COVER
LG Autonomy: CBN Begins Direct Funds Allocation Feb
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By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) may have extended to February, the deadline for commencement of direct remittances of Federation Account proceeds to the 774 LGAs in the country.
DAILY ASSET checks revealed that contrary to earlier directives of the Federal Government that the financial autonomy of Local councils should commence in January, the CBN was unable to remit the Monthly proceeds to the Councils.
The apex bank, it was learnt, had issued a directive to all the 774 LGAs in the country to carry out comprehensive audit of their finances as a precondition for commencement of direct remittances from the Federation Account.
However, a source close to the Councils were unable to meet the January deadline for this requirement
Similarly, the source maintained that some of the LGAs were yet to open an account with CBN, one of the necessary conditions for commencement of direct allocation from the Federation Account.
As a result, the 774 LGAs had not received their January allocation, about 10 days after FGN and 36 states of the Federation had been paid.
The Federal Government directive to CBN to commence direct Monthly remittances of Federation account proceeds to the LGAs was sequel to the Supreme Court judgment on the matter as brought forward by the Federal Government through the Attorney General of the Federation (AGF), Chief Later Fagbemi (SAN) against the 36 states of the Federation.
The Supreme Court had in a unanimous judgment by a seven-member Panel on July 11, 2024 ruled that it was illegal for funds meant for the 774 LGAs to be paid through the state governments since the 1999 Constitution as amended, recognised the LGAs as an independent (third)tier of government.
The judgment also made it illegal for LGAs with non-elected functionaries to receive proceeds from the Federation Account Allocation. Committee (FAAC) and accordingly restrained both the Federal Ministry of Finance and CBN from remitting funds to LGAs with undemocratic management structures or systems.
In the subsisting arrangements, funds meant for Local Government Councils from the Federation Account are sent to the various states, who disburse to their LGAs through the States’ Joint Accounts Committee (JAC).
This system was allegedly abused over the years as state Governors were accused of tempering with the funds to the detriment of the Local Government Councils, which situation necessitated the legal action by the AGF.
President Bola Tinubu had in a meeting last December 26, with a delegation of the Nigerian Governors Forum( NGF), which visited him in his Lagos residence said the new measure was taken by his administration in good fate and intended to give financial autonomy to the Local Governments.
Tinubu’s comments and clarification followed insinuations in a section of the media to the effect that the decision was intended to undermine the authority of the Governors and their powers to administer their states, including the LGAs.
The Governors were said to have frowned at the “hasty” implementation of the Supreme. Court
Judgment as most states had joint projects and programmes being executed with their LGAs.
Some of the joint projects being handled by the Governors and the LGAs were identified as road construction, fertilizer procurement and farming inputs and security issues among others.
Director of Communications, CBN Hajiya Hakama Sidi Ali, who was contacted on the matter said she would get details on the situation and revert to DAILY ASSET. However, she was yet to honour her pledge after one week by Press time.
COVER
FG Urges Immediate Diversification of Economy from Oil to Agriculture, Others
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By Tony Obiechina, Abuja
The minister of Finance and coordinating minister of the economy, Wale Edun said on Monday that the country can no longer afford to be overly dependent on oil revenue.
According to him, “We must, therefore, embrace a diversified economic approach that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries.
The minister stated this at the three-day Treasury Workshop organised by the Office of the Accountant General of the Federation (OAGF) with the theme: “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives” in Abuja.
The minister who was represented by the Permanent secretary, Lydia Shehu Jafiya explained that the recent global shifts in energy policies, declining oil demand and fluctuating crude prices have jointly made it abundantly clear that the country cannot afford to be overly dependent on oil revenues.
According to him, “Nigeria is blessed with abundant natural and human resources that remain largely untapped. The question before us today is: how can we harness these resources effectively to drive sustainable economic growth and development?
The workshop, he further noted, seeks to provide actionable answers to this question by fostering robust discussions among key stakeholders in the financial and economic landscape, as well as exploring Non-Oil Revenue Sources, adding that several non-oil sectors have demonstrated strong potentials for revenue generation, job creation, and economic transformation.
