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Payment Of Taxes In Foreign Currency Affecting Naira, Businesses — Taiwo Oyedele

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Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says that Nigerian businesses face pressure due to taxes paid in foreign currency.

At the Nigerian Financial Intelligence Unit (NFIU) first revenue assurance summit, Oyedele explained that businesses are required to pay certain taxes in dollars, totaling an estimated $3.5 billion annually.

According to Oyedele, this practice not only burdens local businesses but also contributes to the depreciation of the naira.

“We found that Nigerian businesses are being asked to pay some taxes in dollars — NIMASA, NPA, etc. which amounts to an estimated $3.5 billion a year,” the chairman stated.

“We are crying that our naira is losing value; why wouldn’t it lose value when we impose unnecessary dollar demands?”

In his address, titled “The Importance of Revenue Assurance in Economic Stability,” Oyedele emphasized that revenue should improve citizens’ lives and livelihoods, rather than serving merely as a financial target.

He advocated for a coherent policy environment that encourages investment and collaboration among federal and state agencies.

  • ‘Release Data In 48 Hours Or Face Consequences’

Oyedele cautioned government agencies against withholding data from one another, asserting that the data does not belong to them.

As an example, Oyedele shared that the Joint Tax Board (JTB) was required to pay for data access from government sources.

He questioned the logic of government agencies selling data while seeking to generate revenue.

To address data withholding, Oyedele announced plans for legislation requiring the free provision of government-held data, with strict deadlines for compliance.

“Our economy must be designed to be conducive and investment-friendly; our policy environment must be purposeful and coherent, let’s not be pulling in different directions, states versus federal or even within federal agencies.

“JTB (Joint Tax Bank) told me as part of the work we are doing, the number of agencies they were looking for data, you know they were commending the NFIU and we are grateful for the NFIU and the leadership… and they were asking them to come and pay for data.

“JTB was being asked to pay for data I couldn’t believe it. In the same Nigeria, government has data and government is selling data and we say government does not have revenue,” he explained.

“How are we supposed to have revenue if we are selling data?

“So we drafted a law, it is not your data, it is our data, you will give it. In fact we will give you a deadline of 48 hours. If you don’t release the data, there will be consequences. We are criminalising it. Give the data.”

He emphasized the need to align domestic data standards with international norms, ensuring both data integrity and a transparent, efficient revenue collection process.

Oyedele shared that protocols are being developed to safeguard data integrity and security.

  • ‘Focus On Problem-Solving Rather Than Obstructing Efforts’

Addressing misunderstandings surrounding his committee’s initiatives, Oyedele criticized baseless claims about fiscal policies, particularly a recent report suggesting the committee recommended a 10 percent reduction in federal government allocations from the federal account allocation committee (FAAC).

On October 13, Oyedele clarified that he had not proposed reducing the federal government’s share of FAAC revenue.

He noted that his committee’s recommendation related specifically to value-added tax (VAT) revenue.

He encouraged stakeholders to concentrate on solving problems instead of hindering efforts to strengthen the economy.

  • ‘Effective Collection Of Taxes Will Increase Revenues Within 3 Years’

Oyedele announced that the committee has proposed a synchronized tax system including eight key taxes at federal, state, and local levels.

He projected that effective tax collection could increase revenue four- to five-fold within two to three years.

Additionally, Oyedele proposed a national framework for subsidies to ease financial pressure on businesses. He expressed hope that political leaders would adopt the reforms, urging stakeholders to work together in implementing them.

In her comments, Hafsat Bakari, chief executive officer (CEO) of the NFIU, stated that while the unit initially focused on tax crimes to support the Federal Inland Revenue Service (FIRS), it has now expanded its efforts to collaborate with state-level counterparts.

Bakari noted that most tax evasion happens at the state level and that financial transaction data held by the NFIU could significantly support state internal revenue services.

“While FIUs were created by international conventions to address criminal activity, the same international conventions and standards require that we put in place measures to protect the integrity of the information that we provide,” Bakari said.

“To this end, our approach to working with States is built on the establishment of a memorandum of understanding which sets out the principles, objectives and limitations of the intelligence provided.”

She also announced the introduction of the crime records information management system (CRIMS), a secure platform for requesting and receiving intelligence from the agency.

Through CRIMS, Bakari said, paper records prone to compromise have been eliminated.

BIG STORY

CJN Kekere-Ekun Chides Judges Not Delivering Single Judgement In One Quarter, Says “It’s Unacceptable”

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Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, emphasized the urgent need for judges to deliver verdicts promptly, warning that delays undermine public trust in the judiciary.

“At the last meeting of the committee, there was a reduction in case disposal as some judicial officers failed to deliver a single judgment in one quarter. This is simply unacceptable,” she stated.

Speaking at the third annual National Judicial Council conference on judges’ performance evaluation in Abuja, Kekere-Ekun highlighted alarming statistics: as of Q1 2024, 243,253 cases were pending in superior courts, comprising 199,747 civil and 43,506 criminal cases.

