NEWS
NASS Transmits ISB 2024 to Tinubu for Assent
By Tony Obiechina, Abuja
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso has announced that the National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.
Speaking during the Securities and Exchange Commission’s budget defense on Tuesday in Abuja, Sen.
Izunaso stated that lawmakers expect the President to sign the bill into law within the next 30 days.According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”.
Senator Izunaso also told the meeting that the Committee has followed up with a written directive to the Minister of Finance to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
In his remarks, Senator Anthony Yaro commended the Commission for the approach taken in 2024 adding that with the positive happenings like the ISB and the reduction in deductions, the SEC is expected to perform better.
“I believe these developments will boost your performance in 2025. We know your capacity and what you can do, but you need to do more”, he stated.
In his presentation, Director General of the SEC, Dr. Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved the market forward in 2024.
Dr. Agama noted that in 2024 Nigeria was one of the best performing markets in the world.
“Your support has gingered the market, there is a new spirit and that support has assisted us to achieve what we achieved together.
“Last year, we wished that the Federal Government’s 50% deduction would be reduced to 20% but we could not achieve that in 2024.
“We are glad to say that with the intervention of the committee and the Chairman, the Minister has signed the reduction of the deduction from 50% to 20%. We are hopeful that the implementation will take effect from March 1”, he stated.
Agama pointed out that the 2024 budget was properly administered; stressing that while projected income was N22.4 billion, gross income received was N26.9 billion with a surplus of 20.34%.
“We achieved 100% and went above it by 20%. Expenditures for the period was N20.8 billion while N12.68 billion went to deductions. Our net surplus was then N2.5 billion”.
On the reductions in penalties collected in 2024, Agama stated that the role of the Commission is to encourage market participants to comply with laid down rules and regulations.
The SEC DG stated that penalties are charged when participants do not comply adding that the reduction is due to high level of compliance in the market.
“If you prepare participants and they comply, penalties will certainly be reduced. That reduction means the market is beginning to comply which increases efficiency”.
Agama explained that the capital market operates a disclosure regime rather than a merit regime adding that “every company and director has a responsibility for figures that disclose to the public. It is our responsibility to monitor the same to ensure that documents provided to members of the public are accurate. If they do not meet standards, such institutions will be penalised”.
Contributing to the 2024 budget performance, Senator Victor Umeh expressed worry about false information being put out to the public by companies in a bid to defraud Nigerians.
“I am worried about regulation and enforcement so that companies would not just bring up cooked figures to defraud Nigerians. Let your eyes be on those that use the market to defraud Nigerians” he added.
The Deputy Speaker, House of Representatives, Chief Benjamin Kalu, says he will initiate programmes to aggressively disseminate the lofty achievements of President Bola Tinubu’s Renewed Hope Agenda to communities and households in the South-East.Kalu said this on Thursday during the unveiling of the Abia Headquarters of the Renewed Hope Partners (RHP), situated on Ojike Street, Umuahia.
He said that his target was to bring the region to the country’s mainstream politics by embracing the Tinubu’s administration wholly. He said that the Tinubu-led government had performed quite impressively since inception, hence the South-East must show more than a passive acceptance of the administration ahead of 2027.Kalu said: “My dear Ndigbo (Igbo people), the time for a token support has passed.“The pesident’s leadership has fundamentally improved our economy, empowered ouryouth, and begun to bridge the development gap in our zone.“Now, RHP must channel these achievements into electoral victories, ensuring theSouth-East sits at the heart of Nigeria’s renewed hope, as we expect more from the current administration.“By embedding these structures, strategies, and ambassadors into every household conversation, RHP will transform policy wins into popular mandate, guaranteeing that South-East not only benefits from but also drives the continuity of this administration.The deputy speaker also lauded the president’s establishment of the South-East Development Commission (SEDC) in July 2024.According to him, the key objectives of the SEDC include investments in agriculture, manufacturing, and technology tostimulate entrepreneurship and job creation.“Infrastructure development is another major focus, for building roads, railways, and energy facilities to enhance connectivity and spur trade.“Social integration is also prioritised, with initiatives promoting dialogue,reconciliation, and youth empowerment to strengthen unity,” Kalu said.He said that part of his strategies to drive the programme would be to launch “Renewed Hope Councils” in all the South-East LGAs, linked to SEDC outreach teams, turning policy wins intograssroots programmes.He also promised to organise public demonstrations of CNG buses, student-loan awardceremonies, amongst others, “showcasing tangible impacts in Abia, Anambra, Ebonyi, Imo, and Enugu.He said, “the RHP’s mission is to make President Tinubu’s Renewed Hope Agenda a household conversation in every South-East community – so votersunderstand, trust, and ultimately reward this administration in 2027.”The deputy speaker took time to present a detailed account of the president’s performance in different sectors of the nation’s economy.He also cited specific Federal Government’s interventions in critical areas in the South-East, notably gas and energy exploration and exploitation, resumption of work on the Eastern Rail Line, port revitalisation, as well as ecological and environmental interventions, amongst many others.The event was attended by chieftains of the party in Abia, including the state Chairman, Dr Kingsley Ononogbu, two past Speakers of the House of Assembly, Chief Stanley Ohajuruka, who is a member of the SEDC, and Mr Martins Azubuike, amongst others. (NAN)
The Presidency says the Tax Reforms Bill, when passed, will make housing more affordable and available to Nigerians by reducing tax burden on the construction and real estate sectorsThe Chairman of the Presidential Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, made this known in Abuja on Thursday at a Building and Construction Industry Forum.