Edun highlighted some of critical areas to aggressively explore to include agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialization, Tourism and Hospitality, the Digital Economy and ICT, Tax Reforms and Compliance, among others.
However, while addressing the key Challenges in Revenue Mobilization the noted that the potential of non-oil revenue sources, several challenges impede their full exploitation.
According to him, some of these challenges include: poor infrastructure and high cost of doing business Bureaucratic bottlenecks and regulatory inefficiencies insecurity and its impact on investment confidence, low tax compliance and widespread revenue leakages.
The minister disclosed that the government is already taking bold steps to tackle these issues through reforms in public financial management, digitalization of revenue collection, and strengthening of tax administration.
“I am glad that key experts like the Chairmen, FIRS and Presidential Committee on Fiscal Policy and Tax Reforms will be presenting papers at this forum. Let us all understand that more needs to be done, and the insights gathered from this workshop will be instrumental in shaping further policy directions”, he added.
Edun who stressed the role of the private sector in complementing government efforts in generating non-oil revenue said accountability and transparency in public financial management remain paramount in building trust and attracting investment.
He urged all participants to actively engage in discussions and contribute innovative solutions that will enhance revenue generation and prudent allocation of scarce resources to the various sectors.
In her opening remarks at the event, the Accountant General of the Federation, Dr Oluwatoyin Madein disclosed that the National Treasury Workshop is a yearly occasion where seasoned technocrats are invited to rub minds on salient issues confronting the nation’s economy with a view to proffering workable solutions in order to move the country forward.
She said even though the event is a yearly occasion, the one preceding this took place some years back in November 2021 with the theme Covid-19 and the Global Economy: Implications on the Nigerian National Treasury in Uyo, Akwa-Ibom state.
She said the theme is very apt considering the state of the economy owing to a multiplicity of factors ranging from the exchange rate volatility, low revenue performance, rising costs, amongst others, which have complicated fiscal operations in the last few years.
According to her, the theme has been packaged in five lead papers including Nigeria’s Revenue Challenges and the Urgency for Economic Diversification; Tax Reform and Revenue Mobilization: Expanding Nigeria’s Tax Base and Tax Net.
Others are, Diversifying Nigeria’s Economy through Effective Budgeting: Maximizing the Non-Oil Sectors for Sustainable Growth and Development; Rethinking Nigeria’s Revenue Allocation Formula: Implications for Fiscal Federalism and Subnational Development.
COVER
Bandits Kill 19 in Renewed Attack on Benue Community
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From Attah Ede, Makurdi
At least 19 people were reportedly killed in a renewed attack on some communities in Kwande Local Government Area of Benue State by armed bandits suspected to be armed herders.
It was learnt that the attack started on Saturday in which 16 farmers were killed and their bodies thrown to River Katsina-Ala.
The killing, according to a member in the community who spoke on condition of anonymity, said that the farmers were from Mbandwa council ward.
He said, “The farmers were returning to their community in Mbanduwa ward when they were ambushed along Kashimbila road and killed.
“Their bodies were dropped in the River Katsina-Ala.
The second attack was said to have happened Monday afternoon at Boaguwa in Kumakua council ward in the same local government was reported to have claimed three lives.
Residents of communities within the area were reported to have fled to Jato Acka community for safety.
Confirming the report, the President General of Mzough U Tiv worldwide and leader of the three socio-cultural groups; (Mzough U Tiv, OchiitaK’idoma and Om’Ngede), Comptroller of Prison (retd), Iorbee Ihagh said that all the six council wards in Turan have been deserted.
Ihagh who was at Jato Acka when he spoke to our correspondent on the phone on Monday evening said that 16 farmers were killed on Saturday and their bodies thrown into River Katsina Ala.
He said, “Right now in Jato Acka, I was told that 16 farmers were killed along Kashimbila road at the weekend and their bodies thrown into River Katsina Ala.
“As I am talking to you now, armed herders have attacked Boaguwa in Kumakua council ward; three dead bodies have been recovered.
