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Tinubu Sets 30-Day Tax Reform Target, UI Student Makes Panel

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Tuesday, set a 30-day deadline for tax reform.

He also made clear his determination to eliminate the vicious cycle of excessive borrowing for government spending and the ensuing burden of debt payments.

On Tuesday in Abuja, the President gave a speech at the official launch of the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms.

Orire Agbaje, a University of Ibadan student enrolled in economics 400, was chosen by the president to serve on the presidential committee on fiscal policy and tax changes.

Tinubu said, “Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18 per cent tax-to-GDP ratio within the next three years.

“Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.

“The committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within 30 days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year.”

Tinubu urged the committee to improve the country’s revenue profile and business environment, as the Federal Government moved to achieve 18 per cent tax-to-GDP ratio within three years.

He directed the committee to achieve its one-year mandate, which was divided into three main areas: fiscal governance, tax reforms, and growth facilitation.

He also directed all government ministries and departments to cooperate fully with the committee, stressing that there would be no excuse for failure.

Tinubu said, “We cannot blame the people for expecting much from us. To whom much is given, much is expected.

“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people.”

The President said Nigeria was still faced with challenges in areas such as ease of tax payment and its tax-to-GDP ratio.

The Chairman of the Committee, Oyedele, pledged that the members would give their best in the interest of the nation.

“Many of our existing laws are out-dated, hence, they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small,” he said.

The Special Adviser to the President on Revenue,  Zacchaeus Adedeji, described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.

He said, “Mr President, you have the pedigree when it comes to revenue transformation. You demonstrated this when you were the Governor of Lagos State over 20 years ago.”

BIG STORY

Laffmattazz: Lagos 3rd Coming Features Star-Studded Lineup with D’Banj, Queen Salawa Abeni, Reminisce, And More

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Legendary comedian Gbenga Adeyinka is set to host the much-anticipated third edition of his comedy show, Laffmattazz: Lagos 3rd Coming, on November 17, 2024.

The event will take place at the prestigious Balmoral Convention Center, Victoria Island, Lagos, promising an unforgettable night of laughter and entertainment.

The lineup features a mix of iconic comedians and musicians, including Omobaba No.1, Gandoki, Dr. Smile, Bash, Queen Salawa Abeni, Reminisce, and a host of surprise acts, with D’Banj headlining the show.

Gbenga Adeyinka remarked, “Laffmattazz: Lagos 3rd Coming will be the biggest comedy show of the year! We’ve curated an incredible roster of iconic headliners, and I’m excited to bring this level of entertainment to Lagos.”

Laffmattazz has cemented its place as a leading comedy brand, showcasing Nigeria’s finest comedic talent. This year’s event is poised to outdo its predecessors, featuring performances from Akpororo, Forever, Seriki Dariya, Princephelar, Dee One, Taooma, Baba Alariya, Madiba of Comedy, ATM, and more.

The night will also include musical performances by Tee Famous, The Countryman, Dami Cruz, and others, with DJ Wiki spinning on the decks.

 

Event Details:

– Date: Sunday, November 17, 2024

– Time: Red Carpet (3:00 PM), Show Start (5:00 PM)

– Venue: Balmoral Convention Center, Victoria Island, Lagos

 

Ticket Information:

– Regular: ₦7,000

– VIP: ₦20,000

– Table of 8 Gold: ₦1.5 million

– Table of 8 Platinum: ₦3 million

 

Purchase Tickets at:

1. Ile Iyan by PODs, GRA Ikeja

2. Ofada Boy, Surulere

3. Prince Ebeano Supermarket, Lekki

 

Online Tickets Available at:

1. Ariiyatickets.com

2. Grandtickets.ng

3. Laffmattazz.ng

 

For ticket purchases, sponsorships, inquiries, and collaboration opportunities, please contact: (+234) 08156111111.

 

Brought to you by: Maltina, Goldberg, Ace Roots, Goldberg Black

Supported by: Parralex Bank, Enclave Green Homes, FIRS, Lagos State Government.

Media Partners: African Magic, Royal Roots Cinema, Hip TV, Views Channel, Vybz FM, Ibrand TV, Rapid Broadcasting Network, City FM, Jordan FM, Rainbow FM, Mainland FM, Boom Radio, TVC, Kennis FM, Beat FM

Outdoor Partners: Nimbus Media, FPL Media, Folham, Media Crush, Elev8 Media

 

Stay updated by following Laffmattazz on social media @laffmattazz_ga1st for the latest news and behind-the-scenes content.

Don’t miss this epic comedy event! Secure your tickets now and join the conversation online using #LaffmattazzLagos3rdComing #GbengaAdeyinka.

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BIG STORY

AfDB Approves $100m For Establishment Of Youth Entrepreneurship Investment Bank In Nigeria

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The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.

Akinwunmi Adesina, president of the AfDB, made the announcement while delivering a keynote address at the 90th birthday lecture of former head of state, Yakubu Gowon, in Abuja.

“I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria,” Adesina said.

He emphasized that the initiative reflects the AfDB’s commitment to supporting Nigerian youths, who are vital to the country’s development.

The bank will provide technical assistance, business incubation, quasi-equity, and debt to youth businesses.

It will also offer guarantee instruments to de-risk lending to these businesses by financial institutions.

Adesina added, “It will be a new day and a new dawn for Nigeria.” He also stated that this initiative aligns with President Bola Tinubu’s vision and plans for the youth in Nigeria.

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BIG STORY

Court Threatens To Jail DSS DG Ajayi For Disobeying Order On Access To Nnamdi Kanu

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A federal high court in Abuja has cautioned Adeola Ajayi, the director-general (DG) of the Department of State Services (DSS), against defying the court’s order for Nnamdi Kanu’s visitation rights.

Kanu, the leader of the Indigenous People of Biafra (IPOB), has been held in DSS custody since his re-arrest in Kenya and extradition to Nigeria in 2021.

He is facing trial on a seven-count charge, including treasonable felony.

Kanu’s legal team has repeatedly accused the DSS of denying its members access to their client.

The court had directed the DSS to allow Kanu’s legal team, with a maximum of five people, to visit him on designated days.

On Friday, the registrar of the federal high court in Abuja issued “form 48 notice of consequences of disobedience to the order of court” against DSS director-general.

The notice warned the DSS boss that he would be guilty of contempt of court and would be liable to imprisonment if he disobeyed the court-ordered visitations.

“Take notice that unless you obey the directions contained in this order (see overleaf), by allowing the applicant’s counsel to conduct the court-ordered visitations with the applicant on Mondays, Wednesdays, and Fridays, you will be guilty of contempt of court and will be liable to be committed to prison,” the notice reads.

  • Kanu’s Lawyers Threaten To Sue Ajayi

In a statement on Friday, Aloy Ejimakor, counsel to the IPOB leader, said if Ajayi disobeyed the court order, the defence team would file contempt charges against him.

“This notice is necessitated by the repeated disobedience of the court-ordered visitation of Mazi Kanu by the newly appointed Director-General of the State Security Services (Mr. Adeola Oluwatosin Ajayi), who has, for almost a month, not allowed Mazi Kanu’s lawyers to visit him,” the statement reads.

“To be clear, this notice is a quasi-criminal judicial process that forewarns any person disobeying a court order of the penal consequences of such misconduct.

“Therefore, if the Director-General of DSS persists on this ignoble path, he will leave us with no other option than to commence vigorous contempt proceedings against him.”

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