The forum was organised by the Council of Registered Builders of Nigeria (CORBON) and Housing Development Advocacy Network (HDAN). Speaking on the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities”, Oyedele said the bill has many benefits, but it is being misconceived by some people.According to him, when the bill becomes law, Value Added Tax(VAT) on real estate transactions will be exempted, thereby lowering the cost of building materials and houses.“The bill is designed in a way to favour low income earners contrary to what is being claimed, it will also ease their burden.“There will be no VAT on lands, sale of real estate, and rent is exempted from VAT. Some of these are areas of controversies in the past.“There is an exemption on stamp duties for rents below N10 million a month and capital gains tax is also exempted on the sale of dwelling houses.m,” he saidOyedele added that, in the bill, building materials production including non- metallic products are eligible for priority sector incentives to boost production.He said reforms will be carried out on land transactions including titling and harmonisation of property taxes.“The Tax Reforms Bill will improve the affordability of housing. It will provide relief for people who are paying rent because what this bill is going to do is to remove a lot of the tax burden.“The essence is to make life better for everybody and improve the economic activities in the building and construction sectors, and by extension, the whole of the economy,” he saidOyedele encouraged Nigerians to seek more understanding of the tax reforms and stop relying on social media and headlines that were misinforming them.Speaking in the same veins, the Minister of Housing and Urban Development, Ahmed Dangiwa, said the bill offers a whole relief to construction firms and contractors.Dangiwa, represented by the Director, Public Building, Temitope Gbemi, said the ministry has fully aligned its housing policies with fiscal reforms.He said they were also working with tax authorities to ensure that real estate and housing investments were guided by clarity, equity, and investor protection.On his part, the CORBON Chairman, Samson Opaluwah, identified poor access to finance and multiple taxation as major drawbacks toward the expansion of the council’s potentials.He expressed the hope that the tax reforms bill would address the challenges and moreThe Executive Director of HDAN, Festus Adebayo, said the VAT exemption on lands, real estate and building materials producers was a welcomed development.He advocated for incentives in the tax reforms bill that would attract real estate developers and investors to go into building low cost houses for low income earners.(NAN)The Catholic Diocese of Kafanchan has confirmed the release of Rev. Fr Ibrahim Amos, who was kidnapped from his residence by bandits in the early hours of Thursday.Amos is the Parish Priest of St. Gerald Quasi Parish, Kurmin Risga in Kauru Local Government Area of Kaduna State.
In a statement, Rev. Fr Jacob Shanet, Chancellor of the Kafanchan Diocese, said Amos returned home unharmed at about 10pm on Thursday. Shanet thanked security agencies and members of the public for their prayers and overwhelming show of concern following the priest’s abduction. “Your kind gestures, love and prayers are a testament to the fact that we are not alone in the struggle to respect and promote the dignity of human life.“While we appreciate God for everything, we equally want to thank everyone for walking and praying with us in such a dark and terrible moment.“May the Blessed Virgin Mary, the mother of priests, religious, and all the angels, intercede for those in captivity and bring them back to their families and communities safe and sound,” he said. (NAN)
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