COVER
Legislators Must Obey Nation’s Constitution-Buhari
By Jude Opara, Abuja
President Muhammadu Buhari has challenged lawmakers in the lower and upper houses to put the interest of the people first by adhering strictly to the provisions of the constitution.
Buhari restated the vivacity of the country to which its laws must be adhered to or altered to reflect some dynamisms and realities in the country.
Speaking yesterday in Abuja when he received the Conference of Speakers in the Villa, President Buhari stressed that the Nigerian Constitution was enshrined with standards for all public officers and institutions to operate upon.
“The Constitution upholds the standard for all public officers and institutional operations”, he said, adding that it must be strictly adhered to at all times.
“I try as much as I can to always be loyal and obedient to the constitution so long as it is humanly possible’’ Buhari said.
The President, therefore, urged Nigerian lawmakers to always place the interest of the people first in all deliberations and negotiations and stated that the autonomy of state legislatures had been constrained by the constitution.
In a statement issued by the Special Adviser to the President on Media and Publicity, Mr. Femi Adeshina in Abuja, Buhari pledged that his administration would keep “pursuing the prosperity of all Nigerians by creating more jobs for the people and plugging the weaknesses exploited by many to make quick money.”
He recalled with with regret that “the 8th National Assembly, sometimes kept the budget for seven months and I had to call the Senate President and the Speaker then. I told them by delaying passage of the budget, you are not hurting Buhari, but the people’’.
He frowned at the delay by the National Assembly to approve the nation’s budget despite his efforts to seek more understanding, adding that he would make extra effort to ensure equity and fairness that would put the ordinary Nigerian on top priority.
Buhari assured that he would continue to focus on health, education, infrastructure with a view to improving lives through social intervention programmes.
“We have in the last four years dedicated significant resources to key social service sectors especially in health, education as well as our massive social investment programs. We have also started restoring our infrastructure to levels that this country expects.
“I also want to assure you that we remain committed to ensuring that equity and fairness prevail in governance. I will ensure that we consult your conference to further enhance the positive impact of our interventions across the country,’’ President Buhari said.
Chairman of the Conference of Speakers, who is also the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, commended the President for the fight against corruption and insurgency, and efforts to ensure financial autonomy for the legislature and judiciary.
Obasa appealed to President Buhari to issue an executive order directing the Accountant General of the Federation to separate funds for the state legislature and judiciary at the source.
He also urged the President to consider supporting the devolution of powers to states on some issues on the exclusive list like railway and the police for more effective governance.
Senate Approves 7.5% VAT Increase
The Senate yesterday passed the Finance Bill, which was presented to the National Assembly by President Muhammadu Buhari in October.
The bill was seeking to among others increase the value-added tax (VAT) from 5 to 7.5 per cent.
With this passage, Nigerians will have to pay more for specific goods and services that attract VAT when President Buhari eventually signs it into law.
Other critical components of the amended bill from reforming the tax regime include; Petroleum Profit Tax Act (PPT), Custom and Excise Tax Act, Company Income Tax Act (CITA), Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
The Finance Bill had a speedy passage. It passed the second reading on November 6.
However, there was a mild controversy that trailed the passage as the members of the House Committee on Finance curiously shunned an earlier advertised joint public hearing with their Senate counterparts last Tuesday.
Addressing the media, Chairman of the Senate Committee on Finance, Solomon Olamilekan said there was no rift between the two committees adding that members of the lower chamber will be having their own public hearing next Tuesday. He also revealed that relevant persons were invited to discuss their reservations and their recommendations about the bill during the public hearing.
After a clause-by-clause consideration on Thursday, the bill was passed following the submission of the report by the Finance Committee.
After the anticipated concurrence by the House of Representatives, the bill will then be forwarded to the president for his assent.
While presenting the report, the committee chairman, Solomon Olamilekan said the bill will amend six tax provisions so as to make them more responsive to tax reform policies.
He also said that in carrying out their assignment, they took into cognizance what was obtainable in other countries of the world, while aiming to make it easier for businesses in Nigeria.
For instance, the Customs and Excise Tariff Act according to Olamilekan is to encourage local manufacturers. He said, it will subject certain imported goods to excise duties in a similar manner as goods produced locally.
He further explained that the seven Acts amended under the Finance Bill 2019 contained 56 Clauses.
He also said that one major objective of the bill was to raise additional revenue for the government, a development he insisted was crucial to the implementation of the 2020 budget.
Other objectives include: “promote fiscal equity by mitigating instances of regressive taxation, reform domestic tax laws to align with global best practices, introduce tax incentives for investment in infrastructure and capital markets and support small businesses in line with the on-going “Ease of Doing Business Reforms”.
The lawmaker, equally recommended that the Executive should be proposing to the National Assembly, Finance Bills to support the fiscal policies of the annual budget adding that such initiative should be sustained as an annual tradition.
In his contribution, Senate Leader, Abdullahi Yahaya, said the bill will improve the nation’s economy. He, therefore, urged his colleagues to look at the bill in a non-partisan manner and consider its approval.
“Let us swallow any political issues we have and go with the recommendations of amendments on the bill,” he said.
Also, in like manner, Senate President Ahmad Lawan said the Acts were amended to ensure that Nigeria’s tax system is streamlined to generate revenues for the government. He added that without proper funding, it may not be easy for the government to provide the necessary services and infrastructure to the Nigerian people.
“What we have done is very significant because this is to ensure that we not only have sources of funding but credible and reliable sources of funding for 2020 appropriation but also for subsequent activities of government.
“The revenue generating agencies will have to sit up. The national assembly particularly the Senate will be mounting a lot of oversight. If they have targets, we must ensure they meet the those targets and in good time” he concluded.
Meanwhile, the Senate has approved President Buhari’s request for an upward review of theValue Added Tax (VAT) from five per cent to 7.5 per cent.
Besides the VAT increase, there are seven other general amendments in the Finance Bill relating to taxes payable in the country.
Other areas affected by the bill are the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.
It is understood, however, that some Senators opposed the passage of the bill, noting that it will increase the sufferings and pains of Nigerians.
Those who opposed the bill include Senate Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro.
Recall that the Minister of Finance, Zainab Ahmed,
had earlier stated that the increase in VAT was targeted at fund generation to state governments for project implementation and specifically for the payment of the newly approved N30,000 minimum wage to workers.
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN
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