Economy
Sokoto Commercial Motorcyclists Union to Remit N252m Annual Revenue – Union Chairman
Alhaji Yusuf Umar-Kyautawa, Chairman, National Association of Commercial Motorcycles and Tricycle Riders, Sokoto State brnach, has pledged to remit N252 million as annual revenue, generated by members to the state government coffers.
Umar-Kyautawa disclosed this at stakeholders’ forum on progressive taxation, organized by Rural Women and Youth Development (RUWOYD), in partnership with ActionAid Nigeria, on Wednesday in Sokoto.
The stakeholders’ forum is part of project anchored by two Non-Governmental Organisations.
The project is tagged ”Tax Justice and Gender Responsive Public Service and Breaking Barriers project”, supported by Norwegian Agency for Development Cooperation (NORAD) in Sokoto state.
The Association Chairman expressed readiness to partner with revenue collection agency and office of the Special Adviser to Gov. Aminu Tambuwal on Special Duties, Alhaji Sa’idu Gumburawa, to actualize this dream.
In his keynote address, Sokoto State Commissioner for Budget and Economic Planning, Alhaji Mainasara Ahmad, said that equitable tax collection and administration are the backbone of government successes.
Ahmad described tax as critical components of executing government programmes and services, noting that proper public awareness would facilitate enhanced collections as well as execution of meaningful projects.
The State Commissioner for Finance, Alhaji Abdussamad Dasuki, stressed that the state government is working towards becoming dependent on its revenue sources and reduce dependence on Federal Allocations.
Dasuki, who was represented by Director of Internal Control in the Ministry, Alhaji Aliyu Bala, said transformations on tax collections, remodeling obsolete laws and other initiatives are geared towards achieving the vision.
Alhaji Aminun Zurmi, the Executive Chairman, Sokoto Internal Revenue Service (SIRS), said transformations were recorded by the agency that comprised repealing of tax laws, automated collections and other enhanced regimes.
Zurmi explained that the state and local government revenue collections are were harmonized and properly shared according to stipulated regulations.
He said the agency ensured single payment gateway and abolished cash collections at all levels, noting that automation and designated banks are being used.
He added that 47 graduates were recruited into the service with representation from all the 23 local government areas of the state.
According to him, the agency is faced with challenges of poor public awareness and tax education among citizens and appealed for cooperation and support towards achieving maximum success.
Malam Lawal Mijinyawa, the SIRS’s Director of Standards and Compliance, led participants into questions and answer sessions with interactive on revenue sources, rates and laws.
The Education Specialist of ActionAid, Kyauta Giwa, said the event was organized to further awaken public awareness on tax regimes, collections and justice which are integral part of financing government projects.
Giwa noted that the project has achieved so much on gender inclusive budgeting, girl child school enrollments and overall education as well as other issues.
She thanked the resource persons, dignitaries and participants for working towards success of the programmes.
Mr Mtwalo Msoni, the ActionAid Global Tax Advisor, later delivered a lecture on ”Progressive Taxation and Gender Responsive Public Service: Sustainable Financing. (NAN)
Economy
NGX Closes Positive, Investors Gain N74bn
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
Economy
NES Decries Rising Inflation, Unemployment, Poverty, Others
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
Economy
Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.