She stressed, “We must be deeply concerned by the increase in pending cases and low disposition rates… It is imperative for all of us to take a serious note of this alarming situation, and for this purpose, we must re-focus our attention towards enhancing our judicial performance.”

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Federal Government Not Treating Super Eagles Ordeal In Libya Lightly — Sports Minister John Enoh

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The Minister of Sports Development, Senator John Enoh, has condemned the reported mistreatment of Nigerian players in Libya.

Enoh, speaking on Channels Television’s Politics Today, stated that the Federal Government intends to thoroughly investigate the incident.

He emphasized that the Nigerian government is taking the situation seriously, mentioning that the Minister of Foreign Affairs, Yusuf Tuggar, has summoned the Libyan Ambassador to Nigeria.

“I am aware that the Ministry of Foreign Affairs had summoned the Libyan Ambassador. The Nigerian government so far has not treated this lightly and is not going to treat this lightly because it must get to the bottom of the matter,” he said.

According to reports, players and officials were stranded for hours at a Libyan airport on Sunday and were denied access to food and the internet as they prepared for their 2025 Africa Cup of Nations (AFCON) qualifier with the Mediterranean Knights.

It reportedly took diplomatic efforts and social media outcry for the team to finally be cleared to leave Libya.

Additionally, Enoh accused the Libyan Football Federation of “deliberately” mistreating the Super Eagles during their stay.

“The Port Harcourt Airport where they arrived is one of our best airports. That Port Harcourt Airport, there is no circumstance that will lead to a team having the footballers lie on the floor,” he said, rejecting claims by the Libyan side that their players were mistreated during their previous match in Nigeria.

“All these things were created deliberately to create some make belief. If this was an issue, it should have been made an issue there and then.”

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New Assisted Dying Bill Introduced In UK Parliament

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  • To be limited to terminally ill patients with 6-12 months to live

 

A new proposal to legalise assisted dying in England and Wales was introduced in the UK parliament on Wednesday, raising concerns from senior church leaders and opponents about the potential consequences of allowing terminally ill individuals to choose to end their lives.

Lawmakers in the House of Commons will be given a free vote on Labour MP Kim Leadbeater’s “Terminally Ill Adults (End of Life) Bill,” allowing them to vote based on conscience rather than party lines.

While details are still pending, The Times reported that if the bill is passed, a patient’s request to die would likely require approval from a judge and two doctors, limited to those with a life expectancy of six to 12 months.

Supporters and opponents of the bill planned to express their views outside parliament, where an assisted dying bill was last debated—and ultimately defeated—in the Commons in 2015.

Currently, assisted suicide is prohibited in England, Wales, and Northern Ireland, with violators facing a maximum prison sentence of 14 years.

In Scotland, which operates a separate legal system and has devolved powers to establish its own health policies, assisted suicide is not classified as a specific criminal offence but can result in other charges, such as murder.

Leadbeater told The Times that her bill reflects a shift in public opinion toward assisted dying, a practice that has been legalised in various degrees across several European countries.

“I am very clear the law needs to change, having met those families who have horrendous stories of suicide of loved ones, horrible painful deaths or going to other countries,” she said.

“People deserve a choice and they’ve not got that,” she added, promising “safeguards and protections” as core elements of the bill.

The debate has gained momentum from a campaign led by former BBC television presenter Esther Rantzen, who has terminal cancer.

However, opposition to the proposed legislation includes some disability rights groups and Cardinal Vincent Nichols, the UK’s highest-ranking Roman Catholic cleric, who has urged followers to contact MPs to voice opposition to the change.

On Tuesday night, Archbishop of Canterbury Justin Welby, leader of the global Anglican communion, referred to the proposal as a “dangerous… slippery slope” that could lead to misuse among individuals who are not terminally ill.

Welby is entitled to a vote on the matter as one of the 26 “lords spiritual,” senior Church of England clergy who sit in the upper chamber, the House of Lords.

Alistair Thompson, from the anti-euthanasia group Care Not Killing, also warned that changing the law could push the UK to follow the example of Belgium and the Netherlands, which have extended assisted dying to minors.

“We know that introducing an assisted suicidal euthanasia bill would put a lot of people under pressure to end their lives prematurely,” he told AFP.

MPs are expected to debate and vote on Leadbeater’s bill on November 29. The outcome remains uncertain as it is a private member’s bill, not part of the government’s legislative agenda.

Earlier this year, a bill to legalise assisted dying was introduced in the Scottish Parliament in Edinburgh.

The Isle of Man and Jersey—self-governing British Crown Dependencies that are not part of the UK—are also progressing toward passing laws to allow terminally ill individuals the right to die.

Belgium, alongside the Netherlands, became the first EU countries in 2002 to permit euthanasia.

Spain authorised euthanasia and medically assisted suicide in 2021 for people with severe, incurable illnesses, and Portugal followed suit in 2023.

 

Credit: AFP

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