NEWS
FG Proposes Stabilsation Bill to Improve Economy
Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Monday, said the Federal Executive Council (FEC) approved an economic stabilisation bill to be transmitted to National Assembly National Assembly.Edun said this while addressing State House correspondents after the FEC meeting.
He said the bill proposed specific measures, draft laws, and policies on taxation aimed at improving the overall economic environment. “That was essentially based on the output of the fiscal policy and tax reform committee that was set up by Mr. President in August 2023 under the chairmanship of Mr Taiwo Oyedele,” said Edun.He said in order to implement the different recommendations in the bill; changes to various laws would be required.“It contains, for example, items that change the Foreign Exchange Act, give greater liquidity and encourage the use of electronic rather than cash means for transactions.“This gives the Central Bank greater ability to attract funds from international money transfer organisations, and others that want to transact foreign exchange business, and remit funds to Nigeria,” he said.Similarly, he said there was a proposal to amend the Companies Income Tax Act to allow Nigerians with skills, expertise, and relevant relationships, provide services to foreign companies without those companies coming to register in Nigeria.According to him, this will open up a vista of employment opportunities, income opportunities and entrepreneurship opportunities for Nigerians.“There are changes to the Fiscal Responsibility Act, as well that affect, in particular, the government-owned enterprises, and how they are to share their surpluses, and how they are to put in place reserve funds for building surpluses from their revenues.“It’s very detailed, and of course, it will be available to the public at a later date,” said the minister. (NAN)NEWS
NAICOM Boss Decries Impact of Inflation on Insurance Industry
The Commissioner For Insurance, Mr Olusegun Omosehin, on Friday decried the impact of inflation on the insurance industry.Omosehin, also the Chief Executive Officer(CEO), National Insurance Commission (NAICOM), raised the concern at the Insurance Meet Tech(IMT) 2024 conference held in Lagos.He said this had been a major concern for the insurance sector, adding that rising prices affect both insurers and policyholders.
The commissioner, represented by the Head, NAICOM Lagos Control Office, Mr Julius Odidi, noted that it could be difficult for insurance companies to operate profitably, especially if claims costs increase due to inflation. “To mitigate this, insurers must carefully manage their investment portfolios, adapt pricing strategies, and maintain adequate reserves.“It is critical to note that navigating the current macroeconomic realities successfully would be a natural precursor and building block for the revitalisation of theinsurance industry,” he said.Omosehin assured that NAICOM had prioritised prompt settlement of all genuine claims, fair treatment of policyholders and utmost transparency, as some of the ways to boost the insurance industry’s image and support economic growth.He noted that the commission resolved to give priority to settlement of genuine claims, as that was the fundamental reason of its existence as an industry.The commissioner stated that it was critical for insurers to embrace digitalisation.According to him, insurers must modernise their processes, enhance customer experiences through digitalchannels, and invest in technology to streamline operations.“Adapting to changing consumer behaviours and preferences is equally important, as offering online policy purchase, claims processing, and customer service can attract tech-savvy customers,” he said.(NAN)NEWS
EFCC Nabs ex-Taraba Gov. Ishaku over Alleged N27bn Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested Darius Ishaku, a former governor of Taraba State, over alleged involvement in a N27 billion fraud scheme.Ishaku was taken into custody from his Abuja residence on Friday.A source from the commission revealed that Ishaku faces at least 15-count charges, including criminal breach of trust, misappropriation, and diversion of public funds.
“We have been gathering evidence for some time now, and his inability to account for certain financial activities during his administration raised major red flags. “The former governor is currently in our custody. He has been under investigation since leaving office, and there have been numerous instances of financial malfeasance attributed to him.”The EFCC spokesman, Dele Oyewale, confirmed the arrest but declined further comment.Ishaku, who served as governor from May 2015 to May 2023, will be arraigned in court soon.(NAN)NEWS
Interior Minister Condoles with Akwa Ibom gov. Over Wife’s Death
The Minister of Interior, Dr Olubunmi Tunji-Ojo, has condoled with the Governor of Akwa Ibom, Umo Eno, on the demise of his wife, Patience.This is contained in a statement by the Special Adviser to the Minister on Media and Publicity, Mr Babatunde Alao, on Friday in Abuja.The minister described the deceased as an exceptional philanthropist whose virtues and kindness touched countless lives.
He urged the governor to find solace in the divine will of God and the cherished memories of his late wife. Tunji-Ojo prayed that God almighty grant the bereaved family and the entire Akwa Ibom people the fortitude and resilience to bear the loss.He also prayed that the soul of the departed rest in perfect peace.(NAN)