he said.
In his address, Gov. Seyi Makinde of Oyo State, said the theme of the meeting was apt and timely, stressing that it coincides with the agenda of the state to improve on its internally generated revenue.
According to him, the meeting should find the best way forward in addressing the issue of the informal sector and balance the identified challenges.
“Nigeria is rich in natural resources, but it is a poor country because economic prosperity does not base on natural resources,”
Makinde also said that knowledge, skill and intensive production were required for economic prosperity, not just the availability of natural resources.
He stressed the need to move from expecting Federal Allocations to generating income internally.
“We are actively ensuring that people are productive and moving the revenue base forward,” Makinde said.
The governor said that tax drive should be done by simplifying tax processes, incentives for compliance like access to empowerment schemes and loans.
He urged JTB to deepen partnership and innovation in using data on tax to track and administer it.
Earlier, the Executive Chairman, Oyo State Board of Internal Revenue, Mr Olufemi Awakan, said the meeting was to address tax-related matters, evolve a workable, effective and
efficient tax system across the states and at the Federal level.
He urged participants to find amicable solutions to challenges of tax jurisdiction, among others.
Tax administrators from all the 36 states of the federation, who are members of JTB, were in attendance. (NAN)
Agriculture
Tiv Monarchs Give Herders Ten Days Ultimatum To Vacate Tiv Kingdom

By David Torough, Abuja
The Tiv Area Traditional Council during its emergency meeting held yesterday in the palace of the Tor Tiv in Gboko requested the Governor Hyacinth Alia led administration to create an enabling environment to allow herders’ peaceful exit of farmlands in Tiv Kingdom to facilitate resumption of farming activities.
Consequently, the Council directs political and traditional rulers in each local government area of Tiv Kingdom to peacefully engage the herders to ensure their exit from the local government areas to allow farming resumes.
The Council which was chaired by the Tor Tiv himself, HRM Prof James Ortese Iorzua Ayatse CFR equally appealed to all herders in Tiv Kingdom in Benue State to vacate all Tiv lands before the end of May 2025 to allow farmers return and cultivate their farms in order to avoid the looming hunger in Nigeria.
According to a Communique signed by the Secretary of the Council Mr Shinyi Tyozua which deliberated particularly on the security situation in Tiv Kingdom the Council enumerated the communities worst affected to include those in Kwande, Katsina Ala, Logo, Ukum, Guma, Makurdi, Gwer West Gwer East and Buruku Local Government Areas.
The Council lamented that farming activities in the kingdom have ceased due to the occupation of farmlands by herders for grazing and attacks and killings of farmers who fled stressing that if the situation continues it will ultimately result to hunger in Tiv Kingdom and Nigeria as a whole.
Agriculture
Ondo Govt. Destroys 200kg Seized Cocoa Adulterants

The Ondo State Government, on Thursday, destroyed 200kg adulterants used for adulteration of cocoa beans, seized from a merchant in Ondo West Local Government Area of the state.
Mr Segun Odusanya, Permanent Secretary in the Ministry of Agriculture and Forestry (Forestry and produce sub section), supervised the destruction of the 200kg bags of seized adulterants.
Odusanya explained that the destruction was part of government efforts to ensure that the state maintained quality cocoa production in the country.
“Mr governor, Lucky Aiyedatiwa, has reiterated the commitment to ensure the state remains the highest producing state with good cocoa quality
“Anyone caught engaging in illegal activities will be prosecuted accordingly.
“Moreover, this action was embarked on to warn cocoa merchants, who intend to engage in illegal activities, to rethink before getting into it.
“We are going to seal any store caught in such illegal activities, the products will be burnt while the merchant will be prosecuted according to the laws of the land.
“If we are saying we are the highest cocoa producing state and we continue to encounter this scenario, it will give us a bad publicity.
“The bad publicity will be in the country and extend to the international market, and we don’t want that,” he said.
The permanent secretary, therefore, commended Aiyedatiwa for graciously approving the recruitment of 60 new staff to checkmate the activities of cocoa merchants in the state.
“Mr governor has supported us, he has said we should recruit more people to guide against any adulteration and ensure we have a good quality cocoa beans.
“I must commended our task force committee for ensuring that the state holds its position in the country and the international market,” he said.
Earlier, Mr Tunji Akinnadeju, a Director of Produce (DP3) in the Grading and Allied Department of the ministry, said the adulterants were intercepted at Ondo West Local Government Area of the state.
Akinnadeju said that the owner of the adulterants took to his heels at the time of arrest.
“As we all know that cocoa is being sold in weight and after adding all these things, it will be sold at high prices, which is not good enough.
“So, doing that will bring a lot of damage to the image of the state and the country at large in the international market,” he said.
Also, Mr Sunday Adegbola, a Director of Produce Licensing in the ministry, said the merchants’ actions could affect people during consumption of the cocoa products, if care was not taken.
Adegbola, who pledged that the ministry would not rest until the state was free from adulterated cocoa beans, said the nefarious action could be attributed to the price tag at the international market.
“It is the price at the international market and the price is better for the farmers, not for the people who use adulterants.
“With this action, many people will drink cocoa as a chocolate powder and other materials from cocoa beans which has been adulterated.
“The consumption of these chemical products will also affect humans,” he said. (NAN)