“People have fled their communities and run to Jato Acka, i doubt if this place (Jato Acka) is safe right now.
Ihagh, who claimed that all the six council wards in Turan in Kwande LGA have been overrun by suspected armed herders, appealed to President Bola Tinubu to deploy more troops to the local government.
When contacted, the Special Adviser to the governor on Internal Security, Joseph Har directed our correspondent to Director General Internal Security, Israel Gbawuam for confirmation.
Gbawuam’s telephone number was out of reach when our correspondent tried to call him.
Similarly, efforts to get the spokesperson for Benue Command, Catherine Anene were not successful.
COVER
FG Seeks Liberal Visa Regime for Nigerian Coys
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By David Torough, Abuja
The Minister of Information and National Orientation, Alhaji Mohammed Idris has called for a more liberal visa regime for Nigerian companies seeking to establish businesses in foreign countries.
The minister made the call in Addis Ababa, Ethiopia, when he represented President Bola Tinubu at a meeting with executive members of the Nigerian community in Ethiopia.
The Special Assistant on Media to the minister, Malam Rabiu Ibrahim said in a statement in Abuja that the meeting was held on the sidelines of the 38th Ordinary Session of the Assembly of African Union Heads of State and Government.
Idris, according to the statement, said it was only fair for other countries to reciprocate Nigeria’s gesture in providing an enabling environment for foreign companies to invest and operate.
“Last year, I was representing Nigeria in Indonesia and I found out that about 50 big Indonesian companies are operating in Nigeria, but we do not have up to five Nigerian companies operating in Indonesia.
“If they want to come to our country to trade because of our population and ability to purchase their goods and services, then there should also be that reciprocal arrangement where Nigerians are also given their rightful place,” he said.
On the Ethiopian government’s cancellation of the e-visa and visa-on-arrival options for Nigerian travellers, Idris gave an assurance that the matter would be handed over to the Minister of Foreign Affairs for appropriate diplomatic engagement.
While acknowledging the concerns raised by Nigerians in Ethiopia, the minister emphasised that visa policies among nations were typically based on the principle of reciprocity.
He stressed the need for balanced and mutually beneficial agreements.
Idris however, urged Nigerians living abroad to consistently demonstrate good conduct and responsible citizenship in order to promote the image of the country to the outside world.
“We don’t allow bad people to represent us and that’s where you come in.
”You are the ones who are here and if you don’t represent us well, there is no way we will look good,” he said.
The minister said the current administration had achieved a lot in revamping the economy through provision of infrastructure, curbing insecurity and the restoration of investor confidence.
Idris said Nigeria recently secured $1.07 billion in Foreign Direct Investment for the establishment of drug and pharmaceutical manufacturing industries.
He said this significant investment marked the beginning of Nigeria’s medical industrialisation by positioning the country as a key player in pharmaceutical production.
According to him, this will reduce dependency on imports, create jobs and strengthen the nation’s healthcare sector.
The minister said about N32 billion had been disbursed to students under the Students Loan Scheme in less than 250 days.
This, he said, was to ensure that no student was denied access to quality education due to lack of funds.
Idris, who reaffirmed the government’s commitment to tackling the nation’s security challenges, disclosed that security forces neutralised 8,000 terrorists and bandits, rescued 8,000 kidnapped victims and recorded 11,600 arrests in 2024.
The minister also stated that the Kaduna-Abuja Expressway, once notorious for criminal activities, had now been successfully cleared of criminal elements.
He said the improved security on the route had brought significant relief to commuters.
According to him, reform is usually a very difficult task and there is a gradual progression toward prosperity for all as promised by the president.
The statement quoted the President of the Nigerian Community in Ethiopia, Mr Muideen Alimi, as saying that a workshop was underway in collaboration with Nigerians in the Diaspora Commission.
The workshop, he said, would focus on enhancing economic development through intra-African trade.
He urged Nigerians to support the plan to set up the African Central Bank as well as have a strong presence in the African Remittance Agency.